Solvents are typically liquid substances with the capacity to dissolve or distribute a wide range of compounds, including solid, liquid, and gaseous substances. They are widely used in a variety of industries, including chemicals, pharmaceuticals, paints and coatings, adhesives, cleaning products, and many more. The market for solvents includes a variety of solvent types, such as hydrocarbons, oxygenated solvents, halogenated solvents, and other specialized solvents
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Data Bridge Market Research analyzes that Global Solvents Market is expected to reach USD 42,627.99 million by 2030 from USD 29,343.32 million in 2022, growing with a substantial CAGR of 5.0% in the forecast period of 2023 to 2030. Growing demand for solvents in construction industry applications will drive the market growth.
Key Findings of the Study
GROWTH IN THE PHARMACEUTICAL AND AGRICULTURE SECTOR ACROSS THE GLOBE
In recent times, there has been an increase in the pharmaceutical sector as there is a rise in demand for essential medicines, such as antibiotics, pain relievers, and blood thinners. Moreover, the rising global and aging population and increasing diseases are some of the factors that are driving the need for pharmaceutical products, leading to higher demand for solvents. In addition to it, the government is spending to enhance healthcare infrastructure and improve quality treatments. In addition to it, there has been constant research and development activities going on regarding drug formulation techniques and manufacturing processes due to which the solvent demand is too rising. Furthermore, solvents find extensive use in chromatography and purification applications, facilitating the separation and recovery of compounds during pharmaceutical analysis and manufacturing processes thus driving the growth of the global solvents market in the forecast period
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015- 2020)
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Quantitative Units
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Revenue in USD Million and Volume in Kilo Tons
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Segments Covered
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Category (Oxygenated Solvents, Hydrocarbon Solvents, Halogenated Solvents, Others), Source (Conventional, Bio-Based), Application (Paints and Coatings, Pharmaceuticals, Adhesives, Printing Inks, Personal Care, Polymer Manufacturing, Agricultural Chemicals, Metal Cleaning, Others)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, Netherlands, U.K., Russia, Spain, Turkey, Switzerland, Belgium, Rest of Europe, China, India, Japan, South Korea, Singapore, Thailand, Indonesia, Malaysia, Philippines, Australia & New Zealand, Rest of Asia-Pacific, South Africa, Saudi Arabia, Egypt, United Arab Emirates, Israel, Rest of Middle East and Africa
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Market Players Covered
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Arkema , INVISTA ( A Subsidiary of Koch Industries, Inc.), Ashland, Bharat Petroleum Corporation Limited, Huntsman International LLC, Solvay, ADM, Shell Global, BP p.l.c., Eastman Chemical Company, INEOS GROUP HOLDINGS S.A., BASF SE, Celanese Corporation, Cargill, Incorporated, Reliance Industries Limited, Honeywell International Inc., LyondellBasell Industries Holding B.V., Exxon Mobil Corporation, Monument Chemical, Dow, Olin Corporation among others.
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Segment Analysis:
The market is segmented into three notable segments on the basis of category, source, and application.
- On the basis of category, the market is segmented into oxygenated solvents, hydrocarbon solvents, halogenated solvents, and others.
In 2023, the oxygenated solvents segment is expected to dominate the global solvents market
In 2023, the oxygenated solvents segment is expected to dominate the market with a 66.04% market share. It is expected to reach USD 28,376.99 million by 2030, growing with the highest CAGR of 5.1% in the forecast period of 2023 to 2030 due to its utilization in various industrial end products manufacturing such as paints and coatings, pharmaceuticals, adhesives, printing inks, personal care products and others.
- On the basis of source, the market is segmented into conventional and bio-based.
In 2023, the conventional segment is expected to dominate the global solvents market
In 2023, the conventional segment is expected to dominate the market with a 75.39% market share. It is expected to reach USD 32,078.09 million by 2030, growing with the highest CAGR of 4.9% in the forecast period of 2023 to 2030 due to established infrastructure for conventional solvent production and distribution.
- On the basis of application, the market is segmented into paints and coatings, pharmaceuticals, adhesives, printing inks, personal care, polymer manufacturing, agriculture chemicals, metal cleaning, and others. In 2023, the paintings and coatings segment is expected to dominate the market with a 44.14% market share. It is expected to reach USD 19,393.79 million by 2030, growing with the highest CAGR of 5.4 % in the forecast period of 2023 to 2030.
Major Players
Data Bridge Market Research recognizes the following companies as the major players in the global solvents market that include are Arkema , INVISTA ( A Subsidiary of Koch Industries, Inc.), Ashland, Bharat Petroleum Corporation Limited, Huntsman International LLC, Solvay, ADM, Shell Global, BP p.l.c., Eastman Chemical Company , INEOS GROUP HOLDINGS S.A., BASF SE, Celanese Corporation, Cargill, Incorporated, Reliance Industries Limited, Honeywell International Inc., LyondellBasell Industries Holding B.V., Exxon Mobil Corporation, Monument Chemical, Dow, Olin Corporation among others.
Market Development
- In July 2021, According to the Cision US Inc., Merck, a science and technology company, introduced a new line of environmentally friendly solvents for use in semiconductor manufacturing. The AZ® 910 Remover is used to dissolve photoresist patterns more efficiently and cost-effectively. It offers a sustainable alternative to traditional solvents. The product is compatible with various semiconductor manufacturing processes and is suitable for sensitive metals and materials
- In February 2023, According to the LyondellBasell Industries Holdings B.V., LyondellBasell and KIRKBI announced their investment in APK, a company specializing in solvent-based recycling technology for low-density polyethylene. APK's unique solvent-based Newcycling process separates different polymers in multi-layer packaging materials and produces high-purity recycled materials suitable for new packaging. The investment of approximately 130 million Euros will enable the construction of additional Newcycling Plants to increase production capacity
- In December 2022, According to the BioAge Group, LLC. Dürr Group was supplying CATL with solvent recovery technology for the sustainable production of lithium-ion batteries at CATL's plant in Arnstadt, Germany. The technology allows for the removal and recovery of solvents used in electrode manufacturing, preventing the release of CO2 and enabling solvent reuse. The system consists of a multi-stage condenser that recovers 99% of the solvent through condensation
Regional Analysis
Geographically, the countries covered in the global solvents market are North America, South America, Asia-Pacific, Europe, and Middle East and Africa. The North America is further segmented into U.S., Canada, and Mexico. Europe is further segmented into Germany, U.K., Italy France, Spain, Russia, Turkey, Switzerland, Belgium, Netherlands, and Rest of Europe. The Asia-Pacific is further segmented into Japan, China, South Korea, India, Singapore, Thailand, Indonesia, Malaysia, Philippines, Australia & New Zealand and Rest of Asia-Pacific. The South America is further segmented into Brazil, Argentina, and Rest of South America. The Middle East and Africa is further segmented into South Africa, Egypt, Saudi Arabia, United Arab Emirates, Israel, and Rest of Middle East and Africa.
As per Data Bridge Market Research analysis:
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