Global Solvents Market Size (2024 - 2029)

Solvents Market Analysis

The Global Solvents Market size is estimated at USD 33.59 billion in 2024, and is expected to reach USD 42.28 billion by 2029, growing at a CAGR of 4.70% during the forecast period (2024-2029).

The solvents market was negatively impacted by the COVID-19 pandemic as there was a slowdown in production and mobility wherein industries such as paints and coatings, polymers and adhesives, etc., were forced to delay their production due to containment measures and economic disruptions. Currently, the market has recovered from the pandemic. The market reached pre-pandemic levels in 2022 and is expected to grow steadily.

The paints and coatings industry is expected to dominate the application segment of the global solvents market over the period due to significant demand for construction chemicals and the growing automotive industry.

On the flip side, chemical-based solvents can negatively affect human health in different ways. They not only affect human health but also severely affect the environment and the health of animals, and this can hinder the growth of the market.

The development of oxygenated-based industrial solvents is expected to create new opportunities for the market to grow.

Asia-Pacific region represents the largest market and is expected to be the fastest-growing market over the forecast period owing to the consumption from countries such as China and India.

Solvents Industry Segmentation

A solvent is a material capable of dissolving other substances, resulting in a uniform mixture at the molecular level. It typically exists in a liquid state, although it can also manifest as a gas or a solid. Solvents play a pivotal role in diverse industries and scientific processes, encompassing chemical synthesis, drug administration, and materials processing. The solvent's efficacy in dissolving a substance is contingent on its polarity.

The solvents market is segmented by source, type, application, and geography. By source, the market is segmented into bio-based solvents and petrochemical-based solvents. By type, the market is segmented into oxygenated solvents, hydrocarbon solvents, and halogenated solvents. By application, the market is segmented into adhesives, paints and coatings, personal care, pharmaceuticals, polymer production, and others (printing inks, agricultural chemicals, metal cleaning). The report also covers the market size and forecasts for the solvents market for 15 major countries across the major region. 

For each segment, the market sizing and forecasts have been done on the basis of value (USD).