Solvents Companies

In terms of value, the solvents market is estimated to grow from USD 35.07 billion in 2024 to USD 43.43 billion by 2029, at a CAGR of 4.4%. The rapid industrial growth is one of the main factors propelling the solvents market. Increasing industrialization of developing regions has driven the solvent manufacturing. The major industries that use solvents include the paints and coatings industry, pharmaceuticals, adhesives, and cleaning solutions. These industries require solvents to sustain their production operations continuously, facilitate the cleaning of machinery with the help of metal cleaning fluids, and formulate high-performance chemicals.

Solvents Companies

Solvents are important for many industries as they have specialized uses depending on the job. Increased use of metal cleaning fluids for industrial maintenance and manufacturing, effectively removing grease, oil, and contaminants from metal surfaces to ensure optimal performance and longevity of machinery. Diluting agents are mainly used in coatings, adhesives, and chemical formulations to adjust viscosity and improve application properties.

The key players profiled in the report include Shell plc (UK), BASF SE (Germany), Exxon Mobil Corporation (US), LyondellBasell Industries Holdings B.V. (Netherlands), Eastman Chemical Company (US), Ashland Global Holdings Inc. (US), Celanese Corporation (US), Huntsman International LLC (US), Solvay SA (Belgium), Honeywell International Inc. (US), BP p.l.c. (UK), and INEOS Group Holdings S.A. (UK). These players have adopted various growth strategies to strengthen their position in the market. These include introducing new technologies, expansions, and product launches to acquire larger market shares.

Shell plc is an energy and petrochemical company. It is one of the six oil & gas “supermajors.” The company operates through six segments: Integrated Gas, Upstream, Renewables and Energy Solutions, Marketing, Corporate, and Chemicals & Products. It offers solvents under the Chemicals & Products business segment. The company has a diversified distribution network with vertical integrity, it is active in all parts of the world. It offers a wide range of products and is one of the largest revenue generators worldwide. The company has strong financial resources, which are vital for future investments. Shell Plc's competitive advantage lies in its integrated supply chain, leveraging crude oil refining and petrochemical operations for cost-effective solvent production. The company focuses on research and development, production, sales, and marketing to accelerate innovation in a targeted manner. The company focus on facility expansion to reach its customer such as, Shell Plc, in collaboration with CNOOC, has announced a significant expansion of their petrochemical complex in Daya Bay, Huizhou, southern China. It is a third ethylene cracker with a capacity of 1.6 million tonnes per year. The new facility will be producing 320,000 tonnes per year of high-performance specialty chemicals, including polycarbonates and carbonate solvents.

BASF SE is one of the world’s largest chemical companies, with a wide range of product offerings in intermediate solutions and chemicals. The company operates through seven business segments, namely, Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care, Agricultural Solutions, and Other. It offers solvents through its Chemicals business segment under the division named Petrochemicals. BASF SE produces high-quality solvents catering to the pharmaceutical industry’s unique requirements. The company has a strong foothold in the European market, particularly in Germany. Moreover, it is a highly innovative company that delivers high-quality products to its customers in line with the accelerating market demands. BASF SE continues to expand in key markets such as Asia Pacific and North America, where demand for sustainable and high-performance solvents is rising.

Related Reports:

Solvents Market by Type (Oxygenated, Hydrocarbon, Halogenated), Application (Paints & Coatings, Pharmaceuticals, Adhesives, Printing Inks, Personal Care, Agricultural Chemicals), Source (Natural, Derived), and Region - Global Forecast to 2029