According to the latest report by IMARC Group, titled "Global Solvent Market Report Size, Share, Industry Trends, Growth, Opportunity and Forecast 2022-2027", 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 CAGR of 4.50% during 2022-2027.
A solvent is a heterogeneous group of structurally diverse chemicals that can be used to dilute, dissolve, or disperse other compounds to form a solution. It is usually a liquid, but can also be a solid, a gas, or a supercritical fluid. Also available in organic variants, solvents are extensively used as cleaning and degreasing agents and as key ingredients in products such as printing inks, spot removers, varnishes, adhesives, cosmetics, perfumes, detergents, paint thinners, and nail polish removers.
Base Year: 2021
Forecast Year: 2022-2027
Solvent Market Trends and Drivers:
The market is primarily driven by the increasing product applications in various end use industries. In addition, solvents are extensively utilized in household cleaning and personal care products, representing another growth-inducing factor.
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Besides this, due to the rising environmental concerns among individuals, several key players are making huge investments and collaborating with the top biotechnology companies to launch green and bio-based solvents. This, coupled with the emerging solvent applications in chemical manufacturing processes, cooling circuits, dry-cleaning, and deicers, is creating a positive market outlook across the globe.
Moreover, the implementation of stringent government regulations regarding the usage of organic solvents is also contributing to the market growth. Furthermore, rapid industrialization and urbanization, increasing research and development (R&D) activities, and technological advancements are some of the other factors anticipated to propel the market growth.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Solvent Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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.
The report has segmented the market on the basis of region, product, source and application.
Breakup by Product:
Breakup by Source:
· Bio and Green
Breakup by Application:
· Paints and Coatings
· Printing Inks
· Cosmetics and Adhesives
Breakup by Region:
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Key highlights of the report:
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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