Industrial Solvent Market by Type, Polarity, End-User

List of Tables

[195 Pages Report] The Industrial Solvent Market size was estimated at USD 28.74 billion in 2023 and expected to reach USD 30.53 billion in 2024, at a CAGR 6.41% to reach USD 44.41 billion by 2030.

Industrial solvents are substances used in various industrial processes to dissolve, dilute, and suspend other substances. Industrial solvents have different properties and compositions to cater to the distinct requirements of varied industries. Increasing industrial activities across sectors, such as manufacturing, automotive, pharmaceuticals, paints and coatings, and electronics, drive the demand for industrial solvents. Implementing stringent regulations to control the emissions of volatile organic compounds (VOCs) and hazardous air pollutants (HAPs) from industrial processes is elevating the demand for low-VOC and VOC-free solvents with minimal environmental impact. Health and safety concerns associated with workers and the environment due to exposure to solvents hamper the adoption of industrial solvents across industries. The increasing development of new solvent formulations that offer improved performance, efficiency, and environmental friendliness is expected to create opportunities for market growth.

KEY MARKET STATISTICS
Base Year [2023]	USD 28.74 billion
Estimated Year [2024]	USD 30.53 billion
Forecast Year [2030]	USD 44.41 billion
CAGR (%)	6.41%

Type: Higher demand for alcohol-based solvents owing to the increased use of ethanol and isopropanol in industrial applications

Alcohols are a group of organic compounds characterized by one or more hydroxyl (-OH) groups. They are widely utilized in industrial applications due to their capability as solvents and intermediates. 2 Ethyl Hexanol is widely used in fuels and lubricant formulations, and Benzyl Alcohol is a common solvent for inks, paints, lacquers, and epoxy resin coatings. Butanol is used in the formulation of a variety of coatings and cleaning products, and ethanol is employed widely across industries, including pharmaceuticals and cosmetics, and as a base for manufacturing various chemicals. Isopropanol (IPA) is a common solvent used for cleaning and degreasing, as well as in the production of other chemicals, and is particularly useful in the pharmaceutical industry. Amides are organic compounds that function as effective solvents due to their polar nature, lending them the ability to dissolve both organic and inorganic materials. Dimethylacetamide (DMAc) is employed in polymer and fiber applications with high thermal and chemical stability, and dimethylformamide (DMF) is used in the production of pharmaceuticals and acrylic fibers, as well as in the development of adhesives and surface coatings. Esters are organic compounds with a sweet, often fruity odor, used as solvents for a wide range of applications, including printing inks, coatings, and fragrances. Butyl acetate, ethyl acetate, and isopropyl acetate are utilized for their excellent solvency characteristics in printing inks, wood coatings, and varnishes.

Hydrocarbons are primarily sourced from petroleum and natural gas, and their solvency makes them applicable for industrial cleaners, paints, and adhesives. Dimethyl sulfoxide (DMSO) is an organosulfur compound with a high polarity and ability to dissolve a wide range of organic and inorganic compounds, particularly used in chemical reactions. Heptane is favored for its non-polar properties, making it an excellent solvent for cleaning, adhesives, and aerosol formulations. Toluene is a potent solvent used in the manufacture of paints, paint thinners, and adhesives due to its effectiveness in dissolving a wide range of substances. Acetone is a fast evaporating and extremely flammable solvent, common in the cosmetics industry (nail polish remover), and used as a cleaner and in chemical synthesis. Organosulfur compounds are sulfur analogs of oxygen compounds and play a significant role as solvents in various industrial processes. Sulfones are high-temperature solvents often used in specialty applications, including solvent extractions and as high-dielectric materials. Salt is used in various applications due to its ionic nature, which can influence chemical reactions and solubility properties.

Polarity: Preference for non-polar solvents in processes requiring high solvency for non-polar substances

Non-polar substances are known for their unreactive nature, perfectly suited for dissolving non-polar entities such as fats and polymers, with broad utility in degreasing and dry cleaning. Conversely, polar solvents, considering their high dipole moment, are adept at dissolving ionic and various polar substances, thus being indispensable in pharmaceutical formulations and analytical laboratory practices. In comparing these two solvent classes, non-polar variants offer essential solvation for non-polar compounds, avoiding reactivity and ensuring compatibility, while polar solvents are unmatched in managing polar or ionic materials.

End-User: Extensive application of solvents in paints & coatings, adhesive, and sealant formulation

The chemical industry utilizes solvents for various processes such as extraction, purification, synthesis, and formulation of chemicals and chemical products. In the electronics industry, solvents are used to clean electronic components, remove flux residues, and degrease surfaces. They have a significant role in the manufacturing of printed circuit boards (PCBs), semiconductors, and electronic devices by ensuring cleanliness and improving the performance and reliability of electronic components. Solvents are critical in pharmaceutical manufacturing for drug formulation, extraction, purification, and cleaning processes. Solvents are utilized in the construction industry for applications such as paint thinning, paints & coatings, cleaning surfaces, adhesive and sealant formulation, and concrete curing. Industrial solvents help in achieving the desired viscosity, proper adhesion, and effective curing of construction materials. The footwear industry uses solvents mainly in producing and repairing shoes, particularly for dissolving and applying adhesives. Solvent applications in the oil & gas sector include extraction, production, and refining processes.

