The Solvents Market Report Segments the Industry by Source (Bio-Based Solvents and Petrochemical-Based Solvents), Type (Oxygenated Solvents, Hydrocarbon Solvents, and Halogenated Solvents), Application (Paints and Coatings, Adhesives, Pharmaceuticals, Personal Care, Polymer Production, and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and Middle East and Africa).

The global aliphatic solvent market is estimated to be valued at USD 4.2 billion in 2025 and is projected to reach USD 8.9 billion by 2035, reflecting a CAGR of 7.7% during the forecast period.

Metric	Value
Industry Size (2025E)	USD 4.2 billion
Industry Value (2035F)	USD 8.9 billion
CAGR (2025 to 2035)	7.7%

Country wise Outlook

Country	CAGR (2025 to 2035)
USA	7.5%

Country	CAGR (2025 to 2035)
UK	7.5%

Country	CAGR (2025 to 2035)
European Union	7.9%

Country	CAGR (2025 to 2035)
Japan	7.2%

Country	CAGR (2025 to 2035)
South Korea	7.6%

The global solvent market size was USD 31.45 billion in 2024 & is projected to grow from USD 33.35 billion in 2025 to USD 53.36 billion by 2033.
Report Scope:

Report Metric	Details
Market Size in 2024	USD 31.45 Billion
Market Size in 2025	USD 33.35 Billion
Market Size in 2033	USD 53.36 Billion
CAGR	6.05% (2025-2033)
Base Year for Estimation	2024
Historical Data	2021-2023
Forecast Period	2025-2033
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
Segments Covered	By Type,By Application,By Region.
Geographies Covered	North America, Europe, APAC, Middle East and Africa, LATAM,
Countries Covered	U.S., Canada, U.K., Germany, France, Spain, Italy, Russia, Nordic, Benelux, China, Korea, Japan, India, Australia, Taiwan, South East Asia, UAE, Turkey, Saudi Arabia, South Africa, Egypt, Nigeria, Brazil, Mexico, Argentina, Chile, Colombia,

The global solvent market size was valued at USD 49.9 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 69.4 Billion by 2033, exhibiting a CAGR of 3.7% from 2025-2033. Asia Pacific currently dominates the market, holding a market share of over 42.7% in 2024. The escalating demand for solvents from numerous industries, the widespread product utilization to produce cosmetics and personal care products, and advancements in manufacturing techniques across the globe are some of the major factors contributing to a positive solvent market outlook.

The Solvents Market will grow from USD 28.79 Billion in 2024 to USD 37.95 Billion by 2030 at a 4.71% CAGR.

Pages	185
Market Size	2024 USD 28.79 Billion
Forecast Market Size	USD 37.95 Billion
CAGR	4.71%
Fastest Growing Segment	Oxygenated Solvents
Largest Market	Asia Pacific
Key Players	['Solvay SA', 'Honeywell International Inc.', 'Shell PLC', 'Huntsman Corporation', 'Lyondellbasell Industries Holdings B.V.', 'Celanese Corporation', 'BASF SE', 'Ashland Global Holdings Inc.', 'Exxonmobil Corporation', 'Ineos AG']

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Solvents Market Size 2024-2028

The solvents market size is forecast to increase by USD 9.6 billion at a CAGR of 5.24% between 2023 and 2028. The market in the beauty industry is experiencing significant growth, driven by technological advancements in the recovery and recycling processes of solvents. These innovations enable the efficient use of solvents, reducing waste and lowering production costs. Additionally, the adoption of IoT technology in oil and gas extraction processes is increasing the demand for solvents, particularly ketones, ester solvents, glycol ether esters, alcohols such as methanol and ethanol. However, the market is also facing challenges due to the fluctuation in crude oil prices, which can impact the cost of raw materials and, consequently, the price of finished solvent products. To remain competitive, market players are focusing on improving production efficiency and reducing costs through process optimization and the adoption of sustainable manufacturing practices.

