IMARC Group, a leading market research company, has recently releases report titled “Solvent Market Report by Product (Alcohols, Hydrocarbons, Ketones, Esters, Chlorinated, and Others), Source (Petrochemical-based, Bio and Green), Application (Paints and Coatings, Printing Inks, Pharmaceuticals, Cosmetics and Adhesives, and Others), and Region 2024-2032”, Offers a comprehensive analysis of the industry, which comprises insights on the market.
How Big is the Solvent Market?
The global solvent market size reached US$ 48.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 68.2 Billion by 2032, exhibiting a growth rate (CAGR) of 3.9% during 2024-2032.
Industry Overview of Solvent
Solvents are liquid solutions used to dissolve various chemical substances. They are highly volatile and flammable substances that often have an unpleasant odor. They are commonly employed to produce solutions by liquefying solutes with different chemical compositions. They are generally available in liquid form but can also be utilized as gases or solids. As a result, solvents find extensive applications in industrial production processes across the globe, as they can dissolve, absorb, and dilute other compounds without altering their chemical properties.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/solvent-market/requestsample
What are the growth prospects and trends in the solvent industry?
The global solvent market is primarily driven by rapid growth in the chemical industry. Moreover, the surging adoption of solvents in the pharmaceutical industry for washing and refining products and in the formulation of medicines is positively influencing market growth.
Additionally, the rising demand for solvents in the extraction and purification of penicillin from the penicillium mold is another major growth-inducing factor. Besides this, the increasing use of solvents as cleaning agents for heavy-duty glass and flooring surfaces has catalyzed market growth. Furthermore, the rising use of solvents as a softening agent in manufacturing automobile tires is contributing to market growth.
Other factors, including ongoing research and development (R&D) activities, technological advancements, and rapid industrialization and urbanization, are also anticipated to propel the market growth.
Leading Companies Operating in the Global Solvent Industry:
- Archer-Daniels-Midland Company
- Ashland Inc.
- BASF SE
- Bharat Petroleum Corporation Limited
- bp p.l.c.
- Celanese Corporation
- Dow Inc.
- Eastman Chemical Company
- Exxon Mobil Corporation
- Honeywell International Inc.
- Huntsman Corporation
- LyondellBasell Industries N.V.
- Royal Dutch Shell plc
- Sasol Limited
- Solvay S.A.
Solvent Market Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Product:
- Alcohols
- Hydrocarbons
- Ketones
- Esters
- Chlorinated
- Others
Breakup by Source:
- Petrochemical-based
- Bio and Green
Breakup by Application:
- Paints and Coatings
- Printing Inks
- Pharmaceuticals
- Cosmetics and Adhesives
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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