According to SPER Market Research, the Solvents Market is estimated to reach USD 48.22 billion by 2032 with a CAGR of 6.84%.A solvent has the ability to dissolve a solute, converting it into a solution. They can also be solid or gaseous, however they are commonly given in liquid form. Acetone, esters, toluene, methanol, ethanol, butanol, propylene glycols, glycol ethers, butyl glycol ethers, and hydrocarbons are the different categories. Other compounds can be very finely dispersed, absorbed, and diluted using these products without the other substances being chemically altered.
The market for goods will be fuelled by rising chemical innovation and progress as well as rising demand for bio-based goods due to increasingly stringent environmental regulations. Additionally, throughout the projected year, the quickly growing paints and coatings industry will have a substantial impact on the growth of the global market.
Solvents Market Overview (2022-2032)
- Forecast CAGR (2022-2032): 6.84%
- Forecast Market Size (2032): 48.22 billion
The worldwide supply chain disruption is expected to have a negative impact on the solvents market. The rise of the construction, automotive, shipbuilding, and aircraft manufacturing industries has a substantial impact on the market because solvents are used in paint and coating applications in these sectors. China is the largest manufacturing and construction market in the world. The stringent lockdown in the country’s major areas has impeded China’s construction efforts. The first quarter of this year saw a decline in the market for paints and coatings, largely as a result of the COVID-19 outbreak, which also had an effect on solvent consumption.
Impact of COVID-19 on the Solvents Market
Due to the disruption in the global supply chain, the market for solvents is anticipated to suffer. As solvents are utilized in paint and coating applications in the construction, automotive, shipbuilding, and aircraft manufacturing industries, these industries’ expansion has a significant impact on the market. The world’s largest market for manufacturing and construction is China. Construction projects in China have been hampered by the strict lockdown in the major regions of the nation. Due in large part to the COVID-19 outbreak, the market for paints and coatings fell in the first quarter of this year, which also had an impact on solvent demand.One of the biggest producers and consumers of solvents is China. The nation’s ability to produce solvents has been hampered by a lack of raw material supplies.
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Solvents Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
By Product Type:
- Alcohols (Methanol,Ethanol,Propanol,Butanol)
- Glycols (Ethylene Glycols, Propylene Glycols)
- Glycol Ether (E-Series Glycol Ethers, P-Series Glycol Ethers, Butyl Glycol Ethers)
- Ketones (Acetone, MEK, MIBK)
- Esters (Ethyl Acetate,Buty Acetate)
- Aliphatic Solvents, Aromatic Solvents (Toulene, Xylene, Ethyl Benzene, Methylene Chloride, Trichloroethylene, Perchloroethylene, Acetic Acid)
- Paints & Coating
- Printing Inks
- Metal Cleaning
- Personal Care
- Polymer Manufacturing
- Agricultural Chemicals
- North America
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market’s historic and forecast market growth by geography.
Solvents Market Key Players:
The Solvents Market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Ashland Global Holdings Inc., BASF SE Celanese Corporation, Eastman Chemical Company, Exxon Mobil Corporation Honeywell International Inc., Huntsman Corporation, INEOS Group AG Lyondell Basell Industries Holdings B.V., Royal Dutch Shell Plc.
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