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The market encompasses a wide range of chemicals used as carriers for various applications. These include paints, coatings, adhesives, nail polish removers, printing inks, varnishes, fragrances, detergent, and spot removers, among others. The market is significantly influenced by the petrochemical output and the demand from industries such as Construction, Shipbuilding, and Aircraft manufacturing. Paints and coatings are major consumers of solvents, with Carbon tetrachloride and Methyl chloride being commonly used. However, due to environmental concerns, there is a shift towards the use of less harmful solvents such as alcohols, hydrocarbons, ketones, and Perchloroethylene (PERC). The personal care industry also contributes significantly to the market, with alcohols, ethanol, and Methyl isobutyl ketone being commonly used in cosmetics and nail polish removers. The market is subject to regulations such as the Solvents Emission Directive, which aims to reduce the environmental impact of solvent usage. In addition to these industries, the market also caters to the needs of various end-users such as the printing industry, where acetone is commonly used as a solvent for printing inks. Overall, the market is expected to grow due to the increasing demand for various end-use applications and the ongoing shift towards the use of less harmful solvents.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Type

  Alcohols
  Hydrocarbons
  Ketones
  Esters
  Others


End-user

  Paints and Coatings
  Pharmaceuticals
  Adhesives
  Printing Inks
  Others


Geography

  APAC

    China
    India
    Japan


  North America

    US


  Europe

    Germany
    UK


  South America



  Middle East and Africa

By Type Insights

The alcohols segment is estimated to witness significant growth during the forecast period. Alcohol solvents, such as n-butanol and isopropanol, hold significant importance in various industries due to their versatile applications. In surface coatings, they serve as crucial intermediates, enhancing the quality and durability of coatings used on glass and metals. The demand for these solvents is driven by the increasing use of advanced coatings in the automotive, aerospace, and construction industries. Moreover, in the chemical industry, alcohol solvents are extensively used as intermediates in the production of plastics and composites. Their ability to dissolve a wide range of polymers makes them indispensable in this sector. In pharmaceuticals, these solvents are utilized for drug formulation, extraction, and purification processes, underlining their significance in the healthcare sector.

In the cosmetics and personal care industry, alcohol solvents are employed for their excellent solubility and efficacy in formulations. They help in extracting fragrances and flavors, contributing to the production of high-quality consumer products. Furthermore, in the electronics industry, these solvents are utilized for cleaning and maintaining electronic components and devices, ensuring optimal performance and reliability. Overall, the demand for high-quality alcohol solvents continues to grow, driven by their extensive applications across various industries.

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The alcohols segment accounted for USD 10.40 billion in 2018 and showed a gradual increase during the forecast period.

Regional Insights

APAC is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shap

Japan solvent market size reached USD 1.6 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 2.5 Billion by 2033, exhibiting a growth rate (CAGR) of 4.7% during 2025-2033. The growing emphasis on sustainability, rising environmental regulations, research and development activities in environmentally friendly solvents, and wide utilization of solvents in pharmaceutical, and healthcare applications represent some of the key factors driving the market.

Report Attribute	Key Statistics
Base Year	2024
Forecast Years	2025-2033
Historical Years	2019-2024
Market Size in 2024	USD 1.6 Billion
Market Forecast in 2033	USD 2.5 Billion
Market Growth Rate 2025-2033	4.7%

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2025-2033. Our report has categorized the market based on product, source, and application.

The India Solvent Market size is USD 1.5 billion in 2023, demonstrating strategic insights, demand forecast, and business opportunities. Explore market segmentation, CAGR forecast, and future trends.

The global solvent market expected to grow in the forecast period of 2025-2034 at a CAGR of 6.20% to attain USD 45.77 Billion by 2034.

The Green and Bio-Based Solvents Market Report Segments the Industry by Type (Bio-Alcohols, Bio-Glycols, Bio-Diols, and More), Application (Paints and Coatings, Industrial and Domestic Cleaning, Printing Inks, Adhesives and Sealants, and More), End-User Industry (Automotive, Construction, Agriculture, and More), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa).

