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Global Solvents Market Trends, Forecasting and Comprehensive Analysis for the Next Decade

Global Solvents Market Trends, Forecasting and Comprehensive Analysis for the Next Decade

The recent “Solvents Market” report by Report Ocean gathers insights and assessments through genuine consultations with key stakeholders, including CEOs, Managers, Department Heads of Suppliers, Manufacturers, and Distributors. This comprehensive study aims to thoroughly examine the global industry, target market, competition, and various influencing factors. Ask for Free Sample Report

The report on the “Solvents Market” conducts a data-driven quantitative analysis of the relevant industry. It utilizes research based on public records to identify significant patterns. Additionally, it provides predictions for the market sector’s growth between 2024 and 2032. The research primarily focuses on major global market manufacturers, analyzing sales volume, rates, competitive aspects, market share, and development strategies up to 2032.

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Global Solvents Market Analysis and Growth Forecast:

The global Solvents market held a market value of USD 26 Billion in 2021 and is projected to reach USD 49.6 Billion by the year 2030. The market is anticipated to grow at a CAGR of 7.5% from 2022 to 2030. Around 27.4 MMT of Solvents was sold in 2021.

Solvents are substances which dissolve a solute and result into a solution. The market is expected to be driven by the increasing demand of bio & green solvents, growing demand from agriculture sector, and rising demand of solvents from key application segments amid COVID-19. Furthermore, increasing demand for safe, effective, & eco-friendly products among customers and rising application of adhesives & sealants among various industries are also estimated to fuel the market growth.

Despite the driving factors, stringent regulatory framework and high risk due to exposure to solvents are anticipated to hinder the market growth. The COVID-19 pandemic disrupted the paints and coatings industry, which declined the market growth.

Growth Influencers:

Increasing demand of bio & green solvents

Bio and green solvents are environmentally friendly solvents or bio solvents. These are derived from the processing of agricultural crops. Solvents are increasingly being used in various industries, such as engineering, pharmaceuticals, printing, and construction, among others. Owing to environmental sustainability and human health, scientists started developing green or bio based solvents. They are also known as agrochemicals. Their demand is increasing as a replacement for crude-oil based solvents. Hence, increasing demand of bio and green solvents are expected to fuel the market growth.

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Competitive Landscape

Major players in the global Solvents market include Celanese Corporation, Lyondellbasell Industries N.V., Dow Chemicals, Solvay SA, BASF SE, INEOS AG, Eastman Chemical Company, Exxon Mobil Corporation, Royal Dutch Shell Plc, Ashland Global Holdings Inc., Indorama Ventures Limited, Sasol Solvents, Maruzen Petrochemicals, and Other Prominent Players. The cumulative market share of the four major players is near about 25%.

These market players are involved in collaborations, mergers & acquisitions, and new product launches, among other initiatives, to strengthen their market presence. For instance, in January 2022, ExxonMobil collaborated with SABIC for forming the Gulf Coast Growth Ventures, a manufacturing facility based in San Patricio Country, Texas, U.S. The new facility is aimed at providing materials for industries such as agricultural film, packaging, clothing, automotive coolants, and construction materials.

Segments Overview:

The global Solvents market is segmented into type, application, and source.

By Type,
Hydrocarbons
Alcohols
Ketones
Esters
Chlorinated
Glycol Ethers
Other Solvents

The alcohols segment is estimated to account for the highest share of 40% in 2021 owing to the rising demand for methanol, ethanol, isopropanol, and n-butanol for a range of applications. The hydrocarbons segment is expected to record a 2 times growth during 2020 to 2030 owing to its organic properties.

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By Application,
Paints & Coatings
Pharmaceuticals
Adhesives and Cosmetics
Rubber & Polymer
Personal Care
Agricultural Chemicals
Metal Cleaning
Printing Inks

The paints and coatings segment is expected to hold the largest market share of over 45% in 2021 owing to the increasing demand for water-based paints and coatings as well as powder coatings. The pharmaceuticals industry is estimated to surpass a market value of around USD 5 billion by 2025 owing to the growing use of solvents in the pharmaceutical drug manufacturing process. The adhesives and cosmetics segment is anticipated to register a 5 times growth during 2020 to 2030 owing to the rapidly growing cosmetics and adhesives industry.

