Solvents Market by Type (Oxygenated, Hydrocarbon, Halogenated), Application (Paints & Coatings, Pharmaceuticals, Adhesives, Printing Inks, Personal Care, Agricultural Chemicals), Source (Natural, Derived), and Region - Global Forecast to 2029
“Halogenated solvents segment is projected to be the third-fastest growing segment of solvents market, during the forecast period”
The halogenated solvents segment is estimated to be the third-fastest growing segment of solvents market, during the forecast period. Strong solvency power is a property of halogenated solvents, among which are the chlorinated solvents such as methylene chloride, chloroform, and trichloroethylene. They find application in areas where other types of solvents could not, since these are very effective at dissolving organic materials. For situations that require rigorous operations, such as degreasing and cleaning in the automotive and aerospace industries, they become quite suitable because of their chemical stability and resistance to degradation.
“Personal care segment was the third largest application of solvents market, in terms of value, in 2023.”
The personal care segment stands as the third-largest application in the solvents market as they are the vital ingredient in the formulation and manufacturing process in a wide array of personal care products. These include cosmetics, skincare, hair care, and oral care, among other products, which need solvents to get the desired consistency, stability, and performance. Solvents ensure that the active compounds, including as vitamins, peptides, and moisturizers, are distributed uniformly throughout the product by facilitating their dispersion to provide the desired therapeutic and cosmetic effects.
“Derived sources segment was the largest source of solvents market, in terms of value, in 2023.”
The derived sources segment stands as the largest source in the solvents market. The versatility of derived sources in meeting diverse industrial needs is one of the main factors contributing to their supremacy. For example, petroleum-based solvents provide a wide range of chemical characteristics, ranging from non-polar hydrocarbons to more polar types such as esters and ketones. Synthetic solvents can be tailored to meet the requirements of sectors that require solvents with exact evaporation rates, solubility, or chemical stability. This flexibility further increases the effectiveness of synthetic solvents.
“Europe was the third largest region in the solvents market, in terms of value.”
Europe was the third-largest region in the solvents market, in terms of value, in 2023. The solvents market in the region is comparatively mature, growing slower than the developing markets in the Asia-Pacific region or even in the Middle East and Africa. Europe possesses many chemical production plants and advanced manufacturing facilities, which creates a significant need for solvents. The industrial foundation of the region is broad and includes industries like adhesives, paints & coatings, cleaning goods, automobiles, and pharmaceuticals. Solvents are used extensively in all these industries for a variety of purposes, from manufacturing procedures to finished goods.
- By Company Type: Tier 1 - 55%, Tier 2 - 25%, and Tier 3 - 20%
- By Designation: Directors - 50%, Managers - 30%, and Others - 20%
- By Region: North America - 40%, Europe - 35%, Asia Pacific - 20%, Rest of World – 5%
Research Coverage
This report segments the market for solvents based on type, application, and region and provides estimations of value (USD Million) for the overall market size across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, services, and key strategies, associated with the market for solvents.
Reasons to Buy this Report
This research report is focused on various levels of analysis — industry analysis (industry trends), market share analysis of top players, and company profiles, which together provide an overall view of the competitive landscape, emerging and high-growth segments of the solvents market; high-growth regions; and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on solvents offered by top players in the global market
- Analysis of key drivers: (Rapid industrial growth, Expansion of paints and coatings industry, Rising workplace hygiene initiatives), restraints (Stringent regulations related to use of solvents), opportunities (Increasing demand for green and bio-based solvents, Economic growth in developing countries), and challenges (Fluctuating raw material prices) influencing the growth of solvents
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the solvents market
- Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the markets for solvents across regions.
- Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global solvents market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the solvents market
1. STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.3 STUDY SCOPE
1.3. MARKETS COVERED
1.3.2 INCLUSIONS AND EXCLUSIONS
1.3.3 YEARS CONSIDERED
1.3.4 CURRENCY CONSIDERED
1.3.5 UNIT CONSIDERED
1.4 STAKEHOLDERS
1.5 SUMMARY OF CHANGES
2 RESEARCH METHODOLOGY
2. RESEARCH DATA
2.1. SECONDARY DATA
2.1.2 PRIMARY DATA
2.1.2. Key primary participants
2.1.2.2 Key industry insights
2.1.2.3 Breakdown of primaries
2.2 MARKET SIZE ESTIMATION
2.2. BOTTOM-UP APPROACH
2.3 DATA TRIANGULATION
2.4 GROWTH FORECAST
2.4. SUPPLY-SIDE ANALYSIS
2.4.2 DEMAND-SIDE ANALYSIS
2.5 RESEARCH ASSUMPTIONS
2.6 RESEARCH LIMITATIONS
2.7 RISK ASSESSMENT
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
4. ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN SOLVENTS MARKET
4.2 ASIA PACIFIC SOLVENTS MARKET, BY APPLICATION AND COUNTRY
4.3 SOLVENTS MARKET, BY REGION
4.4 SOLVENTS MARKET, BY TYPE VS. REGION
4.5 SOLVENTS MARKET, BY COUNTRY
5 MARKET OVERVIEW
5. INTRODUCTION
5.2 MARKET DYNAMICS
5.2. DRIVERS
5.2.1. Rapid industrial growth
5.2.1.2 Expansion of paints & coatings industry
5.2.1.3 Rising workplace hygiene initiatives
5.2.2 RESTRAINTS
5.2.2. Stringent regulations related to use of solvents
5.2.3 OPPORTUNITIES
5.2.3. Increasing demand for green and bio-based solvents
5.2.3.2 Economic growth in developing countries
5.2.4 CHALLENGES
5.2.4. Fluctuating raw material prices
5.3 PORTER’S FIVE FORCES ANALYSIS
5.3. THREAT OF NEW ENTRANTS
5.3.2 THREAT OF SUBSTITUTES
5.3.3 BARGAINING POWER OF SUPPLIERS
5.3.4 BARGAINING POWER OF BUYERS
5.3.5 INTENSITY OF COMPETITIVE RIVALRY
5.4 KEY STAKEHOLDERS AND BUYING CRITERIA
5.4. KEY STAKEHOLDERS IN BUYING PROCESS
5.4.2 BUYING CRITERIA
5.5 MACROECONOMIC INDICATORS
5.5. GDP TRENDS AND FORECAST OF MAJOR ECONOMIES
6 INDUSTRY TRENDS
6. SUPPLY CHAIN ANALYSIS
6.2 PRICING ANALYSIS
6.2. AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY APPLICATION
6.2.2 AVERAGE SELLING PRICE TREND, BY REGION
6.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS
6.4 ECOSYSTEM ANALYSIS
6.5 CASE STUDY ANALYSIS
6.5. EXXONMOBIL CHEMICAL’S STRATEGIC DIVERSIFICATION IN SOLVENTS PORTFOLIO
6.5.2 DOW INC.’S ADVANCED SOLVENT SOLUTIONS FOR HIGH-PERFORMANCE COATINGS
6.5.3 BASF’S INNOVATION IN ECO-FRIENDLY SOLVENTS
6.6 TECHNOLOGY ANALYSIS
6.6. KEY TECHNOLOGIES
6.6.1. Solvent recycling and reuse technology
6.6.1.2 Green solvent technology
6.6.2 COMPLEMENTARY TECHNOLOGIES
6.6.2. Supercritical fluid technology
6.7 TRADE ANALYSIS
6.7. IMPORT SCENARIO (HS CODE 381400)
