The global Solvents market size was estimated at USD 34.37 billion in 2023 and is projected to reach USD 53.06 billion in 2030 at a CAGR of 6.40% during the forecast period 2023-2030.
Solvents are substances that are mixed in solutes to create a solution. It is generally a liquid, but can also be present in solid, gaseous or supercritical fluid states. Different solvents are used in a variety of ways based on the need such as in paints, inks, as cleaners, etc. Hydrocarbon and oxygenated solvents have been widely used for more than fifty years. Solvents are sometimes used directly such as in nail paint removers and other times they are used as a part of another product or used in the manufacture of another product.
Solvents have a variety of applications in various products. In paints and coatings, solvents are used to make paint the desired consistency for application and to avoid clumps or globs. They are used in ink to make it evaporate quickly. They are used in cosmetic products to make the ingredients dissolve quickly so as to enable the product to work properly. Ethanol is used in perfumes because of its low odour. Ethyl Acetate is used in nail polish because of its fast-drying property. They are used in cleaning products due to their high-water compatibility and ability to dissolve grease and oils quickly. Isoparaffins are widely used in drying clothes. They are also known to be used in the pharmaceutical industry during the extraction process as they keep the impurities in the solution while the medicine is extracted. Solvents are also used in automotive industry in washer fluids, de icing of windshield. Aliphatic Hydrocarbons are used in the production of tires.
Paints and Coatings industry is driving the solvents market which can be owed to increased construction activities and increased production of vehicles in the automotive industry. This in turn increased the demand for paint and coats. Moreover, the need for construction chemicals is increasing which is driving the global solvent market. Ketones are widely used in the paint and coating industry due to their low viscosity and high solid content. Esters are used a paint hardener and are have prevalent usage in industrial cleaners. Bio-based solvents are used to dissolve colour in paints and increase its consistency. Moreover, glycol ether esters are widely used in spray paints to ensure that the paint doesn’t dry out mid-air.
The spread of COVID-19 had a negative impact on the market due to disruptions seen in the global supply chain. The growth of construction, automotive, shipbuilding and aircraft manufacturing was reduced during the pandemic which negatively affected the global solvent market as solvents are widely used in the paints and coatings in these industries. There was a decline seen in the paints and coatings demand in the first quarter of 2022 because of the pandemic. The lack of adequate supply of raw materials weakened the production of solvents which added to the disruptions.
During the pandemic, due to reduced construction activity, decreased automobile demand and disrupted raw material supply chains, the global solvent market took a hit. However, post pandemic, due to increased construction activities and increased demand of automobile especially after the introduction of electric vehicles, the market is rapidly rising. This is because the solvent market is largely driven by the paints and coatings industry and due to increased construction activities and automobile demand all across the world, the demand for solvents for the paints and coats has also increased. APAC Is dominating in the solvent market as China has become the leading solvent producer in the world. Moreover, rapid industrialization and urbanization especially in developing countries like China and India has led to the increased demand for solvents.
Asia Pacific to Dominate the Market