India Solvent Market has reached reach USD1.54 billion by 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 4.35% through 2029.

Pages	80
Market Size
Forecast Market Size
CAGR
Fastest Growing Segment
Largest Market
Key Players

The Pharmaceutical Solvents Market Report is Segmented by Type (Alcohols, Glycols, Ethers, Esters, and More), Function (Reaction Medium, Extraction Solvent, Purification/Crystallization, Formulation and Blending Agent), Application (API Manufacturing, Formulations, Drug-Delivery Systems, and More), and Geography (Asia-Pacific, North America, Europe, and More). The Market Forecasts are Provided in Terms of Value (USD).

The global pharmaceutical solvent market size was over USD 5.18 billion in 2025 and is anticipated to witness a CAGR of around 4.5%, crossing USD 8.04 billion revenue by 2035, fueled by rise in exportation of pharmaceutical products.

The industrial cleaning solvent market size is projected to thrive at a 4.8% CAGR from US$ 1.3 billion in 2024 to US$ 2 billion by 2034. The demand for industrial cleaning solvents is expanding due to several factors, including rising product consumption from the healthcare sector, stringent environmental and safety regulations, and growing public awareness of cleanliness in emerging nations.

Attributes	Details
Market Value for 2024	US$ 1.3 billion
Market Value for 2034	US$ 2.0 billion
Market CAGR from 2024 to 2034	4.8%

Mapping the Progress of the Industrial Cleaning Solvent Market From 2019 to 2023 and Prospective Outlook From 2024 to 2034

Attributes	Details
Market Value for 2019	US$ 0.9 billion
Market Value for 2023	US$ 1.2 billion
Market CAGR from 2019 to 2023	6.3%

Category-wise Outlook

Attributes	Details
Top Application	General and Medical Device Cleaning
CAGR % 2019 to 2023	6.1%
CAGR % 2024 to End of Forecast (2034)	4.6%

Attributes	Details
Top End-use industry	Manufacturing and Commercial Offices
CAGR % 2019 to 2023	5.8%
CAGR % 2024 to End of Forecast (2034)	4.4%

Country-wise Analysis

Country	South Korea
HCAGR (2019 to 2023)	13.1%
CAGR (2024 to 2034)	6.5%

Country	Japan
HCAGR (2019 to 2023)	9.7%
CAGR (2024 to 2034)	6.3%

Country	United Kingdom
HCAGR (2019 to 2023)	9.4%
CAGR (2024 to 2034)	6.0%

Country	China
HCAGR (2019 to 2023)	8.2%
CAGR (2024 to 2034)	5.5%

Country	United States
HCAGR (2019 to 2023)	7.0%
CAGR (2024 to 2034)	5.1%

Industrial Solvents Market size was valued at USD 46.1 Billion in 2024 and is projected to reach USD 60.7 Billion by 2030, growing at a CAGR of 3.50% from 2024 to 2031.

Global Industrial Solvents Market Drivers

The market drivers for the Industrial Solvents Market can be influenced by various factors. These may include:

Growth of Manufacturing Industries: Due to their widespread use as diluents, cleaning agents, and carriers in manufacturing processes, industrial solvents are in high demand as the manufacturing sectors such as electronics, paints & coatings, automotive, and pharmaceuticals continue to expand.

Growing Demand for Paints and Coatings: The demand for paints and coatings is rising as a result of expanding construction projects and rising car manufacturing. These formulations require solvents as necessary ingredients, which increases the market for industrial solvents.

Growing Chemical Production: Solvents are widely used in the chemical industry for a number of processes, including synthesis, extraction, and purification. The need for industrial solvents is increasing along with the global demand for chemicals.

