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Press Release:

Global Solvent Market to Grow at 4.50% During 2022-2027, Impelled by Rising Product Demand from Pharmaceutical Industry

COVID-19
The pandemic continues to cause unprecedented disruption across industries worldwide.
Get detailed insights regarding the impact of COVID-19 on the market.

Solvent Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

The global solvent market reached a value of US$ 43.74 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 57.95 Billion by 2027 exhibiting a growth rate (CAGR) of 4.50% 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. 

 

 
 

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Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Solvent Market Trends:

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.

Key Market Segmentation:

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:

 

 
 

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  • Alcohols
  • Hydrocarbons
  • Ketones
  • Esters
  • Chlorinated
  • Others
     

Breakup by Source:

  • Petrochemical-based
  • Bio and Green
     

Breakup by Application:

  • Paints and Coatings
  • Printing Inks
  • Pharmaceuticals
  • Cosmetics and Adhesives
  • Others
     

Breakup by Region:

 

 
 

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  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
    Historical Period 2016-2021
Forecast Period 2022-2027
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.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
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Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

1    Preface
2    Scope and Methodology
    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3    Executive Summary
4    Introduction
    4.1    Overview
    4.2    Key Industry Trends
5    Global Solvent Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6    Market Breakup by Product
    6.1    Alcohols
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Hydrocarbons
        6.2.1 Market Trends
        6.2.2 Market Forecast
    6.3    Ketones
        6.3.1 Market Trends
        6.3.2 Market Forecast
    6.4    Esters
        6.4.1 Market Trends
        6.4.2 Market Forecast
    6.5    Chlorinated
        6.5.1 Market Trends
        6.5.2 Market Forecast
    6.6    Others
        6.6.1 Market Trends
        6.6.2 Market Forecast
7    Market Breakup by Source
    7.1    Petrochemical-based
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Bio and Green
        7.2.1 Market Trends
        7.2.2 Market Forecast
8    Market Breakup by Application
    8.1    Paints and Coatings
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Printing Inks
        8.2.1 Market Trends
        8.2.2 Market Forecast
    8.3    Pharmaceuticals
        8.3.1 Market Trends
        8.3.2 Market Forecast
    8.4    Cosmetics and Adhesives
        8.4.1 Market Trends
        8.4.2 Market Forecast
    8.5    Others
        8.5.1 Market Trends
        8.5.2 Market Forecast
9    Market Breakup by Region
    9.1    North America
        9.1.1 United States
           9.1.1.1 Market Trends
           9.1.1.2 Market Forecast
        9.1.2 Canada
           9.1.2.1 Market Trends
           9.1.2.2 Market Forecast
    9.2    Asia-Pacific
        9.2.1 China
           9.2.1.1 Market Trends
           9.2.1.2 Market Forecast
        9.2.2 Japan
           9.2.2.1 Market Trends
           9.2.2.2 Market Forecast
        9.2.3 India
           9.2.3.1 Market Trends
           9.2.3.2 Market Forecast
        9.2.4 South Korea
           9.2.4.1 Market Trends
           9.2.4.2 Market Forecast
        9.2.5 Australia
           9.2.5.1 Market Trends
           9.2.5.2 Market Forecast
        9.2.6 Indonesia
           9.2.6.1 Market Trends
           9.2.6.2 Market Forecast
        9.2.7 Others
           9.2.7.1 Market Trends
           9.2.7.2 Market Forecast
    9.3    Europe
        9.3.1 Germany
           9.3.1.1 Market Trends
           9.3.1.2 Market Forecast
        9.3.2 France
           9.3.2.1 Market Trends
