Delvens has released a new research study titled "Solvents Market" analysis by the following subjects: Industry size, share, growth, segmentation, manufacturers and innovations, major trends, market drivers, restraints, regulations, distribution methods, opportunities, strategies, prospective road maps, and yearly forecast till 2030′′. The purpose of the market research study is to thoroughly investigate the industry in order to gain knowledge of the industry and its economic potential. report also looks at SWOT and Porter's Five Forces Analysis, as well as crucial statistics like expenditure, costs, revenue, and end-clients.
The global Solvents market size was estimated at USD 34.37 billion in 2023 and is projected to reach USD 53.06 billion in 2030 at a CAGR of 6.40% during the forecast period 2023-2030.
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Solvents are substances that are mixed in solutes to create a solution. It is generally a liquid, but can also be present in solid, gaseous or supercritical fluid states. Different solvents are used in a variety of ways based on the need such as in paints, inks, as cleaners, etc. Hydrocarbon and oxygenated solvents have been widely used for more than fifty years. Solvents are sometimes used directly such as in nail paint removers and other times they are used as a part of another product or used in the manufacture of another product.
Solvents have a variety of applications in various products. In paints and coatings, solvents are used to make paint the desired consistency for application and to avoid clumps or globs. They are used in ink to make it evaporate quickly. They are used in cosmetic products to make the ingredients dissolve quickly so as to enable the product to work properly. Ethanol is used in perfumes because of its low odour. Ethyl Acetate is used in nail polish because of its fast-drying property.
Delvens Industry Expert's Standpoint
During the pandemic, due to reduced construction activity, decreased automobile demand and disrupted raw material supply chains, the global solvent market took a hit. However, post pandemic, due to increased construction activities and increased demand of automobile especially after the introduction of electric vehicles, the market is rapidly rising. This is because the solvent market is largely driven by the paints and coatings industry and due to increased construction activities and automobile demand all across the world, the demand for solvents for the paints and coats has also increased.
Competitive Landscape
- Arkema SA
- Ashland
- BASF SE
- Bharat Petroleum Corporation Limited
- Celanese Corporation
- Eastman Chemical Company
- Exxon Mobil Corporation
- Ascend Performance Materials
- Honeywell International Inc.
- Huntsman International LLC
- INEOS
- LyondellBasell Industries Holdings B.V.
- Royal Dutch Shell plc
- Solvay
- Janex S.A
- Shell
- Neste
- Koch Engineered Solutions
- Adrol
- Soltex Inc.
- Hengyi Industries Sdn Bhd
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Asia Pacific is estimated to account for the largest market share during the forecast period. This can be attributed to the increased construction activity in countries like India and China aided with rapid industrialization in these countries. Paint and Coatings industry and adhesives industry which make use of solvents in large quantities are flourishing in countries like China, Indonesia, Thailand, Vietnam, and Korea which is leading to the increase of solvent demand in the region over the period.
Moreover, rapid industrialization and urbanization in countries in Asia Pacific along with the increased automobile demand is another driving factor of the market.
Recent Developments
- In February 2023, Clariter, a global cleantech company and TotalEnergy Fluids introduced the world’s first sustainable ultra-pure solvent which is made from plastic waste. Ultra-pure solvents are used in pharmaceutical and other markets that require safe, colourless, odourless, and tasteless products that meet the highest pharmacopoeia-standard purity criteria. Producing these solvents from plastic waste not only reduces their environmental footprint, but also contributes towards addressing the challenge of end-of-life plastics.
- In 2020, BASF SE, a German company and ExxonMobil, a US based organization, introduced a new gas treating solvent that helping customers lower sulphur and overall CO2 emissions by helping in the processing and refining of the gas.
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In addition to the market data for the Global Solvents Market, Delvens offers client-centric reports customized according to the company’s specific demand and requirements.
Reasons to Acquire
- Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
- Gain authentic and granular data access for the Solvents Market to understand the trends and the factors involved in changing market situations.
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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