The global solvents market, essential in various industries such as pharmaceuticals, paints, adhesives, and cleaning products, is dynamic and essential for diverse applications. With dissolving capabilities and volatility, solvents play a crucial role in formulations. The paints and coatings industry, integral to building, automotive, and semiconductors sectors, has witnessed substantial growth, contributing to the solvents market's expansion. As these industries undergo transformative shifts, the demand for solvents increases, fostering growth, innovation, and advancements in infrastructure and technology.
Data Bridge Market Research analyses that the Global Solvents Market is growing with a CAGR of 5.0% in the forecast period of 2023 to 2030 and is expected to reach USD 42,627.99 million by 2030.
"Growing beauty and personal care products industry drive the market growth"
The beauty and personal care products industry is experiencing substantial growth driven by increasing awareness of personal grooming and a rising demand for beauty and wellness items. Solvents, notably butylene glycol, propylene glycol, isopropyl alcohol, and ethyl alcohol, play a crucial role in skincare, cosmetics, hair care, and fragrance formulations. These solvents dissolve hydrophobic active ingredients, enhancing beauty products' stability, texture, and absorption. Additionally, solvents serve as humectants, emollients, and viscosity controllers, contributing to the quality and performance of beauty and personal care formulations.
What restraints the growth of the global solvents market?
"Storage of solvents hamper the market growth"
Improper handling and storage of solvents, often flammable, pose significant risks, potentially resulting in workplace accidents, property damage, and environmental pollution. These hazards create safety concerns and contribute to negative perceptions, hampering the market as industries face increased scrutiny, compliance pressures, and potential legal repercussions, impeding growth and trust.
Segmentation: Global Solvents Market
The global solvents market is segmented on the basis of category, source, and application.
- On the basis of category, the global solvents market is segmented into oxygenated solvents, hydrocarbon solvents, halogenated solvents, and others
- On the basis of source, the global solvents market is segmented into conventional and bio-based
- On the basis of application, the global solvents market is segmented into paints and coatings, pharmaceuticals, adhesives, printing inks, personal care, polymer manufacturing, agricultural chemicals, metal cleaning, and others
Regional Insights: Asia-Pacific dominates the Global Solvents Market
Asia-Pacific dominates the global solvents market, holding a substantial market share and revenue fueled by heightened industrialization, strong demand across sectors, and economic growth. China, in particular, commands the market, driven by escalating demand in the paints and coatings industry. The increasing use of printing inks in diverse industrial applications further underscores China's pivotal role in globalizing the solvents market's overall growth and dynamics.
In North America, particularly the U.S., dominates the global solvents market, driven by the escalating utilization of printing inks across diverse industrial applications. The region's pronounced influence stems from its widespread adoption of solvents, which are pivotal in supporting various industrial processes, particularly in the dynamic and expanding field of printing inks.
In Europe, particularly Germany, dominates the global solvents market due to a surge in awareness about personal grooming and robust demand for beauty and wellness products. The market's growth is further fueled by evolving beauty trends and shifting consumer preferences. Germany, in particular, stands at the forefront, showcasing a significant impact on the solvents market within the larger Europe context.
Recent Developments: Global Solvents Market
- In June 2023, Bharat Petroleum Corporation Limited (BPCL) achieved notable success at the FIPI Oil & Gas Awards 2022, securing five prestigious accolades. The awards, presented by Shri. Hardeep Singh Puri, Government of India's Minister of Petroleum, boost BPCL's brand recognition and position in the industry
- In August 2022, Eastman received recognition on the Forbes list of Best-in-State Employers 2022, enhancing the company's brand visibility and credibility. Presented by Forbes and Statista Inc., this accolade reinforces Eastman's reputation as an employer of choice, contributing to its growth and industry recognition
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The Prominent Key Players Operating in the Global Solvents Market Include:
- Arkema (France)
- INVISTA ( A Subsidiary of Koch Industries, Inc.) (U.S.)
- Ashland (U.S.)
- Bharat Petroleum Corporation Limited (India)
- Huntsman International LLC (U.S.)
- Solvay (Belgium)
- ADM (U.S.)
- Shell Global (Netherlands)
- BP p.l.c. (U.K.)
- Eastman Chemical Company (U.S.)
- INEOS GROUP HOLDINGS S.A.(U.K.)
- BASF SE (Germany)
- Celanese Corporation (U.S.)
- Cargill, Incorporated (U.S.)
- Reliance Industries Limited (India)
- Honeywell International Inc. (U.S.)
- LyondellBasell Industries Holding B.V. (Netherlands)
- Exxon Mobil Corporation (U.S.)
- Monument Chemical (U.S.)
- Dow (U.S.)
- Olin Corporation (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global solvents market companies, contact: https://www.databridgemarketresearch.com/contact
Research Methodology: Global Solvents Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
