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The global solvent market was valued at US$ 43.74 Billion in 2021.
We expect the global solvent market to exhibit a CAGR of 4.50% during 2022-2027.
The rising utilization of solvent as cleaning and degreasing agents, along with its growing application in
manufacturing spot removers, printing inks, cosmetics, perfumes, etc., is primarily driving the global
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown
regulations across several nations resulting in temporary closure of numerous end-use industries for
Based on the product, the global solvent market can be segmented into alcohols, hydrocarbons,
ketones, esters, chlorinated, and others. Among these, alcohols currently hold the majority of the total
Based on the source, the global solvent market has been divided into petrochemical-based and bio and
green. Currently, petrochemical-based exhibits a clear dominance in the market.
Based on the application, the global solvent market can be categorized into paints and coatings, printing
inks, pharmaceuticals, cosmetics and adhesives, and others. Among these, paints and coatings account
for the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin
America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global solvent market include 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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