Regional Insights

In the Americas, specifically the United States, the significant demand for pharmaceuticals, coatings, and adhesives has prompted manufacturers to invest in environmentally friendly alternatives, aligning with customers' preference for high-quality, regulation-compliant products. Canadian customers are gravitating toward sustainable solutions, propelling research into plant-based solvents. In the Asia-Pacific region, China, India, and Japan have a robust industrial base, with China and India emphasizing cost-effective production and growing capacity. Japan maintains a focus on high-purity, innovative solvent technologies. In the European Union, an advanced regulatory framework, notably REACH, drives the shift to non-VOC, biodegradable solvents, with consumer buying behavior heavily influenced by environmental considerations. Several challenges and strategies are evident among solvent providers in developed countries with stringent regulations necessitating research and development (R&D) in green chemistry and the adaptation of supply chains to a circular economy model. Emerging markets offer better opportunities for industrial solvents due to less rigid regulatory landscapes and burgeoning industrial activity.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Industrial Solvent Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Industrial Solvent Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Industrial Solvent Market, highlighting leading vendors and their innovative profiles. These include Absolute Solvents Ltd., ACE Chemical, Agilent Technologies, Inc, Arkema S.A., Ashland Global Holdings Inc., Australasian Solvents and Chemical Company Pty Ltd., BASF SE, Cargill, Incorporated, Celanese Corporation, Clariant AG, Dow, Inc., Eastman Chemical Company, Evonik Industries AG, Exxon Mobil Corporation, FUJIFILM Holdings Corporation, Honeywell International, Inc., Huntsman International LLC, INEOS Group Holdings S.A., Jagannath Chemicals, LyondellBasell Industries Holdings B.V., Merck KGaA, Mitsubishi Chemical Corporation, Mitsui & Co., Ltd., OQ SAOC, Ornate Chemicals, Perstorp Holding AB by PETRONAS Chemicals Group, Reliance Specialty Products, Inc., Royal Dutch Shell PLC, SABIC, ShanDong look chemical Co., Ltd., Shin-Etsu Chemical Co., Ltd., Solvay S.A., Solventis Ltd., Surya Min Chem Private Limited, Toray Industries Inc., and Vertec BioSolvents Inc..

Market Segmentation & Coverage

This research report categorizes the Industrial Solvent Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type
- Alcohols
  - 2 Ethyl Hexanol
  - Benzyl Alcohol
  - Butanol
  - Ethanol
  - Isopropanol
  - Methanol
  - Propanol

Amide
- Dimethylacetamide
- Dimethylformamide

Esters
- Butyl Acetate
- Ethyl Acetate
- Iso Propyl Acetate

Hydrocarbons
- Dimethyl Sulfoxide
- Heptane
- Hexane
- Toluene
- Xylene

Ketones
- Acetone
- Methyl Ethyl Ketone
- Methyl Iso Butyl Ketone
- N-methyl Pyrrolidone

Organosulfur Compounds
- Sulfones
- Sulfoxides

Salt
- Sodium chloride
- Tetramethylammonium Hydroxide

Polarity
- Non-Polar
- Polar

End-User
- Chemical
- Construction
- Electronics
- Footwear
- Oil & Gas
- Paintings & Coatings
- Pharmaceuticals
- Textiles

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Industrial Solvent Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Industrial Solvent Market?

