Global Solvent Market to Grow at 3.9% During 2024-2032, Impelled by Rising Product Demand from Pharmaceutical Industry

February 14, 2022 | Chemical & Materials

According to the latest report by IMARC Group, titled "Solvent Market Report by Product (Alcohols, Hydrocarbons, Ketones, Esters, Chlorinated, and Others), Source (Petrochemical-based, Bio and Green), Application (Paints and Coatings, Printing Inks, Pharmaceuticals, Cosmetics and Adhesives, and Others), and Region 2024-2032," the global solvent market reached a value of US$ 48.1 Billion in 2023. A solvent refers to a liquid solution that is generally utilized for dissolving other chemical substances. It is a highly volatile and flammable substance with an unpleasant odor. It is widely used for producing solutions by liquifying a chemically-varied solute. It is usually available in the form of liquid; however, it can also be utilized in the form of a gas or a solid. It is a vital substance that is extensively used for industrial production purposes since it can dissolve, absorb and dilute other compounds without affecting their chemical properties.

Global Solvent Market Trends:

The global market is primarily driven by significant growth in the chemical industry. Moreover, the increasing adoption of solvents across the pharmaceutical industry for washing and refining products and the rising utilization of the product in the formulation of medicines are creating a positive outlook for the market. Coupled with the escalating demand for solvents in the extraction and purification of penicillin from the penicillium mold, this is contributing to the market growth. Along with this, the widespread adoption of the product as a cleaning agent for heavy-duty glass and flooring surfaces is providing a boost to the sales of solvents across the globe. Furthermore, the increasing uptake of the solvent in the manufacturing of automobile tires as a softening agent is positively influencing the market growth. Other factors, including the increasing utilization in the production of paints and coatings, personal care products and printing inks and extensive research and development (R&D) activities conducted by key players, are further contributing to the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 68.2 Billion by 2032, exhibiting a CAGR of 3.9% during 2024-2032.

Market Summary:

On the basis of the product, the market has been segmented into alcohols, hydrocarbons, ketones, esters, chlorinated and others.
Based on the source, the market has been bifurcated into petrochemical-based and bio and green.
On the basis of the application, the market has been classified into paints and coatings, printing inks, pharmaceuticals, cosmetics and adhesives and others.
Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of the key players are Archer-Daniels-Midland Company, Ashland Inc., BASF SE, Bharat Petroleum Corporation Limited, bp p.l.c., Celanese Corporation, Dow Inc., Eastman Chemical Company, Exxon Mobil Corporation, Honeywell International Inc., Huntsman Corporation, LyondellBasell Industries N.V., Royal Dutch Shell plc, Sasol Limited and Solvay S.A.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Product, Source, Application, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Archer-Daniels-Midland Company, Ashland Inc., BASF SE, Bharat Petroleum Corporation Limited, bp p.l.c., Celanese Corporation, Dow Inc., Eastman Chemical Company, Exxon Mobil Corporation, Honeywell International Inc., Huntsman Corporation, LyondellBasell Industries N.V., Royal Dutch Shell plc, Sasol Limited and Solvay S.A.
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Global Solvent Market to Grow at 3.9% During 2024-2032, Impelled by Rising Product Demand from Pharmaceutical Industry

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