Solvents Market Scope
Solvents are used to dissolve any substance and material. Solvents are also used as chemical intermediates, fuels for a wide range of products. It is used in various industries such as engineering, construction, chemicals, printing, and others. Generally, solvents are available in various products including cleaning and degreasing materials, paint removers, inks, and inks removers, and others.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Royal Dutch Shell Plc (Netherlands), Eastman Chemical Company (United States), LyondellBasell Industries Holdings B.V. (Netherlands), Ashland Global Holdings Inc. (United States), BASF SE (Germany), Huntsman Corporation (United States), ExxonMobil Corporation (United States), Celanese Corporation (United States), Honeywell International Inc. (United States) and INEOS AG (Switzerland) |
CAGR | 20.3% |
There are various market-leading players are expanding their market in new geographic regions by adopting various business growth strategies such as mergers & acquisitions, expansions, investments, new solution launches, and others. Key market-leading is exploring new areas through expansions and acquisitions across the globe to avail competitive benefits through combined initiatives. Research Analyst at AMA estimates that United States Vendors will contribute to the maximum growth of Global Solvents market throughout the predicted period.
Royal Dutch Shell Plc (Netherlands), Eastman Chemical Company (United States), LyondellBasell Industries Holdings B.V. (Netherlands), Ashland Global Holdings Inc. (United States), BASF SE (Germany), Huntsman Corporation (United States), ExxonMobil Corporation (United States), Celanese Corporation (United States), Honeywell International Inc. (United States) and INEOS AG (Switzerland) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are HERZA Schokolade GmbH& Co. KG (Germany) and Indena S.p.A. (Italy).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Solvents market by Type , by Application (Paints & Coatings, Polymer Manufacturing and Printing Inks) and Region with country level break-up.
On the basis of geography, the market of Solvents has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
In Oct 2020, Solvay announced the inauguration of its second plant for the manufacturing of its sustainable solvent Augeo. Through this initiative, the company enhances the development of bio-based solvents to caters to requirement in European and North American markets.
Influencing Trend:
Growing Demand from Healthcare Industry
Market Growth Drivers:
Rapid Growth in Requirement for Conventional Solvents from Various Sectors Personal Care, and Pharmaceutical Applications Amid Coronavirus Pandemic
Challenges:
The Rise in Concern Towards the Effects of Conventional Solvents and Increase in Issues of Flammable Solvents
Restraints:
Industries Unstable Focus to Green Solvents and Stringent Government Regulatory Environment Related to Conventional Solvents
Opportunities:
High Growth in Demand for Solvents from Paints & Coatings Sector and The Emergence of Bio-Derived Organic Solvents
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Solvents Manufacturers, Suppliers, and Distributors, Raw Material Suppliers, Government Regulatory and Research Organizations and End-Use Industries