Solvent Market Size, Share & Trends Analysis Report, By Type (Alcohols, Hydrocarbons), By Application (Paints & Coatings, Printing Inks, Pharmaceuticals), By Region, And Segment Forecasts, 2023 - 2030

Solvent Market Size, Share & Trends Analysis Report, By Type (Alcohols, Hydrocarbons), By Application (Paints & Coatings, Printing Inks, Pharmaceuticals), By Region, And Segment Forecasts, 2023 - 2030

Solvent Market Growth & Trends

The global solvent market size is expected to reach USD 51.6 billion by 2030, as per the new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.0% from 2023 to 2030. The industry growth is majorly driven by rising usage of hydrocarbons, ketones, and alcohols as solvents in printing inks, pharmaceuticals, paint & coatings, cosmetics, cleaning agents, and adhesives.

The continuously growing demand for organic solvents over chemical based is further propelling the demand glycol ethers and alcohols due to their organic nature. These solvents are manufactured mainly from oil & fats, cellulose, sugars, and agricultural products. Additionally, they are carbon-neutral, non-toxic, and have eco-friendly properties. The increasing VOC emissions and stringent government regulations are forcing manufacturers towards producing bio-based products over chemical ones. For example, in 2018 Circa Group a renewable chemicals company, introduced its bio-based dipolar aprotic solvent and alternative for chemical based solvents such as Dimethylformamide and N-Methyl-2-pyrrolidone to cater to the rising demand for bio-based products.

The chemical-based solvents are expected to hamper the growth of the product market over the forecasted period. They not only affect the environment but also has hazardous impact on the health of animals and human beings. Additionally, the workers who work on regular basis face several health issues due to long exposure to such substances. According to the U.S. Department of Labor, the exposure to solvents in workers leads to toxicity to the nervous system, reproductive damage, liver damage, respiratory impairment, kidney damage, cancer, and dermatitis.

Furthermore, in accordance with the Clean Air Act amendments, the EPA has implemented programmes to reduce VOC and related element emissions that contribute to ozone depletion. The agency has put in place the National Ambient Air Quality Standards (NAAQS) and may sanction areas where manufacturers must adhere to the set of standards. As a result, stringent regulations imposed by the EPA, EU, OSHA, and other regional agencies around the world are expected to impede product market growth.

Solvent Market Report Highlights

• The global market is estimated to advance with a compounded annual growth rate (CAGR) of 6.0% from 2023 to 2030. This is attributed to the increased usage of the product in printing inks, cosmetics, and paints and coatings
• Asia Pacific dominated the global market in 2022 with a revenue share of 41.8% in 2022. This is attributed to the increasing construction, automobile manufacturing, and infrastructure activities in the region which in turn are driving the paints and coatings industry thus, resulting into increase in demand for the product market
• According to the National Investment Promotion and Facilitation Agency, India under its National Infrastructure Pipeline program has an investment budget of USD 1.4 trillion with around 19% for highways & roads, 13% for railways, 16% for urban infrastructure, and 24% for renewable energy. Thus, these increasing infrastructure activities in the country are resulting into increase in paints and coatings industry which in turn boosts the product market
• Alcohol type dominated the product segment with a revenue share of over 30.4% in 2022. This growth is attributed to the increasing usage of the product due to its strong polar nature compared to other solvents
• Paints and coatings in application segment dominated the global market with a revenue share of 56.5% in 2022. This is attributed to the surging infrastructure development and increasing construction industry
• In March 2021, Braskem and NXTLEVVEL Biochem collaborated to attain deep insights of renewable solvents market. The goal behind this collaboration is to launch more sustainable solvents made from renewable materials in Latin America to fulfill the increasing demand for the same

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