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Report
Solvent Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Market Report I 2023-06-14 I 145 Pages I IMARC Group
The global solvent market size reached US$ 46.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 60.4 Billion by 2028, exhibiting a growth rate (CAGR) of 4.3% during 2023-2028.
Solvents refer to chemical substances that can dissolve, disperse or extract other materials to form a solution without changing them chemically. They usually have an unpleasant odor and are highly volatile and flammable, except for chlorinated solvents. Solvents are generally liquids; however, they can also be in solid or gaseous form and are available in conventional and organic variants. They are widely utilized as cleaning and degreasing agents and as ingredients in products, such as spot removers, printing inks, varnishes, adhesives, cosmetics, perfumes, detergents, paint thinners, and nail polish removers.
Solvent Market Trends:
The increasing product applications in various end use industries represent the primary factor driving the market growth. For instance, solvents are used in paints and coatings to dissolve colors and binders, provide consistency, and find huge applications in pharmaceutical drug manufacturing processes. Additionally, there has been a substantial rise in the product usage in household cleaning and personal care products. Along with this, the widespread adoption of solvents in pesticide formulations is catalyzing the product demand. Furthermore, with the rising environmental concerns, consumers are increasingly shifting toward eco-friendly and organic products, which pose little or no hazards to the environment and human health. As a result, several leading manufacturers are making heavy investments and entering into collaborations with the top biotechnology companies to launch green and bio-based solvents to achieve sustainability. Moreover, the emerging solvent applications in chemical manufacturing processes, cooling circuits, dry-cleaning, and deicers are propelling the market growth. Other factors, including rapid industrialization and urbanization, stringent government regulations to use green solvents, ongoing research and development (R&D) activities, and technological advancements, are also providing a positive thrust to the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global solvent market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product, source and application.
Breakup by Product:
Alcohols
Hydrocarbons
Ketones
Esters
Chlorinated
Others
Breakup by Source:
Petrochemical-based
Bio and Green
Breakup by Application:
Paints and Coatings
Printing Inks
Pharmaceuticals
Cosmetics and Adhesives
Others
Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Archer-Daniels-Midland Company, Ashland Inc., BASF SE, Bharat Petroleum Corporation Limited, bp p.l.c., Celanese Corporation, Dow Inc., Eastman Chemical Company, Exxon Mobil Corporation, Honeywell International Inc., Huntsman Corporation, LyondellBasell Industries N.V., Royal Dutch Shell plc, Sasol Limited and Solvay S.A.
Key Questions Answered in This Report
1. What was the size of the global solvent market in 2022?
2. What is the expected growth rate of the global solvent market during 2023-2028?
3. What are the key factors driving the global solvent market?
4. What has been the impact of COVID-19 on the global solvent market
5. What is the breakup of the global solvent market based on the product?
6. What is the breakup of the global solvent market based on the source
7. What is the breakup of the global solvent market based on the application?
8. What are the key regions in the global solvent market?
9. Who are the key players/companies in the global solvent market?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Solvent Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Product
6.1 Alcohols
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Hydrocarbons
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Ketones
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Esters
6.4.1 Market Trends
6.4.2 Market Forecast
6.5 Chlorinated
6.5.1 Market Trends
6.5.2 Market Forecast
6.6 Others
6.6.1 Market Trends
6.6.2 Market Forecast
7 Market Breakup by Source
7.1 Petrochemical-based
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Bio and Green
7.2.1 Market Trends
7.2.2 Market Forecast
8 Market Breakup by Application
8.1 Paints and Coatings
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Printing Inks
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Pharmaceuticals
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Cosmetics and Adhesives
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 Others
8.5.1 Market Trends
8.5.2 Market Forecast
9 Market Breakup by Region
9.1 North America
9.1.1 United States
9.1.1.1 Market Trends
9.1.1.2 Market Forecast
9.1.2 Canada
9.1.2.1 Market Trends
9.1.2.2 Market Forecast
9.2 Asia-Pacific
9.2.1 China
9.2.1.1 Market Trends
9.2.1.2 Market Forecast
9.2.2 Japan
9.2.2.1 Market Trends
9.2.2.2 Market Forecast
9.2.3 India
9.2.3.1 Market Trends
9.2.3.2 Market Forecast
9.2.4 South Korea
9.2.4.1 Market Trends
9.2.4.2 Market Forecast
9.2.5 Australia
9.2.5.1 Market Trends
9.2.5.2 Market Forecast
9.2.6 Indonesia
9.2.6.1 Market Trends
9.2.6.2 Market Forecast
9.2.7 Others
9.2.7.1 Market Trends
9.2.7.2 Market Forecast
9.3 Europe
9.3.1 Germany
9.3.1.1 Market Trends
9.3.1.2 Market Forecast
9.3.2 France
9.3.2.1 Market Trends
9.3.2.2 Market Forecast
9.3.3 United Kingdom
9.3.3.1 Market Trends
9.3.3.2 Market Forecast
9.3.4 Italy
9.3.4.1 Market Trends
9.3.4.2 Market Forecast
9.3.5 Spain
9.3.5.1 Market Trends
9.3.5.2 Market Forecast
9.3.6 Russia
9.3.6.1 Market Trends
9.3.6.2 Market Forecast
9.3.7 Others
9.3.7.1 Market Trends
9.3.7.2 Market Forecast
9.4 Latin America
9.4.1 Brazil
9.4.1.1 Market Trends
9.4.1.2 Market Forecast
9.4.2 Mexico
9.4.2.1 Market Trends
9.4.2.2 Market Forecast
9.4.3 Others
9.4.3.1 Market Trends
9.4.3.2 Market Forecast
9.5 Middle East and Africa
9.5.1 Market Trends
9.5.2 Market Breakup by Country
9.5.3 Market Forecast
10 SWOT Analysis
10.1 Overview
10.2 Strengths
10.3 Weaknesses
10.4 Opportunities
10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
14.3.1 Archer-Daniels-Midland Company
14.3.1.1 Company Overview
14.3.1.2 Product Portfolio
14.3.1.3 Financials
14.3.1.4 SWOT Analysis
14.3.2 Ashland Inc.
14.3.2.1 Company Overview
14.3.2.2 Product Portfolio
14.3.2.3 Financials
14.3.2.4 SWOT Analysis
14.3.3 BASF SE
14.3.3.1 Company Overview
14.3.3.2 Product Portfolio
14.3.3.3 Financials
14.3.3.4 SWOT Analysis
14.3.4 Bharat Petroleum Corporation Limited
14.3.4.1 Company Overview
14.3.4.2 Product Portfolio
14.3.4.3 Financials
14.3.4.4 SWOT Analysis
14.3.5 bp p.l.c.
