Solvent Market to Register a Growth of 6.4% CAGR Anticipated to Top USD 50.01 Billion by 2030

According to the MRFR analysis, the Solvents Market is expected to reach a value of USD 50.01 billion by 2030, registering a CAGR of 6.4% during the forecast period.

During the projected period, advancements in manufacturing technologies such as distillation separation, specialty production, and increasing output capacity are expected to drive the overall growth of the Solvents Market. Manufacturers are also being pushed to develop unique production technologies by demand applications in the pharmaceutical, electronics, and other industries. As a result, the solvents sector is predicted to increase faster than the overall economy during the projection period. Furthermore, demand for bio-based solvents is fast growing in comparison to synthetic solvents. Developing countries are emphasizing the use of greener products that do not harm the environment during the manufacturing or degrading stages. As a result, in nations such as Europe, bio-based solvents are favored over synthetic solvents.

During the projected period, the rising industries in developing nations such as India and China will provide favorable prospects for the solvents market to grow. Because solvents are widely used as industrial cleansers, the solvents sector is predicted to grow at a faster rate across all industrial verticals. However, some countries are imposing strict regulations on the use of harsh chemicals used in the production of hydrogen carbons, which can have serious environmental consequences; instead, these countries are encouraging the use of water-based substitutes, which are more effective than hydrocarbon solvents.

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 The major market competitors are increasing their strength in both upstream and downstream directions. They conduct out procedures, obtaining raw materials according to specifications, and increasing distribution networks. As a result, companies can generate more revenue through the distribution channels. During the projection period, leading market players’ strategies and development are expected to drive the solvents industry’s overall growth.

The solvent industry’s key market limitations are environmental and health problems related with solvent manufacture. Water-based solvents can have some disadvantages, such as greater critical points and more difficult reaction conditions. The increased production costs associated with organic solvents are also regarded to be major stumbling blocks.

 Analytical Segmentation

The market is divided into two types: green or bio-based solvents and conventional solvents.

The market is divided into Hydrocarbons, Alcohols, Ketones, Chlorinated, Esters, and Others based on the product.

The market is divided into Printing Ink, Paints and Coatings, Pharmaceuticals, Cosmetics and Adhesives, and Others based on application.

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Region Overview

Because it is the world’s largest producer of hydrocarbon solvents in terms of volume, the Asia-Pacific region is likely to see higher market growth in the solvents sector. In addition, several paints and coatings firms in the region anticipate increased need for hydrocarbon solvents. Some nations, including India and China, are prone to improving their infrastructure and are constantly investing in the building sector, which has contributed to the recent rise of the solvents business. Similarly, the solvents business is being driven by growth in the agriculture sector, personal care, and cosmetics across the region, as well as increased urbanization and changing attitudes in potential consumers’ lifestyles.

European countries, on the other hand, are experiencing higher market growth in the solvents business, owing to the expansion of the automobile industry. The growth of the automobile industry, with its increased production rate and use of new technology, is a major driver for the solvents industry in the region.

Competitive Dynamics

BASF SE (Germany), Solvay SA (Belgium), Eastman Chemical Company (US), Exxon Mobil Corporation (US), Royal Dutch Shell Plc (Netherlands), Sasol Solvents (South Africa), Ashland Inc. (US), Chevron Phillips Chemical Company LLC (US), Kuraray Co., Ltd. (Japan), LyondellBasell Industries Holdings B.V. (Netherlands), The Dow Chemical Company (US), TotalEnergies SE (France), INEOS AG (US) and Huntsman International LLC (US)

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