NEW YORK, Aug. 29, 2024 /PRNewswire/ — Report with market evolution powered by AI- The global solvents market size is estimated to grow by USD 9.6 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 5.24% during the forecast period. Technological advancements in recovery and recycling processes of solvents is driving market growth, with a trend towards adoption of iot technology?for oil and gas extraction. However, fluctuation in crude oil price poses a challenge. Key market players include Akzo Nobel NV, BASF SE, Chevron Phillips Chemical Co. LLC, Clariant AG, Dow Inc., Eastman Chemical Co., Exxon Mobil Corp., Huntsman Corp., INEOS Group, LG Chem Ltd., LyondellBasell Industries N.V., Merck KGaA, Mitsui and Co. Ltd., PPG Industries Inc., Saudi Basic Industries Corp., Shell plc, Solvay SA, SolvChem Inc., Stepan Co., and Vertec Biosolvents Inc..
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Forecast period |
2024-2028 |
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Base Year |
2023 |
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Historic Data |
– |
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Segment Covered |
Type (Alcohols, Hydrocarbons, Ketones, Esters, |
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Region Covered |
APAC, North America, Europe, South America, and |
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Key companies profiled |
Akzo Nobel NV, BASF SE, Chevron Phillips |
Key Market Trends Fueling Growth
The solvents market is a significant industry, supplying various sectors with essential chemicals for manufacturing processes. Companies produce and distribute these chemicals for use in industries like pharmaceuticals, agriculture, and coatings. Solvents facilitate reactions, act as carriers for active ingredients, and enhance product performance. Market growth is driven by increasing demand for end-use industries and technological advancements improving solvent efficiency.
The solvents market is experiencing significant growth due to increasing demand from various industries. Key sectors driving this trend include paints and coatings, adhesives, printing inks, varnishes, and nail polish removers. Solvents are essential components in these industries, enabling the production of high-quality products. Ketones, ester solvents, glycol ether esters, alcohols, methanol, ethanol, n-butanol, isopropanol, and hydrocarbon solvents are popular types of solvents used. Esters are in high demand for surface coatings and chemical intermediates. Hydrocarbon solvents are widely used in construction, shipbuilding, and aircraft manufacturing. Halogenated solvents are used in pesticide formulations, while acetic acid is used in the production of various chemicals. The market is also witnessing a shift towards eco-friendly and organic solvents due to growing environmental concerns. Biotechnology firms are exploring the use of solvents in the production of deicers, cooling circuits, and dry cleaning. The beauty industry, including skin care and fragrances, is another significant consumer of solvents. Overall, the solvents market is expected to continue its growth trajectory, fueled by the diverse applications across various industries.
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Market Challenges
- The solvents market is a significant sector in the chemical industry, supplying various industries with essential products for manufacturing processes. Companies produce and distribute these chemicals to meet diverse requirements, including cleaning, extraction, and as raw materials. Demand for solvents remains steady due to their wide application in industries like pharmaceuticals, agriculture, and coatings. Market growth is driven by increasing industrialization and rising consumer demand for goods produced using these chemicals. Producers focus on innovation and efficiency to meet evolving industry needs and regulatory requirements.
- The solvents market faces various challenges in different industries. In the biotechnology sector, producing solvents like ketones, ester solvents, and glycol ether esters for chemical production processes requires cost-effective and eco-friendly solutions. Deicers and cooling circuits in industries like construction, shipbuilding, and aircraft manufacturing rely on hydrocarbon solvents and glycols, but their high energy consumption and environmental impact pose concerns. Dry cleaning businesses use various alcohols, such as methanol, ethanol, n-butanol, and isopropanol, but their flammability and health hazards necessitate safety measures. The beauty industry, which uses esters and alcohols in skin care and cosmetics, demands solvents that meet strict regulations for human safety and environmental sustainability. Halogenated solvents, though effective in surface coatings, chemical intermediates, composites, and glass, metals, and plastics, face regulatory challenges due to their potential health and environmental risks. Acetic acid, a key ingredient in paints and coatings, requires efficient production processes to maintain profitability. Overall, the solvents market must address these challenges to meet industry demands while ensuring safety, sustainability, and regulatory compliance.
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Segment Overview
This solvents market report extensively covers market segmentation by
- Type
- 1.1 Alcohols
- 1.2 Hydrocarbons
- 1.3 Ketones
- 1.4 Esters
- 1.5 Others
- 2.1 Paints and Coatings
- 2.2 Pharmaceuticals
- 2.3 Adhesives
- 2.4 Printing Inks
- 2.5 Others
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 South America
- 3.5 Middle East and Africa
1.1 Alcohols- Alcohol solvents are essential in various industries for cleaning, degreasing, and extraction processes. In the pharmaceutical sector, they are indispensable for drug formulation, compound extraction, and purification. The pharmaceutical industry’s research and development drive the demand for high-quality solvents. In cosmetics and personal care, alcohol solvents enhance formulations’ solubility and efficacy. They extract fragrances and flavors in consumer products. In electronics, alcohol solvents clean and maintain components for optimal performance. They are integral to manufacturing electronic goods, including surface cleaning and degreasing. In food and beverages, alcohol solvents extract and purify flavor compounds, with applications in both alcoholic and non-alcoholic beverages. These uses underpin the growth of the alcohols segment in the global solvents market.
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Research Analysis
The Solvents market encompasses a wide range of organic compounds used as carriers for various applications in diverse industries. These include paints, coatings, adhesives, printing inks, varnishes, and more. The petrochemical output serves as a significant source of raw materials for the production of solvents. The personal care industry utilizes solvents in the creation of nail polish removers and fragrances. The Solvents market also caters to the needs of the construction, shipbuilding, and aircraft manufacturing sectors. Carbon tetrachloride and methyl chloride are prominent chlorinated solvents, while perchloroethylene (PERC) is widely used in dry cleaning. Alcohols, hydrocarbons, ketones, and esters are among the most common types of solvents. The Cosmetics industry relies heavily on alcohols such as ethanol, and methyl isobutyl ketone and acetone are popular solvents in various applications. The Solvents market is subject to regulations such as the Solvents Emission Directive to mitigate environmental concerns.
Market Research Overview
The solvents market encompasses a wide range of chemical products used in various industries for diverse applications. These include paints, coatings, adhesives, nail polish removers, printing inks, varnishes, fragrances, detergent and cleaning products, spot removers, pharmaceuticals, vehicles, pesticide formulations, and chemical production processes. Solvents are essential in the manufacturing of surface coatings, chemical intermediates, composites, glass, metals, plastics, and construction materials. Sectors such as shipbuilding, aircraft manufacturing, and the automotive industry also heavily rely on solvents. Common types of solvents include ketones, ester solvents, glycol ether esters, alcohols like methanol, ethanol, n-butanol, and isopropanol, and hydrocarbon and halogenated solvents. The eco-friendly and organic goods sector, as well as biotechnology firms, are increasingly utilizing solvents in their production processes. Solvents are also used in the cosmetics industry, skin care, and the beauty industry.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Type
- Alcohols
- Hydrocarbons
- Ketones
- Esters
- Others
- End-user
- Paints And Coatings
- Pharmaceuticals
- Adhesives
- Printing Inks
- Others
- Geography
- APAC
- North America
- Europe
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
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SOURCE Technavio