6.7.2 EXPORT SCENARIO (HS CODE 381400)
6.8 REGULATORY LANDSCAPE
6.8. REGULATORY BODIES, GOVERNMENT AGENCIES, AND
OTHER ORGANIZATIONS
6.9 KEY CONFERENCES AND EVENTS, 2024–2025
6.10 INVESTMENT AND FUNDING SCENARIO
6.1 PATENT ANALYSIS
6.11. APPROACH
6.11.2 DOCUMENT TYPES
6.11.3 TOP APPLICANTS
6.11.4 JURISDICTION ANALYSIS
6.12 IMPACT OF AI/GEN AI ON SOLVENTS MARKET
7 SOLVENTS MARKET, BY SOURCE
7. INTRODUCTION
7.2 NATURAL SOURCES
7.3 DERIVED SOURCES
7.3. PETROLEUM-BASED SOURCES
7.3.2 SYNTHETIC SOURCES
8 SOLVENTS MARKET, BY TYPE
8. INTRODUCTION
8.2 OXYGENATED SOLVENTS
8.2. HIGH SOLVENCY POWER AND LOW VOC CONTENT TO DRIVE DEMAND
8.2.2 ALCOHOLS
8.2.2. Excellent solvency properties to fuel demand
8.2.2.2 Methanol
8.2.2.2. Rising use in chemical manufacturing to propel market
8.2.2.3 Ethanol
8.2.2.3. High versatility to drive demand
8.2.2.4 Propanol
8.2.2.4. Growing automotive and construction industries to
boost demand
8.2.2.4.2 Isopropanol
8.2.2.4.3 N-propanol
8.2.2.5 Butanol
8.2.2.5. Rising use in personal care products to drive demand
8.2.2.5.2 Isobutanol
8.2.2.5.3 N-butanol
8.2.3 GLYCOLS
8.2.3. High demand for propylene glycol in pharmaceutical and personal care industries to drive market
8.2.3.2 Ethylene glycol
8.2.3.2. High demand for mono-ethylene glycol in printing inks, chemical separation, and cleaning applications to drive market
8.2.3.2.2 Monoethylene glycol (MEG)
8.2.3.2.3 Diethylene glycol (DEG)
8.2.3.2.4 Triethylene glycol (TEG)
8.2.3.3 Propylene glycol
8.2.3.3. Non-toxic nature of propylene glycol to drive demand
8.2.4 GLYCOL ETHERS
8.2.4. High boiling point and favorable solvent properties to drive demand
8.2.4.2 E-series glycol ethers
8.2.4.2. Excellent solvency, chemical stability, and compatibility with water to boost market growth
8.2.4.3 P-series glycol ethers
8.2.4.3. Rising use of p-series glycol ethers in various applications to propel market
8.2.4.4 Butyl glycol ethers
8.2.4.4. Increasing demand in cosmetics, agricultural chemicals, and paints & coatings applications to fuel demand
8.2.5 KETONES
8.2.5. Rising demand in manufacturing explosives, lacquers, paints,
and textiles sector to propel market
8.2.5.2 Acetone
8.2.5.2. Growing demand in paper and pharmaceutical applications to drive market
8.2.5.3 Methyl ethyl ketone (MEK)
8.2.5.3. Increasing use in adhesives, printing inks, and magnetic tapes to drive market
8.2.5.4 Methyl isobutyl ketone (MIBK)
8.2.5.4. Growing adoption of MIBK as industrial and hard surface cleaners to fuel market growth
8.2.6 ESTERS
8.2.6. Use in fragrances, cosmetics, and personal care, and as processing solvents in pharmaceutical industry to drive demand
