Industrial Solvents Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2023 to 2031

Industrial solvents market is expected to grow at a CAGR of 3.2% by 2031. A solvent is a substance with the ability to dissolve, suspend or extract other materials. Typically, solvents are in liquid form but can also be available in the form of gases and solids. Industrial solvents are considered as one of the most valuable and useful products for various end-user industries and manufacturing companies. Industrial solvents are mainly used in cleaning, degreasing, and thinning oil-based paints. But, prolonged exposure to some of the industrial solvents can lead to adverse health effects. Huge quantities of industrial solvents are also used in oil refining and recovery, polymer and fuel additives.

The market is witnessing growth on the back of escalating demand from paint industry. Moreover, rapid industrialization is another factor contributing towards market growth. However, rising environmental concerns and stringent regulations led by the government for the use of solvents are the major factors impeding market growth. Furthermore, ongoing research and development will offer huge market potential.

The global market for industrial solvents is mature in developed economies such as North America and Western Europe. Therefore, the market in these regions is projected to grow at a descent growth rate. On the other hand, rapid industrialization and growing demand from the pharmaceuticals sector in Eastern Europe, Latin America and Asia Pacific regions is projected to drive the market growth for industrial solvents.

Key Players Identified in the Industrial Solvents Market include but are not limited to:

Arkema S.A., BASF SE, BP, Exxon Mobil Corporation, Royal Dutch Shell PLC, The Dow Chemical Company, LyondellBasell Industries N.V, Rhodia, Eastman Chemical Company, Ashland Global Holdings Inc., Huntsman Corporation, Celanese Corporation, INEOS AG

Historical & Forecast Period

This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2031.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Industrial Solvents market are as follows:

Research and development budgets of manufacturers and government spending
Revenues of key companies in the market segment
Number of end users and consumption volume, price and value.
Geographical revenues generate by countries considered in the report
Micro and macro environment factors that are currently influencing the Industrial Solvents market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report.Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Market Segmentation

Type

Alcohols
Glycols
Ketones
Esters
Hydrocarbons
Others

Application

Paint & Coating
Adhesive
Cosmetics
Printing Ink
Pharmaceuticals
Others

Key questions answered in this report

What are the key micro and macro environmental factors that are impacting the growth of Industrial Solvents market?
What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2031.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Industrial Solvents market?
Which is the largest regional market for Industrial Solvents market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving Industrial Solvents market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Industrial Solvents market worldwide?

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1. Preface

1.1. Report Description
1.1.1. Purpose of the Report
1.1.2. Target Audience
1.1.3. Key Offerings
1.2. Market Segmentation
1.3. Research Methodology
1.3.1. Phase I - Secondary Research
1.3.2. Phase II - Primary Research
1.3.3. Phase III - Expert Panel Review
1.3.4. Assumptions
1.3.5. Approach Adopted

2. Executive Summary

2.1. Market Snapshot: Global Industrial Solvents Market
2.2. Global Industrial Solvents Market, By Type, 2022 (US$ Million)
2.3. Global Industrial Solvents Market, By Application, 2022 (US$ Million)
2.4. Global Industrial Solvents Market, By Geography, 2022 (US$ Million)
2.5. Attractive Investment Proposition by Geography, 2022

3. Industrial Solvents Market: Competitive Analysis

3.1. Market Positioning of Key Industrial Solvents Market Vendors
3.2. Strategies Adopted by Industrial Solvents Market Vendors
3.3. Key Industry Strategies
3.4. Tier Analysis 2022 Versus 2031

4. Industrial Solvents Market: Macro Analysis & Market Dynamics

4.1. Introduction
4.2. Global Industrial Solvents Market Value, 2021 - 2031, (US$ Million)
4.3. Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Key Challenges
4.3.4. Key Opportunities
4.4. Impact Analysis of Drivers and Restraints
4.5. See-Saw Analysis

5. Industrial Solvents Market: By Type, 2021-2031, USD (Million)

5.1. Market Overview
5.2. Growth & Revenue Analysis: 2022 Versus 2031
5.3. Market Segmentation
5.3.1. Alcohols
5.3.2. Glycols
5.3.3. Ketones
5.3.4. Esters
5.3.5. Hydrocarbons
5.3.6. Others

