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Industrial Solvents Market Size
- Report ID: GMI2706
- Published Date: Oct 2024
- Report Format: PDF
Industrial Solvents Market Size
The global industrial solvents market was valued at USD 26 billion in 2023 and will grow at 3.6% CAGR from 2024 to 2032. Due to increasing demand for paints & coatings, printing inks and cosmetics products should boost global market outlook. They have increased usage in pharmaceutical sector as these products are formulated to attain specific properties of getting dissolved in various medicinal drugs, thereby stimulating product demand.
Global paints & coatings market was projected at over USD 206 billion in 2023 and is projected to grow at a significant rate in the foreseeable timeframe. In paints, products dissolve or disperse different components which are utilized in paint formulation. Aliphatic and aromatic hydrocarbon diluents including n-heptane, benzene, xylene and toluene are widely used in paint formulation owing to their faster drying properties which produces less odor than other mineral spirits, thereby increasing the global market demand.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Industrial Solvents Market Size in 2023: | USD 26 Billion |
| Forecast Period: | 2024–2032 |
| Forecast Period 2024–2032 CAGR: | 3.6% |
| 2024–2032 Value Projection: | USD 35.1 Billion |
| Historical Data for: | 2021–2023 |
| No. of Pages: | 200 |
| Tables, Charts & Figures: | 172 |
| Segments covered: | By Product and by region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Rising demand for various cosmetics products is anticipated to boost industrial solvents market growth over the forecast timeframe. Global beauty & cosmetics market was valued at over USD 374 billion in 2023. In cosmetics segment, they are utilized for skincare products as are gentle in nature which act as a soothing agent for all skin types. Isopropyl alcohols have enhanced usage in cosmetic segments such as cleansers & toners and as they are derived from fermentation of sugar, starch and other carbohydrates mitigates the risk of skin allergies, thereby fueling the market demand worldwide.
The industrial solvents market is witnessing significant growth driven by several key factors. Firstly, the rising demand for solvents in the cosmetic industry is largely attributed to the formulation of innovative beauty products that require effective solvents for enhanced performance and stability. Additionally, the automotive sector is experiencing an increase in the demand for adhesives and sealants, which rely on high-quality solvents for optimal adhesion and durability, essential for modern vehicle manufacturing. Furthermore, the paints and coatings industry are expanding due to a surge in construction and renovation activities, where solvents play a crucial role in achieving desired application properties and finishes.
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Industrial Solvents Market Scope