8.2.6.2 Ethyl acetate
8.2.6.2. Low toxicity and cost and pleasant odor to fuel demand
8.2.6.3 Butyl acetate
8.2.6.3. Increasing applications in chemical and pharmaceutical industries to drive market
8.3 HYDROCARBON SOLVENTS
8.3. ABILITY TO ELIMINATE WASTEWATER PRODUCTION AND RECYCLABILITY FEATURE TO DRIVE DEMAND
8.3.2 ALIPHATIC SOLVENTS
8.3.2. Use of pentane, isopentane, hexane, cyclohexane, and octane
in various applications to drive market
8.3.3 AROMATIC SOLVENTS
8.3.3. High use in paints & coatings, personal care, and adhesives to
fuel market growth
8.3.3.2 Toluene
8.3.3.2. Rising vehicle sales to drive demand
8.3.3.3 Xylene
8.3.3.3. Use of xylene as industrial solvent to drive market
8.3.3.3.2 Para-xylene
8.3.3.3.3 Mixed-xylene
8.3.3.4 Ethylbenzene
8.3.3.4. Use of ethylbenzene in adhesives and inks to boost
market growth
8.4 HALOGENATED SOLVENTS
8.4. RISING DEMAND IN METAL CLEANING APPLICATIONS TO DRIVE MARKET
8.4.2 METHYLENE CHLORIDE
8.4.2. Use in production of pharmaceuticals, chemicals, and polymers
to drive market
8.4.3 TRICHLOROETHYLENE
8.4.3. Restrictions on use in Europe and North America to hamper demand
8.4.4 PERCHLOROETHYLENE
8.4.4. Restrictions on use in dry cleaning industry and high toxicity to
hinder market growth
9 SOLVENTS MARKET, BY APPLICATION
9. INTRODUCTION
9.2 PAINTS & COATINGS
9.2. EXTENSIVE USE OF PAINTS & COATINGS IN VARIOUS INDUSTRIES
AND SECTORS TO FUEL MARKET GROWTH
9.3 PHARMACEUTICALS
9.3. HIGH SIGNIFICANCE OF SOLVENTS IN DRUG FORMULATIONS TO
DRIVE DEMAND
9.4 ADHESIVES
9.4. NEED FOR PRECISE CONTROL OVER ADHESIVE VISCOSITY AND
CONSISTENCY TO PROPEL DEMAND
9.5 PRINTING INKS
9.5. RAPID ADVANCEMENTS IN PRINTING TECHNOLOGIES TO DRIVE DEMAND
9.6 PERSONAL CARE
9.6. INCREASING CONSUMER PREFERENCE FOR AESTHETICALLY APPEALING PRODUCTS TO FUEL DEMAND
9.7 METAL CLEANING
9.7. INCREASING USE OF ORGANIC AND AQUEOUS SOLVENTS TO CLEAN
METAL PARTS AND COMPONENTS TO DRIVE MARKET
9.8 POLYMER & RUBBER MANUFACTURING
9.8. VITAL ROLE OF SOLVENTS IN DISSOLUTION AND DISPERSION OF
POLYMERS TO DRIVE DEMAND
9.9 AGRICULTURAL CHEMICALS
9.9. RISING ADOPTION OF SUSTAINABLE AGRICULTURAL PRACTICES
TO DRIVE DEMAND
9.10 OTHER APPLICATIONS
10 SOLVENTS MARKET, BY REGION
10. INTRODUCTION
10.2 ASIA PACIFIC
10.2. CHINA
10.2.1. Rapid industrialization to drive market
10.2.2 JAPAN
10.2.2. Booming construction industry to fuel demand
10.2.3 INDIA
10.2.3. Increasing infrastructure development to drive market
10.2.4 SOUTH KOREA
10.2.4. Rising use in shipbuilding, electronics, and manufacturing
industries to drive market
10.2.5 INDONESIA
10.2.5. Infrastructure development and growing agriculture industry
to fuel demand
10.3 EUROPE
10.3. GERMANY
10.3.1. Increasing automobile production to drive demand
10.3.2 FRANCE
10.3.2. Expanding automotive and aerospace & defense industries
to drive market
10.3.3 ITALY
10.3.3. Growth of manufacturing sector to drive market
10.3.4 RUSSIA
10.3.4. Large industrial base with significant natural resources
to drive demand
10.3.5 SPAIN
10.3.5. Booming pharmaceutical industry to fuel demand
10.3.6 UK
10.3.6. Strong manufacturing base to drive market
10.3.7 BELGIUM
10.3.7. Diversified economy to drive demand
10.4 NORTH AMERICA
10.4. US
