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Solvents Market Segmentation By Source Type (Petrochemical-Based and Bio Based); By Type (Alcohols, Ketones, Esters, Glycol Ethers, Aromatic and Aliphatic); By Application (Paints & Coatings, Adhesives, Printing Inks, Cosmetics and Others) - Global Demand Analysis & Opportunity Outlook 2027

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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Introduction to Solvents

Solvents refers to chemical compounds which has the function of dissolving or suspending solutes in it. The solvents are mainly found in liquid forms. The solvents are known for dissolving or suspending materials without changing their chemical characteristics. The various application of solvents includes, paint, adhesives, coatings, cosmetics, inks and other.

The solvents have widespread applications as dissolving agent for paints, inks and other products providing consistency to cosmetics such as nail paint, remover, lotions, perfumes and others.

Market Size and Forecast

The global solvents market is expected to observe high growth on the account of introduction of bio based solvents, thus, driving the demand for solvents across the globe. Additionally, rising demand for the bio based materials for various applications such as coatings and paints, adhesives and cosmetics is expected to propel the solvents market during the forecast period.

paint and coating solvents

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Solvents market is anticipated to record a CAGR of 4.9% over the forecast period. The solvents market is expected to reach a value of USD 62 billion at the end of the forecast period.

solvents market Graph

Growth Drivers

Growing application in Paint and Coatings

Rising disposable income coupled with the increasing demand for paint and coatings is expected to propel the market growth of the solvents during the forecast period. Additionally the increasing manufacturing units for paint and coatings is driving the solvents market in the forthcoming years.

Rising demand for Bio Based solvents

The rising technological developments coupled with continuous R&D in solvents in order to accommodate the environmental regulations and VOC emissions is driving the bio based solvents market. Additionally, rising awareness and growing government initiatives to reduce environmental pollution is anticipated to propel the market growth of the solvents.


Technological Limitations

The rising demand for the bio based solvents owing to increasing need for environment safety is expected to hinder the solvents market globally. Additionally, bio based solvents have relatively limited technological developments and is expected to restraint the solvents market.

Market Segmentation

Our-in depth analysis of the global solvents market includes the following segments:

By Source Type

  • Petrochemical-Based
  • Bio Based

By Type

  • Alcohols
  • Ketones
  • Esters
  • Glycol Ethers
  • Aromatic
  • Aliphatic

By Application  

  • Paints & Coatings
  • Adhesives
  • Printing Inks
  • Cosmetics
  • Others

By Region

On the basis of regional analysis, global solvents market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.

Asia Pacific is expected to dominate the solvents market during the forecast period owing to its high application in paints and coatings. The rising application of solvents in various applications such as adhesives and printing inks is driving the solvents market during the forecast period.

North America and Europe is anticipated to exhibit significant growth during the forecast period on the back of increasing application of bio based solvents coupled with the stringent regulation regarding the environment.

Global solvents market is further classified on the basis of region as follows:

  • North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

Key Players

  • Honeywell International Inc.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Dow Chemical Company
  • Sasol Solvents
  • Celanese Corporation
  • Maruzen Petrochemical
  • Ashland Inc.
  • Eastman Chemical Company
  • Shell Chemical
  • Solvay Chemicals

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