By Source,
Petrochemical-Based
Bio and Green

The petrochemical-based segment is anticipated to hold more than 90% of the market share in 2021 owing to the large product portfolio of petrochemical-based solvents available in the market. The bio and green segment is expected to grow at significant rates owing to the growing awareness regarding usage of eco-friendly products.

Regional Overview

By region, the global Solvents market is divided into Asia Pacific, Europe, North America, Middle East, Africa, and South America.

The Asia Pacific region is expected to account for the highest market size by 2030 owing to the rapidly growing petroleum refineries and pharmaceutical industry in emerging economies, such as India and China.

The Europe region accounted for the second largest market share of 20 to 25% during the forecast period owing to growing focus of various market players on manufacturing Solvents.

The Middle East region is anticipated to witness the fastest growth rate of around 8% during the projected period owing to the growing personal care and cosmetics industry.

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The global Solvents market report provides insights on the below pointers:

Market Penetration: Provides comprehensive information on the market offered by the prominent players

Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets

Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments

Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global Solvents market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.

Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

Market Outlook: Sector Data for Solvent Use in North America, Europe, Asia Pacific, South America, and Middle East & Africa

Industry Best Practices: Divestment of business segment to reduce economic effects is the new trend observed in the global solvents market

Price Analysis: Price Forecast Over Years (USD/Tons), 2019-27; Price Trend (Y-o-Y Growth) Over Years; Weighted Average Price, By Region

Recycling Business: Opportunities in Solvent Waste

Competitor Mapping: Report include detailed competitor mapping for the global solvent industry under different heads such as market share, segment revenue, exposure to end use industries, global presence and production capacity. Wide coverage of competitor mapping under mentioned heads offer summarised picture of competitive scenario in the market

The global Solvents market report answers questions such as:

  • What is the market size and forecast of the Global Solvents Market?
  • What are the inhibiting factors and impact of COVID-19 on the Global Solvents Market during the assessment period?
  • Which are the products/segments/applications/areas to invest in over the assessment period in the Global Solvents Market?
  • What is the competitive strategic window for opportunities in the Global Solvents Market?
  • What are the technology trends and regulatory frameworks in the Global Solvents Market?
  • What is the market share of the leading players in the Global Solvents Market?
  • What modes and strategic moves are considered favorable for entering the Global Solvents Market?

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Report Components

Market Synopsis: This section encapsulates the present market scenario and outlines the industry’s scope. It includes a comprehensive analysis of key segments such as product types, applications, and regions, with revenue and sales forecasts provided as part of this overview.

Competitive Landscape: Illuminating the market’s competitive terrain, this section presents an in-depth analysis of manufacturers, offering insights into individual players’ revenue and sales figures. Additionally, it encompasses noteworthy details on mergers, acquisitions, and industry investments.

Regional Analysis: Providing an overview of market revenue, sales, and shares across major regions and sub-regions, this segment also explores the pricing structure, sales growth rate, and other crucial estimations.

Company Profiles: This section provides strategic business insights about key firms operating within the market landscape. It covers product specifications, revenue shares, and portfolios of these major companies.

The Analysis Objectives of the Report are:

To determine the size of the Market by identifying its sub-segments.

To research the key players and analyze their growth strategies.

To assess the size and value of the Market based on key regions.

To analyze the Market in terms of growth trends, potential, and participation in the overall sector.

To investigate the Market size (volume and value) from the company, key regions/countries, goods and applications, and background data.

Primary Market manufacturers to specify, clarify, and analyze the product sales volume, value, market share, market rivalry landscape, SWOT analysis, and future development plans.

To investigate market competitive developments such as market expansions, agreements, new product launches, and acquisitions.

What is new in 2024?

– Major developments that can change the business landscape as well as market forecasts.

– Addition/refinement in segmentation–Increase in depth or width of segmentation of the market.

– Coverage of new market players and change in the market share of existing players of the market.

– Updated financial information and product portfolios of players operating in the market.

– Updated market developments of the profiled players.

– Any new data points/analysis (frameworks) which was not present in the previous version of the report

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