10.4.1. Presence of key players to drive market
10.4.2 CANADA
10.4.2. Strong oil & gas base to drive market
10.4.3 MEXICO
10.4.3. Low production cost and availability of cheap labor to drive market
10.5 MIDDLE EAST & AFRICA
10.5. GCC COUNTRIES
10.5.1. Saudi Arabia
10.5.1.1. Increasing foreign investments in various industries due
to tax concessions to drive market
10.5.1.2 Qatar
10.5.1.2. Presence of proven oil & gas reserves and booming construction industry to drive market
10.5.2 TURKEY
10.5.2. Favorable geographic location and well-targeted economic
policies to support market growth
10.5.3 IRAN
10.5.3. Increasing vehicle production to drive market
10.5.4 SOUTH AFRICA
10.5.4. Economic growth to fuel demand
10.6 SOUTH AMERICA
10.6. BRAZIL
10.6.1. Increasing demand in agriculture chemicals applications
to drive market
10.6.2 ARGENTINA
10.6.2. Increasing vehicle sales to fuel demand
1 COMPETITIVE LANDSCAPE
11. OVERVIEW
11.2 KEY PLAYERS/RIGHT TO WIN
11.3 MARKET SHARE ANALYSIS, 2023
11.4 REVENUE ANALYSIS, 2019–2023
11.5 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023
11.5. STARS
11.5.2 EMERGING LEADERS
11.5.3 PERVASIVE PLAYERS
11.5.4 PARTICIPANTS
11.5.5 COMPANY FOOTPRINT: KEY PLAYERS, 2023
11.5.5. Company footprint
11.5.5.2 Type footprint
11.5.5.3 Application footprint
11.5.5.4 Region footprint
11.6 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023
11.6. PROGRESSIVE COMPANIES
11.6.2 RESPONSIVE COMPANIES
11.6.3 DYNAMIC COMPANIES
11.6.4 STARTING BLOCKS
11.6.5 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2023
11.6.5. Detailed list of key startups/SMEs
11.6.5.2 Competitive benchmarking of key startups/SMEs
11.7 BRAND/PRODUCT COMPARISON
11.8 COMPANY VALUATION AND FINANCIAL METRICS
11.9 COMPETITIVE SCENARIO
11.9. DEALS
11.9.2 EXPANSIONS
12 COMPANY PROFILES
12. KEY PLAYERS
12.1. SHELL PLC
12.1.1. Business overview
12.1.1.2 Products/Solutions/Services offered
12.1.1.3 MnM view
12.1.1.3. Key strengths/Right to win
12.1.1.3.2 Strategic choices
12.1.1.3.3 Weaknesses/Competitive threats
12.1.2 BASF SE
12.1.2. Business overview
12.1.2.2 Products/Solutions/Services offered
12.1.2.3 Recent developments
12.1.2.3. Deals
12.1.2.3.2 Expansions
12.1.2.4 MnM View
12.1.2.4. Key strengths/Right to win
12.1.2.4.2 Strategic choices
12.1.2.4.3 Weaknesses/Competitive threats
12.1.3 EXXON MOBIL CORPORATION
12.1.3. Business overview
12.1.3.2 Products/Solutions/Services offered
12.1.3.3 Recent developments
12.1.3.3. Expansions
12.1.3.4 MnM view
12.1.3.4. Key strengths/Right to win
12.1.3.4.2 Strategic choices
12.1.3.4.3 Weaknesses/Competitive threats
12.1.4 LYONDELLBASELL INDUSTRIES HOLDINGS B.V.
12.1.4. Business overview
12.1.4.2 Products/Solutions/Services offered
12.1.4.3 Recent developments
12.1.4.3. Expansions
12.1.4.4 MnM view
12.1.4.4. Key strengths/Right to win
12.1.4.4.2 Strategic choices
12.1.4.4.3 Weaknesses/Competitive threats
12.1.5 EASTMAN CHEMICAL COMPANY
12.1.5. Business overview
12.1.5.2 Products/Solutions/Services offered
12.1.5.3 Recent developments
12.1.5.3. Expansions
12.1.5.4 MnM View
12.1.5.4. Key strengths/Right to win
12.1.5.4.2 Strategic choices
12.1.5.4.3 Weaknesses/Competitive threats
12.1.6 ASHLAND GLOBAL HOLDINGS INC.
12.1.6. Business overview
