June 2, 2023

The global solvents market size is projected to reach USD 67,837.8 million by 2028, exhibiting a CAGR of 6.0% during the forecast period. Fortune Business Insights in its report, titled “Solvents Market, 2021-2028”, states that the value of this market stood at USD 43,845.7 million in 2020.

With the paints & coatings industry reeling from the effects of the economic fallout caused by the COVID-19 pandemic, the solvents market growth is facing a notable decline. The primary reasons for this market’s truncated growth in 2020 include the massive shortage of factory workers, closure of manufacturing facilities, and shrinking availability of raw materials. In 2020, the market’s growth rate fell by 2.96% and it is predicted to reach USD 45,058.8 million in 2021.

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AGC Chemicals Develops Eco-friendly Solutions for Cleaning Medical Devices

In March 2020, AGC Chemicals Americas announced the development and launch of AsahiKlin™ AE-3000 and AMOLEA™ AT2, the company’s newest fluorinated solvents. The novel offerings have been formulated to enable manufacturers to adhere to the stringent environmental regulations for the precision cleaning of medical devices. With traditional solvents such as n-propyl bromide and trichloroethylene being investigated by the US Environmental Agency for potential risks, AGC’s new formulations can function as the perfect alternative solutions for the manufacturing of chemicals for various end-use applications. Moreover, the solutions have no ozone depletion properties, low surface tension, and low global warming potential, making them ideal for cleaning a wide range of critical medical devices.

Increasing Demand for Paints & Coatings to Propel the Market

Paints and coatings are critical components in construction and building operations. With construction and infrastructure development activities gathering rapid momentum around the globe, the application areas of paints and coatings are speedily widening. For example, a study by Oxford Economics forecasts that the output value of construction activities will surge by 85% through 2030, reaching USD 15.5 trillion. This growth will be led by the intensifying demand for buildings & constructions in China, India, and the U.S. Solvents are highly useful in preventing the formation of clumps and globs in paints, while their cost-effectiveness, durability, and temperature resistance make them suitable in the formulation of coatings. Thus, the incredible growth of the construction industry will spawn spectacular opportunities for specialty chemicals in the forthcoming decade.

Industrial Cleaning Segment to Showcase Promising Progress

On the basis of application, the market has been divided into paints & coatings, printing inks, industrial cleaning, adhesives, and others. Among these, the industrial cleaning segment is expected to display excellent growth prospects as solvents are extensively deployed in industrial settings to remove dirt, dust, and oil remnants that gather on surfaces and crevices of machines, equipment, and the shop floor. In 2020, this segment held a share of 14.0% in the global market and a share of 13.6% in the China market.

Based on product type, the market is categorized into alcohols, ketones, esters, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

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Asia Pacific to Headline the Market with a Size of USD 17,676.7 Million

Asia Pacific is anticipated to dictate the solvents market share during the forecast period, mainly on account of the enormous investments in infrastructure development projects by China and India. Furthermore, the exponential growth in the region’s construction industry will further accelerate the expansion of the market. The Asia Pacific market size stood at USD 17,676.7 million in 2020.

In Europe, the increasing preference for bio-based chemicals in critical industries will fuel the regional market, while the rising demand for oxygenated solvents is foreseen to aid market growth in Latin America.

Leading Companies to Focus on Diversifying Portfolios & Augmenting Revenues

Key chemical companies are making strategic investments to ramp up their spending on research & development activities and engineer innovative solvent solutions for industrial applications. The aim behind these investments is to speed up the diversification of their portfolios that will not only cement their position in the market but also help them widen their revenue streams, paving the way for future investments.

Industry Development

April 2019: Braskem released its maiden partially renewable solvent derived from sugarcane ethanol. Named HE-70S, the product contains bio-based carbon, designed for use in ceramics, furniture, and footwear industries, and will expand the company’s oxygenated chemicals portfolio.

List of Key Players Covered in this Market Report

  • INEOS Group AG (The UK)
  • Celanese Corporation (The U.S.)
  • BASF SE (Germany)
  • LyondellBasell Industries Holdings B.V. (The Netherlands)
  • Royal Dutch Shell Plc (The Netherlands)
  • Gandhar Oil (India)
  • Honeywell International Inc. (The US)
  • ExxonMobil Corporation (The U.S.)
  • Ashland Global Holdings Inc. (The U.S.)
  • Eastman Chemical Company (U.S.)


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