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
|
Base Year
|
2023
|
Historic
Data
|
-
|
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)
|
Region
Covered
|
APAC, North America,
Europe, South America, and
Middle East and Africa
|
Key companies
profiled
|
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.
|
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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challenges - Download a Sample Report
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
- 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- 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.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data ( - ) - Download a Sample Report
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
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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