(EMAILWIRE.COM, January 16, 2023 ) The global Solvents Market is projected to grow from USD 21.8 billion in 2020 to USD 30.0 billion by 2025, at a CAGR of 6.6% from 2020 to 2025. Growth in the personal care, home care and pharmaceutical owing to COVID-19 pandemic is driving the demand for solvents. This is growth from these segments is expected to continue during forecast period, owing to awareness regarding hygiene among consumers across the globe.

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Based on product type, the solvents market has been segmented into oxygenated solvents, hydrocarbon solvents, and halogenated solvents. The oxygenated solvents market is projected to grow at the highest CAGR between 2020 and 2025, in terms of and volume, owing to the high solvency power and lower toxicity as compared to hydrocarbon and halogenated solvents.

Based on application, the petrochemical-based solvents market has been segmented into paints & coatings, pharmaceuticals, polymer manufacturing, adhesives, printing inks, metal cleaning, personal care, agricultural chemicals, and others. The other applications include textile printing/dyeing, intermediate manufacturing, jet fuel anti-icing additive, leather dyes, floor polishes/strippers, and electronics. Agricultural chemicals segment is estimated to witness highest CAGR during the forecast period. The growing demand for food with the rising population and as solvents help in high spraying efficiency, isolation of active ingredients, and uniform drying and adequate penetration of agricultural chemicals.

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The market in APAC is projected to grow at the highest CAGR from 2020 to 2025, both, in terms of value and volume. This is due to increasing industrialization, and rising demand for petrochemical-based solvents from end-use industries. In addition, the availability of cheaper raw materials in the region are expected to drive growth of the solvents market. In addition, growing awareness regarding hygiene due to COVID-19 pandemic is another factor driving the demand for solvents in the applications such as personal care, and home care and in products such as disinfectants, hand sanitizers, and surface sanitizers. 

Key players in the solvents market include Royal Dutch Shell Plc. (Netherlands), Eastman Chemical Company (US), BASF SE (Germany), ExxonMobil Corporation (US), LyondellBasell Industries Holdings B.V. (The Netherlands), Ashland Global Holdings Inc. (US), Celanese Corporation (US), Huntsman Corporation (US), Solvay SA (Belgium), Honeywell International Inc. (US), and INEOS Group AG (UK).

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