The global solvent market is expected to record a CAGR of 6.72% while procuring a market value of USD 69.21 Billion by 2030, estimates Market Research Future (MRFR). The increasing demand for solvents from personal care products, home care, and agricultural chemicals applications is anticipated to play a significant role in developing the market during the forecast period.

Rapid industrialization and urbanization are anticipated to be key driving factors making a notable contribution in developing the industry during the forecast period. The expansion of the automotive and construction sectors are other salient sectors that can augment the market size during the forecast period. The increasing demand for organic solvent in various end-user sectors is predicted to offer various lucrative opportunities in the coming time. Various players are focusing on the development of bio-based solvents that are environmentally friendly. In order to achieve sustainability, players are collaborating with biotechnology firms to manufacture green solvents. On the other hand, the stringent rules and regulations imposed regarding the usage of solvents are expected to hamper the market growth. However, the on-going R&D on the bio-based solvents market is expected to counter the inhibiting factor that can aid in boosting the industry.

The pandemic COVID-19 has brought a negative impact on the market owing to the disturbance caused in the supply chain caused due to the imposition of lockdown across the globe. The non-essential sectors such as automotive, construction, aircraft manufacturing, and others were temporarily shut, which brought a massive impact on the demand for the product. China is among the largest producers and consumers of solvents. The disturbance caused in the supply of raw materials has affected the manufacture and supply chain of the solvent in the country. Countries such as; the US, Canada, Italy, and Spain are other countries that are facing the impact of the pandemic.

The global solvents market can be segmented into type, application, and source. In the type segment of the global solvents market, the alcohol segment is anticipated to acquire the largest market share during the forecast period. The expansion of the segment can be attributed to its high demand in paints & coatings, cosmetics, and personal care sectors. The halogenated solvents segment is predicted to acquire significant traction during the assessment tenure. However, the health and environmental risks associated with it can hinder the growth of the segment. In the source segment of the global solvent market, the petrochemical-based segments are anticipated to dominate the global market during the forecast period. The segment is predicted to acquire a market value of USD 142 billion while expanding at a CAGR of 5% during the forecast period from 2019 to 2025. The bio-based segment is anticipated to witness high growth during the assessment period owing to the increasing concerns regarding environmental pollution. In the application segment of the global solvent market, the paints & coatings market is projected to account for the largest market share during the review tenure. The development of the segment can be attributed to the growing demand for the product in the automotive and construction sector.

Rising Paints & Coatings Sector to Boost APAC Market

As per the regional analysis conducted by MRFR, APAC is anticipated to lead the global market during the forecast period. The emerging countries such as; India, China, and Japan are expected to play a significant role in developing the market during the review time. The rapid expansion of the construction and paints & coatings sector is likely to play an important role in developing the market in APAC. Various players in the region are making efforts to expand their consumer base that is likely to augment the market size in the region. For example, Grasim Industries recently announced that it would enter the paints sector, which is expected to aid in developing the APAC market. In addition, the launch of Tesla in India is likely to offer various opportunities for market expansion in the coming time. North America is predicted to acquire a significant market value during the review time. The expansion of the regional market can be attributed to the presence of well-established personal care, cosmetics, and pharmaceutical sectors. Among all, the U.S. is likely to make a notable contribution in developing the market in the assessment tenure. Europe is likely to acquire a significant market value during the forecast period. The expansion of the region can be attributed to the robust presence of the automobile sector. The globally renowned players are expected to make a salient contribution in driving the market in the region during the assessment tenure. Countries such as; Germany is expected to make a notable contribution in developing the market in the region.

Some of the globally renowned players covered in the report are Celanese Corporation (U.S.), BASF SE (Germany), Eastman Chemical Company (U.S.), Corbion NV (U.S.) — PURASOLV, LyondellBasell Industries Holdings B.V. (The Netherlands), PPG Industries, Inc. (U.S.) — Desoclean, DeSoto, Eldorado, Royal Dutch Shell PLC (Netherlands) — PROXITOL, Dow Chemical Company (U.S.), Exxon Mobil Corporation (U.S.) — Exxsol, Isopar, Varsol, Nappar, and Solvesso, and Chevron Phillips Chemical (U.S.) — SOLTROL.

Entrance of Grasim to Fuel the Market Competition

Partnerships, collaborations, and business expansion are some of the business strategies adopted by renowned players to stay relevant in the market. Various players are entering the market that can fuel the competition in the market. For example, the entry of Grasim has boosted the competition in the market. The Indian painting sector is set to face rigorous competition among Grasim, JSW, and Reliance. Apart from the paints & coatings sector, the key players of the automotive sectors are also expanding their consumer base by increasing partnerships. For example, EVgo announced its collaboration with BMW. In addition, Samsung announced its digital key collaboration with Audi, BMW, Ford, and Genesis. Also, in another recent news, Medvedev and BMW Russia announced that they would continue their pre-existing alliance through 2024. The increasing partnerships among key players of the globe have resulted in intense competition in the industry.

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.

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