용매 : 시장 점유율 분석, 업계 동향과 통계, 성장 예측(2026-2031년)

According to Mordor Intelligence, the solvents market size was valued at USD 33.57 billion in 2025 and is estimated to grow from USD 35.16 billion in 2026 to reach USD 44.30 billion by 2031, at a CAGR of 4.73% during the forecast period (2026-2031).

This report is Segmented by Source (Bio-Based Solvents and Petrochemical-Based Solvents), Type (Oxygenated Solvents, Hydrocarbon Solvents, and Halogenated Solvents), Application (Paints and Coatings, Adhesives, Pharmaceuticals, and More), and Geography (Asia-Pacific, North America, Europe, South America, Middle East and Africa). Market Forecasts are Provided in Terms of Value (USD).

Global Solvents Market Trends and Insights

Surging Demand From Paints And Coatings

Architectural and industrial coatings absorbed nearly half of global solvent output in 2025, and regulatory ceilings on VOC content are accelerating reformulation toward acetone, methyl ethyl ketone, and acetate esters. The U.S. National Emission Standards for aerosol coatings that became effective in 2024 limit VOC to 45% by weight, prompting formulators to displace hydrocarbon blends with low-VOC oxygenates. China extended its low-VOC coatings mandate in 2025 to refinishing and furniture lines, triggering a double-digit jump in demand for compliant glycol ethers. Simultaneously, Middle Eastern pipeline refurbishment budgets exceeding USD 120 billion through 2030 are sustaining epoxy and polyurethane coatings that rely on high-solvency oxygenated carriers. Commodity hydrocarbon suppliers, therefore, face margin pressure, while specialty oxygenated producers command 10%-15% price premiums in compliant formulations.

Accelerating Pharmaceutical Manufacturing In Emerging Asia-Pacific Clusters

India and China produced 38% of global active pharmaceutical ingredients in 2025, lifted by Production-Linked Incentives worth USD 2 billion and a surge of export-oriented manufacturing parks. Hainan's Free Trade Port alone attracted USD 8 billion of pharma capital expenditure in 2024-2025, adding solvent demand surpassing 120,000 metric tons per year. Vietnam's ten-year tax holidays for greenfield API plants are set to pull in USD 1.5 billion of exports by 2030, further lifting regional uptake of high-purity ethanol, isopropanol, and tetrahydrofuran. Although these markets apply lighter environmental oversight, planned International Council for Harmonisation (ICH) residual-solvent updates will tighten purity targets, favoring suppliers with robust quality systems and validated recovery loops.

Feedstock Volatility And Margin Pressure For Petro-Solvents

Brent crude oscillated between USD 70 and USD 85 per barrel during 2024-2025, translating each USD 10 move into a 100- to 150-basis-point swing in integrated solvent margins. European operators endured an additional spike in natural-gas feedstock to EUR 45 per megawatt-hour after Norwegian outages in January 2025, triggering unplanned cracker shutdowns and curtailing naphtha-sourced solvent output. Smaller standalone units, lacking hedging programs or refinery integration, recorded revenue declines of 5%-8% and accelerated asset divestitures. Although bio-routes offer partial insulation, volatility in corn and sugar prices introduces parallel risk profiles, and scale disadvantages keep cash costs higher than large cracker complexes.

Other drivers and restraints analyzed in the detailed report include:

1. Tightening VOC Caps In North America And EU Encouraging Solvent Substitution
2. Rapid Scale-Up Of Solvent-Based Polymer Recycling Technologies
3. High Cost-Of-Ownership For Bio-Solvent Formulations In High-Spec Inks

For complete list of drivers and restraints, kindly check the Table Of Contents.

Segment Analysis

Petrochemical grades retained 84.23% solvents market share in 2025, yet bio-based alternatives are advancing at an 8.13% CAGR that nearly doubles overall solvents market growth. The solvents market size attributable to bio routes is projected to surpass USD 8 billion by 2031 as EU carbon-intensity scoring and California's low-carbon mandates translate into tradable credits. Cargill expanded bio-ethanol output by 50,000 metric tons in 2025 to supply pharmaceutical syntheses with carbon-label claims. Groupe Berkem's lignin-derived stripper landed ISO 14001 certification and is displacing N-methyl-2-pyrrolidone in European cleaning lines.

