Solvents Market Major Demand On The Automotive And Construction Industries

Published Date : 06 Apr 2023

The size of the solvents market was USD 34.18 billion in 2022, and it will grow at a rate of 3.2% in the years to come, to touch USD 46.88 billion by 2032.

The solvents market's growth is driven by a variety of end markets, including the pharmaceutical, building, and automotive industries, among others, which are experiencing an increase in demand for chemical solvents.  

Market Overview:

A solvent is a substance that aids in the solute's dissolution and solution formation. The most common type of solvent is a liquid, followed by solids, gases, and supercritical fluids. To create solutions that don't undergo chemical reactions, solvent-containing substances can extract, distribute, or dissolve other substances. Except for chlorinated solvents, they are frequently pungent, highly volatile, and flammable.

The primary market drivers are the high demand from the construction and automotive industries, as well as the strict regulations in place to reduce VOC emissions. One of the main factors fueling the market's growth is the diversity of product applications across numerous end-use industries. Solvents, for example, are used to create consistency and dissolve pigments and binders in paints and coatings and, among other things, in the manufacturing of pharmaceuticals.  

The demand for organic solvents has been rising steadily in the global market due to their expanding usage across numerous end-use sectors. However, it is anticipated that the escalating environmental problems and the unpredictable nature of the prices of crucial raw materials will continue to be significant issues for industry participants.  The market is expanding as a result of new solvent applications in chemical production processes, dry cleaning, cooling circuits, deicers, and dry cleaning.

Report Coverage Details
Market Size in 2022 USD 34.18 Billion
Projected Forecast Value in 2032 USD 46.88 Billion
Growth Rate 3.2% from 2023 to 2032
Largest Market Asia Pacific
Base Year 2022
Forecast Period 2023 to 2032
Segment By Product Type, By Application, By Source
Region North America, Europe, Asia-Pacific, Latin America

Report Highlight:

  • By Products, According to the kind of product, the world market for solvents is segmented into hydrocarbons, alcohols, esters, ketones, chlorinated compounds, and other products such soy oil and glycols.  More than one-fourth of the market's volume was quickly accounted for by alcohol, which quickly ascended to the top of the product categories. With more than one-fourth of the market's total volume, alcohol quickly became the top product category. The reason for the growth is an increase in demand for various uses of ethanol, methanol, n-butanol, and isopropanol. In contrast to ethanol, which is utilized in fragrances, vegetable essences, and pharmaceuticals, methanol is widely used in ink and glue applications. 
  • Ketone solvents, such as acetone, methyl ethyl ketone, and methyl isobutyl ketone, are used in a wide range of goods, including paints and coatings, adhesives, chemical processing, cleaning products, and printing inks.  The trend, which is primarily the result of increased attention by environmental regulators on VOC emissions from solvent-based paints and coatings, has had an impact on the expansion of ketone solvents. 
  • By Applications, Due to its extensive use in the construction industry, the paints and coatings segment holds the biggest market share of about 54% in 2022 and is anticipated to grow at the highest CAGR. The development of the paints and coatings application segment is being fueled by two factors: the expanding building industry and improvements made to paint to make them more environmentally friendly.   The second-largest market sector is for printing ink. 
  • MEK and other ketones with high solid contents are frequently used in paints and coatings because they can result in low-viscosity solutions. However, as regulatory bodies concerned with the environment and sustainability draft regulations banning solvent-based paints and coatings, the demand for water-borne materials is increasing as alternatives.   Ester solvents are primarily used in paints as an activator or hardener and have a modest amount of utility as an industrial cleaner.

Regional Insight:

The Asia Pacific region accounted for over 55% of the total revenue share in 2022. Rising construction costs and the quick industrialization of nations like China and India are expected to support regional market expansion. As a result of rising construction spending and the industrialization of nations like China and India, the market in the region is anticipated to expand.

Additionally, it is anticipated that the rapid growth of building and construction activities and the increasing demand for automobiles will increase the need for solvents during the application of paint and coatings. Also, the personal care sector in the area is expanding rapidly, which is fueling the growth of the solvents market.

On the other hand, the market's second-largest region is North America. The market in this region will expand due to the automotive industry's rapid expansion and the rising demand for industrial cleaners to remove grease and oil from cars. Green policies implemented by regulatory agencies have a significant impact on these regional marketplaces. The region's market growth is predicted to be constrained by increased government regulation and strict environmental regulations governing solvent use and production there. 

