Analysts’ Viewpoint on Solvents Market Scenario
On-demand products and services are gaining prominence in the solvents market, owing to personalized demands of clients, customers, and partners during the ongoing coronavirus crisis. The paints & coatings industry has been facing several problems due to lack of constant suppliers of solvents that can deliver on time and with consistent quality. Hence, manufacturers should gain cognizance about these issues and improve their services apart from making product developments. On the other hand, manufacturers are boosting the production of solvent inks that are suitable for long-term banners and vinyls.
High purity solvents are important raw materials for a range of demanding applications. Pharmaceuticals and electronics industries hold lucrative incremental opportunities for manufacturers in the solvents market. As such, manufacturers are acquiring proficiency in distillative separation and specialty production capabilities to increase the availability of high purity solvents. They are boosting output capacities for high purity hydrocarbons whilst ensuring the security of supply for their production processes.
Manufacturers are building their product portfolio in hydrocarbons such as aliphatic, alicyclic, and aromatic hydrocarbons.
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Manufacturers in the solvents market are maintaining optimum inventory levels for raw materials to ensure robust supply of products during the ongoing coronavirus crisis. They are focusing on key revenue generating industries such as pharmaceuticals, cleaning agents and paints to keep economies running. Companies in the solvents market are devising strategies to overcome supply chain hiccups. This is being achieved by adopting contingency planning which helps to overcome volatile demand and supply sentiments.
The growing uncertainty stemming from the pandemic has compelled manufacturers to bolster local production capabilities to reduce dependence on other countries. They are tapping revenue opportunities in positive or limited negative impact industries to revive the global economy. The proliferation of eCommerce and mobile shopping apps is acting as key driver to boost sales of end products.
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Manufacturers in the solvents market are boosting the production of alcohol-based solvents such as isopropyl alcohol used in the cleaning of electronics. However, users need to take into consideration its material compatibility and safe handling requirements. Hence, manufacturers of chemical products for electronics are educating users about the advantages and disadvantages of isopropyl alcohol.
Isopropyl alcohol is associated with poor material compatibility with electronics made from polycarbonate and polystyrene. Moreover, ventilation, storage, personal protective equipment (PPE), and proper disposal of isopropyl alcohol are necessary. Hence, manufacturers in the solvents market are increasing awareness about the pros and cons of isopropyl alcohol usage for cleaning of electronics.
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Solvents play an instrumental role in the production of paints and coatings. Manufacturers in the solvents market are establishing stable revenue sources in the paints & coatings industry. However, paint manufacturers face issues of contamination in paint products due to unwanted or wrong aromatics. Hence, manufacturers are increasing the availability of high purity solvents with the help of strict quality checks.
It has been found that paints and coatings made with solvents can dry relatively faster as compared to alternatives having low solvent content at room temperature. Such findings are translating into revenue opportunities for manufacturers in the solvents market. Solvents in paints and coatings make its application fast and easy in various end-use cases. Leading-edge coatings offer long lasting protection and brilliant performance with the help of solvent formulations.
Ink solvents are significantly changing the solvents market. Ink solvents are oil-based solutions that are relatively inexpensive and compatible with inkjet printers. Manufacturers are increasing the production for solvent inks, since these inks are waterproof, which makes it resistant to fading and wearing. Different uncoated banners and vinyls are fueling the demand for solvent inks.
Solvent inks are being extensively used on outdoor products due to its ability to adhere to non-absorbent materials. These inks are ideal for long-term outdoor banners and vinyl, as it is able to resist fading for several years. As such regular cleaning of inkjet printers is necessary while using solvent inks in order to keep the printer running smoothly.
