The solvents market is projected to grow from $47.37 billion in 2018 to $57.34 billion by 2023, at a compound annual growth rate (CAGR) of 3.9% during the forecast period, according to a recent study from Research and Markets.
Based on source, the petrochemical-based solvents market segment is expected to lead the market during the forecast period, in terms of value. Better solvent properties of petrochemical-based solvents when compared to bio-based and green solvents, is expected to drive demand. Additionally, the low cost of petrochemical-based solvents when compared to bio and green solvents is expected to fuel the growth of petrochemical-based solvents segment.

Based on type, petrochemical-based solvents market has been segmented into oxygenated solvents, hydrocarbon solvents, and halogenated solvents. The oxygenated solvents market reportedly accounted for the largest market share, in terms of value, followed by the hydrocarbon solvents market, in 2017. The high solvency power and low-toxicity of oxygenated solvents are expected to lead to their usage in various applications, such as paints & coatings, personal care, pharmaceuticals, printing inks, and others.

Based on type, the bio and green solvents market has been segmented into bio-alcohols and bio-diols, lactate esters, d-limonene, and methyl soyate. The bio-alcohols and bio-diols segment accounted for the largest market share followed by lactate esters, in 2017, in terms of value. The demand for bio-alcohols and bio-diols is gaining momentum in the bio and green solvents segment because of the growing concerns over greenhouse gas emissions from fossil fuels.

Based on application, the petrochemical-based solvents market has been segmented into coatings, polymer manufacturing, pharmaceuticals, adhesives, printing inks, personal care, metal cleaning, agricultural chemicals, and others. The coatings segment accounted for the largest market share, in terms of value, followed by the pharmaceuticals segment, in 2017. Growth of the automotive OEM, machinery, and appliances markets, globally accompanied by rise in building and construction activities are expected to drive the demand for this application segment during the forecast period.

Based on application, the bio and green solvents market has been segmented into industrial and domestic cleaners, coatings, printing inks, and others. The industrial and domestic cleaner application segment accounted for largest market share, in terms of value, followed by lactate esters, in 2017. The growing consumer demand for sustainable cleaning products, especially in Europe and North America is expected to drive demand.

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