6. Industrial Solvents Market: By Application, 2021-2031, USD (Million)

6.1. Market Overview
6.2. Growth & Revenue Analysis: 2022 Versus 2031
6.3. Market Segmentation
6.3.1. Paint & Coating
6.3.2. Adhesive
6.3.3. Cosmetics
6.3.4. Printing Ink
6.3.5. Pharmaceuticals
6.3.6. Others

7. North America Industrial Solvents Market, 2021-2031, USD (Million)

7.1. Market Overview
7.2. Industrial Solvents Market: By Type, 2021-2031, USD (Million)
7.3. Industrial Solvents Market: By Application, 2021-2031, USD (Million)
7.4.Industrial Solvents Market: By Region, 2021-2031, USD (Million)
7.4.1.North America
7.4.1.1. U.S.
7.4.1.1.1. Industrial Solvents Market: By Type, 2021-2031, USD (Million)
7.4.1.1.2. Industrial Solvents Market: By Application, 2021-2031, USD (Million)
7.4.1.2. Canada
7.4.1.2.1. Industrial Solvents Market: By Type, 2021-2031, USD (Million)
7.4.1.2.2. Industrial Solvents Market: By Application, 2021-2031, USD (Million)
7.4.1.3. Rest of North America
7.4.1.3.1. Industrial Solvents Market: By Type, 2021-2031, USD (Million)
7.4.1.3.2. Industrial Solvents Market: By Application, 2021-2031, USD (Million)

8. UK and European Union Industrial Solvents Market, 2021-2031, USD (Million)

8.1. Market Overview
8.2. Industrial Solvents Market: By Type, 2021-2031, USD (Million)
8.3. Industrial Solvents Market: By Application, 2021-2031, USD (Million)
8.4.Industrial Solvents Market: By Region, 2021-2031, USD (Million)
8.4.1.UK and European Union
8.4.1.1. UK
8.4.1.1.1. Industrial Solvents Market: By Type, 2021-2031, USD (Million)
8.4.1.1.2. Industrial Solvents Market: By Application, 2021-2031, USD (Million)
8.4.1.2. Germany
8.4.1.2.1. Industrial Solvents Market: By Type, 2021-2031, USD (Million)
8.4.1.2.2. Industrial Solvents Market: By Application, 2021-2031, USD (Million)
8.4.1.3. Spain
8.4.1.3.1. Industrial Solvents Market: By Type, 2021-2031, USD (Million)
8.4.1.3.2. Industrial Solvents Market: By Application, 2021-2031, USD (Million)
8.4.1.4. Italy
8.4.1.4.1. Industrial Solvents Market: By Type, 2021-2031, USD (Million)
8.4.1.4.2. Industrial Solvents Market: By Application, 2021-2031, USD (Million)
8.4.1.5. France
8.4.1.5.1. Industrial Solvents Market: By Type, 2021-2031, USD (Million)
8.4.1.5.2. Industrial Solvents Market: By Application, 2021-2031, USD (Million)
8.4.1.6. Rest of Europe
8.4.1.6.1. Industrial Solvents Market: By Type, 2021-2031, USD (Million)
8.4.1.6.2. Industrial Solvents Market: By Application, 2021-2031, USD (Million)

9. Asia Pacific Industrial Solvents Market, 2021-2031, USD (Million)

9.1. Market Overview
9.2. Industrial Solvents Market: By Type, 2021-2031, USD (Million)
9.3. Industrial Solvents Market: By Application, 2021-2031, USD (Million)
9.4.Industrial Solvents Market: By Region, 2021-2031, USD (Million)
9.4.1.Asia Pacific
9.4.1.1. China
9.4.1.1.1. Industrial Solvents Market: By Type, 2021-2031, USD (Million)
9.4.1.1.2. Industrial Solvents Market: By Application, 2021-2031, USD (Million)
9.4.1.2. Japan
9.4.1.2.1. Industrial Solvents Market: By Type, 2021-2031, USD (Million)
9.4.1.2.2. Industrial Solvents Market: By Application, 2021-2031, USD (Million)
9.4.1.3. India
9.4.1.3.1. Industrial Solvents Market: By Type, 2021-2031, USD (Million)
9.4.1.3.2. Industrial Solvents Market: By Application, 2021-2031, USD (Million)
9.4.1.4. Australia
9.4.1.4.1. Industrial Solvents Market: By Type, 2021-2031, USD (Million)
9.4.1.4.2. Industrial Solvents Market: By Application, 2021-2031, USD (Million)
9.4.1.5. South Korea
9.4.1.5.1. Industrial Solvents Market: By Type, 2021-2031, USD (Million)
9.4.1.5.2. Industrial Solvents Market: By Application, 2021-2031, USD (Million)
9.4.1.6. Rest of Asia Pacific
9.4.1.6.1. Industrial Solvents Market: By Type, 2021-2031, USD (Million)
9.4.1.6.2. Industrial Solvents Market: By Application, 2021-2031, USD (Million)