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Attribute |
Detail |
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Market Size Value in 2020 (Base Year) |
US$ 31.3 Bn |
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Market Forecast Value in 2031 |
US$ 45.2 Bn |
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Growth Rate (CAGR) |
3.4% |
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Forecast Period |
2021-2031 |
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Quantitative Units |
US$ Bn for Value & Kilo Tons for Volume |
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Competition Landscape |
Company Profiles section includes overview, product portfolio, key subsidiaries or distributors, strategy & recent developments, and key financials |
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Format |
Electronic (PDF) + Excel |
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Market Segmentation |
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Regions Covered |
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Countries Covered |
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Companies Profiled |
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Customization Scope |
Available upon Request |
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Pricing |
Available upon Request |
Solvents Market – Segmentation
TMR’s research study assesses the global solvents market in terms of product type, application, and region. This report presents extensive market dynamics and trends associated with different segments of the market and how they are influencing growth prospects of the global solvents market.
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Solvents Market is projected to reach US$ 45.2 Bn by the end of 2031
Solvents Market is expected to grow at a CAGR of 3.4% during 2021-2031
Rise in demand for solvents in printing inks, pharmaceuticals, sealant, and adhesives applications is expected to drive the Solvents Market
Asia Pacific is a more attractive region for vendors in the Solvents Market
Key vendors in the Solvents Market are Dow Chemical Company, Celanese Corporation, BASF SE, Maruzen Petrochemical, Exxon Mobil Corporation, Sasol Solvents and others