12.1.6.2 Products/Solutions/Services offered
12.1.7 CELANESE CORPORATION
12.1.7. Business overview
12.1.7.2 Products/Solutions/Services offered
12.1.7.3 Recent developments
12.1.7.3. Expansions
12.1.8 HUNTSMAN INTERNATIONAL LLC
12.1.8. Business overview
12.1.8.2 Products/Solutions/Services offered
12.1.9 SOLVAY SA
12.1.9. Business overview
12.1.9.2 Products/Solutions/Services offered
12.1.10 HONEYWELL INTERNATIONAL INC.
12.1.10. Business overview
12.1.10.2 Products/Solutions/Services offered
12.1.10.3 Recent developments
12.1.10.3. Deals
12.1.1 BP P.L.C.
12.1.11. Business overview
12.1.11.2 Products/Solutions/Services offered
12.1.12 INEOS GROUP HOLDINGS S.A.
12.1.12. Business overview
12.1.12.2 Products/Solutions/Services offered
12.1.12.3 Recent developments
12.1.12.3. Deals
12.2 STARTUP/SMES
12.2. TOTALENERGIES SE
12.2.2 SASOL
12.2.3 ARKEMA SA
12.2.4 BHARAT PETROLEUM CORPORATION LIMITED
12.2.5 CARGILL
12.2.6 CHEVRON PHILLIPS CHEMICAL COMPANY LLC
12.2.7 DOW INC.
12.2.8 FLOTEK INDUSTRIES, INC.
12.2.9 INVISTA S.? R.L.
12.2.10 MONUMENT CHEMICAL
12.2.1 OLIN CORPORATION
12.2.12 RELIANCE INDUSTRIES LIMITED
12.2.13 THAIOIL SOLVENT CO., LTD.
13 ADJACENT & RELATED MARKETS
13. INTRODUCTION
13.2 LIMITATION
13.3 PAINTS & COATINGS MARKET
13.3. MARKET DEFINITION
13.3.2 MARKET OVERVIEW
13.4 PAINTS & COATINGS MARKET, BY REGION
13.4. EUROPE
13.4.2 NORTH AMERICA
13.4.3 ASIA PACIFIC
13.4.4 MIDDLE EAST & AFRICA
13.4.5 SOUTH AMERICA
14 APPENDIX
14. DISCUSSION GUIDE
14.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
14.3 CUSTOMIZATION OPTIONS
14.4 RELATED REPORTS
14.5 AUTHOR DETAILS
The report "Solvents Market, by Type (Alcohols, Ketones, Esters, Glycol Ethers, Aromatic, Aliphatic), Application (Paints & Coatings, Polymer Manufacturing, Printing Inks), Source (Petrochemical-Based, Bio & Green), and Region - Global Forecast to 2023" The solvents market is projected to reach USD 57.34 billion by 2023, at a CAGR of 3.9% from an estimated value of USD 47.37 billion in 2018. Growing demand for automobiles and increasing construction activities are projected to drive the demand for solvents across regions. Automobile and construction industries are major markets for paints & coatings, which in turn, are expected to drive the demand for solvents, globally. Volatile Organic Compounds (VOCs) are compounds which form ground-level ozone and particulate matter and are main constituents of smog. Stringent regulations in Europe and North America for the reduction of VOCs are projected to drive the demand for bio & green solvents.
Major companies profiled in this report include:
Royal Dutch Shell Plc (Netherlands), Eastman Chemical Company (US), LyondellBasell Industries Holdings B.V. (Netherlands), Ashland Global Holdings Inc. (US), BASF SE (Germany), Huntsman Corporation (US), ExxonMobil Corporation (US), Celanese Corporation (US), Honeywell International Inc. (US), and INEOS Group AG (UK). among others have adopted these strategies to strengthen their market presence and customer base as well as gain a competitive edge in the market. These companies also focus on investing in R&D activities to introduce new and cost-effective solvents to meet changing consumer needs.