In price-sensitive adhesives and metal cleaning, petrochemical solvents still dominate on cost grounds. Shell and ExxonMobil now co-process certified bio-naphtha within crackers, producing mass-balance solvents that carry renewable labels without dedicated units-a tactic that shields share while facing scrutiny from NGOs over chain-of-custody credibility. As regulatory intensity rises, the solvents market is likely to bifurcate further: bio-based or mass-balance streams serve regulated regions, while Asia-Pacific growth keeps petrochemical demand buoyant.

Complete Report Scope:

• By Source
  • Bio-based Solvents
  • Petrochemical-based Solvents
• By Type
  • Oxygenated Solvents
  • Hydrocarbon Solvents
  • Halogenated Solvents
• By Application
  • Paints and Coatings
  • Adhesives
  • Pharmaceuticals
  • Personal Care
  • Polymer Production
  • Other Applications (Printing Inks, Agricultural Chemicals, and Metal Cleaning)
• By Geography
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Malaysia
    • Thailand
    • Indonesia
    • Vietnam
    • Rest of Asia-Pacific
  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • United Kingdom
    • France
    • Italy
    • Spain
    • Nordic
    • Turkey
    • Russia
    • Rest of Europe
  • South America
    • Brazil
    • Argentina
    • Colombia
    • Rest of South America
  • Middle East and Africa
    • Saudi Arabia
    • Qatar
    • United Arab Emirates
    • South Africa
    • Nigeria
    • Egypt
    • Rest of Middle East and Africa

Geography Analysis

Asia-Pacific generated 42.35% of the solvents market share in 2025 and is forecast to expand at a 5.21% CAGR through 2031. India secured USD 4.5 billion of foreign direct investment into pharma hubs between 2024-2025, boosting solvent uptake by 90,000 metric tons annually. China's coatings output rose 6% in 2025 as residential construction in tier-2 cities resumed, prompting domestic giants to add 120,000 metric tons of solvent capacity. Vietnam's tax incentives could lift regional demand by another 20,000 metric tons by 2031.

In North America, VOC regulations redirect consumption from hydrocarbon blends toward oxygenated and bio-based streams. The U.S. EPA tightened vapor-recovery rules for chemical storage tanks in 2024, compelling a USD 300-500 million spend on compliance that favors exempt acetone and methyl acetate as reformulation solvents. Mexico's 3.8 million vehicle output in 2025 sustains 5% growth in OEM coatings consumption, even as aromatic bans loom post-2027.

Europe's solvent demand is led by Germany's EUR 1.2 billion solvent-recovery upgrades that cut virgin demand by up to 40%. France commissioned a 30,000-metric-ton bio-propanol plant in 2025 to serve low-VOC coatings lines. South America and the Middle East and Africa are witnessing rising demand, with Brazil's herbicide formulations and Gulf ethane-advantaged solvent exports filling regional niches.

1. ADM
2. Arkema
3. Ashland
4. BASF SE
5. Bharat Petroleum Corporation Limited
6. Braskem
7. Cargill, Incorporated
8. Celanese Corporation
9. Chevron Phillips Chemical Company LLC
10. Clariant
11. Dow
12. Eastman Chemical Company
13. Exxon Mobil Corporation
14. Gandhar Oil Refinery (India) Limited
15. GROUPE BERKEM
16. Honeywell International Inc.
17. Huntsman International LLC
18. Idemitsu Kosan Co., Ltd.
19. INEOS
20. LyondellBasell Industries Holdings BV
21. OXEA
22. Sasol Limited
23. Shell plc
24. Solvay
25. TotalEnergies SE

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

TABLE OF CONTENTS

1 Introduction

• 1.1 Study Assumptions and Market Definition
• 1.2 Scope of the Study

2 Research Methodology

3 Executive Summary

4 Market Landscape

• 4.1 Market Overview
• 4.2 Market Drivers
  • 4.2.1 Surging demand from paints and coatings
  • 4.2.2 Accelerating pharmaceutical manufacturing in emerging Asia-Pacific clusters
  • 4.2.3 Tightening VOC caps in North-America and EU encouraging solvent substitution
  • 4.2.4 Rapid scale-up of solvent-based polymer recycling technologies
  • 4.2.5 AI-driven, closed-loop solvent-recovery systems cutting opex for end-users
• 4.3 Market Restraints
  • 4.3.1 Feed-stock volatility and margin pressure for petro-solvents
  • 4.3.2 High cost-of-ownership for bio-solvent formulations in high-spec inks
  • 4.3.3 Growing OEM bans on aromatic solvents in automotive interiors post-2027
• 4.4 Value Chain Analysis
• 4.5 Porter's Five Forces
  • 4.5.1 Bargaining Power of Suppliers
  • 4.5.2 Bargaining Power of Buyers
  • 4.5.3 Threat of New Entrants
  • 4.5.4 Threat of Substitute Products and Services
  • 4.5.5 Degree of Competition

