Global Solvent Market Expected to Reach USD 69.4 Billion by 2033 - IMARC Group

Global Solvent Market Statistics, Outlook and Regional Analysis 2025-2033

The global solvent market size was valued at USD 49.9 Billion in 2024, and it is expected to reach USD 69.4 Billion by 2033, exhibiting a growth rate (CAGR) of 3.7% from 2025 to 2033.

The expanding paint and coating industry is one of the key factors positively influencing the market growth. For instance, according to IMARC, the global paints and coatings market size reached USD 185.6 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 274.8 Billion by 2033, exhibiting a growth rate (CAGR) of 4.5% during 2025-2033. Solvents are essential in formulating paints and coatings, aiding in dissolving resins and pigments to ensure smooth application. The burgeoning construction and automotive sectors have also escalated the demand for paints and coatings, thereby propelling the solvents market. 

Moreover, there is an increasing demand for eco-friendly solvent products that have minimal environmental impact. These dissolving agents are designed to be less harmful and produce less pollutants. Industries that formerly relied on harsh chemicals are now exploring alternatives that give the same efficacy without endangering human health or the environment. Bio-based dissolving agents derived from renewable sources like sugarcane, maize, and cellulose are gaining popularity. They have a lower carbon footprint and are becoming more cost-effective as manufacturing technology advances. The goal is to create bio-solvents that can match or surpass conventional solvents in a variety of industrial applications, hence increasing solvent market income. For instance, in January 2024, Syensqo Ventures invested in Bioeutectics, a green solvents start-up. This new investment enhances Syensqo Ventures' connection with the Genesis Consortium, which supports firms in the SOSV's IndieBio start-up development program, an early-stage biotech incubator. Bioeutetics' cutting-edge technology is at the forefront of solvent innovation, combining high performance, quality, and sustainability to provide genuine value to Syensqo's product portfolio. Besides this, accelerated industrial growth, especially in emerging nations, has increased the need for solvents in a variety of applications, including adhesives, personal care products, and pharmaceuticals.

Global Solvent Market Statistics, By Region

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia-Pacific accounted for the largest market share, owing to the escalating product demand in home care, personal care, and cosmetic industries.

North America Solvent Market Trends:

Solvents play a crucial role in medication formulation and manufacturing, thereby propelling market growth in North America. In 2021, the U.S. biopharmaceutical sector invested approximately US$102.3 Billion in research and development activities. Moreover, numerous advancements in end-use sectors are propelling the regional market. For example, in March 2024, Dow announced to construct a carbonate solvents facility on the U.S. Gulf Coast for lithium-ion battery production to support decarbonization and strengthen domestic supply chains for solvents and pharmaceuticals.

Europe Solvent Market Trends:

Solvents are essential in formulating paints and coatings, aiding in dissolving components and ensuring smooth application. The European paints and coatings sector has seen significant growth, particularly in countries like Germany, France, and the UK, due to increased construction and automotive activities. This surge has, in turn, elevated the demand for solvents. According to the CBI, in 2020, the European market for natural and organic cosmetics was valued at USD 4.106 Billion, up from USD 3.85 Billion in 2018.

Asia-Pacific Solvent Market Trends:

Asia-Pacific accounts for the largest market share. This is due to the region's growing demand for solvents in the industries of home care, personal care, and cosmetics. The rising urbanization and changed lifestyles are two major reasons contributing to the demand for solvents across the region. For instance, in 2023, nearly one-third of India's total population resided in urban areas. The data shows an increase in urbanization of more than 4% in the recent decade. Market expansion in the region is expected to be aided by rising construction investment in countries such as China and India, as well as growing industrialization. According to UN Habitat, the average urbanization rate of China reached 59.6% in 2018, with Zhejiang Province passing at 68% and Guizhou Province 46%. End-user sectors in emerging countries, such as paints, coatings, and adhesives, are expanding, and this is expected to boost product demand in the future.

Latin America Solvent Market Trends:

The construction and automotive sectors in countries like Brazil and Mexico are witnessing significant growth, leading to increased demand for paints and coatings, which in turn boosts solvent consumption. Moreover, solvent use in personal care and cosmetics is further gaining traction as consumer preferences shift toward sophisticated and natural product formulations. According to the International Trade Administration, the Mexican consumer spends on average close to USD 90 Billion annually in cosmetics and personal care products.

Middle East and Africa Solvent Market Trends:

In the UAE, particularly in Dubai and Abu Dhabi, large-scale infrastructure projects, such as the development of skyscrapers, bridges, and airports, require coatings and paints where solvents are essential for thinning and formulation. Moreover, the inflating urbanization levels are fueling the market across the region. As per the UN Habitat, the Republic of South Africa is one of the most urbanized countries, with around 67% of its population living in urban areas. 

Top Companies Leading in the Solvent Industry

Some of the leading solvent market companies include Archer-Daniels-Midland Company, Ashland Inc., BASF SE, Bharat Petroleum Corporation Limited, bp p.l.c., Celanese Corporation, Dow Inc., Eastman Chemical Company, Exxon Mobil Corporation, Honeywell International Inc., Huntsman Corporation, LyondellBasell Industries N.V., Royal Dutch Shell plc, Sasol Limited, and Solvay S.A., among many others. For instance, in February 2023, BASF SE collaborated with Tenova Advanced Technologies (TAT) of Yokneam, Israel, for its battery recycling prototype plant in Schwarzheide, Germany. Also, in 2022, Solvay launched a new Renewable Materials and Biotechnology platform with the purpose of developing innovative and sustainable solutions for a wide range of sectors via the use of renewable feedstock and biotechnology.

Global Solvent Market Segmentation Coverage

• On the basis of the product, the market has been bifurcated into alcohols, hydrocarbons, ketones, esters, chlorinated, and others, wherein alcohols represented the largest segment, owing to the rising demand for ethanol, methanol, n-butanol, and isopropanol for a variety of uses.
• Based on the source, the market is categorized into petrochemical-based and bio and green, amongst which petrochemical-based accounted for the largest market share. The expansion of refinery operations aimed primarily at converting low-octane feedstocks to high-octane fuels, as well as environmental constraints and concerns, has led to a considerable increase in the diversity of petroleum solvents in recent years, further propelling the segment growth.
• On the basis of the application, the market has been divided into paints and coatings, printing inks, pharmaceuticals, cosmetics and adhesives, and others. Among these, paints and coatings represented the largest segment due to their widespread use in the construction industry.

Browse IMARC Related Reports on Solvent Market:

• Japan Solvent Market Report