Solvents Market Research Report Explores The Trade Trends For The Forecast Amount | 2028

Global Solvents Market was valued at USD 23.35 billion in 2021 and is expected to reach USD 40.42 billion by 2029, registering a CAGR of 7.10% during the forecast period of 2022-2029.

The Global Solvents Market report brings into light key market dynamics of the sector. Solvents Market research report execution is becoming very vital for the businesses to gain success because it offers many benefits including insights into revenue growth and sustainability initiative. The large scale Solvents Market research report is an absolute overview of the market that takes into account various aspects of product definition, market segmentation based on various parameters, and the established merchant landscape. This industry report also offers businesses with the company profile, product specifications, production value, manufacturer’s contact information and market shares for company. Moreover, Solvents Market business report blends together all-inclusive industry analysis with particular estimates and forecasts to provide complete research solutions with greatest clarity for strategic decision making.

Due to the potential of SWOT analysis and Porter’s Five Forces analysis in generating market research report, they are preferred by the businesses and hence also used while making an excellent Solvents Market report. Market drivers and market restraints explained in this report provides idea about the rise or fall in the consumer demand for the particular product depending on several factors. In addition, this market report also gives top to bottom assessment of the market with respect to income and developing business sector. Thus, the world class Solvents Market report endows with in-depth market analysis to thrive in this competitive environment.

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Market Definition

Solvents (PFPE) is a low-molecular-weight fluorinated synthetic fluid. Solvents is non-toxic and non-flammable in its natural state. It is utilized in severe temperatures ranging from 80°C to 200°C. PFPE’s molecular structure might be linear, branched, or a combination of both, depending on the application. Temperature resistance, lubricity, wear resistance, and fluid volatility are all provided by PFPE.

Some of the major players operating in the solvents market are

  • ExxonMobil Corporation (U.S.)
  • Reliance Industries Limited (India)
  • Marathon Petroleum Corporation (U.S.)
  • Dupont (U.S.)
  • PJSC Lukoil Oil Company (Russia)
  • Valero (U.S.)
  • Shell (UK)
  • Chevron Corporation (U.S.)
  • Honeywell International Inc. (U.S.)
  • Janex S.A (Switzerland)
  • SOLVAY (Belgium)
  • Neste (Finland)
  • Soltex Inc. (U.S.)
  • Hengyi Industries Sdn Bhd (Malaysia)
  • BASF SE (Germany)
  • Ashland Inc., (U.S.)
  • Adrol  (U.S.)
  • Koch Engineered Solutions (U.S.)
  • Cosmique Pvt. Ltd. (India)
Solvents Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:


  • High Usage across Paint and Coatings

Solvents are essential in the manufacture of paints and coatings, which is why they are highly used for paint and coatings applications. Solvents manufacturers are establishing stable revenue streams in the paints and coatings industry. However, paint manufacturers face contamination issues in their products as a result of unwanted or incorrect aromatics. As a result, manufacturers are increasing the availability of high purity solvents through stringent quality controls. It has been discovered that solvent-based paints and coatings dry relatively faster than alternatives with low solvent content at room temperature. Such discoveries are translating into revenue opportunities for solvents manufacturers. Solvents in paints and coatings allow for quick and easy application in a variety of end-use cases.

Additionally, the growth and expansion of various end use industries will also drive market value growth. The surge in personal disposable income and rapid industrialization are projected to bolster the growth of the market. Moreover, high demand for solvents from home care and personal care products as well as from agricultural chemicals application is estimated to carve a way for the growth of the market. Furthermore, there has been a significant increase in the use of household cleaning and personal care products. In addition, the widespread use of solvents in pesticide formulations is driving up product demand. Furthermore, as consumer concerns about the environment grow, they are increasingly gravitating toward eco-friendly and organic products that pose little or no risk to the environment or human health.


  • Technological Innovations and Increased Use of Organic Solvents

Furthermore, the advanced technologies and latest equipment coupled with the application of new systems extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the mounting regulatory pressure regarding the use of organic solvents will further expand the future growth of the solvents market.


  • Stringent Regulations Regarding Usage

The stringent regulations regarding usage of certain solvents hamper the market growth. For instance, the Montreal Protocol of 1987, and its subsequent amendments, govern the use of Ozone Depleting Substances (ODS). The regulation EC 1005/2009 on substances that deplete the ozone layer incorporates these into European legislation. Carbon tetrachloride and methyl chloride are regulated under this regulation. Because carbon tetrachloride has a stratospheric Ozone Depleting Potential (ODP), its use is restricted. As a result, only a small amount of carbon tetrachloride is used as a solvent in industry and laboratories. Because of its low stratospheric ODP, methyl chloride is classified as a “new substance” under the ODS regulation. Each participant in the supply chain is required to submit relevant statistical data on these substances to European and national authorities on an annual basis. As a result, their use is restricted which further restricts the overall growth over the market.

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Global Solvents Market Scope

The solvents market is segmented on the basis of type, category, source and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.


  • Alcohols
  • Methanol
  • Ethanol
  • Propanol
  • Butanol
  • Ketones
  • Acetone
  • MEK
  • MIBK
  • Esters
  • Ethyl Acetate
  • Butyl Acetate
  • Glycol Ethers
  • Aromatic
  • Aliphatic


  • Oxygenated Solvents
  • Hydrocarbon Solvents
  • Halogenated Solvents
  • Others


  • Petrochemical-Based
  • Bio and Green


  • Paints and Coatings
  • Pharmaceuticals
  • Polymer Manufacturing, Adhesives
  • Printing Inks
  • Metal Cleaning
  • Personal Care
  • Agricultural Chemicals
Solvents Market Regional Analysis/Insights

The solvents market is analyzed and market size insights and trends are provided by country, type, category, source and application as referenced above.

The countries covered in the solvents market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the increasing end-use industries such as paints and coating and adhesives and rising industrialization within the region.

North America on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the high demand for solvents from various end use industries in the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

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