1. Preface
1.1. Report Description
1.2. Market Segmentation
1.3. Research Methodology
2. Executive Summary
2.1. Global Solvents Market Estimates and Forecast, 2020 – 2031 (Kilo Tons) (US$ Bn)
2.2. Global Solvents Market Snapshot, 2020 & 2031
3. Solvents - Industry Analysis
3.1. Introduction
3.1.1. Common Classes of Organic Solvents
3.2. Value Chain Analysis
3.3. Market Drivers
3.3.1. Growing Construction Industry in BRIC Nations
3.3.2. Growing Demand from End-Use Industries
3.4. Restraints
3.4.1. Volatile Raw Material Prices
3.4.2. Environmental Issues
3.5. Opportunities
3.5.1. Development of Bio-Based Solvents
3.6. Porter’s Five Forces Analysis
3.6.1. Bargaining Power of Suppliers
3.6.2. Bargaining Power of Buyers
3.6.3. Threat from New Entrants
3.6.4. Threat from Substitutes
3.6.5. Degree of Competition
3.7. Solvents: Market Attractiveness Analysis
3.8. Solvents: Company Market Share Analysis, 2020
4. Solvents Market: Product Segment Analysis
4.1. Global Solvents Market: Product Overview
4.1.1. Global Solvent Market Volume Share, by Product Type, 2020-2031
4.2. Global Solvents Market, by Product Type
4.2.1. Alcohol Based Solvents
4.2.1.1. Global Alcohol Based Solvents Market Estimates and Forecast, 2020 – 2031 (Kilo Tons), (US$ Bn)
4.2.2. Hydrocarbon Solvents
4.2.2.1. Global Hydrocarbon Solvents Market Estimates and Forecast, 2020 – 2031 (Kilo Tons), (US$ Bn)
4.2.3. Ketone Based Solvents
4.2.3.1. Global Ketone Based Solvents Market Estimates and Forecast, 2020 – 2031 (Kilo Tons), (US$ Bn)
4.2.4. Ester Solvents
4.2.4.1. Global Ester Solvents Market Estimates and Forecast, 2020 – 2031 (Kilo Tons), (US$ Bn)
4.2.5. Chlorinated Solvents
4.2.5.1. Global Chlorinated Solvents Market Estimates and Forecast, 2020 – 2031 (Kilo Tons), (US$ Bn)
4.2.6. Other Solvents (Including Bio-Solvents and Glycols)
4.2.6.1. Global Other Solvents Market Estimates and Forecast, 2020 – 2031 (Kilo Tons), (US$ Bn)
5. Solvents Market: Application Analysis
5.1. Global Solvents Market, Application Overview
5.1.1. Global Solvent Market Volume Share, by Application, 2020-2031
5.2. Global Solvents Market, by Application
5.2.1. Paints and Coatings
5.2.1.1. Global Demand for Solvents from Paints and Coatings Industry, 2020 – 2031 (Kilo Tons), (US$ Bn)
5.2.2. Printing Inks
5.2.2.1. Global Demand for Solvents from Printing Inks Industry, 2020-2031 (Kilo Tons), (US$ Bn)
5.2.3. Pharmaceuticals
5.2.3.1. Global Demand for Solvents from Pharmaceutical Industry, 2020-2031 (Kilo Tons), (US$ Bn)
5.2.4. Cosmetics and Adhesives
5.2.4.1. Global Demand for Solvents from Cosmetics and Adhesives Industries, 2020-2031 (Kilo Tons), (US$ Bn)
5.2.5. Other (Including Cleaning, De-Icing, Etc.)
5.2.5.1. Global Demand for Solvents from Other Industries, 2020 – 2031 (Kilo Tons), (US$ Bn)
6. Solvents Market: Regional Analysis
6.1. Global Solvents Market: Regional Overview
6.1.1. Global Solvents Market Volume Share, by Region, 2020-2031
6.2. Global Solvents Market, Regional Overview
6.2.1. North America
6.2.1.1. North America Solvents Market Estimates and Forecast, 2020–2031 (Kilo Tons) (US$ Bn)
6.2.1.1.1. North America Solvents Market Volumes by Product Type 2020-2031(Kilo Tons)
6.2.1.1.2. North America Solvents Market Revenues by Product Type 2020-2031(US$ Bn)
6.2.1.1.3. North America Solvents Market Volumes by Application 2020-2031(Kilo Tons)
6.2.1.1.4. North America Solvents Market Revenues by Application 2020-2031 (US$ Bn)
6.2.2. Europe
6.2.2.1. Europe Solvents Market Estimates and Forecast, 2020 – 2031 (US$ Bn)
6.2.2.1.1. Europe Solvents Market Volumes by Product Type 2020-2031(Kilo Tons)
6.2.2.1.2. Europe Solvents Market Revenues by Product Type 2020-2031(US$ Bn)
6.2.2.1.3. Europe Solvents Market Volumes by Application 2020-2031 (Kilo Tons)
6.2.2.1.4. Europe Solvents Market Revenues by Application 2020-2031 (US$ Bn)
