Industrial Solvent Market by Type (Alcohols, Amide, Esters), Polarity (Non-Polar, Polar), End-User - Global Forecast 2024-2030
The Industrial Solvent Market size was estimated at USD 28.74 billion in 2023 and expected to reach USD 30.53 billion in 2024, at a CAGR 6.41% to reach USD 44.41 billion by 2030.
Industrial solvents are substances used in various industrial processes to dissolve, dilute, and suspend other substances. Industrial solvents have different properties and compositions to cater to the distinct requirements of varied industries. Increasing industrial activities across sectors, such as manufacturing, automotive, pharmaceuticals, paints and coatings, and electronics, drive the demand for industrial solvents. Implementing stringent regulations to control the emissions of volatile organic compounds (VOCs) and hazardous air pollutants (HAPs) from industrial processes is elevating the demand for low-VOC and VOC-free solvents with minimal environmental impact. Health and safety concerns associated with workers and the environment due to exposure to solvents hamper the adoption of industrial solvents across industries. The increasing development of new solvent formulations that offer improved performance, efficiency, and environmental friendliness is expected to create opportunities for market growth.
Regional Insights
In the Americas, specifically the United States, the significant demand for pharmaceuticals, coatings, and adhesives has prompted manufacturers to invest in environmentally friendly alternatives, aligning with customers' preference for high-quality, regulation-compliant products. Canadian customers are gravitating toward sustainable solutions, propelling research into plant-based solvents. In the Asia-Pacific region, China, India, and Japan have a robust industrial base, with China and India emphasizing cost-effective production and growing capacity. Japan maintains a focus on high-purity, innovative solvent technologies. In the European Union, an advanced regulatory framework, notably REACH, drives the shift to non-VOC, biodegradable solvents, with consumer buying behavior heavily influenced by environmental considerations. Several challenges and strategies are evident among solvent providers in developed countries with stringent regulations necessitating research and development (R&D) in green chemistry and the adaptation of supply chains to a circular economy model. Emerging markets offer better opportunities for industrial solvents due to less rigid regulatory landscapes and burgeoning industrial activity.
Market Insights
- Market Dynamics
The market dynamics represent an ever-changing landscape of the Industrial Solvent Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.- Market Drivers
- Increasing investments in pharmaceutical drug development activities
- Growing demand for industrial solvents in the construction industry
- Rising use of solvents in paints and coatings
- Market Restraints
- Environmental issues associated with industrial solvents
- Market Opportunities
- Innovations and advancements in industrial solvent production technologies
- Introduction of bio-based and sustainably manufactured industrial solvents
- Market Challenges
- Difficulties associated with handling and storage of industrial solvents
- Market Segmentation Analysis
- Type: Higher demand for alcohol-based solvents owing to the increased use of ethanol and isopropanol in industrial applications
- Polarity: Preference for non-polar solvents in processes requiring high solvency for non-polar substances
- End-User: Extensive application of solvents in paints & coatings, adhesive, and sealant formulation
- Market Disruption Analysis
- Porter’s Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Industrial Solvent Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Industrial Solvent Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments- Lummus and Toshiba Announce Partnership for Advanced Carbon Capture Solutions
Lummus Technology entered into a strategic partnership with Toshiba Energy Systems & Solutions Corporation to collaboratively target carbon capture initiatives. This master collaboration agreement leverages the strengths of both companies, with Lummus contributing its innovative post-combustion carbon capture technology and Toshiba providing its custom-designed amine-based solvents, perfectly suited for post-combustion capture, along with optimized system design guidelines.
BASF Offers Butanediol And Polytetrahydrofuran With Product Carbon Footprints Significantly Below Global Market Average
BASF is expected to enhance its sustainability profile in the industrial solvent sector by offering its 1,4-butanediol (BDO) and Polytetrahydrofuran (PolyTHF) products under the LowPCF label starting in early 2024. Through comprehensive analyses, BASF has determined the individual product carbon footprints (PCFs) of these chemicals, which show a substantial reduction in greenhouse gas emissions compared to the global average PCF for similar products derived from fossil-based feedstock.
Capchem USA Evaluating USD 350 Million Investment to Establish EV Battery Supply Chain Facility in Louisiana
Capchem Technology USA Inc. announced a substantial investment of USD 350 million to construct an advanced carbonate solvent and lithium-ion battery electrolyte production complex in Ascension Parish. This strategic move established the United States' premiere facility of this nature, bolstering the domestic manufacturing landscape for lithium-ion batteries and electric vehicles.
