Global Solvents Market Size (2024 - 2029)

Solvents Market Analysis

The Global Solvents Market size is estimated at USD 33.59 billion in 2024, and is expected to reach USD 42.28 billion by 2029, growing at a CAGR of 4.70% during the forecast period (2024-2029).

The solvents market was negatively impacted by the COVID-19 pandemic as there was a slowdown in production and mobility wherein industries such as paints and coatings, polymers, and adhesives, etc., were forced to delay their production due to containment measures and economic disruptions. However, the conditions recovered in 2021, restoring the market's growth trajectory.

• Over the short term, surging demand from the paints and coatings sector and stringent regulations in place to minimize VOC emissions are the major factors driving the demand for the market studied.
• However, high manufacturing costs, performance issues of solvents, and detrimental effects of chemical solvents are expected to hinder the market's growth.
• Nevertheless, the development of oxygenated-based industrial solvents and increasing demand for bio-based products are expected to create new opportunities for the market studied.
• Asia-Pacific is expected to dominate the global market, with the majority of demand coming from China and India.

Solvents Industry Segmentation

Solvents, primarily found in liquid form but also as gases or solids, dissolve other materials, creating a uniform molecular mixture. They are essential across various sectors, including chemical synthesis, pharmaceuticals, and materials processing. A solvent's polarity largely determines its ability to dissolve a substance.

The solvents market is segmented by source, type, application, and geography. By source, the market is segmented into bio-based solvents and petrochemical-based solvents. The market is segmented by type into oxygenated solvents, hydrocarbon solvents, and halogenated solvents. By application, the market is segmented into adhesives, paints and coatings, personal care, pharmaceuticals, polymer production, and other applications (printing inks, agricultural chemicals, and metal cleaning). The report also covers the market size and forecasts for the global solvents market in 27 major countries across the major regions. Market sizing and forecasts for each segment are done based on value in USD.