14.3.5.1 Company Overview
14.3.5.2 Product Portfolio
14.3.5.3 Financials
14.3.5.4 SWOT Analysis
14.3.6 Celanese Corporation
14.3.6.1 Company Overview
14.3.6.2 Product Portfolio
14.3.6.3 Financials
14.3.6.4 SWOT Analysis
14.3.7 Dow Inc.
14.3.7.1 Company Overview
14.3.7.2 Product Portfolio
14.3.7.3 Financials
14.3.7.4 SWOT Analysis
14.3.8 Eastman Chemical Company
14.3.8.1 Company Overview
14.3.8.2 Product Portfolio
14.3.8.3 Financials
14.3.8.4 SWOT Analysis
14.3.9 Exxon Mobil Corporation
14.3.9.1 Company Overview
14.3.9.2 Product Portfolio
14.3.9.3 Financials
14.3.9.4 SWOT Analysis
14.3.10 Honeywell International Inc.
14.3.10.1 Company Overview
14.3.10.2 Product Portfolio
14.3.10.3 Financials
14.3.10.4 SWOT Analysis
14.3.11 Huntsman Corporation
14.3.11.1 Company Overview
14.3.11.2 Product Portfolio
14.3.11.3 Financials
14.3.11.4 SWOT Analysis
14.3.12 LyondellBasell Industries N.V.
14.3.12.1 Company Overview
14.3.12.2 Product Portfolio
14.3.12.3 Financials
14.3.12.4 SWOT Analysis
14.3.13 Royal Dutch Shell plc
14.3.13.1 Company Overview
14.3.13.2 Product Portfolio
14.3.13.3 Financials
14.3.14 Sasol Limited
14.3.14.1 Company Overview
14.3.14.2 Product Portfolio
14.3.14.3 Financials
14.3.14.4 SWOT Analysis
14.3.15 Solvay S.A.
14.3.15.1 Company Overview
14.3.15.2 Product Portfolio
14.3.15.3 Financials
14.3.15.4 SWOT Analysis
Figure 1: Global: Solvent Market: Major Drivers and Challenges
Figure 2: Global: Solvent Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Solvent Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 4: Global: Solvent Market: Breakup by Product (in %), 2022
Figure 5: Global: Solvent Market: Breakup by Source (in %), 2022
Figure 6: Global: Solvent Market: Breakup by Application (in %), 2022
Figure 7: Global: Solvent Market: Breakup by Region (in %), 2022
Figure 8: Global: Solvent (Alcohols) Market: Sales Value (in Million US$), 2017 & 2022
Figure 9: Global: Solvent (Alcohols) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 10: Global: Solvent (Hydrocarbons) Market: Sales Value (in Million US$), 2017 & 2022
Figure 11: Global: Solvent (Hydrocarbons) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: Global: Solvent (Ketones) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: Solvent (Ketones) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Global: Solvent (Esters) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: Solvent (Esters) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: Solvent (Chlorinated) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: Solvent (Chlorinated) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: Solvent (Other Products) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: Solvent (Other Products) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: Solvent (Petrochemical-based) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: Solvent (Petrochemical-based) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: Global: Solvent (Bio and Green) Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: Global: Solvent (Bio and Green) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: Global: Solvent (Paints and Coatings) Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: Global: Solvent (Paints and Coatings) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: Global: Solvent (Printing Inks) Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: Global: Solvent (Printing Inks) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: Global: Solvent (Pharmaceuticals) Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: Global: Solvent (Pharmaceuticals) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: Global: Solvent (Cosmetics and Adhesives) Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: Global: Solvent (Cosmetics and Adhesives) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 32: Global: Solvent (Other Applications) Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: Global: Solvent (Other Applications) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 34: North America: Solvent Market: Sales Value (in Million US$), 2017 & 2022
Figure 35: North America: Solvent Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 36: United States: Solvent Market: Sales Value (in Million US$), 2017 & 2022
