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 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

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.

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 2032.
• 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?