Industrial Solvents Market Overview
Industrial Solvents Market is expected to grow at a CAGR 6.1% during the forecast period. The technology has made it easy and accessible for the solvent market to get in easy hands with the industrial and residential usages.
The major factor driving the Industrial Solvents Market is the constant need to innovate and advance in the chemical compounds field. The increasing demand for organic and biological-based products in the worldwide industry has driven the market to a point where there is quite a fine distribution of the market globally. The chemicals used in the industry have the proper capacity to dissolve and dilute all together and make sure of the product demand of with product regulation. The environmental regulations that have been imposed owing to the growth of the market regulate the market, making sure of a substantial growth.
Some of the key players operating in the global industrial solvents market are BASF SE (Germany), BP Plc (UK), Exxon Mobil Corporation (US), LyondellBasell Industries (The Netherlands), Royal Dutch Shell Plc (The Netherlands), Petroleo BrasileiroS.A (Brazil), DowDuPont (US), Total S.A. (France), SABIC (Saudi Arabia), Diacel Chemical Industries Ltd (Japan), Harmony Organics Pvt Ltd (India), Eternis Fine Chemicals (India), IGPL (India), Vinati Organics (India), Sinopec (China), SK Innovation (South Korea), and LG Chemicals (Japan).
Global Industrial Solvents Market Share, by Application, 2017 (%)
Source: MRFR Analysis
The Asia-Pacific market is estimated to account for more than one-third of market value share and is expected to dominate the global market during the forecast period owing to the growth of the industrial sector, especially in China and India. China is estimated to hold more than half of the market share due to the availability of low-cost labor, subsidiaries from the government, and minimal taxes.
North America is also expected to be a prominent market for industrial solvents. The regional market is expected to witness moderate growth as compared to the Asia-Pacific market. Solvents find wide use in the manufacturing of paints & coatings, the US is one of the key manufacturers of paints & coatings globally, which is contributing to the growth of the regional market.
The stringent REACH regulations are expected to act as a barrier in the growth of the European industrial solvents market.
The Middle East & African and Latin American markets are collectively estimated to hold approximately one-tenth of the global market share during the review period.
The global industrial solvents market has been segmented based on type, end-use industry, and region.
By type, the global market has been divided into oxygenated and hydrocarbon solvents, however, oxygenated solvents segment is further classified into alcohols, glycols, ketones, ethers, glycol esters, and the hydrocarbon solvents segment is classified into aromatic and aliphatic
Based on end-use industry, the global market has been segregated into chemical, paints & coatings textile, pulp & paper, pharmaceuticals, oil & gas, and other industrial.
The global market, by region, has been segregated into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.Recent Development
In June 2023, Eastman Chemical Company announced the acquisition of the solvent business of Solvay. The acquisition is expected to be completed in the third quarter of 2023 and will make Eastman the third-largest solvent producer in the world.
In July 2023, Dow announced the launch of a new line of sustainable solvents. The new solvents are made from renewable feedstocks and are designed to reduce the environmental impact of industrial processes.
In August 2023, Shell announced the closure of its solvent production plant in the Netherlands. The closure is part of Shell's plan to exit the solvent business.
- Industrial solvents producers
- Traders and distributors of industrial solvents
- Industrial solvents associations
- Industrial solvents potential investors
- Raw material suppliers
- Industrial solvents recycling
| Market Size
||2028: USD 67840.8 Million
|| 6.1% (2022-2030)
| Base Year
| Forecast Period
|| 2022 to 2030
| Historical Data
|| 2019 & 2020
| Forecast Units
|| Value (USD Billion)
| Report Coverage
|| Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
| Segments Covered
|| type, end-use industry, and region
| Geographies Covered
|| North America, Europe, Asia-Pacific, and Rest of the World (RoW)
| Key Vendors
|| LG Chemicals (Japan), BASF SE (Germany), Exxon Mobil Corporation (US), BP Plc (UK), Petroleo Brasileiro S.A. (Brazil), LyondellBasell Industries (The Netherlands), Royal Dutch Shell Plc (The Netherlands), SABIC (Saudi Arabia), DowDuPont (US), Total S.A. (France), Diacel Chemical Industries Ltd (Japan), Eternis Fine Chemicals (India), Harmony Organics Pvt Ltd (India), IGPL (India), Vinati Organics (India), Sinopec (China), and SK Innovation (South Korea).
| Key Market Opportunities
|| The growth of the industrial solvents market is expected to create new opportunities
| Key Market Drivers
|| Rapid industrialization in emerging economies has increased the demand for industrial solvents.
Frequently Asked Questions (FAQ) :
Valuation of the Global Industrial Solvents Market had reached USD 67840.8 Million by 2028.
Industrial Solvents Market is projected to expand at over 6.1% CAGR during the assessment period
Paints & coatings is the largest end-use industry segment in the Global Industrial Solvents Market.
Asia Pacific holds the largest share in the Global Industrial Solvents Market, followed by North America and Europe, respectively.
BASF SE (Germany), LG Chemicals (Japan), Exxon Mobil Corporation (US), Petroleo Brasileiro S.A. (Brazil), BP Plc (UK), LyondellBasell Industries (The Netherlands), SABIC (Saudi Arabia), Royal Dutch Shell Plc (The Netherlands), DowDuPont (US), Diacel Chemical Industries Ltd (Japan), Total S.A. (France), Eternis Fine Chemicals (India), IGPL (India), Harmony Organics Pvt. Ltd. (India), Vinati Organics (India), SK Innovation (South Korea), and Sinopec (China), are some of the major players operating in the Industrial Solvents Market.
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