IMARC Group, a leading market research company, has recently releases report titled “Solvent Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global solvent market growth, share, size, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How Big is the Solvent Market?
The global solvent market size reached US$ 46.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 60.4 Billion by 2028, exhibiting a growth rate (CAGR) of 4.3% during 2023-2028.
What are Solvent?
Solvents are liquid solutions used to dissolve various chemical substances. They are highly volatile and flammable substances that often have an unpleasant odor. They are commonly employed to produce solutions by liquefying solutes with different chemical compositions. They are generally available in liquid form but can also be utilized as gases or solids. As a result, solvents find extensive applications in industrial production processes across the globe, as they can dissolve, absorb, and dilute other compounds without altering their chemical properties.
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What are the growth prospects and trends in the solvent industry?
The global solvent market is primarily driven by rapid growth in the chemical industry. Moreover, the surging adoption of solvents in the pharmaceutical industry for washing and refining products and in the formulation of medicines is positively influencing market growth.
Additionally, the rising demand for solvents in the extraction and purification of penicillin from the penicillium mold is another major growth-inducing factor. Besides this, the increasing use of solvents as cleaning agents for heavy-duty glass and flooring surfaces has catalyzed market growth. Furthermore, the rising use of solvents as a softening agent in manufacturing automobile tires is contributing to market growth.
Other factors, including ongoing research and development (R&D) activities, technological advancements, and rapid industrialization and urbanization, are also anticipated to propel the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product:
- Alcohols
- Hydrocarbons
- Ketones
- Esters
- Chlorinated
- Others
Breakup by Source:
- Petrochemical-based
- Bio and Green
Breakup by Application:
- Paints and Coatings
- Printing Inks
- Pharmaceuticals
- Cosmetics and Adhesives
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Archer-Daniels-Midland 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.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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