Solvent Industry Overview

The global solvent market size is expected to reach USD 51.6 billion in 2030 and is projected to grow at a CAGR of 6.2% from 2024 to 2030. The industry growth is majorly driven by rising usage of hydrocarbons, ketones, and alcohols as solvents in printing inks, pharmaceuticals, paint coatings, cosmetics, cleaning agents, and adhesives.

The continuously growing demand for organic solvents over chemical based is further propelling the demand glycol ethers and alcohols due to their organic nature. These solvents are manufactured mainly from oil fats, cellulose, sugars, and agricultural products. Additionally, they are carbon-neutral, non-toxic, and have eco-friendly properties. The increasing VOC emissions and stringent government regulations are forcing manufacturers towards producing bio-based products over chemical ones. For example, in 2018 Circa Group a renewable chemicals company, introduced its bio-based dipolar aprotic solvent and alternative for chemical based solvents such as Dimethylformamide and N-Methyl-2-pyrrolidone to cater to the rising demand for bio-based products.

Gather more insights about the market drivers, restrains and growth of the Solvent Market

The chemical-based solvents are expected to hamper the growth of the product market over the forecasted period. They not only affect the environment but also has hazardous impact on the health of animals and human beings. Additionally, the workers who work on regular basis face several health issues due to long exposure to such substances. According to the U.S. Department of Labor, the exposure to solvents in workers leads to toxicity to the nervous system, reproductive damage, liver damage, respiratory impairment, kidney damage, cancer, and dermatitis.

Furthermore, in accordance with the Clean Air Act amendments, the EPA has implemented programmes to reduce VOC and related element emissions that contribute to ozone depletion. The agency has put in place the National Ambient Air Quality Standards (NAAQS) and may sanction areas where manufacturers must adhere to the set of standards. As a result, stringent regulations imposed by the EPA, EU, OSHA, and other regional agencies around the world are expected to impede product market growth.

Browse through Grand View Research's Organic Chemicals Industry Research Reports.

• The global corrosion inhibitors market size was valued at USD 8.93 billion in 2024 and is expected to grow at a CAGR of 3.6% from 2025 to 2030. 
  
  
• The global chlorine trifluoride market size was estimated at USD 68.6 million in 2024 and is projected to grow at a CAGR of 4.7% from 2025 to 2030.

Solvent Market Segmentation

Grand View Research has segmented the global solvent market report based on product, end use, and region:

Solvent Product Outlook (Revenue, USD Million, 2018 - 2030, Volume in Kilo Tons)

• Alcohols
• Hydrocarbons
• Ketones
• Esters
• Chlorinated Solvents
• Others

Solvent End Use Outlook (Revenue, USD Million, 2018 - 2030, Volume in Kilo Tons)

• Paints Coatings
• Printing Inks
• Pharmaceuticals
• Cosmetics Personal Care
• Others

Solvent Regional Outlook (Revenue, USD Million, 2018 - 2030, Volume in Kilo Tons)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
• Latin America
  • Brazil
  • Argentina
• Middle East and Africa (MEA)
  • UAE
  • Oman
  • Qatar
  • Saudi Arabia

Key Companies profiled:

• BASF SE
• Dow
• Exxon Mobil Corporation
• SABIC
• LyondellBasell Industries Holdings B.V.
• Shell Chemicals
• Akzo Nobel N.V.
• INEOS
• Huntsman International LLC.
• Eastman Chemical Company

Key Solvent Company Insights

The solvent market is fairly fragmented featuring key players such as BASF SE, Dow, SABIC, and more. These companies have increasingly focused on increasing customer base to gain a competitive edge in the industry. They have undertaken several strategic initiatives, such as mergers and acquisitions, and partnerships with other major companies. 

• Dow is a global material science company operated in three primary business segments namely packaging specialty plastics, industrial intermediates infrastructure, and performance materials coatings Dow's solvents are used in applications ranging from paint formulations and industrial cleaners to pharmaceutical processes and electronic materials. The company's focus on innovation and sustainability has led to the development of bio-based solvents and other green alternatives, helping customers meet regulatory requirements and sustainability goals.
• INEOS is a global petrochemical manufacturer that makes the raw materials and energy used for everyday life. Its products make an indispensable contribution to society and are essential in applications ranging from the preservation of food to the provision of clean water; from the construction of wind turbines, solar panels, and other renewable technologies to the construction of lighter and more fuel-efficient vehicles and aircraft; from medical devices and pharmaceuticals to clothing and apparel. 

Recent Developments

• In April 2024, BASF launched the next generation dispersing agent, Efka PX 4360, during the 2024 American Coatings Show. This specialized agent targets solvent-based industrial coatings. Developed using BASF’s Controlled Free Radical Polymerization (CFRP) technology, Efka PX 4360 boasts a well-defined polymer architecture. It enhances color characteristics, exhibits excellent compatibility with pigments and coatings systems, and offers improved processability. Notably, it is suitable for aromatic- and tin-free formulations.

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