Solvent Market was valued at USD 40.4 billion in 2022 and is determined to grow at a compound annual growth rate of 7.4% during the foreseen period of 2022-2026.

Solvents are usually in liquid state but can also be in solid or gaseous forms. Solvents are used for varied applications in domestic, commercial and research purposes. Herein, the evaluation conducted considers the extrinsic and intrinsic factors governing the market; these are the main factors that have considerably increased the demand for the Solvents in the market, thereby driving the huge growth of the Solvents market in the upcoming years

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Market Drivers and Restrains:

The main factors that have considerably increased the demand for the Solvents in the market is mainly due to the Increasing opportunities from developing economies further offer a variety of growth opportunities for the market. On the other hand, the consumers opting for bio-green alternatives as they are less reactive and non-VOC in nature pose as challenge for the market’s growth. A solvent is chemical liquid which breaks down or converts solute into solvent, which are generally used in various applications such as pharmaceuticals, personal care, printing inks, adhesives, metal cleaning, paints and coatings, agricultural chemicals and polymer manufacturing. The factors such as decreasing prices of crude oil and high demand for solvents from the agricultural chemicals sector are the root cause fuelling up the solvents market growth rate; these are the main factors that have considerably increased the demand for the Solvents in the market, thereby driving the huge growth of the Solvents market in the upcoming years

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Report is segmented as:

Solvents Market is segmented on the basis of by:

By Type (Alcohols, Ketones, Esters, Glycol Ethers, Aromatic, Aliphatic),
By Application (Paints & Coatings, Polymer Manufacturing, Printing Inks),
By Source (Petrochemical-based, Bio & Green)
Geographical Segmentation:

Solvents Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa and rest of world. North America has the dominant share in the Solvents is due to the increasing end-use industries such as paints and coating and adhesives and rising industrialization within the region these are the main factors that have considerably increased the demand for the Solvents in the North America, followed by Europe, Asia Pacific, Latin America and Middle East & Africa will register a slower increase in the Solvents Market

Impact of COVID-19 on Market

The COVID-19 pandemic continues to radically trade that amplify of variety of industries; however, the immediate have an effect on of the outbreak is varied. While some industries will register a visit demand, several others will proceed to remain unscathed and showcase promising increase opportunities. COVID-19 will have an occasional have an effect on the Solvents market. In recent days relaxation in restrictions by the government and people are getting vaccinated to stop the spread of corona virus are expecting to raise the Solvents market growth

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