Global Solvents Market, By 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) - Industry Trends and Forecast to 2030.
Solvents Market Analysis and Size
The global solvents market is expected to grow significantly in the forecast period of 2023 to 2030. Data Bridge Market Research analyses that the 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. The major factor driving the growth of the solvents market is the rising usage of printing inks for different industrial applications and positive outlook toward beauty & personal care products industry.
Solvents are low-molecular-weight fluorinated synthetic fluids. They are non-toxic and non-flammable in their natural state. A solvent can be utilized in severe temperatures ranging from 80°C to 200°C. Their molecular structure might be linear, branched, or a combination of both, depending on the application. Solvents have various properties such as temperature resistance, lubricity, wear resistance, and fluid volatility.
The global solvents market report provides details of market share, new developments, and the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, products approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario, contact us for an analyst brief. Our team will help you create a revenue-impact solution to achieve your desired goal.
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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, Volumes 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 (France), INVISTA ( A Subsidiary of Koch Industries, Inc.)(USA), Ashland (USA), Bharat Petroleum Corporation Limited (India), Huntsman International LLC (USA), Solvay (Belgium), ADM (USA), Shell Global (Netherlands), BP p.l.c. (UK), Eastman Chemical Company (USA), INEOS GROUP HOLDINGS S.A.(UK), BASF SE (Germany), Celanese Corporation (USA), Cargill, Incorporated (USA), Reliance Industries Limited (India), Honeywell International Inc. (USA), LyondellBasell Industries Holding B.V. (Netherlands), Exxon Mobil Corporation (USA), Monument Chemical (USA), Dow (USA), Olin Corporation (USA), among others.
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Market Definition
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.
Global Solvents Market Dynamics
DRIVERS
- Growing demand for solvents in the paints and coatings industry
Solvents play an important role as carriers for surface coatings such as paints, varnishes, and adhesives. The chemicals used in paints and coatings rely on solvents as they can dissolve and disperse components that are employed in the coatings formulations. It further ensures the quality of the final product obtained and optimal performance. Solvents act as essential components in paints and coatings formulations in the construction industry as it can dissolve pigments, additives, and binders to form high-performance coatings. Various types of solvents are used depending on the requirements of the coatings such as drying time, film quality, and compatibility with other components. Solvent selection such as hydrocarbon solvents, ketones, esters, alcohols, and glycol ethers depends on factors such as solvating ability, polarity, and compatibility with other components in the formulation. Benzene, toluene, and xylenes are aromatic hydrocarbon solvents that are used in enamel-based paints, whereas lacquer-based paints need stronger solvents for faster drying.
For instances,
- In April 2022, According to the Biltrax Construction Data, By 2022, the Indian construction sector is predicted to grow at a compound annual growth rate (CAGR) of 15.7 percent, reaching a value of USD 738.5 billion. The expansion of the construction sector will create opportunities for solvent manufacturers and suppliers on a global scale
- In March 2022, According to the GROUPE BERKEM, Groupe Berkem, a leading player in bio-based chemicals, announced the launch of its range of 100% bio-based alkyd resins aimed at the construction paints market. This innovative development involves the transformation of existing products towards sustainable solutions, using bio-based oils, organic chemistry byproducts, and a 100% bio-based solvent. This contributes to the global solvent market by providing eco-friendly solutions in the construction paints industry.
Other than paints and coatings, solvents find applications in adhesives for binding materials. The adhesives are of different types such as polychloroprene, polyurethane, acrylate, and silicone-based adhesives. Moreover, solvents are used in cleaning and degreasing agents, paint removers, and varnishes. As the construction and automotive sector around the world is booming due to urbanization, infrastructure development, increasing construction activities, and growing demand for automobiles. This construction and automotive industry growth further drives the demand for paints, coatings, and adhesives and thus the solvents demand to increase.
- Rising usage of printing inks for different industrial applications
Solvents play a crucial role in the printing industry as they offer solvency to inks to dissolve pigments and vehicles such as water-soluble glycol vehicles into a solution. This is done so that the ink can be easily applied to the paper or any other substrates. The printing inks need solvents through which proper distribution of color and consistency could be achieved. The solvents that have high solvency power can yield vibrant and long-lasting prints. The solvents having a narrow boiling range evaporates rapidly after ink application, thus there is effective and proper drying of ink on the applied substrates.