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Industrial Solvent Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Industrial Solvent Market, highlighting leading vendors and their innovative profiles. These include Absolute Solvents Ltd., ACE Chemical, Agilent Technologies, Inc, Arkema S.A., Ashland Global Holdings Inc., Australasian Solvents and Chemical Company Pty Ltd., BASF SE, Cargill, Incorporated, Celanese Corporation, Clariant AG, Dow, Inc., Eastman Chemical Company, Evonik Industries AG, Exxon Mobil Corporation, FUJIFILM Holdings Corporation, Honeywell International, Inc., Huntsman International LLC, INEOS Group Holdings S.A., Jagannath Chemicals, LyondellBasell Industries Holdings B.V., Merck KGaA, Mitsubishi Chemical Corporation, Mitsui & Co., Ltd., OQ SAOC, Ornate Chemicals, Perstorp Holding AB by PETRONAS Chemicals Group, Reliance Specialty Products, Inc., Royal Dutch Shell PLC, SABIC, ShanDong look chemical Co., Ltd., Shin-Etsu Chemical Co., Ltd., Solvay S.A., Solventis Ltd., Surya Min Chem Private Limited, Toray Industries Inc., and Vertec BioSolvents Inc..
Market Segmentation & Coverage
This research report categorizes the Industrial Solvent Market to forecast the revenues and analyze trends in each of the following sub-markets:- Type
- Alcohols
- 2 Ethyl Hexanol
- Benzyl Alcohol
- Butanol
- Ethanol
- Isopropanol
- Methanol
- Propanol
- Amide
- Dimethylacetamide
- Dimethylformamide
- Esters
- Butyl Acetate
- Ethyl Acetate
- Iso Propyl Acetate
- Hydrocarbons
- Dimethyl Sulfoxide
- Heptane
- Hexane
- Toluene
- Xylene
- Ketones
- Acetone
- Methyl Ethyl Ketone
- Methyl Iso Butyl Ketone
- N-methyl Pyrrolidone
- Organosulfur Compounds
- Sulfones
- Sulfoxides
- Salt
- Sodium chloride
- Tetramethylammonium Hydroxide
- Polarity
- Non-Polar
- Polar
- End-User
- Chemical
- Construction
- Electronics
- Footwear
- Oil & Gas
- Paintings & Coatings
- Pharmaceuticals
- Textiles
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
Please Note: PDF & Excel + Online Access - 1 Year
- Americas
- Alcohols
- Market Drivers
- 1. Preface
- 1.1. Objectives of the Study
- 1.2. Market Segmentation & Coverage
- 1.3. Years Considered for the Study
- 1.4. Currency & Pricing
- 1.5. Language
- 1.6. Stakeholders
- 2. Research Methodology
- 2.1. Define: Research Objective
- 2.2. Determine: Research Design
- 2.3. Prepare: Research Instrument
- 2.4. Collect: Data Source
- 2.5. Analyze: Data Interpretation
- 2.6. Formulate: Data Verification
- 2.7. Publish: Research Report
- 2.8. Repeat: Report Update
- 3. Executive Summary
- 4. Market Overview
- 5. Market Insights
- 5.1. Market Dynamics
- 5.1.1. Drivers
- 5.1.1.1. Increasing investments in pharmaceutical drug development activities
- 5.1.1.2. Growing demand for industrial solvents in the construction industry
- 5.1.1.3. Rising use of solvents in paints and coatings
- 5.1.2. Restraints
- 5.1.2.1. Environmental issues associated with industrial solvents
- 5.1.3. Opportunities
- 5.1.3.1. Innovations and advancements in industrial solvent production technologies
- 5.1.3.2. Introduction of bio-based and sustainably manufactured industrial solvents
- 5.1.4. Challenges
- 5.1.4.1. Difficulties associated with handling and storage of industrial solvents
- 5.2. Market Segmentation Analysis
- 5.2.1. Type: Higher demand for alcohol-based solvents owing to the increased use of ethanol and isopropanol in industrial applications
- 5.2.2. Polarity: Preference for non-polar solvents in processes requiring high solvency for non-polar substances
- 5.2.3. End-User: Extensive application of solvents in paints & coatings, adhesive, and sealant formulation
- 5.3. Market Trend Analysis
- 5.3.1. Development in local industries, supported by government initiatives, may enhance domestic demand for industrial solvents in the Americas, reducing import dependency and fostering local economies
- 5.3.2. Significantly increasing market landscape in the APAC region driven by a surge in product demand from end-use industries, including electronics, chemical, and pharmaceuticals, and the substantial presence of key players in the region.