Market Dynamics:

Drivers: The need for green and bio solvents is growing

Solvents that are environmentally friendly or biological are referred to as "bio" and "green" solvents. They are produced using processed crops. Since they have a high vapor pressure and one or more carbon atoms, volatile organic compounds (VOCs) evaporate quickly in the air. Conventional solvents, which have high levels of volatile organic compounds (VOCs), are used in paints and coatings, adhesives, sealants, printing inks, and varnishes.

The report on the green solvents and bio-solvents market also provides details about the international markets, including development trends, an analysis of the competitive scene, and the state of development in important regions.  Solvent use is growing across more industries, including engineering, pharmaceuticals, printing, and construction.


Hazardous effects of chemical solvents to restrict market expansion:

There are several ways in which chemical-based solvents might impact human health. They harm both human and animal health in addition to the environment. Also, a worker who frequently enters the chemical industry faces serious health issues as a result of repeated exposure to these compounds. For instance, according to the U.S. Department of Labor, solvent exposure poses health hazards such as toxicity to the nervous system, dermatitis, liver and kidney damage, respiratory impairment, and cancer. These are a few of the elements that might prevent widespread product acceptance.


The construction and automobile industries are creating more demand:

Strong demand in the automotive sector is driving up solvent consumption, opening up lucrative opportunities for innovation in the aftermarket for paints and coatings. Ketones are frequently used in paints and coatings due to their propensity to have high solid content and low viscosity. Ester solvents are frequently used to harden the paint and clean industrial equipment. Bio-based solvents are used in paints and coatings to dissolve binders and pigments and achieve uniformity. Solvents are used in a variety of construction-related products, including glue, paint, and thinner. Growing construction activity is expected to encourage the expansion of the paints and coatings application category in countries like China, India, the US, and Brazil.


Chemical solvents have negative impacts that make it difficult for the solvent sector to expand:

Chemical solvents have risky side effects that limit the growth of the solvent industry. Solvents made chemically have several negative effects on human health. They are detrimental to the environment and both human and animal health. Additionally, due to their ongoing exposure to toxic substances, manufacturing workers employed by the chemical industries frequently suffer from serious health problems.

Recent Development:

  • May 2018, At the Nanhai Petrochemical Complex in Huizhou, Guangdong Province, China, Royal Dutch Shell Plc. (the Netherlands) first created the second ethylene cracker. The company was able to manufacture ethylene oxide, ethylene glycol, propylene oxide, polyols, polyolefins, phenol, and oxo-alcohols by utilizing the OMEGA, SMPO, and polyol technologies.  For the first time in China, Shell is integrating advanced polyols and Omega technology.
  • September 2019, The capacity of the integrated ethylene oxide and derivatives complex was raised at BASF SE's Verbund factory in Antwerp. Creating and selling chemicals is the company's area of expertise.

Major Key Players:

  • Ashland Global Holdings Inc.
  • BP plc.
  • Celanese Corporation
  • Chevron Phillips Chemical Company LLC
  • CITGO Petroleum Corporation
  • Eastman Chemical Company
  • Exxon Mobil Corporation
  • Honeywell International Inc.
  • Huntsman International LLC
  • Kuraray Co., Ltd.
  • LyondellBasell Industries Holdings B.V.
  • Maruzen Petrochemical Co., Ltd.
  • Sasol Limited
  • Shell International B.V.
  • Solvay S.A.
  • The Dow Chemical Company
  • TotalEnergies SE

Market Segmentation:

By Product Type

  • Glycols
    • Ethylene
    • Propylene
  • Hydrocarbons Solvents
    • Aliphatic Solvents
    • Aromatic Solvents
    • Halogenated Solvents
    • Methylene Chloride
    • Trichloroethylene
    • Perchloroethylene
    • Acetic Acid
  • Alcohols
    • Methanol
    • Ethanol
    • Propanol
    • Butanol
  • Esters
    • Ethyl Acetate
    • Butyl Acetate
  • Ketones
    • Acetone
    • MEK
    • MIBK
  • Chlorinated
  • Others

By Application

  • Printing inks
  • Paints and coatings
  • Pharmaceuticals 
  • Adhesives
  • Cosmetics
  • Agriculture Chemicals

By Source

  • Natural Sources 
  • Derived Sources
    • Petroleum Sources 
    • Synthetic Sources

Buy this Research Report@

You can place an order or ask any questions, please feel free to contact at| +1 9197 992 333