For instances,
- In March 2022, According to the Gardner Business Media, Inc., Sun Chemical introduced SunSpectro SolvaWash solvent-based inks, designed to boost recycling rates for PET bottles. These washable/deinkable gravure and flexo-printable inks are specifically developed for reverse printing of crystallizable PET shrink sleeves. The Sun Chemical's SolvaWash solvent-based inks will support the global solvent market by enabling higher recycling rates for PET bottles.
- In July 2021, According to the Fint Group, Flint Group Packaging Inks introduced a new range of solvent-based inks and coatings called ONECode, specifically designed for European flexible packaging converters. It includes six new brands, offering ink systems for flexo printing (VertixCode), gravure printing (MatrixCode), dual-purpose inks (HelixCode), sustainable solutions (ZenCode), overprint varnishes and primers (NexisCode), and additives (AdmixCode). It will benefit the global solvent market by simplifying the printing process for European flexible packaging converters.
The application of solvents in printing inks is widely done in different applications such as printing, packaging, bottle printing, and plastic printing among others. The packaging industry plays a significant role in driving the demand for ink solvents for printing applications. There has been a rise in demand for flexible packaging due to its customizable nature, low cost, and lightweight properties. Such flexible packaging is used in various sectors ranging from consumer goods to healthcare, thus driving the demand for solvents during the forecast period. The growth of the food and beverage industry is also expected to increase the demand for packaging, which will further drive the demand for printing inks. The ink solvents help in achieving the required quality of printing and durability needed for packaging materials used in the food and beverages sector. In the upcoming, the demand for high-quality printing inks is going to rise for different applications in a wide range of industries such as packaging solutions for food and beverage, consumer goods, and healthcare applications thus propelling the global solvents market forward.
- Positive outlook toward beauty & personal care products industry
The beauty and personal care products industry is growing at a significant rate due to the factors such as increasing awareness about personal grooming and demand for beauty and wellness products. Moreover, evolving beauty trends and changing consumer preference due to the presence of social media contributes to the growth of the beauty and personal care industry.
For instances,
- According to The Cosmetic, Toiletry, and Perfumery Association, the European cosmetics market reached a value of USD 92.66 million at Retail Sales Price (RSP) in 2022. This provides a boost to the global solvent market by indicating the continued expansion and strength of the cosmetics industry in Europe
- According to Cosmetics Europe, Europe is a leading market for cosmetics and personal care products, with an estimated retail sales value of USD 92.66 billion in 2022. Among the European countries, Germany has the largest market size, valued at USD 15.06 billion
Solvents are mostly used to dissolve active ingredients that are hydrophobic and are used in skincare and cosmetic formulations. The solvents to enhance the stability, texture, and absorption of the beauty & personal care products. Solvents such as butylene glycol, propylene glycol, isopropyl alcohol, and ethyl alcohol are widely used in skincare, cosmetics, hair care, and fragrance products. Solvents too act as humectants, emollients, and viscosity controllers. They assist in hydration and moisturizing the skin, improving texture, and stabilizing formulations. In addition to it, the manufacturers too are focused to manufacture solvents that have increased performance, improved compatibility with different ingredients, and safety profiles. Thus, the demand for solvents is expected to grow in the forecast period as the beauty and personal care industry continues to expand, further driving the global solvents market.
OPPORTUNITIES
- Shifting the focus of manufacturers toward eco-friendly solvents
In recent years, there has been a significant shift of end-users towards environmentally friendly solvents which are also called bio-solvents or green solvents. Most of these solvents are derived from the processing of agricultural crops. As the solvents derived from petrochemicals contribute to the emissions of volatile organic compounds, they have serious side effects on the environment. These solvents are non-carcinogenic and non-corrosive which makes them safe to handle and reduces risks for workers.
