Market Size of Global Solvents Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 33.59 Billion |
| Market Size (2029) | USD 42.28 Billion |
| CAGR (2024 - 2029) | 4.70 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Solvents Market Analysis
The Global Solvents Market size is estimated at USD 33.59 billion in 2024, and is expected to reach USD 42.28 billion by 2029, growing at a CAGR of 4.70% during the forecast period (2024-2029).
The solvents market was negatively impacted by the COVID-19 pandemic as there was a slowdown in production and mobility wherein industries such as paints and coatings, polymers and adhesives, etc., were forced to delay their production due to containment measures and economic disruptions. Currently, the market has recovered from the pandemic. The market reached pre-pandemic levels in 2022 and is expected to grow steadily.
The paints and coatings industry is expected to dominate the application segment of the global solvents market over the period due to significant demand for construction chemicals and the growing automotive industry.
On the flip side, chemical-based solvents can negatively affect human health in different ways. They not only affect human health but also severely affect the environment and the health of animals, and this can hinder the growth of the market.
The development of oxygenated-based industrial solvents is expected to create new opportunities for the market to grow.
Asia-Pacific region represents the largest market and is expected to be the fastest-growing market over the forecast period owing to the consumption from countries such as China and India.