Expanding Pharmaceutical Sector: During the extraction, crystallization, and formulation stages of pharmaceutical manufacture, industrial solvents are essential. The need for solvents is largely driven by the growing pharmaceutical sector, which is fueled by factors like aging populations and rising healthcare costs.

Sustainability and Environmental restrictions: Adoption of low-VOC and environmentally friendly solvents has resulted from strict environmental restrictions pertaining to the usage of volatile organic compounds (VOCs). In order to abide by rules and achieve sustainability objectives, businesses are investing more and more in the development of green and bio-based solvents.

Technological Advancements: The solvents industry's continuous research and development activities result in the creation of novel products with enhanced performance attributes and less environmental effect. Because these technical developments provide solutions that satisfy changing customer and regulatory demands, they propel market growth.

Regional expansion: The demand for industrial solvents is being driven by economic expansion in emerging regions, namely in Asia-Pacific, Latin America, and the Middle East. These areas are rapidly becoming more industrialized and urbanized, which increases the amount of solvents used in a variety of end-use sectors.

Transition to Solvent Recovery and Recycling: In an effort to cut expenses, eliminate waste, and improve sustainability, businesses are concentrating more on solvent recovery and recycling. Environmental concerns and financial incentives are driving this trend, which is seeing a rise in the use of solvent recovery technologies in industrial operations.

The Market is estimated to be USD 17.1 Billion in 2025 and expected to reach USD 27.3 Billion by 2035, at a CAGR of 4.8% in the forecast period. This growth is indicative of the increasing dependability on industrial solvents that are capable of dissolving, suspending or extracting materials without affecting the physical properties of the final products.

Metric	Value
Market Size (2025E)	USD 17.1 Billion
Market Value (2035F)	USD 27.3 Billion
CAGR (2025 to 2035)	4.8%

Country-Wise Analysis

Country	CAGR (2025 to 2035)
USA	4.2%

Country	CAGR (2025 to 2035)
UK	4.1%

Region	CAGR (2025 to 2035)
European Union (EU)	4.5%

Country	CAGR (2025 to 2035)
Japan	4.3%

Country	CAGR (2025 to 2035)
South Korea	4.4%

Competitive Outlook

Company Name	Estimated Market Share (%)
BASF SE	12-17%
Dow Chemical Company	10-14%
ExxonMobil Chemical	9-13%
Mitsubishi Chemical Corporation	7-11%
Solvay S.A.	5-9%
Other Companies (combined)	40-50%

The pharmaceutical solvents market is slated to increase modestly, growing to an estimated industry size of USD 4.3 billion in 2025 and likely to reach a valuation of USD 6.7 billion in 2035, at a CAGR of 4.6%. Solvents are ubiquitous in drug formulating, manufacture, purification, and stability improvements in pharmaceutical usage.

Metrics	Value s
Industry Size (2025E)	USD 4.3 billion
Industry Value (2035F)	USD 6.7 billion
CAGR (2025 to 2035)	4.6%

Country Wise Analysis

Countries	CAGR (2025 to 2035)
USA	4.3%
UK	3.9%
France	4%
Germany	4.1%
Italy	3.7%
South Korea	4.5%
Japan	3.6%
China	5.8%
Australia	3.8%
New Zealand	3.2%

Competitive Outlook

Company Name	Market Share (%)
BASF SE	20-25%
The Dow Chemical Company	18-22%
ExxonMobil Corporation	12-17%
Royal Dutch Shell PLC	8-12%
Mitsubishi Chemical Corporation	5-9%
Others (combined)	30-40%

Heavy Aromatic Solvents Market Outlook

The global heavy aromatic solvents market size was valued at approximately USD 3.5 billion in 2023 and is projected to reach around USD 5.2 billion by 2032, growing at a CAGR of about 4.4% from 2024 to 2032. The growth of the heavy aromatic solvents market is driven by a myriad of factors, including the burgeoning demand from various end-use industries such as automotive, construction, and chemicals, coupled with advancements in industrial cleaning technologies.

