Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
Related Topics
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According to a research report published by Spherical Insights & Consulting, The Global Solvent Market Size Expected to Grow from USD 33.49 Billion in 2023 to USD 59.12 Billion by 2033, at a CAGR of 5.8% during the forecast period 2023-2033.
Browse 210 market data Tables and 45 Figures spread through 190 Pages and in-depth TOC on the Global Solvent Market Size, Share, and COVID-19 Impact Analysis, By Product (Alcohols and Hydrocarbons), By End Use (Paints & Coatings, Printing Inks, and Pharmaceuticals), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033
A solvent is a substance that dissolves a solute and forms a solution. Generally, it is available in liquid form but can also be solid or gaseous. They are divided into methanol, ethanol, butanol, propylene glycols, glycol ethers, butyl glycol ethers, acetone, esters, toluene, and hydrocarbons. These can dissolve, absorb, and dilute other substances in very fine distribution without changing them chemically. Solvents play a fundamental role in the printing industry because they offer solvency to inks to dissolve pigments and vehicles such as water-soluble glycol vehicles into a solution. This is done so that ink may very easily be applied onto the paper or any substrate. Solvents also prove to be good carriers for several coatings like paints, varnishes, and adhesives. The chemicals being used in the paints and coats rely on the solvents as they can only dissolve and spread components that can be used for the coatings formula. It also ensures the high quality of the final product obtained, along with better performance. Solvents are essential parts of paints and coatings formulations in the construction industry because they can dissolve pigments, additives, and binders to form high-performance coatings. Chemical-based solvents can impact human health differently. They do not only affect the environment but also severely affect the health of humans as well as animals. Also, the working staff who go to chemical factories regularly face acute health problems since they are continuously exposed to these chemicals.
The hydrocarbons segment is expected to hold the largest share of the global solvent market during the forecast period.
On the basis of product, the global solvent market is segmented into alcohols and hydrocarbons. Among these, the hydrocarbons segment is expected to hold the largest share of the global solvent market during the forecast period. The segment growth can be owed to their varied nature and effective suitability in areas such as paint and coatings, adhesives, pharmaceuticals, and household care. Besides these, they feature solvency power, a low viscosity with faster evaporation rates that provide them with favorable conditions in an industrial process.
The printing inks segment is expected to growth at the fastest CAGR during the forecast period.
On the basis of end use, the global solvent market is segmented into paints & coatings, printing inks, and pharmaceuticals. Among these, the printing inks segment is expected to growth at the fastest CAGR during the forecast period. The packaging industry is majorly driving the market. Inks based on solvents were largely used in the printing of materials used for packaging purposes so that they appeared attractive and appealing products.
Asia-Pacific is projected to hold the largest share of the global solvent market over the forecast period.
Asia-Pacific is projected to hold the largest share of the global solvent market over the forecast period. The expansion of the solvent market in Asia-Pacific is expected to be driven by increasing building expenditure in countries such as China and India and their growing industrialization. In countries such as China, India, Indonesia, Thailand, Vietnam, and Korea, end-user sectors such as paints, coatings, and adhesives are booming, and this is expected to support product demand in the region over time. Moreover, a growing market of solvents in the urbanized and industrializing regions along with high demand for cars is further expected to influence the growth pattern.
North America region is expected to grow at the fastest CAGR during the forecast period. The market was driven by the gradual shift towards eco-friendly and bio-based solvents. Additionally, research and development on sustainable solvents in the region have also grown, thereby pushing the market growth.
Company Profiling
Major vendors in the global solvent market BASF SE, Dow, Exxon Mobil Corporation, SABIC, LyondellBasell Industries Holdings B.V., Shell Chemicals, Akzo Nobel N.V., INEOS, Huntsman International LLC., Eastman Chemical Company, Mitsubishi Chemical Group Corporation, and Others.
Key Target Audience
Recent Development
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global solvent market based on the below-mentioned segments:
Global Solvent Market, By Product
Global Solvent Market, By End Use
Global Solvent Market, Regional
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