Market Size of Global Solvents Industry
| Study Period | 2018 - 2028 |
| Base Year For Estimation | 2021 |
| CAGR | 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Solvents Market Analysis
The solvents market is expected to grow at a CAGR of around 5% globally. Major factor driving the market studied is the significant demand from construction and automotive industry along with stringent regulations in place to minimize VOC emissions. On the flip side, high manufacturing costs and performance issues of solvents and the unfavorable conditions arising due to the COVID-19 outbreak is hindering the growth of the market.
- Development of oxygenated based industrial solvents is expected to create new opportunities for the market to grow.
- The paints & coatings industry is expected to dominate the application segment of global solvents market over the period on account of significant demand for construction chemicals and growing automotive industry.
- Asia Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the consumption from countries such as China and India.
