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 North America Solvents Market is expected to reach USD 12,504.57 million by 2030 from USD 9,165.03 million in 2023, growing with a substantial CAGR of 4.5% in the forecast period of 2023 to 2030.
Key Findings of the Study
Growth in the Pharmaceutical and Agriculture Sector
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 market growth.
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
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Segments Covered
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Category (Oxygenated Solvents, hydrocarbon solvents, Halogenated Solvents, and Others), Source (Conventional and Bio-Based), Application (Paints and Coatings, Pharmaceuticals, Adhesives, Printing Inks, Personal Care, Polymer Manufacturing, Agricultural Chemicals, Metal Cleaning, and Others)
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Countries Covered
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U.S., Canada, and Mexico
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Market Players Covered
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Arkema (France), INVISTA (A Subsidiary of Koch Industries, Inc.) (U.S.), Ashland (U.S.), 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.), and Olin Corporation (U.S.) and 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 in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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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 market
In 2023, the oxygenated solvents segment is expected to dominate the market with a 65.91% market share due to its demand and availability in the various application segments.
- On the basis of source, the market is segmented into conventional and bio-based
In 2023, the conventional segment is expected to dominate the market
In 2023, the conventional segment is expected to dominate the market with a 75.53% market share due to its high availability and usage in industrial processes and units.
- 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 conventional segment is expected to dominate the market with a 41.93% market share
Major Players
Data Bridge Market Research analyzes ADM (U.S.), Eastman Chemical Company (U.S.), Exxon Mobil Corporation (U.S.), Monument Chemical (U.S.), and Olin Corporation (U.S.) as the major players in the North America solvents market.
Market Developments
- In April 2023, LyondellBasell announced that the company participated in Chinaplas 2023 which will be held on April 17th-20th in Shezhen. During the exhibition, LyondellBasell will also announce their latest collaborative work with upstream and downstream parties in the value chain, including Nippon Paint China, Jiangsu WMGrass and Genox. The company aimed to promote local innovative recycling ecosystems and together with industry partners shape a more sustainable future
- In March 2023, Shell plc published its Energy Transition Progress Report 2022, which showed that it has again met its climate targets as part of its energy transition strategy. The report highlighted important steps that Shell has taken to advance its energy transition strategy
- In February 2023, Celanese Corporation announced the availability of more sustainable versions of multiple acetyl chain materials with mass balance bio-content. This expansion of the product portfolio provides opportunities to meet the sustainability goals by reducing waste and materials usage
- In November 2022, Ashland. was recognized with the Commitment to Life Award in the Human Rights category by Natura&Co for Ashland’s Responsible Solvers sustainable guar farming and education program using science, technology, engineering, and math (STEM) to train men and women farmers in Rajasthan, India
- In September 2022, Orthex group moves towards more sustainable raw materials in cooperation with INEOS Styrolution and BASF. The carbon footprint of the new material is 93% lower compared to the fossil-based Luran version. This helped the company to meet its sustainability goals
Regional Analysis
Geographically, the countries covered in the North America solvents market are U.S., Canada, and Mexico.
As per Data Bridge Market Research analysis:
U.S. is expected to dominate and fastest-growing country in the North America solvents market during the forecast period of 2023-2030
The U.S. is dominating and fastest-growing region of the North America solvents market due to the rising scope in various industries and the number of solvents used in it.
For more detailed information about the North America solvents market report, click here – https://www.databridgemarketresearch.com/reports/north-america-solvent-market
