According to fortune business insights, the global solvents market size was valued at USD 36.88 billion in 2023. The market is projected to grow from USD 38.60 billion in 2024 to USD 61.95 billion by 2032, exhibiting a CAGR of 6.1% during the forecast period.
A solvent is a substance that dissolves a solute to form a solution, available in liquid, solid, or gaseous forms. Common types include alcohols, glycols, ethers, acetone, esters, toluene, and hydrocarbons. Increasing demand for bio-based products due to strict environmental rules and the rapid growth of the paints & coatings industry are driving market growth.
Get a Free Sample PDF Brochure:
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/102135
Segmentation Analysis:
By Product Type
In 2023, the alcohols segment dominated the solvents market, driven by strong demand for ethanol, methanol, n-butanol, and isopropanol. Ethanol is extensively used in perfumes, flavor essences, and pharmaceuticals, while methanol finds major applications in inks and adhesives. This wide usage is expected to propel the segment’s growth.
By Application
The market is categorized into paints & coatings, printing inks, industrial cleaning, adhesives, and others. Paints & coatings led the market in 2023 and are anticipated to grow at the fastest pace, supported by booming construction activities and innovations in eco-friendly paint solutions.
List of the Key Players in the Solvents Market: