Industrial Solvents Market is Growing Paints and Coatings Industry During the Assessment Period

Pune, India, May 2019, MRFR Press Release/- Market Research Future has Published a Half-Cooked Research Report on the Global Industrial Solvents Market.

Market Summary

The global demand for industrial solvents has increased in the last couple of years. The growth of the global market is primarily driven by expanding paints & coatings, chemicals, pharmaceuticals, and other end-use industries. Furthermore, the ongoing mergers and acquisitions in the chemical industry are expected to fuel the market growth in the review period.

Segment Analysis

The global industrial solvents market has been segmented on the basis of type, end-use industry, and region.

The Industrial Solvents Market Size was valued at USD 48.47 Billion in 2023. The Industrial Solvents industry is projected to grow from USD 51.84 Billion in 2024 to USD 87.27 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.5% during the forecast period (2024 - 2032).

Based on type, the global market has been divided into oxygenated and hydrocarbon solvents. The oxygenated solvents segment is further classified into alcohols, glycols, ketones, ethers, glycol esters, whereas the hydrocarbon solvents segment is classified into aromatic and aliphatic. The oxygenated segment accounted for more than half of the market share in terms of volume and value in 2018. Thus, an optimistic application outlook of industrial solvents in end use industries across the globe is expected to drive the demand during the forecast period. The alcohols is expected to be the fastest growing segment during the forecast period. The growth is attributed to the growth of the chemical and paints & coatings industries.

By end-use industry, the global market has been segregated into chemical, paints & coatings, textile, pulp & paper, pharmaceutical, oil & gas, and other industrial. The paints & coatings segment accounted for the largest market share owing to their increasing use in the automotive and decorative segments. Likewise, the increasing demand for industrial solvents in chemical production is expected to boost the growth of the chemical segment.

Competitive Analysis

Some of the key players operating in the global industrial solvents market are LG Chemicals (Japan), BASF SE (Germany), Exxon Mobil Corporation (US), BP Plc (UK), Petroleo Brasileiro S.A. (Brazil), LyondellBasell Industries (The Netherlands), Royal Dutch Shell Plc (The Netherlands), SABIC (Saudi Arabia), DowDuPont (US), Total S.A. (France), Diacel Chemical Industries Ltd (Japan), Eternis Fine Chemicals (India), Harmony Organics Pvt Ltd (India), IGPL (India), Vinati Organics (India), Sinopec (China), and SK Innovation (South Korea).

Industrial Solvents Market Regional Analysis

The global industrial solvents market, by region, has been segregated into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific held the largest market share, followed by North America and Europe. The surge in chemical production and the growth of the manufacturing industries are some of the prominent factors driving the demand for industrial solvents across the globe.

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