10. Latin America Industrial Solvents Market, 2021-2031, USD (Million)

10.1. Market Overview
10.2. Industrial Solvents Market: By Type, 2021-2031, USD (Million)
10.3. Industrial Solvents Market: By Application, 2021-2031, USD (Million)
10.4.Industrial Solvents Market: By Region, 2021-2031, USD (Million)
10.4.1.Latin America
10.4.1.1. Brazil
10.4.1.1.1. Industrial Solvents Market: By Type, 2021-2031, USD (Million)
10.4.1.1.2. Industrial Solvents Market: By Application, 2021-2031, USD (Million)
10.4.1.2. Mexico
10.4.1.2.1. Industrial Solvents Market: By Type, 2021-2031, USD (Million)
10.4.1.2.2. Industrial Solvents Market: By Application, 2021-2031, USD (Million)
10.4.1.3. Rest of Latin America
10.4.1.3.1. Industrial Solvents Market: By Type, 2021-2031, USD (Million)
10.4.1.3.2. Industrial Solvents Market: By Application, 2021-2031, USD (Million)

11. Middle East and Africa Industrial Solvents Market, 2021-2031, USD (Million)

11.1. Market Overview
11.2. Industrial Solvents Market: By Type, 2021-2031, USD (Million)
11.3. Industrial Solvents Market: By Application, 2021-2031, USD (Million)
11.4.Industrial Solvents Market: By Region, 2021-2031, USD (Million)
11.4.1.Middle East and Africa
11.4.1.1. GCC
11.4.1.1.1. Industrial Solvents Market: By Type, 2021-2031, USD (Million)
11.4.1.1.2. Industrial Solvents Market: By Application, 2021-2031, USD (Million)
11.4.1.2. Africa
11.4.1.2.1. Industrial Solvents Market: By Type, 2021-2031, USD (Million)
11.4.1.2.2. Industrial Solvents Market: By Application, 2021-2031, USD (Million)
11.4.1.3. Rest of Middle East and Africa
11.4.1.3.1. Industrial Solvents Market: By Type, 2021-2031, USD (Million)
11.4.1.3.2. Industrial Solvents Market: By Application, 2021-2031, USD (Million)

12. Company Profile

12.1. Arkema S.A.
12.1.1. Company Overview
12.1.2. Financial Performance
12.1.3. Product Portfolio
12.1.4. Strategic Initiatives
12.2. BASF SE
12.2.1. Company Overview
12.2.2. Financial Performance
12.2.3. Product Portfolio
12.2.4. Strategic Initiatives
12.3. BP
12.3.1. Company Overview
12.3.2. Financial Performance
12.3.3. Product Portfolio
12.3.4. Strategic Initiatives
12.4. Exxon Mobil Corporation
12.4.1. Company Overview
12.4.2. Financial Performance
12.4.3. Product Portfolio
12.4.4. Strategic Initiatives
12.5. Royal Dutch Shell PLC
12.5.1. Company Overview
12.5.2. Financial Performance
12.5.3. Product Portfolio
12.5.4. Strategic Initiatives
12.6. The Dow Chemical Company
12.6.1. Company Overview
12.6.2. Financial Performance
12.6.3. Product Portfolio
12.6.4. Strategic Initiatives
12.7. LyondellBasell Industries N.V
12.7.1. Company Overview
12.7.2. Financial Performance
12.7.3. Product Portfolio
12.7.4. Strategic Initiatives
12.8. Rhodia
12.8.1. Company Overview
12.8.2. Financial Performance
12.8.3. Product Portfolio
12.8.4. Strategic Initiatives
12.9. Eastman Chemical Company
12.9.1. Company Overview
12.9.2. Financial Performance
12.9.3. Product Portfolio
12.9.4. Strategic Initiatives
12.10. Ashland Global Holdings Inc.
12.10.1. Company Overview
12.10.2. Financial Performance
12.10.3. Product Portfolio
12.10.4. Strategic Initiatives
12.11. Huntsman Corporation
12.11.1. Company Overview
12.11.2. Financial Performance
12.11.3. Product Portfolio
12.11.4. Strategic Initiatives
12.12. Celanese Corporation
12.12.1. Company Overview
12.12.2. Financial Performance
12.12.3. Product Portfolio
12.12.4. Strategic Initiatives
12.13. INEOS AG
12.13.1. Company Overview
12.13.2. Financial Performance
12.13.3. Product Portfolio
12.13.4. Strategic Initiatives

