26-Mar-2020 | Facts and Factors
Findings from Facts and Factors report “Industrial Solvents Market By Product (Hydrocarbons, Acids, Esters, Glycols, Aromatics, Alcohols, Ketones, Ethers and Other) and By Application (Dissolution Agent, Cleaning and Degreasing, Paints and Coatings, Applications in Printing Products and Cleaning, Cosmetics, Printing Ink, Adhesives and Other): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” states that the global industrial solvents market in 2019 was approximately USD 29.8 billion. The market is expected to grow at a CAGR of 3% and is anticipated to reach around USD 36.6 billion by 2026.
Solvents are used specifically for dissolving any solid, liquid, or gas. Industrial solvents are material in which another substance is melted. They are used mainly in cleaning, formulating, and processing. They are used primarily in the paint, pharmaceutical, glue, and printing industries.
Browse the full “Industrial Solvents Market By Product (Hydrocarbons, Acids, Esters, Glycols, Aromatics, Alcohols, Ketones, Ethers and others) and By Application (Dissolution Agents, Cleaning and Degreasing, Paints and Coatings, Applications in Printing Products and Cleaning, Cosmetics, Printing Ink, Adhesives and Other): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026" https://www.fnfresearch.com/industrial-solvents-market-by-product-hydrocarbons-acids-esters-972
Rapid industrialization in emerging economies has resulted in an extraordinary demand for the market for industrial solvents. Growing demand for industrial solvents in adhesives, paint industries, and printing is driving the market for industrial solvents. Nevertheless, that concern for environmental problems caused by solvents can hamper this market's growth. Nonetheless, the growing infrastructure sector in developing countries coupled with ongoing untapped-use research is likely to open up new opportunities for the industrial solvent market in the coming years.
The industrial solvent market can be segmented based on products into acids, glycols, alcohols, ethers, hydrocarbons, esters, aromatics, ketones, and other products. Given its organic properties, the hydrocarbon solvent is the leading segment due to the high demand from end-users. Many industrial solvent uses are washing and degreasing agents, dissolution agents, printing and cleaning products, paints and coatings, and others. Dissolution agents, with about 48 percent of the overall market share, dominated the industrial solvents market. The segment of paints and coatings is expected to experience high growth in the forecast period due to the growing demand from the infrastructure and automotive industries.
The demand for industrial solvents market is established in North America and Europe and has hit its saturation point. Hence the market is expected to expand at a steady pace in these regions. Strict controls for the use of industrial solvents were imposed by the U.S. and European governments due to adverse environmental impacts. Hence the use of eco-friendly solvents such as green and bio-based solvents in North America is increasing in demand. However, due to rapid industrialization, the Asia Pacific and Latin America are expected to show the fastest market growth. With growing development and abundant raw resources, the Middle East and Africa are likely to expand at a decent rate. In addition, the growing use of solvents in the pharmaceutical industry is boosting the growth of industrial solvents. Rapidly increasing infrastructure and the use of paints in construction contributed to the growth of the paint and coating industry, resulting in the growth of the demand for industrial solvents. Latin America has hit its saturation point for this sector and owing to strict regulations is likely to have slow growth in the coming years. It is anticipated that the demand for bio-based solvents will show greater growth compared to the industrial solvent. This demand comes largely from Argentina and Brazil.
Report Scope
Report Attribute |
Details |
Market Size in 2019 |
USD 29.8 Billion |
Projected Market Size in 2026 |
USD 36.6 Billion |
CAGR Growth Rate |
3% CAGR |
Base Year |
2019 |
Forecast Years |
2020-2026 |
Key Market Players |
Daicel Chemical Industries, Lyondell Basell Industries N.V., Arkema S.A., Royal Dutch Shell PLC, SK Innovation Co., Ltd., Sinopec Corp., BP PLC, BASF SE, Exxon Mobil Corporation, Eni S.p.A., Nippon Refine Co., Ltd., The Dow Chemical Company, Petroleo Brasileiro S.A., JX Holdings, Inc., and Others. |
Key Segment |
By Product, By Application, By Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Purchase Options |
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Some of the major players in the market are Daicel Chemical Industries, Lyondell Basell Industries N.V., Arkema S.A., Royal Dutch Shell PLC, SK Innovation Co., Ltd., Sinopec Corp., BP PLC, BASF SE, Exxon Mobil Corporation, Eni S.p.A., Nippon Refine Co., Ltd., The Dow Chemical Company, Petroleo Brasileiro S.A., JX Holdings, Inc., and Others.
This report segments the industrial solvents market as follows:
Global Industrial Solvents Market: By Product Segmentation Analysis
- Hydrocarbons
- Acids
- Esters
- Glycols
- Aromatics
- Alcohols
- Ketones
- Ethers
- Other
Global Industrial Solvents Market: By Application Segmentation Analysis
- Dissolution agent
- Cleaning and degreasing
- Paints and coating
- Printing products and cleaning
- Others
Global Industrial Solvents Market: Regional Segmentation Analysis
- North America
- Europe
- Germany
- The UK
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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