Global Industrial Solvents Market Size By Product, By Application, By Geographic Scope And Forecast

Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

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Industrial Solvents Market Size And Forecast

Industrial Solvents Market size was valued at USD 46.1 Billion in 2024 and is projected to reach USD 60.7 Billion by 2030, growing at a CAGR of 3.50% from 2024 to 2031.

Global Industrial Solvents Market Drivers

The market drivers for the Industrial Solvents Market can be influenced by various factors. These may include

  •  Growth of Manufacturing Industries Due to their widespread use as diluents, cleaning agents, and carriers in manufacturing processes, industrial solvents are in high demand as the manufacturing sectors such as electronics, paints & coatings, automotive, and pharmaceuticals continue to expand.
  •  Growing Demand for Paints and Coatings The demand for paints and coatings is rising as a result of expanding construction projects and rising car manufacturing. These formulations require solvents as necessary ingredients, which increases the market for industrial solvents.
  • Growing Chemical Production Solvents are widely used in the chemical industry for a number of processes, including synthesis, extraction, and purification. The need for industrial solvents is increasing along with the global demand for chemicals.
  •  Expanding Pharmaceutical Sector During the extraction, crystallization, and formulation stages of pharmaceutical manufacture, industrial solvents are essential. The need for solvents is largely driven by the growing pharmaceutical sector, which is fueled by factors like aging populations and rising healthcare costs.
  •  Sustainability and Environmental restrictions Adoption of low-VOC and environmentally friendly solvents has resulted from strict environmental restrictions pertaining to the usage of volatile organic compounds (VOCs). In order to abide by rules and achieve sustainability objectives, businesses are investing more and more in the development of green and bio-based solvents.
  •  Technological Advancements The solvents industry’s continuous research and development activities result in the creation of novel products with enhanced performance attributes and less environmental effect. Because these technical developments provide solutions that satisfy changing customer and regulatory demands, they propel market growth.
  •  Regional expansion The demand for industrial solvents is being driven by economic expansion in emerging regions, namely in Asia-Pacific, Latin America, and the Middle East. These areas are rapidly becoming more industrialized and urbanized, which increases the amount of solvents used in a variety of end-use sectors.
  •  Transition to Solvent Recovery and Recycling In an effort to cut expenses, eliminate waste, and improve sustainability, businesses are concentrating more on solvent recovery and recycling. Environmental concerns and financial incentives are driving this trend, which is seeing a rise in the use of solvent recovery technologies in industrial operations.

Global Industrial Solvents Market Restraints

Several factors can act as restraints or challenges for the Industrial Solvents Market. These may include

  •  Environmental Issues and Regulations The market for industrial solvents is heavily challenged by strict environmental laws designed to lower emissions of volatile organic compounds (VOCs). Certain solvents may not be used as much in some industries due to restrictions on their use, especially those that fall under the hazardous air pollution (HAP) category.
  •  Health and Safety Concerns The toxicity, flammability, and possible carcinogenicity of solvents are among the health and safety issues that they are frequently linked to. Certain solvents may not be allowed to be used due to safety laws and occupational exposure restrictions, which can cause problems for industrial operations and product development.
  •  Substitution by Alternative Technologies The conventional solvent-based approach is under threat from the development of alternative technologies and procedures, such as water-based formulations and solvent-free systems. These substitutes have less of an adverse effect on the environment and provide less of a risk to health, which could cause industrial solvents to lose market share.
  •  Price volatility for raw materials Industrial solvents are made from a variety of raw materials, such as renewable resources and petroleum-based feedstocks. Solvent prices can fluctuate due to changes in the price of crude oil and disruptions in the supply chain, which can affect the profitability and production costs for both manufacturers and end users.
  •  Growing Preference for Green and Sustainable Solutions Demand for green and bio-based solvents with reduced environmental effect is driven by growing consumer and regulatory focus on sustainability. Manufacturers of conventional solvents face a challenge from the move toward sustainable alternatives, since they might need to make R&D investments to adjust to shifting consumer preferences.
  •  Market Consolidation and Competition Key companies in the industrial solvents market engage in fierce competition. Mergers, acquisitions, and strategic alliances can lead to market concentration and decreased competitiveness by limiting chances for smaller businesses and new entrants.
  • Economic Uncertainty and Market Volatility Trade disputes, geopolitical tensions, and downturns can have an influence on consumer demand and industrial operations, which can then affect the solvent market as a whole. Market growth may be restrained by uncertainty in global economic conditions, which could result in lower expenditures in discretionary spending and industrial initiatives.
  •  Logistics Challenges and Disruptions in the Supply Chain The availability and pricing of industrial solvents can be impacted by supply chain disruptions such as clogged roads, shortages of raw materials, and unstable geopolitical conditions. Trade restrictions, customs delays, and regulatory compliance are examples of logistics issues that could make it more difficult to distribute solvents to end users efficiently.

Global Industrial Solvents Market Segmentation Analysis

The Global Industrial Solvents Market is Segmented on the basis of Product, Application, and Geography.

Industrial Solvents Market, By Product

  • Hydrocarbons
  • Alcohols
  • Esters
  • Ketones
  • Chlorinated
  • Others

Based on Product, the market is Hydrocarbons, Alcohols, Esters, Ketones, Chlorinated, and Others. With more than a quarter of the market’s total volume, alcohol was the most popular product category. It is also anticipated to be one of the segments with the fastest growth during the projection period. Large players are expected to benefit greatly from the emergence of soy oil and solvents based on glycol.

Industrial Solvents Market, By Application

  • Printing Inks
  • Paints and Coatings
  • Pharmaceuticals
  • Adhesives and Cosmetics

Based on Application, the market is segmented into Printing Inks, Paints and Coatings, Pharmaceuticals, and Adhesives and Cosmetics. The growing building activity in emerging nations like China, India, and Brazil is expected to increase the paints and coatings application segment. Bio-based solvents are used in paints and coatings to dissolve binders and pigments while keeping consistency.

Industrial Solvents Market, By Geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

On the basis of regional analysis, The Global Solvents Market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Over the forecast period, Asia Pacific is expected to hold the largest market share for solvents, both in terms of value and volume. This is a result of the region’s expanding need for solvents in the categories of home care, personal care, and cosmetics. Growing urbanization and shifting lifestyles are two additional factors driving the expansion of solvents in the area.

Key Players

The major players in the Industrial Solvents Market are

  • Royal Dutch Shell Plc
  • Eastman Chemical Company
  • LyondellBasell Industries Holdings B.V.
  • Ashland Global Holdings Inc.
  • BASF SE
  • Huntsman Corporation
  • ExxonMobil Corporation
  • Celanese Corporation
  • INEOS AG
  • Dow (US)
  • Sinopec (China)
  • LG Chem (South Korea)
  • SABIC (Saudi Arabia)

Report Scope

REPORT ATTRIBUTESDETAILS
STUDY PERIOD

2021-2031

BASE YEAR

2024

FORECAST PERIOD

2024-2031

HISTORICAL PERIOD

2021-2023

UNIT

Value (USD Billion)

KEY COMPANIES PROFILED

Royal Dutch Shell Plc, Eastman Chemical Company, LyondellBasell Industries Holdings B.V., Ashland Global Holdings Inc., BASF SE, Huntsman Corporation, ExxonMobil Corporation, Celanese Corporation, INEOS AG.

SEGMENTS COVERED
  • By Product
  • By Application
  • ByGeography
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