The solvents market has been segmented on the basis of source, product type, application, and region.
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.