WILMINGTON, DE / ACCESSWIRE / March 24, 2023 / Transparency Market Research Inc. - According to Transparency Market Research, the global solvents market stood at USD 32.3 billion in 2021 and the global market is projected to reach USD 45.2 billion in 2031. The global industry is anticipated to expand at a CAGR of 3.42% between 2021 and 2031, where the global solvents market was valued at USD 31.3 billion in 2020.
Due to the gain in the on-demand product and services attributed to the personalized demands of the clients, consumers, and their partners during the COVID-19 pandemic. This resulted in the manufacturers gaining cognizance of their issues and in the improvement of the services apart from making product developments.
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|Market Revenue||USD 31.3 billion in 2021|
|Estimated Value||USD 45.2 billion by 2031|
|Growth Rate - CAGR||3.42%|
|No. of Pages||217 Pages|
|Market Segmentation||By Product Type and Application|
|Regions Covered||North America, Europe, Asia Pacific, Middle East & Africa, South America|
|Format||Electronic (PDF) + Excel|
During the COVID-19 pandemic, the solvents market was negatively impacted due to the disturbance in the supply chain where the market is largely dependent on the growth in aircraft manufacturing, automotive, and construction as solvents that are reportedly used in paints & coatings applications in these respective sectors.
China is considered to have the largest market for manufacturing and construction in the world. But due to strict lockdowns all over the world, across borders or in the states, the demand for paints & coatings has declined also hitting the demand in the solvents market in the first quarter of the year.
Chemical-based solvents have affected human health in various ways. These solvents not only affect the human beings but also environment and the animals as well. Workers working regularly in factories have to deal with several health issues due to their prolonged exposure to these substances.
The market is henceforth experiencing rapid growth in the approaching economies, where the advanced technologies and their latest equipment are thus driving the demand for upgraded products in both developed and developing countries.
Currently, according to the latest reports by TMR, Asia Pacific is accounted for a major share of the solvent market. In terms of both value and income. This, thus, owes and raises the demand for solvents present in agricultural chemicals, cosmetics & personal care in this region leading to more accelerated urbanization and change in lifestyle thus driving the growth of solvents in this region.
Key Takeaways of Market Report
- By application, paints & coatings accounted for over 30% of the solvents market revenue in 2022
- Chemical-based solvents affecting the health of humans, and environmental species, prompting a shift towards eco-friendlier alternatives
- Due to the upgradation in the products, the solvents market is thus experiencing rapid growth.
- Asia Pacific, to be considered as the largest market share in solvents during the forecast period, consisting of more than 40% of the global markets.
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Global Solvents Market: Growth Drivers
- The rapid flourishment of the paints & coatings market is one of the dominant drivers of the growth in the solvents market.
- In the construction industry, these solvents are majorly used as carriers for surface coatings, paints, etc.
- The growing demand for the solvents is thus expected to boost the growth of the market, where the properties such as durability, and cost-effectiveness, have approved this product.
- Lastly, the increase in demand is due to the accelerated growth in the construction industry thus soaring the infrastructural development in various countries in the Asia Pacific.
Global Solvents Market: Regional Landscape
- Asia Pacific is regarded for more than 40% of the global solvents market, where the demand for solvents is anticipated to increase leading to heavy industrialization and a rising population.
- Europe is considered to have the second-largest share in terms of demand in the solvents market, followed by North America.
Global Solvents Market: Key Players
Some of the key market players in the global solvents market are-
- BASF SE
- Engagement in the manufacturing and selling of a wide range of chemicals and intermediate solutions.
- Focuses on new product launches, enlargement, and arrangement so that they can remain competitive in the solvents market.
- The company offers various products like chemicals, plastics, functional solutions, crude oil, etc.
- Royal Dutch Shell Plc
- Focuses mainly on the downstream business segment as it has a strong- revenue-generating segment with a high return on investment.
- Focuses on the development and new product launches.
- Vertically unified and active in both upstream and downstream activities in the oil & gas industry.
- The important factors for future growth are a well-established distribution network and its brand value.
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Solvents Market Segmentation
- Alcohol-based solvents
- Hydrocarbon solvents
- Ketone-based solvents
- Ester solvents
- Chlorinated solvents
- Other solvents (Bio-solvents and glycol)
- Paints & Coatings
- Printing Inks
- Cosmetics and adhesives
- Others (cleaning and de-icing)
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