           9.3.2.2 Market Forecast
        9.3.3 United Kingdom
           9.3.3.1 Market Trends
           9.3.3.2 Market Forecast
        9.3.4 Italy
           9.3.4.1 Market Trends
           9.3.4.2 Market Forecast
        9.3.5 Spain
           9.3.5.1 Market Trends
           9.3.5.2 Market Forecast
        9.3.6 Russia
           9.3.6.1 Market Trends
           9.3.6.2 Market Forecast
        9.3.7 Others
           9.3.7.1 Market Trends
           9.3.7.2 Market Forecast
    9.4    Latin America
        9.4.1 Brazil
           9.4.1.1 Market Trends
           9.4.1.2 Market Forecast
        9.4.2 Mexico
           9.4.2.1 Market Trends
           9.4.2.2 Market Forecast
        9.4.3 Others
           9.4.3.1 Market Trends
           9.4.3.2 Market Forecast
    9.5    Middle East and Africa
        9.5.1 Market Trends
        9.5.2 Market Breakup by Country
        9.5.3 Market Forecast
10    SWOT Analysis
    10.1    Overview
    10.2    Strengths
    10.3    Weaknesses
    10.4    Opportunities
    10.5    Threats
11    Value Chain Analysis
12    Porters Five Forces Analysis
    12.1    Overview
    12.2    Bargaining Power of Buyers
    12.3    Bargaining Power of Suppliers
    12.4    Degree of Competition
    12.5    Threat of New Entrants
    12.6    Threat of Substitutes
13    Price Analysis
14    Competitive Landscape
    14.1    Market Structure
    14.2    Key Players
    14.3    Profiles of Key Players
        14.3.1    Archer-Daniels-Midland Company
           14.3.1.1 Company Overview
           14.3.1.2 Product Portfolio
           14.3.1.3 Financials
           14.3.1.4 SWOT Analysis
        14.3.2    Ashland Inc.
           14.3.2.1 Company Overview
           14.3.2.2 Product Portfolio
           14.3.2.3 Financials
           14.3.2.4 SWOT Analysis
        14.3.3    BASF SE
           14.3.3.1 Company Overview
           14.3.3.2 Product Portfolio
           14.3.3.3 Financials
           14.3.3.4 SWOT Analysis
        14.3.4    Bharat Petroleum Corporation Limited
           14.3.4.1 Company Overview
           14.3.4.2 Product Portfolio
           14.3.4.3 Financials
           14.3.4.4 SWOT Analysis
        14.3.5    bp p.l.c.
           14.3.5.1 Company Overview
           14.3.5.2 Product Portfolio
           14.3.5.3 Financials
           14.3.5.4 SWOT Analysis
        14.3.6    Celanese Corporation
           14.3.6.1 Company Overview
           14.3.6.2 Product Portfolio
           14.3.6.3 Financials
           14.3.6.4 SWOT Analysis
        14.3.7    Dow Inc.
           14.3.7.1 Company Overview
           14.3.7.2 Product Portfolio
           14.3.7.3 Financials
           14.3.7.4 SWOT Analysis
        14.3.8    Eastman Chemical Company
           14.3.8.1 Company Overview
           14.3.8.2 Product Portfolio
           14.3.8.3 Financials
           14.3.8.4 SWOT Analysis
        14.3.9    Exxon Mobil Corporation
           14.3.9.1 Company Overview
           14.3.9.2 Product Portfolio
           14.3.9.3 Financials
           14.3.9.4 SWOT Analysis
        14.3.10    Honeywell International Inc.
           14.3.10.1 Company Overview
           14.3.10.2 Product Portfolio
           14.3.10.3 Financials
           14.3.10.4 SWOT Analysis
        14.3.11    Huntsman Corporation
           14.3.11.1 Company Overview
           14.3.11.2 Product Portfolio
           14.3.11.3 Financials
           14.3.11.4 SWOT Analysis
        14.3.12    LyondellBasell Industries N.V.
           14.3.12.1 Company Overview
           14.3.12.2 Product Portfolio
           14.3.12.3 Financials
           14.3.12.4 SWOT Analysis
        14.3.13    Royal Dutch Shell plc
           14.3.13.1 Company Overview
           14.3.13.2 Product Portfolio
           14.3.13.3 Financials
        14.3.14    Sasol Limited
           14.3.14.1 Company Overview
           14.3.14.2 Product Portfolio
           14.3.14.3 Financials
           14.3.14.4 SWOT Analysis
        14.3.15    Solvay S.A.
           14.3.15.1 Company Overview
           14.3.15.2 Product Portfolio
           14.3.15.3 Financials
           14.3.15.4 SWOT Analysis