6.2.3. Asia Pacific
6.2.3.1. Asia Pacific Solvents Market Estimates and Forecast, 2020 – 2031 (Kilo Tons), (US$ Bn)
6.2.3.1.1. Asia Pacific Solvents Market Volumes by Product Type 2020-2031(Kilo Tons)
6.2.3.1.2. Asia Pacific Solvents Market Revenues by Product Type 2020-2031(US$ Bn)
6.2.3.1.3. Asia Pacific Solvents Market Volumes by Application 2020-2031 (Kilo Tons)
6.2.3.1.4. Asia Pacific Solvents Market Revenues by Application 2020-2031 (US$ Bn)
6.2.4. Middle East & Africa
6.2.4.1. Middle East & Africa Solvents Market Estimates and Forecast, 2020 – 2031 (Kilo Tons), (US$ Bn)
6.2.4.1.1. Middle East & Africa Solvents Market Volumes by Product Type 2020-2031(Kilo Tons)
6.2.4.1.2. Middle East & Africa Solvents Market Revenues by Product Type 2020-2031(US$ Bn)
6.2.4.1.3. Middle East & Africa Solvents Market Volumes by Application 2020-2031 (Kilo Tons)
6.2.4.1.4. Middle East & Africa Solvents Market Revenues by Application 2020-2031 (US$ Bn)
6.2.5. Latin America
6.2.5.1. Latin America Solvents Market Estimates and Forecast, 2020 – 2031 (Kilo Tons), (US$ Bn)
6.2.5.1.1. Latin America Solvents Market Volumes by Product Type 2020-2031(Kilo Tons)
6.2.5.1.2. Latin America Solvents Market Revenues by Product Type 2020-2031(US$ Bn)
6.2.5.1.3. Latin America Solvents Market Volumes by Application 2020-2031 (Kilo Tons)
6.2.5.1.4. Latin America Solvents Market Revenues by Application 2020-2031 (US$ Bn)
7. Company Profiles
7.1. BASF SE
7.1.1. Company Overview
7.1.2. Financial Overview
7.1.3. Business Strategies
7.1.4. SWOT Analysis
7.1.5. Recent Developments
7.2. British Petroleum
7.2.1. Company Overview
7.2.2. Financial Overview
7.2.3. Business Strategy
7.2.4. SWOT Analysis
7.2.5. Recent Developments
7.3. Celanese Corporation
7.3.1. Company Overview
7.3.2. Financial Overview
7.3.3. Business Strategies
7.3.4. SWOT Analysis
7.3.5. Recent Developments
7.4. Dow Oxygenated Solvents
7.4.1. Company Overview
7.4.2. Financial Overview
7.4.3. Business Strategies
7.4.4. SWOT Analysis
7.4.5. Recent Developments
7.5. DuPont
7.5.1. Company Overview
7.5.2. Financial Overview
7.5.3. Business Strategies
7.5.4. SWOT Analysis
7.5.5. Recent Developments
7.6. ExxonMobil Chemical Ltd.
7.6.1. Company Overview
7.6.2. Financial Overview
7.6.3. Business Strategy
7.6.4. SWOT Analysis
7.6.5. Recent Developments
7.7. Huntsman International LLC
7.7.1. Company Overview
7.7.2. Financial Overview
7.7.3. Business Strategy
7.7.4. SWOT Analysis
7.7.5. Recent Developments
7.8. Maruzen Petrochemical Co Ltd
7.8.1. Company Overview
7.8.2. Business Strategy
7.8.3. SWOT Analysis
7.8.4. Recent Developments
7.9. Shell Chemicals
7.9.1. Company Overview
7.9.2. Financial Overview
7.9.3. Business Strategy
7.9.4. SWOT Analysis
7.9.5. Recent Developments
7.10. Sasol Solvents
7.10.1. Company Overview
7.10.2. Financial Overview
7.10.3. Business Strategy
7.10.4. SWOT Analysis
7.10.5. Recent Developments
7.11. Solvay Chemicals
7.11.1. Company Overview
7.11.2. Financial Overview
7.11.3. Business Strategies
7.11.4. SWOT Analysis
7.11.5. Recent Developments
List of Tables
Table 1: Global Solvents Market Snapshot, 2020 & 2031
Table 2: Drivers of the Solvent Market: Impact Analysis
Table 3: Restraints of the Solvents Market: Impact Analysis
Table 4: List of Commonly Used Solvents as Per the UK Safety Standards
Table 5: North America Solvents Market Volumes by Product Type 2020-2031(Kilo Tons)
Table 6: North America Solvents Market Revenues by Product Type 2020-2031(US$ Bn)
Table 7: North America Solvents Market Volumes by Application 2020-2031(Kilo Tons)
Table 8: North America Solvents Market Revenues by Application 2020-2031 (US$ Bn)
Table 9: Europe Solvents Market Volumes by Product Type 2020-2031(Kilo Tons)
Table 10: Europe Solvents Market Revenues by Product Type 2020-2031(US$ Bn)
Table 11: Europe Solvents Market Volumes by Application 2020-2031 (Kilo Tons)
