The Solvents Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Solvents Global Market Report
2024, The solvents market size has grown strongly in recent years. It will grow
from $30.78 billion in 2023 to $32.53 billion in 2024 at a compound annual
growth rate (CAGR) of 5.7%. The growth in the historic period can be
attributed to industrial revolution, chemical synthesis advancements, paints
and coatings development, petrochemical industry growth, print and ink
industry.
The solvents market size is expected to see strong growth in the next few
years. It will grow to $39.87 billion in 2028 at a compound annual growth rate
(CAGR) of 5.2%. The growth in the
forecast period can be attributed to regulatory compliance, bio-based solvents,
green chemistry initiatives, circular economy integration, pharmaceutical
industry growth. Major trends in the forecast period include voc reduction,
high-performance solvents, nano-solvents development, digitalization in solvent
management, transparency and traceability.
Rising demand for personal care products is expected to propel the growth of
the solvents market going forward. Personal care products are a grouping of
traditional family chemical compounds that are used for health, beauty, and
hygiene. Personal care items included fancy cosmetics, skin care products, hair
care products, cleaning products, and perfumes. Solvents are a key component of
skin care products since they are used to dissolve certain components, thereby
improving functionality, texture, and sensory qualities. For instance, in
February 2021, according to the report by Loreal Cosmetic World, a France-based
company that manufactures cosmetics and skin care products, demand for personal
care goods such as skincare climbed from more than 228 billion euros ($244.65
billion) in 2021 to 8% in 2021 and 41.8% in 2022. Therefore, the rising demand
for personal care products is driving the growth of the solvents market.
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The solvents market covered in this report is segmented –
1) By Type: Alcohols, Hydrocarbons, Ketones, Esters, Chlorinated, Other Types
2) By Category: Oxygenated Solvents, Hydrocarbon Solvents, Halogenated
Solvents, Other Categories
3) By Source: Bio-Based Solvents, Petrochemicals-Based Solvents
4) By Application: Adhesives, Paints And Coatings, Personal Care,
Pharmaceuticals, Other Applications
Product innovation is the key trend gaining popularity in the solvent market.
Companies operating in the solvent industry are adopting new technologies to
sustain their position in the market. For instance, in April 2022, Solvay S.A.,
a Belgium-based manufacturer of chemicals, launched a new-generation solvent
called Rhodiasolv IRIS. It is biodegradable, non-flammable, mutagenic,
low-volatile, and reprotoxic. It is utilized in a variety of applications,
including phytosanitary product formulation, paint peeling, graffiti and resin
removal, industrial cleaning, and agrochemistry. Rhodiasolv IRIS, for instance,
permits the adoption of a unique production technique that recycles a
previously burned byproduct of its polyamide chain. This method optimizes the
utilization of petrochemical resources while minimizing environmental effects.
It is a crucial component in the Rhodiasolv line of green solvents that aid in
the shift to more ecologically friendly agriculture.
The solvents market report table of contents includes:
1. Executive Summary
2. Solvents
Market Characteristics
3. Solvents
Market Trends And Strategies
4. Solvents
Market - Macro Economic Scenario
5. Global
Solvents Market Size and Growth
.
32. Global Solvents Market Competitive Benchmarking
33. Global
Solvents Market Competitive Dashboard
34. Key
Mergers And Acquisitions In The Solvents Market
35.
Solvents Market Future Outlook and Potential Analysis
36.
Appendix
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