Solvents Market Share 2021 Statistics, Size, Regional Analysis by Major Players

Growing demand for solvents from emerging economies, government regulations favorable to the use of bio-based solvents are key factors contributing to the high CAGR of the solvent market during the forecast period.

The global solvent market was valued at $ 21.73 billion in 2020 and is expected to reach $ 35.66 billion by 2028, with a CAGR of 6.3%. The study covers an in-depth analysis of solvents and discusses their use in various applications. A solvent is a liquid substance that allows other substances. Solvents are very versatile and can be produced or mixed to meet very specific requirements and to make products with optimum performance, including aerosol paints that dry quickly and do not clog the spray nozzle; non-drinkable inks; exterior paints that look great and last a long time; and powerful cleaners suitable for tough jobs.

Solvents have many diverse uses, from paints and coatings, personal care products and pharmaceuticals to pesticides, cleaners and inks. Growing demand for solvents from emerging economies, government regulations favorable to the use of bio-based solvents are some of the key factors propelling market growth in the industry. However, the high concentrations of ground-level ozone produced by organic solvents affects human, animal and plant health, crops, forests and thus is a major obstacle to market growth in 2019-2028.

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The major players in the global solvent market are:

Dow Chemical, LyondellBasell, Exxon Mobil, Eastman Chemical, Archer-Daniels-Mildland (ADM), Royal Dutch Shell Plc., BASF SE

For the purpose of this study, reports and data segmented the market on the basis of end-use type and region:

Type (revenue, million USD; 2020-2028)

Oxygen

Hydrocarbon

Halogen

Application (Revenue, Million USD; 2020-2028)

Paints and coatings,

Printing inks

Manufacture of polymers,

Beauty products

Sources (Revenue, USD Million; 2020-2028)

Petrochemical

Biobased

Regional Outlook (Revenue USD Million; 2020-2028)

North America

Europe

Asia Pacific

Middle East and Africa

Latin America

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Other key findings from the report suggest

Many scientists are engaged in the launch of new solvents. For example, research carried out by scientists at Queen’s University Belfast into the chemistry of ionic liquids has been called “the most important British innovation of the 21st century”.

Organic compounds used as solvents include alcohols, esters and ethers, aromatics, ketones, amines, nitrated and halogenated hydrocarbons. Aromatic solvents include aromatic hydrocarbons such as toluene, xylene.

Acetone, methyl isobutyl ketone, methyl ethyl ketone, methyl ethyl ketone are some of the types of ketones. Methyl ethyl ketone is used in the production of solvents for coating, magnetic tape, synthetic leather.

Also, methanol, isopropanol are some of the examples of alcohol. Isopropanol is a colorless liquid used in liniments, lotions, hair. Glycol Ethers are used as a solvent for nitrocellulose resins, spray lacquers, varnishes.

Paints and coatings are the major contributors to the global solvent market. Solvents are used in paints and coatings to give the paint the desired consistency for the application and to prevent lumps or balls. Besides paints and coatings, solvents are also used in various applications such as cosmetics, automotive industry, pharmaceuticals.

Solvents are used in pharmaceuticals and medicines such as cough syrup, aspirin. Butyl acetate is used to purify penicillin by keeping impurities in solution while penicillin is selectively removed from the reaction mixture by extraction. The toluene hydrocarbon solvent is used as an ink solvent in a specialized type of magazine printing because it evaporates quickly enough to avoid smudging and the leftover toluene is easily recycled.

Solvents remove stains that appear on the windshield and are also used in the home in window cleaning products. Aliphatic hydrocarbons are used in the production of tires. In addition to this, solvents are used in lotions, powders and shaving creams to give the product an appropriate consistency. Ethyl acetate is widely used in nail polish and is particularly valued for its quick drying properties.

Based on the sources of solvents, petrochemical-based solvents are expected to be the largest segment of the global solvent market. Solvents are widely used in paints and coatings and account for the largest market share in the global solvent market. Paint and Coating hold 46% of the total market share with a CAGR of 6.3%.

Oxygenated solvents represent the largest share of the global solvent market due to their high solvent power and low toxicity. It holds 57.9% of the total market share

The Asia-Pacific region is the fastest growing region in the global solvent market due to rapid urbanization and growing demand for automobiles. It has the highest CAGR (4.8%) and holds 25.3% of the total market share. North America holds the highest share in the world with 34.3% with a CAGR of 3.7%

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