3. What are the technology trends and regulatory frameworks in the Industrial Solvent Market?

4. What is the market share of the leading vendors in the Industrial Solvent Market?

5. Which modes and strategic moves are suitable for entering the Industrial Solvent Market?

Product Code: MRR-1C3F8973D8AC

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Increasing investments in pharmaceutical drug development activities
  - 5.1.1.2. Growing demand for industrial solvents in the construction industry
  - 5.1.1.3. Rising use of solvents in paints and coatings
- 5.1.2. Restraints
  - 5.1.2.1. Environmental issues associated with industrial solvents
- 5.1.3. Opportunities
  - 5.1.3.1. Innovations and advancements in industrial solvent production technologies
  - 5.1.3.2. Introduction of bio-based and sustainably manufactured industrial solvents
- 5.1.4. Challenges
  - 5.1.4.1. Difficulties associated with handling and storage of industrial solvents
5.2. Market Segmentation Analysis
- 5.2.1. Type: Higher demand for alcohol-based solvents owing to the increased use of ethanol and isopropanol in industrial applications
- 5.2.2. Polarity: Preference for non-polar solvents in processes requiring high solvency for non-polar substances
- 5.2.3. End-User: Extensive application of solvents in paints & coatings, adhesive, and sealant formulation
5.3. Market Trend Analysis
- 5.3.1. Development in local industries, supported by government initiatives, may enhance domestic demand for industrial solvents in the Americas, reducing import dependency and fostering local economies
- 5.3.2. Significantly increasing market landscape in the APAC region driven by a surge in product demand from end-use industries, including electronics, chemical, and pharmaceuticals, and the substantial presence of key players in the region.
- 5.3.3. Strong production and export potential of industrial solvents in EMEA and their shift towards sustainable solvents
5.4. Cumulative Impact of High Inflation
5.5. Porter's Five Forces Analysis
- 5.5.1. Threat of New Entrants
- 5.5.2. Threat of Substitutes
- 5.5.3. Bargaining Power of Customers
- 5.5.4. Bargaining Power of Suppliers
- 5.5.5. Industry Rivalry
5.6. Value Chain & Critical Path Analysis
5.7. Regulatory Framework Analysis

6. Industrial Solvent Market, by Type

6.1. Introduction
6.2. Alcohols
6.3. Amide
6.4. Esters
6.5. Hydrocarbons
6.6. Ketones
6.7. Organosulfur Compounds
6.8. Salt

7. Industrial Solvent Market, by Polarity

7.1. Introduction
7.2. Non-Polar
7.3. Polar

8. Industrial Solvent Market, by End-User

8.1. Introduction
8.2. Chemical
8.3. Construction
8.4. Electronics
8.5. Footwear
8.6. Oil & Gas
8.7. Paintings & Coatings
8.8. Pharmaceuticals
8.9. Textiles

9. Americas Industrial Solvent Market

9.1. Introduction
9.2. Argentina
9.3. Brazil
9.4. Canada
9.5. Mexico
9.6. United States

10. Asia-Pacific Industrial Solvent Market

10.1. Introduction
10.2. Australia
10.3. China
10.4. India
10.5. Indonesia
10.6. Japan
10.7. Malaysia
10.8. Philippines
10.9. Singapore
10.10. South Korea
10.11. Taiwan
10.12. Thailand
10.13. Vietnam

11. Europe, Middle East & Africa Industrial Solvent Market

11.1. Introduction
11.2. Denmark
11.3. Egypt
11.4. Finland
11.5. France
11.6. Germany
11.7. Israel
11.8. Italy
11.9. Netherlands
11.10. Nigeria
11.11. Norway
11.12. Poland
11.13. Qatar
11.14. Russia
11.15. Saudi Arabia
11.16. South Africa
11.17. Spain
11.18. Sweden
11.19. Switzerland
11.20. Turkey
11.21. United Arab Emirates
11.22. United Kingdom

12. Competitive Landscape

12.1. Market Share Analysis, 2023
12.2. FPNV Positioning Matrix, 2023
12.3. Competitive Scenario Analysis
- 12.3.1. Lummus and Toshiba Announce Partnership for Advanced Carbon Capture Solutions
- 12.3.2. BASF Offers Butanediol And Polytetrahydrofuran With Product Carbon Footprints Significantly Below Global Market Average
- 12.3.3. Capchem USA Evaluating USD 350 Million Investment to Establish EV Battery Supply Chain Facility in Louisiana
- 12.3.4. Fujifilm Completes Acquisition of Electronic Chemicals Business from Entegris; Rebranded as FUJIFILM Electronic Materials Process Chemicals
- 12.3.5. INEOS Announces the Acquisition of the Eastman Texas City Site for ~USD 500 million
- 12.3.6. Mitsubishi Chemical to Increase Production Capacity For High-Purity Solvent GBL in Japan
- 12.3.7. Euston Ventures Completes Acquisition of Hammond Chemicals With Support From Shawbrook
- 12.3.8. Oleon Opens New Innovative Ester Manufacturing Plant in Belgium
- 12.3.9. Huntsman Announces Development of New Materials Designed to Boost Battery Performance and Protection
- 12.3.10. SK's Canlak Coatings Buys Ceramic Industrial Coatings
- 12.3.11. Fujifilm Breaks Ground on New EUR 30 Million Expansion To Grow Semiconductor Materials Manufacturing Capabilities in Europe
- 12.3.12. Simple Solvents and Thomas Scientific Join Forces to Provide Steady and Robust Solvent Supply Chain
- 12.3.13. Ineos Acquires Mitsui Chemical's Phenol Business
- 12.3.14. Intelligent Fluids Secures EUR 10 Million Growth Financing For Green Chemistry
- 12.3.15. Plant-based Solvent Approved for Extraction of Oils in EU
- 12.3.16. Clariter, TotalEnergies Fluids to Produce First 'Ultra-pure' Solvents Made from Plastic Scrap
- 12.3.17. Celanese Expanding Portfolio of Sustainable Products Across Acetyl Chain

13. Competitive Portfolio

13.1. Key Company Profiles
13.2. Key Product Portfolio