- 5.3.3. Strong production and export potential of industrial solvents in EMEA and their shift towards sustainable solvents
- 5.4. Cumulative Impact of High Inflation
- 5.5. Porter’s Five Forces Analysis
- 5.5.1. Threat of New Entrants
- 5.5.2. Threat of Substitutes
- 5.5.3. Bargaining Power of Customers
- 5.5.4. Bargaining Power of Suppliers
- 5.5.5. Industry Rivalry
- 5.6. Value Chain & Critical Path Analysis
- 5.7. Regulatory Framework Analysis
- 6. Industrial Solvent Market, by Type
- 6.1. Introduction
- 6.2. Alcohols
- 6.3. Amide
- 6.4. Esters
- 6.5. Hydrocarbons
- 6.6. Ketones
- 6.7. Organosulfur Compounds
- 6.8. Salt
- 7. Industrial Solvent Market, by Polarity
- 7.1. Introduction
- 7.2. Non-Polar
- 7.3. Polar
- 8. Industrial Solvent Market, by End-User
- 8.1. Introduction
- 8.2. Chemical
- 8.3. Construction
- 8.4. Electronics
- 8.5. Footwear
- 8.6. Oil & Gas
- 8.7. Paintings & Coatings
- 8.8. Pharmaceuticals
- 8.9. Textiles
- 9. Americas Industrial Solvent Market
- 9.1. Introduction
- 9.2. Argentina
- 9.3. Brazil
- 9.4. Canada
- 9.5. Mexico
- 9.6. United States
- 10. Asia-Pacific Industrial Solvent Market
- 10.1. Introduction
- 10.2. Australia
- 10.3. China
- 10.4. India
- 10.5. Indonesia
- 10.6. Japan
- 10.7. Malaysia
- 10.8. Philippines
- 10.9. Singapore
- 10.10. South Korea
- 10.11. Taiwan
- 10.12. Thailand
- 10.13. Vietnam
- 11. Europe, Middle East & Africa Industrial Solvent Market
- 11.1. Introduction
- 11.2. Denmark
- 11.3. Egypt
- 11.4. Finland
- 11.5. France
- 11.6. Germany
- 11.7. Israel
- 11.8. Italy
- 11.9. Netherlands
- 11.10. Nigeria
- 11.11. Norway
- 11.12. Poland
- 11.13. Qatar
- 11.14. Russia
- 11.15. Saudi Arabia
- 11.16. South Africa
- 11.17. Spain
- 11.18. Sweden
- 11.19. Switzerland
- 11.20. Turkey
- 11.21. United Arab Emirates
- 11.22. United Kingdom
- 12. Competitive Landscape
- 12.1. Market Share Analysis, 2023
- 12.2. FPNV Positioning Matrix, 2023
- 12.3. Competitive Scenario Analysis
- 12.3.1. Lummus and Toshiba Announce Partnership for Advanced Carbon Capture Solutions
- 12.3.2. BASF Offers Butanediol And Polytetrahydrofuran With Product Carbon Footprints Significantly Below Global Market Average
- 12.3.3. Capchem USA Evaluating USD 350 Million Investment to Establish EV Battery Supply Chain Facility in Louisiana
- 12.3.4. Fujifilm Completes Acquisition of Electronic Chemicals Business from Entegris; Rebranded as FUJIFILM Electronic Materials Process Chemicals
- 12.3.5. INEOS Announces the Acquisition of the Eastman Texas City Site for ~USD 500 million
- 12.3.6. Mitsubishi Chemical to Increase Production Capacity For High-Purity Solvent GBL in Japan
- 12.3.7. Euston Ventures Completes Acquisition of Hammond Chemicals With Support From Shawbrook
- 12.3.8. Oleon Opens New Innovative Ester Manufacturing Plant in Belgium
- 12.3.9. Huntsman Announces Development of New Materials Designed to Boost Battery Performance and Protection
- 12.3.10. SK’s Canlak Coatings Buys Ceramic Industrial Coatings
- 12.3.11. Fujifilm Breaks Ground on New EUR 30 Million Expansion To Grow Semiconductor Materials Manufacturing Capabilities in Europe
- 12.3.12. Simple Solvents and Thomas Scientific Join Forces to Provide Steady and Robust Solvent Supply Chain
- 12.3.13. Ineos Acquires Mitsui Chemical's Phenol Business
- 12.3.14. Intelligent Fluids Secures EUR 10 Million Growth Financing For Green Chemistry
- 12.3.15. Plant-based Solvent Approved for Extraction of Oils in EU
- 12.3.16. Clariter, TotalEnergies Fluids to Produce First 'Ultra-pure' Solvents Made from Plastic Scrap
- 12.3.17. Celanese Expanding Portfolio of Sustainable Products Across Acetyl Chain
- 13. Competitive Portfolio
- 13.1. Key Company Profiles
- 13.2. Key Product Portfolio
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