Solvents Market, By Type (Alcohols, Ketones, Esters, Glycol Ethers, Aromatic, Aliphatic), Application (Paints & Coatings, Polymer Manufacturing, Printing Inks), and Region - Global Forecast To 2025
MarketsandMarkets: The solvents market is projected to reach USD 30.0 billion by 2025, at a CAGR of 6.6% from an estimated value of USD 21.8 billion in 2020.
Growing demand for home care, personal care, pharmaceuticals are projected to drive the demand for solvents across regions. Volatile Organic Compounds (VOCs) are compounds which form ground-level ozone and particulate matter and are main constituents of smog. Stringent regulations in Europe and North America for the reduction of VOCs are projected to drive the demand for bio & green solvents.
Browse through more than 214 market data tables with 59 figures and an in-depth TOC of the report, "Solvents Market - Global Forecast to 2025."Early buyers will receive 10% customization for reports.
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“The oxygenated solvents segment the largest type in the solvents market in 2019 “
Oxygenated solvents are among the major types of industrial solvents. They are used when high solvency power is needed because of their high solvency power and low toxicity. Oxygenated solvents comprise ketones, glycol ethers, esters, glycols, and alcohols. These are produced by extracting from other petrochemicals to reach the desired consistency and balance of components. They are used in various applications, such as personal care, home care, paints & coatings, and chemical synthesis. They are also used as technical additives for construction or mining. The oxygenated solvents segment of the solvents market dominates the market and is projected to grow at the highest CAGR in the forecast period, in terms of volume. This is due to their high solvency power and low-toxicity. In addition, their usage in various applications, such as paints & coatings, adhesives, pharmaceuticals, and printing inks, among others are expected to result in increasing demand during the forecast period.
“The pharmaceuticals application segment of solvents market is projected to grow at the highest CAGR during the forecast period, in terms of volume”
Pharmaceutical application segment of solvent is projected to be the highest in the forecast years. This is due to a variety of applications of solvents in the pharmaceutical processes such as purification, a medium for reaction, coatings of tablets, printing inks on tablets & capsules, and molecule build-up during drug manufacturing. Apart from their direct application in medicines, solvents are also used in a few external applications, including disinfection. They also help in the convenient application of drugs, i.e., injection or ingestion. North America was the largest market for solvents in the pharmaceutical’s application in terms of both value and volume due to the presence of major pharmaceutical companies, such as Pfizer Inc., Johnson & Johnson, Merck & Co., and AbbVie Inc. in the region.
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“APAC is projected to grow at the highest CAGR in the solvents market during the forecast period, in terms of volume”
The solvents market has been studied for North America, Europe, Asia Pacific (APAC), South America, and the Middle East & Africa. The APAC region is estimated to account for the largest share of the solvents market and is also projected to grow at the highest CAGR during the forecast period, in terms of volume. The growth of the solvents market in the region is attributed to increasing industrialization and rising demand for petrochemical-based solvents from end-use industries. In addition, the availability of cheaper raw materials in the region is expected to drive the growth of the solvents market. Moreover, there are many construction projects which are on hold in APAC due to COVID-19. These construction projects are likely to resume, thereby driving the demand for solvents in paints & coatings applications.
Key players in the solvents market include Royal Dutch Shell Plc. (Netherlands), Eastman Chemical Company (US), BASF SE (Germany), ExxonMobil Corporation (US), LyondellBasell Industries Holdings B.V. (The Netherlands), Ashland Global Holdings Inc. (US), Celanese Corporation (US), Huntsman Corporation (US), Solvay SA (Belgium), Honeywell International Inc. (US), INEOS Group AG (UK), Arkema SA (France), Bharat Petroleum (India), BP Plc (UK), Cargill Incorporated (US), Chevron Phillips Chemical Co. (US), The Dow Chemical Company (US), Flotek Industries Inc. (US), Invista SARL (US), Monument Chemical Inc. (US), Olin Corporation (US), Reliance Industries Ltd. (India), and TOP Solvents Co., Ltd. (Thailand).
Study Coverage
This report covers the solvents market in terms of value and volume and forecasts the market size until 2025. The report includes market segmentation based on type, form, processing, application, and region. It also provides company profiles and competitive strategies adopted by the major players in the solvents market. The report also covers Porter’s Five Forces analysis, market overview, and insights on various drivers, restraints, opportunities, and challenges in the solvents market.
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The decline in crude oil prices and disruption in the supply chain impacted the market.
(Netherlands), Eastman Chemical Company (US), BASF SE (Germany), ExxonMobil Corporation (US), LyondellBasell Industries Holdings B.V. (Netherlands), Ashland Global Holdings Inc. (US), Huntsman Corporation (US), Celanese Corporation (US), Honeywell International Inc. (US), and INEOS Group AG (UK).
The company is mainly focused on its downstream business segment as it has a strong revenue-generating segment with high return-on-investment.
It is focusing on expansion as the key growth strategy.
In October 2018, Shell commissioned a new solvent desphalter unit at its Pernis refinery in order to meet the demands of cleaner transport fuels and reduce environmental impact.
This expansion helped the company to manufacture ethylene oxide, ethylene glycol, propylene oxide, polyols, polyolefins, phenol, and oxo-alcohols.In October 2014, the company launched natural gas based paraffinic solvents and fluids and is the first organization globally to offer Gas-to-Liquid (GTL) solvents.
19 March 2019, The global Green and Bio-Solvents Market size is anticipated to showcase significant growth over the forecast period.
Rising adoption of bio-based products over traditional alternatives is anticipated to facilitate market expansion in the years to come.However, cost effective production is expected to pose a challenge for the growth of the green and bio-solvents market in the near future.
There is a high cost difference between production process for traditional and bio-solvents, owing to limited availability of appropriate and advanced technologies.
This is a key factor restraining the growth of the market.Green and bio-solvents find applications in asphalt paving and roofing shingles.
Applications in activities such as heavy oil and bitumen extraction from Canadian tar sands and replacement of petroleum solvents are anticipated to propel the market over the forecast period.Paints and coatings made using conventional solvents may cause skin allergies, especially among people allergic to chemicals and other substances.
This factor is anticipated to augur well for the global market in the forthcoming years.Adhesive, paints and coatings, printing inks, and pharmaceuticals, and cosmetics are major applications of green and bio-based solvents.
