NEW YORK, Aug. 30, 2024 /PRNewswire/ — Report on how AI is redefining market landscape- The global industrial solvents market size is estimated to grow by USD 2.52 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 5.24% during the forecast period. Growing demand for oxygenated solvents is driving market growth, with a trend towards rising shift toward low-voc and zero-voc formulations. However, stringent regulations on use of industrial solvents poses a challenge. Key market players include Arkema SA, BASF SE, Chevron Phillips Chemical Co. LLC, Clariant AG, Dow Inc., Eastman Chemical Co., Exxon Mobil Corp., Honeywell International Inc., Huntsman Corp., Idemitsu Kosan Co. Ltd., Industrial Solvents and Chemicals Pvt. Ltd., INEOS AG, LyondellBasell Industries N.V., Reliance Industries Ltd., Sasol Ltd., SATELLITE CHEMICAL CO. LTD., Shell plc, Sydney Solvents, TotalEnergies SE, and Trice Chemicals Industries LLC.
Technavio has announced its latest market research report titled Global industrial solvents market 2024-2028
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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, and Others), End-user (Paints and coatings, Pharmaceuticals, Adhesives, Printing Inks, and Others), and Geography (APAC, North America, Europe, South America, and Middle East and Africa) |
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Region Covered |
APAC, North America, Europe, South America, and Middle East and Africa |
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Key companies profiled |
Arkema SA, BASF SE, Chevron Phillips Chemical Co. LLC, Clariant AG, Dow Inc., Eastman Chemical Co., Exxon Mobil Corp., Honeywell International Inc., Huntsman Corp., Idemitsu Kosan Co. Ltd., Industrial Solvents and Chemicals Pvt. Ltd., INEOS AG, LyondellBasell Industries N.V., Reliance Industries Ltd., Sasol Ltd., SATELLITE CHEMICAL CO. LTD., Shell plc, Sydney Solvents, TotalEnergies SE, and Trice Chemicals Industries LLC |
Key Market Trends Fueling Growth
The industrial solvents market is a significant sector, supplying essential chemicals for various industries. Companies manufacture and distribute these solvents for use in various applications, such as cleaning, extraction, and manufacturing processes. Key players in this market include BASF SE, ExxonMobil, and Shell Chemicals. Market growth is driven by increasing industrialization and rising demand for efficient production processes. Regulations and environmental concerns, however, pose challenges to market expansion.
Industrial solvents play a crucial role in various industries, including rubber and polymer production, fuel additives, metal degreasing, and dissolution agents. Hydrocarbons, alcohols, ketones, chlorinated solvents, esters, and bio-based solvents are popular types used. Applications span from printing ink and cosmetics in the residential sector to infrastructure projects, paint and coatings, adhesives and sealants, and bulk chemicals in the chemical compounds field. Sustainable solvents derived from renewable feedstocks are gaining traction in industries like electronics, oil and gas, and agrochemicals. Industrial processes rely on solvents for cleansing, degreasing, and purification. Butane is a common hydrocarbon solvent used in several applications. Overall, industrial solvents contribute significantly to diverse industries.
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Market Challenges
The industrial solvents market is a significant sector, supplying essential chemicals for various industries. These solvents are used in processes like extraction, cleaning, and manufacturing. Key players include BASF SE, ExxonMobil, and Shell Chemicals. Growth is driven by increasing demand from end-use industries like pharmaceuticals, agriculture, and coatings. Market size is projected to expand at a steady pace due to rising industrialization and technological advancements. Companies focus on innovation and sustainability to meet evolving customer needs and regulatory requirements.
The Industrial Solvents market faces several challenges in various industries. In the Chemical compounds field, there’s a growing demand for sustainable solvents and renewable feedstocks. Paints and coatings sector seeks eco-friendly alternatives to traditional solvents like Butane, Propane, Hexane, Isopropyl alcohol, and Ethanol. Industrial processes require solvents for diverse applications, from Electronics manufacturing using Dissolution agents, Cleansing, and Degreasing, to Bulk chemicals production in Oil and Gas industries. Sustainability is key in Agrochemical sector, where solvents like Alcohol are used in Medicine production and Medical encapsulation. Waste solvents from Industrial Solvent Chemical companies need Recycling for Green chemistry to align with Information Technology’s shift towards Circuits, Smartphones, Networking devices, and Appliances. VOCs in Adhesives, Sealants, Pesticides, and Photographic Reproduction need reduction. Textile Industries and Oil Refining rely on solvents for Recovery and Dry Cleaning processes. Overall, the market must adapt to these challenges for long-term growth.