For instance,
- In November 2021, According to the Woodcote Media Limited, Celtic Renewables, a cleantech innovator, announced a partnership with Caldic to launch Scotland's first sustainable chemical plant in Grangemouth. Celtic Renewables' patented low-carbon technology enables the conversion of unwanted biological material into renewable chemicals, biofuel, and other valuable products. This development will support Caldic's customers in their sustainability journey by providing them with high-quality bio-solvents with a significantly lower carbon footprint
- In February 2023, According to the LUMITOS AG, Clariter and TotalEnergies Fluids premiered the first sustainable ultra-pure solvents made from plastic waste. This breakthrough technology, which resulted from an 18-month collaboration, combines Clariter's innovative upcycling process with TotalEnergies Fluids' Hydro-De-Aromatization technology. The resulting solvents meet the highest purity standards required by demanding industries such as pharmaceuticals and cosmetics.
Ethyl lactate is one of the green solvents that is derived from the processing of corn and has advantages such as biodegradability when compared to conventional solvents. They too are used in applications such as paint stripper, and the removal of greases, oils, adhesives, and solid fuels from various metal surfaces. There are further ongoing research and development efforts from manufacturers for the improvement of the performance and range of eco-friendly solvents.
- Immense potential in the renewable energy sector
As there has been a rise in demand for cleaner and sustainable energy sources, the renewable energy sector is experiencing significant growth in recent years. Solar panel systems and wind turbines, essential components of renewable energy generation require semiconductors for effective power conversion and control.
For instance,
- In April 2023, According to the Cision US Inc., Lowe's, made a recent development in renewable energy by announcing the installation of rooftop solar panels at 174 of its store and distribution center locations across the U.S.. The solar panels, once completed, are expected to provide approximately 90% of the energy usage at each location. Lowe's had partnered with DSD Renewables, Greenskies Clean Focus, and Infiniti Energy to execute these installations in California, Illinois, and New Jersey.
- In December 2022, According to the HT Digital Streams Ltd, Jindal Stainless, had partnered with ReNew Power, the largest renewable energy company in India, to establish a 300 MW renewable energy project. This project will employ a combination of solar and wind technologies and is estimated to generate 700 million units of electricity annually.
Solvents and combinations of solvents are widely used in the semiconductor industry for various purposes such as equipment cleaning, wafer drying, and deposition or removal of substrates. The semiconductor grade solvents have an important role in the fabrication of semiconductors. They are designed for the semiconductor industry and electronic industries, which requires low impurities level. Isopropyl alcohol and acetone are among the most popular cleaning solvents in the semiconductor industry. The solvent manufacturers thus can invest in research and development activities for the development of new solvents including eco-friendly solvents that fulfil the requirements of semiconductor manufacturing. Such steps will help the expansion of renewable energy systems worldwide, thus offering a wide range of opportunities for the growth of the global solvents market.
RESTRAINTS/CHALLENGES
- Health and safety concerns related to the usage of solvents
Solvents are used for varied applications for dissolving or diluting components. Solvents used in construction products such as paints, paint strippers, and thinners pose potential health hazards to the individuals that are exposed to it. The solvents such as dichloromethane, toluene, and ethyl acetate influence the health of humans in different ways such as skin contact, ingestion, inhalation, and eye contact. While the application of such products takes place, breathing happens that leads to side effects such as headaches, nausea, and irritation to the eyes, skin, lungs, and skin. Moreover, long exposures to such solvents results in health issues such as dermatitis, and damage to the body parts such as eyes, kidney, lungs, nervous system, and skin. High doses of solvents can even lead to unconsciousness and death, especially in the case of occupational exposure.
For instance,
- In May 2023, According to the HealthNews, A published study suggests a possible link between the chemical solvent tetrachloroethylene (TCE) and Parkinson's disease. The research reviewed several studies that examined the effects of prolonged exposure to TCE, which was once widely used in industries such as healthcare, dry cleaning, and manufacturing. The study found evidence that exposure to TCE may cause neuroinflammation, loss of dopamine neurons, and alterations in brain proteins associated with Parkinson disease.
Such health and safety concerns related to solvents will lead to the reduction in demand for solvent consisting products. These industries such as paints, coatings, and adhesives too can face significant challenges thus restraining the growth of the global solvents market.
- Issues in transportation and storage of solvents
The solvents are used in various industries such as pharmaceuticals, paints, agrochemicals, and many more. Most of the solvents are flammable and require careful handling and storage. If they are not properly managed it can lead to severe consequences, including workplace accidents, property damage, and environmental pollution. Due to such risks, there is a need for safety regulations that should be implemented in the transportation and storage of solvents. The solvents too exit fumes that can cause health issues and risks to the workers. Improper storage and transportation of solvents can have severe effects on the environment. The solvents if spilled out could contaminate soil and water sources, which further faces a threat to ecosystems and potentially harm wildlife.