Figure 37: United States: Solvent Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 38: Canada: Solvent Market: Sales Value (in Million US$), 2017 & 2022
Figure 39: Canada: Solvent Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 40: Asia-Pacific: Solvent Market: Sales Value (in Million US$), 2017 & 2022
Figure 41: Asia-Pacific: Solvent Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 42: China: Solvent Market: Sales Value (in Million US$), 2017 & 2022
Figure 43: China: Solvent Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 44: Japan: Solvent Market: Sales Value (in Million US$), 2017 & 2022
Figure 45: Japan: Solvent Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 46: India: Solvent Market: Sales Value (in Million US$), 2017 & 2022
Figure 47: India: Solvent Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 48: South Korea: Solvent Market: Sales Value (in Million US$), 2017 & 2022
Figure 49: South Korea: Solvent Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 50: Australia: Solvent Market: Sales Value (in Million US$), 2017 & 2022
Figure 51: Australia: Solvent Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 52: Indonesia: Solvent Market: Sales Value (in Million US$), 2017 & 2022
Figure 53: Indonesia: Solvent Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 54: Others: Solvent Market: Sales Value (in Million US$), 2017 & 2022
Figure 55: Others: Solvent Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 56: Europe: Solvent Market: Sales Value (in Million US$), 2017 & 2022
Figure 57: Europe: Solvent Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 58: Germany: Solvent Market: Sales Value (in Million US$), 2017 & 2022
Figure 59: Germany: Solvent Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 60: France: Solvent Market: Sales Value (in Million US$), 2017 & 2022
Figure 61: France: Solvent Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 62: United Kingdom: Solvent Market: Sales Value (in Million US$), 2017 & 2022
Figure 63: United Kingdom: Solvent Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 64: Italy: Solvent Market: Sales Value (in Million US$), 2017 & 2022
Figure 65: Italy: Solvent Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 66: Spain: Solvent Market: Sales Value (in Million US$), 2017 & 2022
Figure 67: Spain: Solvent Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 68: Russia: Solvent Market: Sales Value (in Million US$), 2017 & 2022
Figure 69: Russia: Solvent Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 70: Others: Solvent Market: Sales Value (in Million US$), 2017 & 2022
Figure 71: Others: Solvent Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 72: Latin America: Solvent Market: Sales Value (in Million US$), 2017 & 2022
Figure 73: Latin America: Solvent Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 74: Brazil: Solvent Market: Sales Value (in Million US$), 2017 & 2022
Figure 75: Brazil: Solvent Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 76: Mexico: Solvent Market: Sales Value (in Million US$), 2017 & 2022
Figure 77: Mexico: Solvent Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 78: Others: Solvent Market: Sales Value (in Million US$), 2017 & 2022
Figure 79: Others: Solvent Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 80: Middle East and Africa: Solvent Market: Sales Value (in Million US$), 2017 & 2022
Figure 81: Middle East and Africa: Solvent Market: Breakup by Country (in %), 2022
Figure 82: Middle East and Africa: Solvent Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 83: Global: Solvent Industry: SWOT Analysis
Figure 84: Global: Solvent Industry: Value Chain Analysis
Figure 85: Global: Solvent Industry: Porter's Five Forces Analysis
Table 1: Global: Solvent Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Solvent Market Forecast: Breakup by Product (in Million US$), 2023-2028
Table 3: Global: Solvent Market Forecast: Breakup by Source (in Million US$), 2023-2028
Table 4: Global: Solvent Market Forecast: Breakup by Application (in Million US$), 2023-2028
Table 5: Global: Solvent Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 6: Global: Solvent Market: Competitive Structure
Table 7: Global: Solvent Market: Key Players
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