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Segment Overview
This industrial solvents market report extensively covers market segmentation by
Type
1.1 Alcohols
1.2 Hydrocarbons
1.3 Ketones
1.4 Esters
1.5 Others
End-user
2.1 Paints and coatings
2.2 Pharmaceuticals
2.3 Adhesives
2.4 Printing Inks
2.5 Others
Geography
3.1 APAC
3.2 North America
3.3 Europe
3.4 South America
3.5 Middle East and Africa
1.1 Alcohols- Industrial alcohols, such as ethanol, isopropyl alcohol, and methanol, serve as effective solvents for various substances including oils, fats, resins, and polymers. Their versatility makes them indispensable in numerous industries, including pharmaceuticals, cosmetics, paints, and cleaning products. Alcohols possess strong solvent properties, efficiently dissolving both polar and non-polar compounds. This characteristic is particularly advantageous in applications like food and cosmetic extraction processes, where efficient recovery of active ingredients is crucial. Many alcohols, especially ethanol, are biodegradable and eco-friendly, reducing environmental impact from solvent disposal. As sustainability and regulatory compliance gain importance, alcohols, particularly bio-based alternatives, are gaining traction. They comply with stricter environmental regulations, facilitating integration into sustainable practices and minimizing potential legal risks from hazardous chemical use. Consequently, the alcohol segment and the global industrial solvents market are projected to expand during the forecast period.
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Research Analysis
Industrial solvents are essential chemical compounds used in various industries for diverse applications. They play a crucial role in industrial processes, including paints and coatings, electronics, bulk chemicals, oil and gas, agrochemical sector, and more. Sustainable solvents and renewable feedstocks are gaining popularity due to increasing environmental concerns. Industrial solvents are used as dissolution agents in various sectors such as adhesives, sealants, pesticides, and photographic reproduction. In the textile industries, they are used for degreasing, purification, and dyeing processes. In oil refining, they are used for recovery processes. Butane and propane are common industrial solvents used as fuels and solvents in various industries. Volatile Organic Compounds (VOCs) are a significant concern in the use of industrial solvents due to their potential impact on the environment and human health. Industrial solvents are also used in the oil and gas industry for extraction and processing of crude oil. In the rubber industry, they are used as degreasing agents. Overall, industrial solvents play a vital role in various industries, contributing to their growth and development.
Market Research Overview
Industrial solvents are essential chemical compounds used in various industries for diverse applications. They play a significant role in industrial processes, particularly in the production of paints and coatings, electronics, and bulk chemicals. Sustainable solvents derived from renewable feedstocks are gaining popularity due to their eco-friendly nature, replacing traditional solvents in several applications. In the chemical sales sector, industrial solvents find extensive use in industries such as oil and gas, agrochemical, and healthcare. They serve as dissolution agents in various industrial processes, including oil refining, recovery, and metal degreasing. In the electronics industry, they are used as cleaning agents for circuits, printed circuit boards, and other components. Industrial solvents are also used in the textile industry for dyeing and finishing processes, in the rubber and polymer industry for production and processing, and as fuel additives. Hydrocarbons, alcohols, ketones, chlorinated solvents, and esters are some common types of industrial solvents used in various industries. Waste solvents are another area of focus, with recycling and green chemistry playing crucial roles in reducing their environmental impact. Industrial solvents are used in various sectors, including infrastructure, residential, and commercial, for applications such as adhesives and sealants, pesticides, and pharmaceuticals. In the agrochemical sector, industrial solvents are used for the production of pesticides and other agrochemicals. In the healthcare sector, they are used for medicine production and medical encapsulation. In the consumer electronics industry, they are used in the production of smartphones, computers, and networking devices. Butane, propane, hexane, isopropyl alcohol, ethanol, and other solvents are commonly used in various industries. Volatile Organic Compounds (VOCs) are a concern in the use of industrial solvents, and efforts are being made to reduce their emissions through the use of sustainable solvents and improved industrial processes.
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
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SOURCE Technavio