List of Figures

Figure 1: Global: Solvent Market: Major Drivers and Challenges
Figure 2: Global: Solvent Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Solvent Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 4: Global: Solvent Market: Breakup by Product (in %), 2021
Figure 5: Global: Solvent Market: Breakup by Source (in %), 2021
Figure 6: Global: Solvent Market: Breakup by Application (in %), 2021
Figure 7: Global: Solvent Market: Breakup by Region (in %), 2021
Figure 8: Global: Solvent (Alcohols) Market: Sales Value (in Million US$), 2016 & 2021
Figure 9: Global: Solvent (Alcohols) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 10: Global: Solvent (Hydrocarbons) Market: Sales Value (in Million US$), 2016 & 2021
Figure 11: Global: Solvent (Hydrocarbons) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 12: Global: Solvent (Ketones) Market: Sales Value (in Million US$), 2016 & 2021
Figure 13: Global: Solvent (Ketones) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 14: Global: Solvent (Esters) Market: Sales Value (in Million US$), 2016 & 2021
Figure 15: Global: Solvent (Esters) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 16: Global: Solvent (Chlorinated) Market: Sales Value (in Million US$), 2016 & 2021
Figure 17: Global: Solvent (Chlorinated) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 18: Global: Solvent (Other Products) Market: Sales Value (in Million US$), 2016 & 2021
Figure 19: Global: Solvent (Other Products) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 20: Global: Solvent (Petrochemical-based) Market: Sales Value (in Million US$), 2016 & 2021
Figure 21: Global: Solvent (Petrochemical-based) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 22: Global: Solvent (Bio and Green) Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: Global: Solvent (Bio and Green) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: Global: Solvent (Paints and Coatings) Market: Sales Value (in Million US$), 2016 & 2021
Figure 25: Global: Solvent (Paints and Coatings) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 26: Global: Solvent (Printing Inks) Market: Sales Value (in Million US$), 2016 & 2021
Figure 27: Global: Solvent (Printing Inks) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 28: Global: Solvent (Pharmaceuticals) Market: Sales Value (in Million US$), 2016 & 2021
Figure 29: Global: Solvent (Pharmaceuticals) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 30: Global: Solvent (Cosmetics and Adhesives) Market: Sales Value (in Million US$), 2016 & 2021
Figure 31: Global: Solvent (Cosmetics and Adhesives) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 32: Global: Solvent (Other Applications) Market: Sales Value (in Million US$), 2016 & 2021
Figure 33: Global: Solvent (Other Applications) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 34: North America: Solvent Market: Sales Value (in Million US$), 2016 & 2021
Figure 35: North America: Solvent Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 36: United States: Solvent Market: Sales Value (in Million US$), 2016 & 2021
Figure 37: United States: Solvent Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 38: Canada: Solvent Market: Sales Value (in Million US$), 2016 & 2021
Figure 39: Canada: Solvent Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 40: Asia-Pacific: Solvent Market: Sales Value (in Million US$), 2016 & 2021
Figure 41: Asia-Pacific: Solvent Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 42: China: Solvent Market: Sales Value (in Million US$), 2016 & 2021
Figure 43: China: Solvent Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 44: Japan: Solvent Market: Sales Value (in Million US$), 2016 & 2021
Figure 45: Japan: Solvent Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 46: India: Solvent Market: Sales Value (in Million US$), 2016 & 2021
Figure 47: India: Solvent Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 48: South Korea: Solvent Market: Sales Value (in Million US$), 2016 & 2021
Figure 49: South Korea: Solvent Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 50: Australia: Solvent Market: Sales Value (in Million US$), 2016 & 2021
Figure 51: Australia: Solvent Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 52: Indonesia: Solvent Market: Sales Value (in Million US$), 2016 & 2021
Figure 53: Indonesia: Solvent Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 54: Others: Solvent Market: Sales Value (in Million US$), 2016 & 2021
Figure 55: Others: Solvent Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 56: Europe: Solvent Market: Sales Value (in Million US$), 2016 & 2021
Figure 57: Europe: Solvent Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 58: Germany: Solvent Market: Sales Value (in Million US$), 2016 & 2021
Figure 59: Germany: Solvent Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 60: France: Solvent Market: Sales Value (in Million US$), 2016 & 2021
Figure 61: France: Solvent Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 62: United Kingdom: Solvent Market: Sales Value (in Million US$), 2016 & 2021
Figure 63: United Kingdom: Solvent Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 64: Italy: Solvent Market: Sales Value (in Million US$), 2016 & 2021
Figure 65: Italy: Solvent Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 66: Spain: Solvent Market: Sales Value (in Million US$), 2016 & 2021
Figure 67: Spain: Solvent Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 68: Russia: Solvent Market: Sales Value (in Million US$), 2016 & 2021
Figure 69: Russia: Solvent Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 70: Others: Solvent Market: Sales Value (in Million US$), 2016 & 2021
Figure 71: Others: Solvent Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 72: Latin America: Solvent Market: Sales Value (in Million US$), 2016 & 2021
Figure 73: Latin America: Solvent Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 74: Brazil: Solvent Market: Sales Value (in Million US$), 2016 & 2021
Figure 75: Brazil: Solvent Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 76: Mexico: Solvent Market: Sales Value (in Million US$), 2016 & 2021
Figure 77: Mexico: Solvent Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 78: Others: Solvent Market: Sales Value (in Million US$), 2016 & 2021
Figure 79: Others: Solvent Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 80: Middle East and Africa: Solvent Market: Sales Value (in Million US$), 2016 & 2021
Figure 81: Middle East and Africa: Solvent Market: Breakup by Country (in %), 2021
Figure 82: Middle East and Africa: Solvent Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 83: Global: Solvent Industry: SWOT Analysis
Figure 84: Global: Solvent Industry: Value Chain Analysis
Figure 85: Global: Solvent Industry: Porter's Five Forces Analysis

List of Tables

Table 1: Global: Solvent Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Solvent Market Forecast: Breakup by Product (in Million US$), 2022-2027
Table 3: Global: Solvent Market Forecast: Breakup by Source (in Million US$), 2022-2027
Table 4: Global: Solvent Market Forecast: Breakup by Application (in Million US$), 2022-2027
Table 5: Global: Solvent Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 6: Global: Solvent Market: Competitive Structure
Table 7: Global: Solvent Market: Key Players


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Key Questions Answered in This Report

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
solvent market.

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
solvent.

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
market share.

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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