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). The technology has made it easy and accessible for the solvent market to get in easy hands with the industrial and residential usages.
The major factor driving the Industrial Solvents Market is the constant need to innovate and advance in the chemical compounds field. The increasing demand for organic and biological-based products in the worldwide industry has driven the market to a point where there is quite a fine distribution of the market globally. The chemicals used in the industry have the proper capacity to dissolve and dilute all together and make sure of the product demand of with product regulation. The environmental regulations that have been imposed owing to the growth of the market regulate the market, making sure of a substantial growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Some of the key players operating in the global industrial solvents market are BASF SE (Germany), BP Plc (UK), Exxon Mobil Corporation (US), LyondellBasell Industries (The Netherlands), Royal Dutch Shell Plc (The Netherlands), Petroleo BrasileiroS.A (Brazil), DowDuPont (US), Total S.A. (France), SABIC (Saudi Arabia), Diacel Chemical Industries Ltd (Japan), Harmony Organics Pvt Ltd (India), Eternis Fine Chemicals (India), IGPL (India), Vinati Organics (India), Sinopec (China), SK Innovation (South Korea), and LG Chemicals (Japan).
Global Industrial Solvents Market Share, by Application, 2017 (%) 
Source: MRFR Analysis
The Asia-Pacific market is estimated to account for more than one-third of market value share and is expected to dominate the global market during the forecast period owing to the growth of the industrial sector, especially in China and India. China is estimated to hold more than half of the market share due to the availability of low-cost labor, subsidiaries from the government, and minimal taxes.
North America is also expected to be a prominent market for industrial solvents. The regional market is expected to witness moderate growth as compared to the Asia-Pacific market. Solvents find wide use in the manufacturing of paints & coatings, the US is one of the key manufacturers of paints & coatings globally, which is contributing to the growth of the regional market.
The stringent REACH regulations are expected to act as a barrier in the growth of the European industrial solvents market.
The Middle East & African and Latin American markets are collectively estimated to hold approximately one-tenth of the global market share during the review period.
The global industrial solvents market has been segmented based on type, end-use industry, and region.
By type, the global market has been divided into oxygenated and hydrocarbon solvents, however, oxygenated solvents segment is further classified into alcohols, glycols, ketones, ethers, glycol esters, and the hydrocarbon solvents segment is classified into aromatic and aliphatic
Based on end-use industry, the global market has been segregated into chemical, paints & coatings textile, pulp & paper, pharmaceuticals, oil & gas, and other industrial.
The global market, by region, has been segregated into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Recent Development
Berkem group launched its new range of bio-based alkyd resins, which are all 100% based on renewable raw materials for architectural paints in March 2022 Groupe Berkem has developed a new range of alkyd resins that are made using only renewable raw materials – such as bio-based oils which would otherwise have been considered waste products from organic chemistry processes carried out using a solvent derived completely from biomass that results to at least one environment-friendly solution provided for architectural paints through oxidation process happening through air drying these films providing drying agents available within it thereby promoting even curing globally.
Berger Paints invested $39 million in developing their facility in India last year also painted; thus, increasing paint & coatings sectoral presence within themselves will fuel market demand during the projected period.
Braskem and NXT LEVEL Biochem, a Dutch company, conducted market research on renewable solvents in March 2021. Paints and coatings, agrochemicals, personal care products, and home care products are among the industrial segments whereby these bio-based products are targeted under this cooperation. In Latin America, several joint projects intend to offer greener solvent alternatives manufactured from sustainable raw materials.
BASF launched its new solutions for home care, industrial and institutional cleaning, and personal care at the SEPAWA Congress in Berlin in October 2023. BASF adds more sustainable alternatives to detergents, cleaners and personal care products with enzyme technology, biodegradable polymer, and a O/W emulsifiers.
Solvay announces the manufacture of Rhodiasolv IRIS, a solvent that is eco-friendly and forms part of the next generation. The company made this announcement from its site in Melle (France) in April 2022. The solvent does not burn easily besides being readily degradable or nonvolatile, being used in many applications, including formulating phytosanitary products, paint stripping remover & graffiti & resin clean-up industrial cleaning agrochemistry.
Intended Audience
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 48.47 Billion |
| Market Size 2024 | USD 51.84 Billion |
| Market Size 2032 | USD 87.27 Billion |
| CAGR | 6.5% (2024-2032) |
| Base Year | 2023 |
| Forecast Period | 2024 to 2032 |
| Historical Data | 2019 & 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | type, end-use industry, and region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | 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). |
| Key Market Opportunities | The growth of the industrial solvents market is expected to create new opportunities |
| Key Market Drivers | Rapid industrialization in emerging economies has increased the demand for industrial solvents. |
Industrial Solvents Market Highlights:
Frequently Asked Questions (FAQ) :
Valuation of the Global Industrial Solvents Market had reached USD 87.27 Billion by 2032.
Industrial Solvents Market is projected to expand at over 6.5% CAGR during the assessment period
Paints & coatings is the largest end-use industry segment in the Global Industrial Solvents Market.
Asia Pacific holds the largest share in the Global Industrial Solvents Market, followed by North America and Europe, respectively.
BASF SE (Germany), LG Chemicals (Japan), Exxon Mobil Corporation (US), Petroleo Brasileiro S.A. (Brazil), BP Plc (UK), LyondellBasell Industries (The Netherlands), SABIC (Saudi Arabia), Royal Dutch Shell Plc (The Netherlands), DowDuPont (US), Diacel Chemical Industries Ltd (Japan), Total S.A. (France), Eternis Fine Chemicals (India), IGPL (India), Harmony Organics Pvt. Ltd. (India), Vinati Organics (India), SK Innovation (South Korea), and Sinopec (China), are some of the major players operating in the Industrial Solvents Market.
Industrial Solvents Market is projected to be worth USD 67840.8 Million by 2028, registering a CAGR of 6.1% during the forecast period (2021 - 2028).
$67840.8 Million
6.1%
Asia-Pacific
2021-2028
Research Analyst Level I In her 3 years of experience in the market research field, she has handled critical cross-domain projects. she has an in-depth knowledge of market estimation & analysis, problem-solving, primary as well as secondary research, and team management.she holds an engineering degree and is an mba professional from a well-known university, capable of evaluating the market and competitive conditions. an exceptional strategist with excellent communication skills and a passion for delivering cutting-edge & practical insights for the market. proficient in multi-tasking, and can successfully deal with competing demands, while maintaining complete confidentiality. generated business through active client and project development, networking, and high-quality responses. her knowledge and skills have helped in making solid business decisions, securing funding from investors, and avoiding business failures.
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