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The global solvent market reached a value of US$ XX Billion in 2021. Looking forward, IMARC Group expects the market to grow at a CAGR of XX% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Solvents refer to chemical substances that can dissolve, disperse or extract other materials to form a solution without changing them chemically. They usually have an unpleasant odor and are highly volatile and flammable, except for chlorinated solvents. Solvents are generally liquids; however, they can also be in solid or gaseous form and are available in conventional and organic variants. They are widely utilized as cleaning and degreasing agents and as ingredients in products, such as spot removers, printing inks, varnishes, adhesives, cosmetics, perfumes, detergents, paint thinners, and nail polish removers.
The increasing product applications in various end use industries represent the primary factor driving the market growth. For instance, solvents are used in paints and coatings to dissolve colors and binders, provide consistency, and find huge applications in pharmaceutical drug manufacturing processes. Additionally, there has been a substantial rise in the product usage in household cleaning and personal care products. Along with this, the widespread adoption of solvents in pesticide formulations is catalyzing the product demand. Furthermore, with the rising environmental concerns, consumers are increasingly shifting toward eco-friendly and organic products, which pose little or no hazards to the environment and human health. As a result, several leading manufacturers are making heavy investments and entering into collaborations with the top biotechnology companies to launch green and bio-based solvents to achieve sustainability. Moreover, the emerging solvent applications in chemical manufacturing processes, cooling circuits, dry-cleaning, and deicers are propelling the market growth. Other factors, including rapid industrialization and urbanization, stringent government regulations to use green solvents, ongoing research and development (R&D) activities, and technological advancements, are also providing a positive thrust to the market growth.
IMARC Group provides an analysis of the key trends in each sub-segment of the global solvent market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on product, source and application.
Breakup by Product:
Breakup by Source:
Breakup by Application:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.
|Base Year of the Analysis||2021|
|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.|
|Customization Scope||10% Free Customization|
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|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
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