The Solvent Market Boom: Trends, Innovations, and Opportunities from 2024 to 2030
Solvent Industry Overview The global solvent market size is expected to reach USD 51.6 billion in 2030 and is projected to grow at a CAGR of 6.2% from 2024 to 2030. The industry growth is majorly driven by rising usage of hydrocarbons, ketones, and alcohols as solvents in printing inks, pharmaceuticals, paint & coatings, cosmetics, cleaning agents, and adhesives. The continuously growing demand for organic solvents over chemical based is further propelling the demand glycol ethers and alcohols due to their organic nature. These solvents are manufactured mainly from oil & fats, cellulose, sugars, and agricultural products. Additionally, they are carbon-neutral, non-toxic, and have eco-friendly properties. The increasing VOC emissions and stringent government regulations are forcing manufacturers towards producing bio-based products over chemical ones. For example, in 2018 Circa Group a renewable chemicals company, introduced its bio-...