Global Solvent Market to be Driven by Solvents in Pharmaceuticals, Industrial Coatings and Personal Care Products in the Forecast Period of 2023-2028

PRESS RELEASE

Published February 24, 2023

The new report by Expert Market Research titled, ‘Global Solvents Market Price, Share, Size, Trends, Growth, Analysis, Key Players, Outlook, Report and Forecast 2023-2028’, gives an in-depth analysis of the global solvent market, assessing the market based on its segments like product types, applications and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

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The key highlights of the report include:

Market Overview (2018-2028)

Forecast CAGR (2023-2028): 2%
Forecast Market Size (2028): USD 31.9 billion

Solvents are used for a wide range of purposes. They can be found all over the place. Solvents are used by thousands of firms and production facilities to meet their manufacturing needs. A solvent is used as a cleaning and degreasing chemical in daily house cleaning chores, such as cleaning toiletries, floors, windows, and other debris. The Covid 19 epidemic has reignited interest in skincare among beauty customers. The current social media trend encourages people to improve their general skin health and fairness. As a result, demand for vital skin products has increased at many beauty merchants and manufacturers. Solvents are required in many of the items we use daily, ranging from medications to industrial coatings. The growing demand for solvents from end-use industries is propelling the product’s market expansion.

Industry Definition and Major Segments

The term “solvent” refers to a wide range of chemical compounds with commercial use in a variety of sectors. Solvents are widely utilised in a variety of industries, including coatings and paints, plastics, textiles, rubber, pharmaceuticals, oil and gas, chemical synthesis, and construction.

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Based on product, the market is segmented into:

Hydrocarbons
Alcohol
Esters
Ketones
Chlorinated
Others

Based on application, the market is segmented into:

Printing Inks
Paints and Coatings
Pharmaceuticals
Adhesives and Cosmetics
Others

The EMR report looks into the regional markets of solvent like:

North America
Europe
the Asia Pacific
Latin America
the Middle East and Africa

Market Trends

The surge in solvent consumption in the construction and agriculture industries provides an opportunity for the solvent sector to expand. Solvent demand is increasing in both developed and developing countries due to the increased usage of home and personal care products. The widespread adoption of face and skincare goods is anticipated to give chances for personal care product makers and suppliers, particularly in emerging markets, to increase income.

During the projection period, it is expected that high demand for solvents from the construction industry and agricultural chemicals applications will boost its markets. The building sector is the backbone of fast urbanisation, and solvents play a critical role in the built environment, acting as transporters for surface coatings. Pesticides rely heavily on solvents, which are used to control the healthy growth of plants and vegetables. Solvents are utilised to extract oils and flavour from nuts, and solvents are almost certainly employed widely in agricultural products, particularly oils and spice extract.

Key Market Players

The major players in the market are BASF SE, Royal Dutch Shell plc, Exxon Mobil Corporation, Celanese Corporation, Ashland Inc. and INEOS Group. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

Global Solvent Market to be Driven by Solvents in Pharmaceuticals, Industrial Coatings and Personal Care Products in the Forecast Period of 2023-2028

IMARC