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Base Year: 2023
Companies covered: 15
Tables & Figures: 172
Countries covered: 19
Pages: 200
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Industrial Solvents Market
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Industrial Solvents Market Size
The global industrial solvents market was valued at USD 26 billion in 2023 and will grow at 3.6% CAGR from 2024 to 2032. Due to increasing demand for paints & coatings, printing inks and cosmetics products should boost global market outlook. They have increased usage in pharmaceutical sector as these products are formulated to attain specific properties of getting dissolved in various medicinal drugs, thereby stimulating product demand.
Global paints & coatings market was projected at over USD 206 billion in 2023 and is projected to grow at a significant rate in the foreseeable timeframe. In paints, products dissolve or disperse different components which are utilized in paint formulation. Aliphatic and aromatic hydrocarbon diluents including n-heptane, benzene, xylene and toluene are widely used in paint formulation owing to their faster drying properties which produces less odor than other mineral spirits, thereby increasing the global market demand.
Rising demand for various cosmetics products is anticipated to boost industrial solvents market growth over the forecast timeframe. Global beauty & cosmetics market was valued at over USD 374 billion in 2023. In cosmetics segment, they are utilized for skincare products as are gentle in nature which act as a soothing agent for all skin types. Isopropyl alcohols have enhanced usage in cosmetic segments such as cleansers & toners and as they are derived from fermentation of sugar, starch and other carbohydrates mitigates the risk of skin allergies, thereby fueling the market demand worldwide.
The industrial solvents market is witnessing significant growth driven by several key factors. Firstly, the rising demand for solvents in the cosmetic industry is largely attributed to the formulation of innovative beauty products that require effective solvents for enhanced performance and stability. Additionally, the automotive sector is experiencing an increase in the demand for adhesives and sealants, which rely on high-quality solvents for optimal adhesion and durability, essential for modern vehicle manufacturing. Furthermore, the paints and coatings industry are expanding due to a surge in construction and renovation activities, where solvents play a crucial role in achieving desired application properties and finishes.
Industrial Solvents Market Trends
Manufacturers are increasingly adopting eco-friendly solvents to comply with stringent environmental regulations, which not only reduces waste but also improves operational efficiency. Advances in solvent recovery technologies are enabling companies to recycle solvents, thus minimizing costs and reducing environmental impact.
Additionally, the integration of automation and digitalization in solvent manufacturing processes is streamlining production, resulting in higher output and reduced labor costs. Research and development efforts are also leading to the formulation of high-performance solvents that enhance product quality while decreasing the volume required for applications. These trends indicate a shift towards more sustainable and efficient manufacturing practices, positioning companies to meet growing demand while adhering to regulatory standards. Overall, these industrial developments are reshaping the landscape of the solvents market, driving innovation and efficiency across various sectors.
Industrial Solvents Market Analysis
The oxygenated solvents segment will capture USD 20.8 billion and demonstrate a 3.9% CAGR till 2032. Organic solvents are compounds containing oxygen molecules, widely used in paints, inks, pharmaceuticals, and cosmetics. These products play a crucial role in the coatings industry, carrying the solid components of paint and maintaining consistency for application by brush, roller, or spray. Toluene, a common organic solvent, is utilized in paint formulations due to its insolubility in water and dissolvability properties. The application of organic solvents extends to paint thinners, printing inks, and lacquers, contributing to the increasing demand for these products.
The U.S. industrial solvents market is projected to achieve USD 7.2 billion, with a CAGR of 5.5% from 2024 to 2032. The increase in disposable income and expenditure on cosmetic products is expected to boost the industry's prospects in the region. These ingredients are incorporated into various products such as creams, sunscreens, lotions, and ointments due to their soothing effects and ability to enhance skin structure. This trend is a significant factor contributing to the growth of the regional industry.
The market is experiencing increased demand for eco-friendly solvents, including bio-based and water-soluble options, as industries shift towards more sustainable practices. Sectors such as automotive, construction, and pharmaceuticals are adopting new solvent formulations to improve performance and reduce volatile organic compounds (VOCs). Technological advancements in solvent recovery and recycling processes are gaining popularity, further supporting sustainability initiatives. Economic factors, including raw material price fluctuations and supply chain dynamics, are influencing the market, leading manufacturers to seek cost-effective and efficient solutions.
Industrial Solvents Market Share
Companies include, Shell, BASF, Arkema, and Honeywell have made significant contributions to the industrial solvents industry, focusing on innovation, sustainability, and performance enhancement. Shell has invested in developing bio-based solvents, aligning with the growing demand for environmentally friendly options.
BASF is known for its extensive portfolio of high-performance solvents that cater to diverse applications while emphasizing VOC reduction. Arkema has pioneered the use of specialty solvents, such as waterborne and low-VOC formulations, enhancing safety and environmental compliance across industries. Honeywell has introduced advanced solvent recovery technologies, enabling manufacturers to recycle solvents effectively, thus reducing waste and operational costs. Together, these companies are driving advancements in solvent technology, promoting sustainable practices, and responding to evolving regulatory standards, positioning themselves as leaders in a competitive market.
Industrial Solvents Market Companies
Top companies operating in the industrial solvents industry include:
Industrial Solvents Industry News
March 2024: BASF SE launched a new methyl glycols (MG) plant at its Verbund site in Zhanjiang, China. This facility will have an annual capacity of 46,000 metric tons and is designed to meet the increasing regional demand for brake fluids. BASF's new methyl glycols plant supports the market by increasing the supply of key solvents used in brake fluid formulations. This expansion aligns with rising demand in the automotive sector, highlighting the growing importance of specialty solvents in various applications.
March 2023: Exxon Mobil Corporation announced plans for large-scale capacity expansions to produce hydrocarbon and oxygenated fluids at its facilities in Belgium, the US, and Singapore. These expansions can enhance the availability of high-quality solvents, potentially driving down costs and fostering innovation in solvent applications across various industries.
The industrial solvents market research report includes in-depth coverage of the industry, with estimates and forecasts in terms of revenue and volume (USD Billion) (Tons) from 2021 to 2032, for the following segments:
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Market, By Product
The above information is provided for the following regions and countries: