Solvents Market Trends, Opportunities & Forecast Through 2032

According to fortune business insights, the global solvents market size was valued at USD 36.88 billion in 2023. The market is projected to grow from USD 38.60 billion in 2024 to USD 61.95 billion by 2032, exhibiting a CAGR of 6.1% during the forecast period. A solvent is a substance that dissolves a solute to form a solution, available in liquid, solid, or gaseous forms. Common types include alcohols, glycols, ethers, acetone, esters, toluene, and hydrocarbons. Increasing demand for bio-based products due to strict environmental rules and the rapid growth of the paints & coatings industry are driving market growth. Get a Free Sample PDF Brochure: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/102135

Segmentation Analysis:

By Product Type
In 2023, the alcohols segment dominated the solvents market, driven by strong demand for ethanol, methanol, n-butanol, and isopropanol. Ethanol is extensively used in perfumes, flavor essences, and pharmaceuticals, while methanol finds major applications in inks and adhesives. This wide usage is expected to propel the segment’s growth.

By Application
The market is categorized into paints & coatings, printing inks, industrial cleaning, adhesives, and others. Paints & coatings led the market in 2023 and are anticipated to grow at the fastest pace, supported by booming construction activities and innovations in eco-friendly paint solutions.

List of the Key Players in the Solvents Market:

• Shell plc (U.K.)
• Eastman Chemical Company (U.S.)
• LyondellBasell Industries Holdings B.V. (Netherlands)
• Ashland (U.S.)
• BASF (Germany)
• Exxon Mobil Corporation (U.S.)
• Celanese Corporation (U.S.)
• Honeywell International Inc. (U.S.)
• INEOS (U.K)
• Gandhar Oil Refinery (India) Limited (India)
• Vijay Chemsol (India)
• Moksha Chemicals (India)

Competitors Landscape: The realm of Solvents Market is rife with cutthroat competition and fragmentation, a result of the considerable presence of both global conglomerates and domestic contenders. Industry insiders situated in diverse geographical regions are formulating and executing effective strategies to exploit unexplored opportunities and extend their business outreach. In this highly aggressive environment, prominent players are aggressively pursuing tactics to enhance their market share through various channels.

Key Industry Developments:

• Oct 2024: LyondellBasell acquired full ownership of copyright AG, aiming to scale its solvent-based LDPE recycling technology and produce high-purity materials for flexible packaging.

• Aug 2024: Eastman launched EastaPure electronic-grade isopropyl alcohol (IPA), providing U.S. semiconductor makers with a high-quality, reliable domestic solvent supply.

What are the New Additions in Solvents Market Report? Comprehensive Market Analysis: The 2023 report provides a detailed industry overview, analyzing key market trends, growth drivers, challenges, and opportunities. It covers various sectors within the industry and offers insights into market size, market share, and market segmentation. Company Profiles: The report includes additional in-depth information on key company players operating in the industry. It offers detailed profiles of these companies, highlighting their financial performance, product portfolios, strategic initiatives, partnerships, and competitive landscape analysis. Customization and Analyst Support: The report offers customized services and analyst support upon request. This may include tailored research, specific data requirements, or personalized insights based on the client's needs and preferences. Recent Market Developments: The report incorporates the latest market developments that have occurred since the previous edition. It includes recent mergers and acquisitions, product launches, collaborations, regulatory changes, and other significant events shaping the industry landscape. Futuristic Growth Opportunities: The report identifies and presents future growth opportunities in the industry. It explores emerging technologies, market trends, consumer preferences, and regulatory factors that are expected to drive growth and innovation in the coming years. Get Your Customization Research Report: https://www.fortunebusinessinsights.com/enquiry/customization/102135 About Us: Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in. Contact Us: Fortune Business Insights Pvt. Ltd. 9th Floor, Icon Tower, Baner - Mahalunge Road, Baner, Pune-411045, Maharashtra, India. Phone: US: +18339092966 UK: +448085020280 APAC: +91 744 740 1245 Email: [email protected]