One of the significant growth factors of the market is the increasing demand for heavy aromatic solvents in the paints and coatings industry. As urbanization and industrialization continue to gain momentum worldwide, particularly in emerging economies, there is a corresponding surge in the construction and automotive sectors. This subsequently drives the need for paints and coatings, which are significant consumers of heavy aromatic solvents. Additionally, the formulation of new and advanced paints that require specific solvents to enhance their properties is further fueling market growth.

Another key driver is the expansion of the adhesives and sealants market. In various industrial sectors, including automotive and construction, the need for reliable and high-performance adhesives and sealants is critical. Heavy aromatic solvents play a crucial role in formulating these products, ensuring their effectiveness and durability. With the increasing focus on infrastructural development and the automotive industry's evolution towards more lightweight and robust materials, the demand for heavy aromatic solvents in this segment is anticipated to rise significantly.

Furthermore, the industrial cleaning segment is witnessing substantial growth due to stringent regulations related to workplace safety and hygiene. Heavy aromatic solvents are extensively utilized in industrial cleaning processes to remove grease, oil, and other contaminants from machinery and equipment. The growing awareness regarding the importance of maintaining clean and efficient industrial operations, coupled with advancements in solvent formulations to meet environmental regulations, is propelling the demand for heavy aromatic solvents in this application.

From a regional perspective, Asia Pacific is expected to dominate the heavy aromatic solvents market during the forecast period. The rapid industrialization in countries such as China, India, and Southeast Asian nations, along with significant investments in infrastructure projects, is bolstering the demand for heavy aromatic solvents. North America and Europe are also key regions due to their well-established automotive and chemical industries. However, the Middle East & Africa and Latin America are anticipated to exhibit moderate growth owing to their emerging industrial landscapes and increasing foreign investments.

Product Type Analysis

The heavy aromatic solvents market is segmented by product type into C9 solvents, C10 solvents, C11 solvents, and others. Each of these solvent types has unique properties and applications, catering to various industrial needs. C9 solvents, known for their high solvency power and low evaporation rates, are extensively used in the formulation of paints, coatings, and printing inks. They offer excellent solvency for resins, making them ideal for these applications. Furthermore, the growing construction and automotive sectors, which are primary consumers of paints and coatings, are significantly driving the demand for C9 solvents.

C10 solvents are another critical segment, valued for their high boiling points and excellent solvency for a wide range of substances. They are predominantly used in industrial cleaning applications due to their ability to dissolve heavy oils, greases, and other contaminants effectively. The increasing focus on maintaining high standards of industrial hygiene and the need for effective cleaning agents in manufacturing units are propelling the demand for C10 solvents. Additionally, the stringent regulations regarding the disposal and emission of cleaning solvents are driving the development of environmentally friendly C10 solvent formulations.

C11 solvents, characterized by their higher molecular weight and boiling points, are geared towards specialized industrial uses. They are particularly effective in the formulation of high-performance adhesives and sealants. Industries that require robust and durable bonding solutions, such as automotive and construction, are significant consumers of C11 solvents. The ongoing advancements in adhesive technol

Electronic Materials Solvent Market Outlook

The global electronic materials solvent market size is projected to grow from USD 1.8 billion in 2023 to USD 2.7 billion by 2032, at a compound annual growth rate (CAGR) of 4.5%. This growth is propelled by robust demand in various high-tech industries such as semiconductors and printed circuit boards, driven by the increasing digitization and miniaturization of electronic devices.

One of the primary growth factors for the electronic materials solvent market is the rapid evolution of the semiconductor industry. As demand for smaller, more powerful devices increases, the need for high-quality solvents in semiconductor fabrication processes has surged. Solvents are crucial for cleaning and preparing semiconductor wafers, ensuring the reliability and performance of end-products. Additionally, advancements in semiconductor technology, including the transition to smaller nodes and new materials, have further amplified the need for specialized solvents.