List of Figures

Figure 1 Global Industrial Solvents Market: Market Coverage
Figure 2 Research Methodology and Data Sources
Figure 3 Market Size Estimation - Top Down & Bottom-Up Approach
Figure 4 Global Industrial Solvents Market: Quality Assurance
Figure 5 Global Industrial Solvents Market, By Type, 2022
Figure 6 Global Industrial Solvents Market, By Application, 2022
Figure 7 Global Industrial Solvents Market, By Geography, 2022
Figure 8 Market Geographical Opportunity Matrix - Global Industrial Solvents Market, 2022
Figure 9 Market Positioning of Key Industrial Solvents Market Players, 2022
Figure 10 Global Industrial Solvents Market - Tier Analysis - Percentage of Revenues by Tier Level, 2022 Versus 2031
Figure 11 Global Industrial Solvents Market, By Type, 2022 Vs 2031, %
Figure 12 Global Industrial Solvents Market, By Application, 2022 Vs 2031, %
Figure 13 U.S. Industrial Solvents Market (US$ Million), 2021 - 2031
Figure 14 Canada Industrial Solvents Market (US$ Million), 2021 - 2031
Figure 15 Rest of North America Industrial Solvents Market (US$ Million), 2021 - 2031
Figure 16 UK Industrial Solvents Market (US$ Million), 2021 - 2031
Figure 17 Germany Industrial Solvents Market (US$ Million), 2021 - 2031
Figure 18 Spain Industrial Solvents Market (US$ Million), 2021 - 2031
Figure 19 Italy Industrial Solvents Market (US$ Million), 2021 - 2031
Figure 20 France Industrial Solvents Market (US$ Million), 2021 - 2031
Figure 21 Rest of Europe Industrial Solvents Market (US$ Million), 2021 - 2031
Figure 22 China Industrial Solvents Market (US$ Million), 2021 - 2031
Figure 23 Japan Industrial Solvents Market (US$ Million), 2021 - 2031
Figure 24 India Industrial Solvents Market (US$ Million), 2021 - 2031
Figure 25 Australia Industrial Solvents Market (US$ Million), 2021 - 2031
Figure 26 South Korea Industrial Solvents Market (US$ Million), 2021 - 2031
Figure 27 Rest of Asia Industrial Solvents Market (US$ Million), 2021 - 2031
Figure 28 Brazil Industrial Solvents Market (US$ Million), 2021 - 2031
Figure 29 Mexico Industrial Solvents Market (US$ Million), 2021 - 2031
Figure 30 Rest of Latin America Industrial Solvents Market (US$ Million), 2021 - 2031
Figure 31 GCC Industrial Solvents Market (US$ Million), 2021 - 2031
Figure 32 Africa Industrial Solvents Market (US$ Million), 2021 - 2031
Figure 33 Rest of Middle East and Africa Industrial Solvents Market (US$ Million), 2021 - 2031

