Solvents Market Report 2025

The solvents market size has grown steadily in recent years. It will grow from $32.32 billion in 2024 to $33.86 billion in 2025 at a compound annual growth rate (CAGR) of 4.8%. The growth in the historic period can be attributed to the industrial revolution, chemical synthesis advancements, paints and coatings development, petrochemical industry growth, and print and ink industry.

The solvents market size is expected to see strong growth in the next few years. It will grow to $43.1 billion in 2029 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to regulatory compliance, bio-based solvents, green chemistry initiatives, circular economy integration, and 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.

The growing demand for personal care products is anticipated to fuel the expansion of the solvents market. Personal care products comprise a wide range of chemical compounds used in health, beauty, and hygiene applications, including cosmetics, skincare, haircare, cleaning products, and fragrances. Solvents play an essential role in skincare products, helping to dissolve ingredients and enhance the product’s functionality, texture, and sensory appeal. For example, in September 2023, the Bureau of Labor Statistics, a US-based government agency, reported that consumer spending on personal care products rose by 12.3%, from $771 in 2021 to $866 in 2022. Consequently, the rising demand for personal care products is driving growth in the solvents market.

The rising demand for cosmetics is projected to drive the growth of the solvents market. Cosmetics encompass a wide array of products applied to the body, face, hair, or nails to enhance or change appearance. Solvents are essential in cosmetics as they dissolve and disperse various ingredients, enabling the creation of products with desirable textures and application characteristics. They improve the stability, spreadability, and shelf life of cosmetic formulations, providing consumers with a pleasing sensory experience while facilitating the effective delivery of active ingredients. For example, in 2023, the Cosmetic Toiletry & Perfumery Association (CTPA), a UK-based trade organization, reported that the color cosmetics sector sold 118,178 units in 2022, which increased to 123,056 units in 2023, representing a growth of approximately 4.1%. Likewise, the skincare sector saw an increase from 456,401 units sold in 2022 to 460,868 units in 2023, marking a growth of around 1%. Thus, the increasing use of cosmetics is driving the growth of the solvents market.

A prominent trend in the solvents market is product innovation, with companies in the industry adopting new technologies to maintain their market standing. In April 2022, Solvay S.A., a Belgium-based chemical manufacturer, introduced Rhodiasolv IRIS, a next-generation solvent characterized by biodegradability, non-flammability, low volatility, and reproductive toxicity. This versatile solvent finds applications in phytosanitary product formulation, paint peeling, graffiti and resin removal, industrial cleaning, and agrochemistry. Rhodiasolv IRIS exemplifies a unique production method that recycles a previously incinerated byproduct of its polyamide chain, optimizing petrochemical resource utilization while minimizing environmental impact. It is a vital component in the Rhodiasolv line of green solvents, contributing to the transition to more environmentally friendly agricultural practices.

Major companies in the solvents market are strategically focusing on developing sustainable products, such as sustainable ultra-pure solvents, showcasing the feasibility of producing high-quality solvents from recycled materials. A sustainable ultra-pure solvent is characterized not only by high purity but also by environmentally friendly and sustainable production methods. In January 2023, Clariter, a Luxembourg-based cleantech company, and TotalEnergies Fluids, a France-based energy and petroleum company, introduced a sustainable ultra-pure solvent derived from plastic waste. These ultra-pure solvents find application in demanding markets such as pharmaceuticals and cosmetics, requiring safe, colorless, odorless, and tasteless products meeting the highest pharmacopoeia-standard purity criteria.

In April 2023, INEOS Phenol, a manufacturer of phenol and acetone based in Switzerland, acquired Mitsui Phenol Singapore Co. Ltd. from Mitsui Chemicals Inc. for $330 million. This acquisition is intended to boost INEOS's production capabilities by adding over 1 million tonnes of annual production capacity, which includes substantial outputs of cumene, phenol, acetone, alpha-methyl styrene, and bisphenol. Mitsui Phenol Singapore Co. Ltd. is a chemical company located in Singapore that supplies solvents.

Major companies operating in the solvents market include China Petroleum and Chemical Corporation, ExxonMobil Corporation, Royal Dutch Shell Plc., Marathon Petroleum Corporation, Valero Energy Corporation, PJSC Lukoil Oil Company, Reliance Industries Limited, Mitsui Chemicals Inc., BASF SE, Dow Jones Industrial, Sabic, LyondellBasell Industries Holdings B.V, Henkel AG and Co. KGaA, Toray Industries Inc., INEOS Group Limited, Westlake Corporation, Solvay SA, International Flavors and Fragrances Inc., Akzo Nobel NV, Arkema SA, Eastman Chemical Company, Daicel Corporation, Celanese Corporation, Wacker Chemie AG, Huntsman International LLC., Givaudan, Lonza Group AG, Clariant AG, Ashland Global Holdings Inc., Hengyi Industries Sdn Bhd.

Asia-Pacific was the largest region in the solvents market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the solvents market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the solvents market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A solvent is a liquid capable of dissolving or dispersing one or more other compounds. A diverse array of solvents finds application as chemical intermediates, fuels, and constituents in a wide spectrum of products. They play a role in the formulation of paint, ink, coatings, household cleansers, spot removers, adhesives, nail polish removers, automotive products, and various other items.

The primary types of solvents include alcohols, hydrocarbons, ketones, esters, chlorinated solvents, and others. Alcohols, characterized by the presence of one or more hydroxyl (OH) groups attached to a carbon atom in an alkyl group, are a significant category. Ethanol, an alcohol solvent, is utilized to dissolve many organic compounds that are insoluble in water and is commonly found in fragrances and cosmetics. Solvents are categorized into oxygenated solvents, hydrocarbon solvents, halogenated solvents, and others, with sources including bio-based solvents and petrochemical-based solvents. Solvents are applied in various industries, including adhesives, paints and coatings, personal care, pharmaceuticals, and others.

The solvents market research report is one of a series of new reports that provides solvents market statistics, including the solvents industry global market size, regional shares, competitors with an solvents market share, detailed solvents market segments, market trends, and opportunities, and any further data you may need to thrive in the solvents industry. This solvents market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The solvents market consists of sales of organic solvents, inorganic solvents, protic solvents, and aprotic solvents. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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