The global solvents market size was valued at USD 48.4 Bn billion in 2021 and is poised to grow at a significant CAGR of 3.8 % during the forecast period 2022-28. A solvent is a material that liquefies in a novel chemical solute to generate a solution. It is most usually found as a liquid, although it can also be found as a gas or a solid. There are two sorts of solvents: conventional and organic. Paint and coatings businesses utilise the most solvents, far outnumbering printing ink manufacturers. The pharmaceutical industry was third in demand, followed by cosmetics and adhesives. Chemical manufacturing methods, cooling circuits, dry-cleaning, and deicers are all examples of important applications.

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During the projected period, the use of solvents in ornamental and industrial applications is expected to increase significantly. Increasing disposable income and consumer expenditure, as well as stable industrial expansion, are all factors that boost the India solvents industry. In 2016, the Indian solvents industry consumed little over 665,000 tonnes of solvents for paints and coatings. China and India, both strategically significant countries in the APAC area, are major users of petrochemical feedstock derived solvents. The APAC solvents market has grown rapidly in recent years due to sustained industrial growth and considerably less strict regulations than industrialised countries. However, rising health concerns, as well as worries about volatile organic compound emissions associated to the use of some common solvents, have led to a continuous increase in demand for environmentally benign and bio-based alternative solvents. During the projected period, India's bio-based solvent consumption is expected to grow at a single-digit CAGR of 7%.

The global solvents market segmentation:

1) By Type: Alcohols, Aliphatic, Aromatic, Glycol Ethers, Ketones and Others.

2) By Source: Bio & Green Solvents, Petrochemical-Based Solvents and Others. 

3) By Application: Adhesives, Agricultural chemicals, Metal cleaning, Paints & coatings, Personal care, Polymer manufacturing, Printing inks and Others.

Due to expanding industrialisation and increasing end-use industries also including paints & coatings and adhesives, Asia Pacific is expected to dominate the solvents market. North America, on the other hand, will keep growing profitably during the projected period, thanks to strong demand for solvents from a variety of end-use sectors. Over the projection period, APAC is expected to have the largest market share in solvents in terms of both value and volume. This is attributed to increased demand for solvents in the agricultural chemicals, personal services and cosmetics, and home care categories in the region. Growing urbanisation and changing lifestyles are two further factors driving the rise of solvents in the region.

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There are several industry players working in the Solvents Market, which include Royal Dutch Shell Plc. (Netherlands), Eastman Chemical Company (US), BASF SE (Germany), ExxonMobil Corporation (US), LyondellBasell Industries Holdings B.V. (Netherlands), Ashland Global Holdings Inc. (US), Celanese Corporation (US), Huntsman Corporation (US), Solvay SA (Belgium), Honeywell International Inc. (US), INEOS Group AG (UK), Olin Corporation (US), Bharat Petroleum Corporation Limited (India), Chevron Phillips Chemical Company (US), Reliance Industries Limited (India)

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