List of Tables

Table 1 Global Industrial Solvents Market By Type, 2021-2031, USD (Million)
Table 2 Global Industrial Solvents Market By Application, 2021-2031, USD (Million)
Table 3 North America Industrial Solvents Market By Type, 2021-2031, USD (Million)
Table 4 North America Industrial Solvents Market By Application, 2021-2031, USD (Million)
Table 5 U.S. Industrial Solvents Market By Type, 2021-2031, USD (Million)
Table 6 U.S. Industrial Solvents Market By Application, 2021-2031, USD (Million)
Table 7 Canada Industrial Solvents Market By Type, 2021-2031, USD (Million)
Table 8 Canada Industrial Solvents Market By Application, 2021-2031, USD (Million)
Table 9 Rest of North America Industrial Solvents Market By Type, 2021-2031, USD (Million)
Table 10 Rest of North America Industrial Solvents Market By Application, 2021-2031, USD (Million)
Table 11 UK and European Union Industrial Solvents Market By Type, 2021-2031, USD (Million)
Table 12 UK and European Union Industrial Solvents Market By Application, 2021-2031, USD (Million)
Table 13 UK Industrial Solvents Market By Type, 2021-2031, USD (Million)
Table 14 UK Industrial Solvents Market By Application, 2021-2031, USD (Million)
Table 15 Germany Industrial Solvents Market By Type, 2021-2031, USD (Million)
Table 16 Germany Industrial Solvents Market By Application, 2021-2031, USD (Million)
Table 17 Spain Industrial Solvents Market By Type, 2021-2031, USD (Million)
Table 18 Spain Industrial Solvents Market By Application, 2021-2031, USD (Million)
Table 19 Italy Industrial Solvents Market By Type, 2021-2031, USD (Million)
Table 20 Italy Industrial Solvents Market By Application, 2021-2031, USD (Million)
Table 21 France Industrial Solvents Market By Type, 2021-2031, USD (Million)
Table 22 France Industrial Solvents Market By Application, 2021-2031, USD (Million)
Table 23 Rest of Europe Industrial Solvents Market By Type, 2021-2031, USD (Million)
Table 24 Rest of Europe Industrial Solvents Market By Application, 2021-2031, USD (Million)
Table 25 Asia Industrial Solvents Market By Type, 2021-2031, USD (Million)
Table 26 Asia Industrial Solvents Market By Application, 2021-2031, USD (Million)
Table 27 China Industrial Solvents Market By Type, 2021-2031, USD (Million)
Table 28 China Industrial Solvents Market By Application, 2021-2031, USD (Million)
Table 29 Japan Industrial Solvents Market By Type, 2021-2031, USD (Million)
Table 30 Japan Industrial Solvents Market By Application, 2021-2031, USD (Million)
Table 31 India Industrial Solvents Market By Type, 2021-2031, USD (Million)
Table 32 India Industrial Solvents Market By Application, 2021-2031, USD (Million)
Table 33 Australia Industrial Solvents Market By Type, 2021-2031, USD (Million)
Table 34 Australia Industrial Solvents Market By Application, 2021-2031, USD (Million)
Table 35 South Korea Industrial Solvents Market By Type, 2021-2031, USD (Million)
Table 36 South Korea Industrial Solvents Market By Application, 2021-2031, USD (Million)
Table 37 Latin America Industrial Solvents Market By Type, 2021-2031, USD (Million)
Table 38 Latin America Industrial Solvents Market By Application, 2021-2031, USD (Million)
Table 39 Brazil Industrial Solvents Market By Type, 2021-2031, USD (Million)
Table 40 Brazil Industrial Solvents Market By Application, 2021-2031, USD (Million)
Table 41 Mexico Industrial Solvents Market By Type, 2021-2031, USD (Million)
Table 42 Mexico Industrial Solvents Market By Application, 2021-2031, USD (Million)
Table 43 Rest of Latin America Industrial Solvents Market By Type, 2021-2031, USD (Million)
Table 44 Rest of Latin America Industrial Solvents Market By Application, 2021-2031, USD (Million)
Table 45 Middle East and Africa Industrial Solvents Market By Type, 2021-2031, USD (Million)
Table 46 Middle East and Africa Industrial Solvents Market By Application, 2021-2031, USD (Million)
Table 47 GCC Industrial Solvents Market By Type, 2021-2031, USD (Million)
Table 48 GCC Industrial Solvents Market By Application, 2021-2031, USD (Million)
Table 49 Africa Industrial Solvents Market By Type, 2021-2031, USD (Million)
Table 50 Africa Industrial Solvents Market By Application, 2021-2031, USD (Million)
Table 51 Rest of Middle East and Africa Industrial Solvents Market By Type, 2021-2031, USD (Million)
Table 52 Rest of Middle East and Africa Industrial Solvents Market By Application, 2021-2031, USD (Million)

Companies Mentioned

Arkema S.A.
BASF SE
BP
Exxon Mobil Corporation
Royal Dutch Shell PLC
The Dow Chemical Company
LyondellBasell Industries N.V
Rhodia
Eastman Chemical Company
Ashland Global Holdings Inc.
Huntsman Corporation
Celanese Corporation
INEOS AG

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Key Players Identified in the Industrial Solvents Market include but are not limited to:

Historical & Forecast Period

Research Methodology

Market Segmentation

Type

Application

Key questions answered in this report

Table of Contents

Companies Mentioned

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