Table 12: Europe Solvents Market Revenues by Application 2020-2031 (US$ Bn)
Table 13: Asia Pacific Solvents Market Volumes by Product Type 2020-2031(Kilo Tons)
Table 14: Asia Pacific Solvents Market Revenues by Product Type 2020-2031(US$ Bn)
Table 15: Asia Pacific Solvents Market Volumes by Application 2020-2031 (Kilo Tons)
Table 16: Asia Pacific Solvents Market Revenues by Application 2020-2031 (US$ Bn)
Table 17: Middle East & Africa Solvents Market Volumes by Product Type 2020-2031(Kilo Tons)
Table 18: Middle East & Africa Solvents Market Revenues by Product Type 2020-2031(US$ Bn)
Table 19: Middle East & Africa Solvents Market Volumes by Application 2020-2031 (Kilo Tons)
Table 20: Middle East & Africa Solvents Market Revenues by Application 2020-2031 (US$ Bn)
Table 21: Latin America Solvents Market Volumes by Product Type 2020-2031(Kilo Tons)
Table 22: Latin America Solvents Market Revenues by Product Type 2020-2031(US$ Bn)
Table 23: Latin America Solvents Market Volumes by Application 2020-2031 (Kilo Tons)
Table 24: Latin America Solvents Market Revenues by Application 2020-2031 (US$ Bn)
List of Figures
Figure 1: Solvents: Market Segmentation
Figure 2: Global Solvents Market Estimates and Forecast, 2020 - 2031 (Kilo Tons) (US$ Bn)
Figure 3: Solvent Market: Value Chain Analysis
Figure 4: Construction CAGR (2017-2020) In BRIC Countries, 2020 (US$ Bn)
Figure 5: Break-Up of Construction Spending In BRIC, 2020
Figure 6: Revenue and CAGR of Paints & Coating Market in BRIC (2007-2020)
Figure 7: Global Pharmaceuticals Market, 2017 - 2020 (US$ Bn)
Figure 8: Global WTI Crude Oil Price Trend Estimate and Forecast, 2014 – 2031 (USD/Barrel)
Figure 9: Porter’s Five Forces Analysis for Solvents Market
Figure 10: Global Solvents Market By Product: Market Attractiveness Analysis
Figure 11: Solvents: Company Market Share Analysis, 2020
Figure 12: Global Solvents Market Volume Share by Product Type, 2020 & 2031
Figure 13: Global Alcohol Based Solvents Market Estimates and Forecast, 2020 – 2031 (Kilo Tons), (US$ Bn)
Figure 14: Global Hydrocarbon Solvents Market Estimates and Forecast, 2020 – 2031 (Kilo Tons), (US$ Bn)
Figure 15: Global Ketone Based Solvents Market Estimates and Forecast, 2020 – 2031 (Kilo Tons), (US$ Bn)
Figure 16: Global Ester Solvents Market Estimates and Forecast, 2020 – 2031 (Kilo Tons), (US$ Bn)
Figure 17: Global Chlorinated Solvents Market Estimates and Forecast, 2020 – 2031 (Kilo Tons), (US$ Bn)
Figure 18: Global Other Solvents Market Estimates and Forecast, 2020 – 2031 (Kilo Tons), (US$ Bn)
Figure 19: Global Solvents Market Volume Share By Application, 2020 & 2031
Figure 20: Global Demand for Solvents from Paints and Coatings Industry 2020 – 2031 (Kilo Tons), (US$ Bn)
Figure 21: Global Demand for Solvents from Printing Inks Industry, 2020-2031 (Kilo Tons), (US$ Bn)
Figure 22: Global Demand for Solvents from Pharmaceutical Industry, 2020-2031 (Kilo Tons), (US$ Bn)
Figure 23: Global Demand for Solvents from Cosmetic and Adhesive Industries, 2020-2031 (Kilo Tons), (US$ Bn)
Figure 24: Global Other Market Estimates and Forecast, 2020 – 2031 (Kilo Tons), (US$ Bn)
Figure 25: Global Solvents Volume Market Share By Region, 2020 & 2031
Figure 26: North America Solvents Market Estimates and Forecast, 2020 – 2031 (Kilo Tons), (US$ Bn)
Figure 27: Europe Solvents Market Estimates and Forecast, 2020 – 2031 (Kilo Tons), (US$ Bn)
Figure 28: Asia Pacific Solvents Market Estimates and Forecast, 2020 – 2031 (Kilo Tons), (US$ Bn)
Figure 29: Middle East & Africa Solvents Market Estimates and Forecast, 2020 – 2031 (Kilo Tons), (US$ Bn)
Figure 30: Latin America Solvents Market Estimates and Forecast, 2020 – 2031 (Kilo Tons), (US$ Bn)
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Solvents Market
*86 figures and 60 tables includes