Another significant growth driver is the expanding printed circuit board (PCB) market. With the proliferation of electronic devices in consumer electronics, automotive, and industrial applications, PCBs have become integral components. Solvents are essential in the PCB manufacturing process, used for cleaning, etching, and stripping. The surge in demand for IoT devices, wearable technology, and smart home devices is fueling the growth of the PCB market, thereby driving the demand for electronic materials solvents.

The display industry, encompassing LCD, OLED, and other advanced display technologies, is also a key contributor to the market's growth. Displays are ubiquitous in consumer electronics, automotive dashboards, and industrial control panels. Solvents play a vital role in the manufacturing and cleaning processes of display components, ensuring high-resolution and reliable performance. The continuous innovation in display technology, such as foldable and flexible screens, is expected to further drive the demand for high-quality solvents.

Regionally, the Asia Pacific region dominates the electronic materials solvent market, largely due to its significant share in global electronics manufacturing. Countries like China, Japan, South Korea, and Taiwan are home to some of the largest electronics manufacturers and semiconductor foundries in the world. The region's robust supply chain, coupled with substantial investments in technology and infrastructure, bolsters its position as a leading market. Moreover, the growing middle-class population and rising disposable incomes in these countries are boosting the demand for consumer electronics, thereby driving the market for electronic materials solvents.

Product Type Analysis

The electronic materials solvent market by product type includes acetone, isopropanol, ethanol, methanol, and others. Acetone is widely used due to its excellent solvency properties and relatively low cost. It is essential in various cleaning and degreasing applications in the electronics manufacturing process. However, its high volatility and flammability require careful handling and storage.

Isopropanol (IPA) is another key solvent in this market, known for its effectiveness in cleaning and degreasing electronic components. IPA is particularly valued in the semiconductor and PCB industries for its ability to remove flux residues, oils, and other contaminants without leaving residues. Its relatively low toxicity and ease of evaporation make it a preferred choice for many manufacturers.

Ethanol, a versatile solvent, is also used in various applications within the electronic materials industry. It is particularly noted for its effectiveness in cleaning and degreasing sensitive electronic components. Ethanol's lower toxicity compared to other solvents makes it a safer option for use in certain applications. Its usage spans across semiconductor cleaning, PCB manufacturing, and display production.

Methanol, although less commonly used compared to acetone and isopropanol, plays a role in specific cleaning applications within the electronics industry. Its high solvency power makes it suitable for removing certain types of organic contaminants. However, due to its higher toxicity, its usage is more controlled and often limited to specific applications where its properties are particularly beneficial.

Other solvents, including specialty solvents tailored for specific applications, also play a significant role in the market. These

In 2025, the electronics cleaning solvents market size is expected to be approximately USD 1,346.79 million. By 2035, the market is projected to reach around USD 2,344.50 million, expanding at a compound annual growth rate (CAGR) of 5.7%.

Metric	Value
Market Size in 2025	USD 1,346.79 million
Projected Market Size in 2035	USD 2,344.50 million
CAGR (2025 to 2035)	5.7%

Country-wise Outlook-Electronics cleaning solvents market

Country	CAGR (2025 to 2035)
USA	5.9%

Country	CAGR (2025 to 2035)
UK	5.5%

Region	CAGR (2025 to 2035)
European Union (EU)	5.7%

Country	CAGR (2025 to 2035)
Japan	5.4%

Country	CAGR (2025 to 2035)
South Korea	5.8%

Segmentation Outlook-Electronics cleaning solvents market

Product	Market Share (2025)
Formulated Hydrocarbon Solvents	34%

Cleaning Process	Market Share (2025)
Vapor Phase Degreaser	42%

Competitive Outlook

Company Name	Estimated Market Share (%)
3M Company	18-22%
Chemtronics (ITW)	12-16%
Henkel AG & Co. KGaA	10-13%
Electrolube (MacDermid)	8-11%
Miller-Stephenson	5-8%
Other Companies	30-40%