5 Market Size and Growth Forecasts (Value)

• 5.1 By Source
  • 5.1.1 Bio-based Solvents
  • 5.1.2 Petrochemical-based Solvents
• 5.2 By Type
  • 5.2.1 Oxygenated Solvents
  • 5.2.2 Hydrocarbon Solvents
  • 5.2.3 Halogenated Solvents
• 5.3 By Application
  • 5.3.1 Paints and Coatings
  • 5.3.2 Adhesives
  • 5.3.3 Pharmaceuticals
  • 5.3.4 Personal Care
  • 5.3.5 Polymer Production
  • 5.3.6 Other Applications (Printing Inks, Agricultural Chemicals, and Metal Cleaning)
• 5.4 By Geography
  • 5.4.1 Asia-Pacific
    • 5.4.1.1 China
    • 5.4.1.2 India
    • 5.4.1.3 Japan
    • 5.4.1.4 South Korea
    • 5.4.1.5 Malaysia
    • 5.4.1.6 Thailand
    • 5.4.1.7 Indonesia
    • 5.4.1.8 Vietnam
    • 5.4.1.9 Rest of Asia-Pacific
  • 5.4.2 North America
    • 5.4.2.1 United States
    • 5.4.2.2 Canada
    • 5.4.2.3 Mexico
  • 5.4.3 Europe
    • 5.4.3.1 Germany
    • 5.4.3.2 United Kingdom
    • 5.4.3.3 France
    • 5.4.3.4 Italy
    • 5.4.3.5 Spain
    • 5.4.3.6 Nordic
    • 5.4.3.7 Turkey
    • 5.4.3.8 Russia
    • 5.4.3.9 Rest of Europe
  • 5.4.4 South America
    • 5.4.4.1 Brazil
    • 5.4.4.2 Argentina
    • 5.4.4.3 Colombia
    • 5.4.4.4 Rest of South America
  • 5.4.5 Middle East and Africa
    • 5.4.5.1 Saudi Arabia
    • 5.4.5.2 Qatar
    • 5.4.5.3 United Arab Emirates
    • 5.4.5.4 South Africa
    • 5.4.5.5 Nigeria
    • 5.4.5.6 Egypt
    • 5.4.5.7 Rest of Middle East and Africa

6 Competitive Landscape

• 6.1 Market Concentration
• 6.2 Strategic Moves
• 6.3 Market Share/Ranking Analysis
• 6.4 Company Profiles (includes Global level Overview, Market level overview, Core Segments, Financials as available, Strategic Information, Market Rank/Share for key companies, Products and Services, and Recent Developments)
  • 6.4.1 ADM
  • 6.4.2 Arkema
  • 6.4.3 Ashland
  • 6.4.4 BASF SE
  • 6.4.5 Bharat Petroleum Corporation Limited
  • 6.4.6 Braskem
  • 6.4.7 Cargill, Incorporated
  • 6.4.8 Celanese Corporation
  • 6.4.9 Chevron Phillips Chemical Company LLC
  • 6.4.10 Clariant
  • 6.4.11 Dow
  • 6.4.12 Eastman Chemical Company
  • 6.4.13 Exxon Mobil Corporation
  • 6.4.14 Gandhar Oil Refinery (India) Limited
  • 6.4.15 GROUPE BERKEM
  • 6.4.16 Honeywell International Inc.
  • 6.4.17 Huntsman International LLC
  • 6.4.18 Idemitsu Kosan Co., Ltd.
  • 6.4.19 INEOS
  • 6.4.20 LyondellBasell Industries Holdings BV
  • 6.4.21 OXEA
  • 6.4.22 Sasol Limited
  • 6.4.23 Shell plc
  • 6.4.24 Solvay
  • 6.4.25 TotalEnergies SE

7 Market Opportunities and Future Outlook

• 7.1 White-space and Unmet-need Assessment