There are various regulations such as proper labeling, storage conditions, segregation, ventilation, and identification with respect to the storage and transportation of solvents. If such regulations are overlooked it can cause much damage to the place where the spilling of solvents takes place. The transportation of chemicals such as solvents to comes with different risks and challenges. If the solvents are improperly labeled it can result in the wrong chemicals being transported and stored. Moreover, factors such as inadequate storage practices, exhausted workers, equipment malfunctions, and unforeseen natural or man-made catastrophes can all contribute to transportation accidents which could have detrimental effects. The challenges in the transportation and storage of solvents to have a direct impact on solvent manufacturers. Incidents resulting from improper transportation or storage can disrupt the supply chain, leading to delays, loss of customers' trust, and potential financial losses, thus challenging the global solvent market growth in the forecast period.
Recent Development
- In June 2023, Bharat Petroleum Corporation Limited (BPCL) was recognized at the highly esteemed FIPI Oil & Gas Awards 2022 by securing five coveted accolades. The awards were presented by Shri. Hardeep Singh Puri, Hon'ble Minister of Petroleum and Natural Gas and Housing & Urban Development, Government of India, at a grand ceremony held recently
- In August 2022, Eastman had been named on the Forbes list of Best-in-State Employers 2022. This prestigious award is presented by Forbes and Statista Inc., the world-leading statistics portal and industry ranking provider. This will help the company to grow as a brand and in recognition
Global Solvents Market Scope
The solvents market is categorized based on category, source, and application. The growth amongst these segments will help you analyze major growth segments in the industries and provide the users with a valuable market overview and market insights to make strategic decisions to identify core market applications.
Category
- Oxygenated Solvents
- Hydrocarbon Solvents
- Halogenated Solvents
- Others
On the basis of category, the market is segmented into oxygenated solvents, hydrocarbon solvents, halogenated solvents, others.
Source
- Conventional
- Bio-based
On the basis of source, the market is segmented into conventional and bio-based.
Application
- Paints and Coatings
- Pharmaceuticals
- Adhesives
- Printing Inks
- Personal Care
- Polymer Manufacturing
- Agricultural Chemicals
- Metal Cleaning
- Others
On the basis of application, the market is segmented into paints and coatings, pharmaceuticals, adhesives, printing inks, personal care, polymer manufacturing, agricultural chemicals, metal cleaning, others.
Global Solvents Market Regional Analysis/Insights
The solvents market is segmented on the basis of category, source, and application.
The countries in the solvents market are 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.
Asia-Pacific is dominating the global solvents market in terms of market share and market revenue. China is dominating due to the growing demand for solvents in the paints and coatings industry. Additionally, rising usage of printing inks in different industrial applications also contribute in the market growth. The U.S. dominates the market due to rising usage of printing inks in different industrial applications. Germany is dominating due to increasing awareness about personal grooming and demand for beauty and wellness products. Additionally, evolving beauty trends and changing consumer preference also contribute in the market growth.
The country section of the report also provides individual market-impacting factors and changes in market regulation that impact the current and future trends of the market. Data point downstream and upstream value chain analysis, technical trends porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Solvents Market Share Analysis
The global solvents market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to the global solvents market.
Some of the prominent participants operating in the global solvents market are Arkema (France), INVISTA ( A Subsidiary of Koch Industries, Inc.)(USA), Ashland (USA), Bharat Petroleum Corporation Limited (India), Huntsman International LLC (USA), Solvay (Belgium), ADM (USA), Shell Global (Netherlands), BP p.l.c. (UK), Eastman Chemical Company (USA), INEOS GROUP HOLDINGS S.A.(UK), BASF SE (Germany), Celanese Corporation (USA), Cargill, Incorporated (USA), Reliance Industries Limited (India), Honeywell International Inc. (USA), LyondellBasell Industries Holding B.V. (Netherlands), Exxon Mobil Corporation (USA), Monument Chemical (USA), Dow (USA), Olin Corporation (USA) among others.
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