The solvents market is poised for notable expansion through 2029, driven by growth in key sectors like paints, coatings, and pharmaceuticals. According to a recent report by MarketsandMarkets™, the solvent industry is being bolstered by increasing construction activities, particularly in developing nations, and rising demand for durable, protective paints. The automotive sector is also contributing to this trend, with solvents being used for both protective and decorative coatings on vehicles.

The report highlights that the hydrocarbon solvents segment is projected to be the fastest-growing, with technological advancements enabling low-VOC and less hazardous options that align with evolving environmental regulations. This innovation is expected to cater to the increasing demand for greener alternatives in various applications.

Pharmaceuticals are identified as the second-largest application of solvents by value. In this industry, solvents are critical for the synthesis of active pharmaceutical ingredients (APIs) and play a key role in the stability and shelf-life of pharmaceutical formulations.

Natural sources of solvents are also gaining prominence, as companies and consumers prioritize sustainability. Products derived from renewable sources, such as citrus fruits and plant materials, are emerging as viable alternatives to petroleum-based solvents, aligning with broader environmental goals.

The Middle East and Africa (MEA) region is expected to register the second-highest growth rate in the solvents market, driven by rapid urbanization and infrastructural development. The rising living standards and increasing population in these regions are also fueling demand for consumer products, which in turn drives solvent consumption in industries like paints, coatings, and adhesives.

Major players in the solvents market include Shell plc, BASF SE, Exxon Mobil Corporation, LyondellBasell Industries, and others.

For more detailed insights, view the full report here.