Research Coverage:
This report segments the solvents market on the basis of source, product type, application, and region. It provides estimations for the overall value of the solvents market and its subsegments across various regions. A detailed analysis of key players in the solvents market has been conducted to provide insights into their businesses, products & services offered, key growth strategies adopted, and recent developments undertaken by them, such as expansions, acquisitions, agreements, joint ventures, and new product launches.
Royal Dutch Shell Plc. is one of the leading manufacturers of solvents globally. The company has been focusing on the expansions and new product launches strategies to maintain its leading position in the market. For example, in May 2018, the company started production of the second ethylene cracker at the Nanhai Petrochemicals complex in Huizhou, Guangdong Province, China. This expansion helped the company to manufacture ethylene oxide, ethylene glycol, propylene oxide, polyols, polyolefins, phenol, and oxo-alcohols. In October 2014, the company launched natural gas based paraffinic solvents and fluids and is the first organization globally to offer Gas-to-Liquid (GTL) solvents.
Eastman Chemical Company is another major player in the solvents market. The company has been focusing on acquisitions, expansions, and new product launches as part of its strategic development activities. In December 2016, the company acquired 50% shares of Te An Ling Tian Fine Chemical Co., Ltd. (China). Te An Ling Tian Fine Chemical Co., Ltd. is a manufacturer of amines and specialty derivatives, including solvents and alkyl alkanolamines. The acquisition helped the company to broaden its product portfolio. In March 2015, the company launched TamiSolve NxG, a high-performance solvent which meets safety, health, and environmental regulations.
The oxygenated solvents type segment of the petrochemical-based solvents market is projected to grow at the highest CAGR during the forecast period, in terms of value
Based on type, the oxygenated solvents segment of the petrochemical-based solvents market is projected to grow at the highest CAGR from 2018 to 2023, in terms of value and volume. This is due to their high solvency power and low-toxicity. In addition, their usage in various applications, such as paints & coatings, adhesives, pharmaceuticals, and printing inks, among others are expected to result in increasing demand during the forecast period.
The printing inks application segment of petrochemical-based solvents market is projected to grow at the highest CAGR during the forecast period, in terms of value
Based on application, the printing inks application segment is projected to grow at the highest CAGR between 2018 and 2023, in terms of value. Rapid expansion of printing markets in countries, including India accompanied by strong demand from key end-user segments, such as package printing, newsprint, publishing, and other commercial printing are driving the demand for printing inks, which in turn is expected to drive the demand for petrochemical-based solvents. In addition, increasing investments by major printing ink manufacturers in the Middle East region are projected to drive the market during the forecast period.
The lactate esters type segment of bio & green solvents is projected to grow at the highest CAGR during the forecast period, in terms of value
Based on type, the lactate esters segment of bio & green solvents market is projected to grow at the highest CAGR during the forecast period. This is because these are non-corrosive, non-carcinogenic, and non-ozone depleting. Also, lactate esters do not contain any environmentally hazardous ingredients and global warming compounds due to which their usage is increasing in various applications, such as paints & coatings, industrial & domestic cleaners, and inks.
Middle East & Africa is projected to grow at the highest CAGR in the solvents market during the forecast period, in terms of value
The solvents market has been studied for North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Middle East & Africa region is estimated to account for the largest share of the solvents market and is also projected to grow at the highest CAGR during the forecast period, in terms of value. The growth of the solvents market in the region is attributed to increasing industrialization and rising demand for petrochemical-based solvents from end-use industries. Also, the existence of vast reserves of crude oil in the region continue to drive the demand for petrochemical-based solvents. In addition, the availability of cheaper raw materials in the region is expected to drive the growth of the solvents market.
