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Industrial Solvents Market Trends

Report ID: GMI2706
Published Date: Oct 2024
Report Format: PDF

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Industrial Solvents Market Trends

Manufacturers are increasingly adopting eco-friendly solvents to comply with stringent environmental regulations, which not only reduces waste but also improves operational efficiency. Advances in solvent recovery technologies are enabling companies to recycle solvents, thus minimizing costs and reducing environmental impact.

Additionally, the integration of automation and digitalization in solvent manufacturing processes is streamlining production, resulting in higher output and reduced labor costs. Research and development efforts are also leading to the formulation of high-performance solvents that enhance product quality while decreasing the volume required for applications. These trends indicate a shift towards more sustainable and efficient manufacturing practices, positioning companies to meet growing demand while adhering to regulatory standards. Overall, these industrial developments are reshaping the landscape of the solvents market, driving innovation and efficiency across various sectors.

Authors: Kiran Pulidindi, Manish Verma

Frequently Asked Questions (FAQ) :

The global market size for industrial solvents was valued at USD 26 billion in 2023 and is estimated to grow at a 3.6% CAGR from 2024 to 2032, driven by increasing demand in the paints & coatings, printing inks, and cosmetics industries.

The industrial solvents industry from oxygenated solvents segment is projected to capture USD 20.8 billion by 2032, demonstrating a 3.9% CAGR, due to their extensive use in paints, inks, pharmaceuticals, and cosmetics.

The U.S. market is projected to achieve USD 7.2 billion by 2032, with a CAGR of 5.5% from 2024 to 2032, driven by increased disposable income and expenditure on cosmetic products.

Top companies operating in the industrial solvents industry include Arkema, BASF SE, British Petroleum Plc, Cargill Inc., LyondellBasell Industries, MARUZEN PETROCHEMICAL CO., LTD., Sasol, Shell, and Total.