International. The solvent market is projected to reach US$57.34 billion in 2023, with a CAGR of 3.9% of an estimated value of US$47.37 billion in 2018. Growing demand for cars and increased construction activities are anticipated to drive demand for solvents in all regions.
The Markets & Markets report indicates that the automotive and construction industries are important markets for paints and coatings, which in turn will drive solvent demand globally. Strict regulations in Europe and North America for VOC reduction are projected to drive demand for bio and green solvents.
The oxygenated solvents segment of the petrochemical-based solvents market is anticipated to grow at the highest CAGR during the forecast period, in terms of value.
Based on type, the oxygenated solvents segment of the petrochemical-based solvents market is anticipated to grow at the highest CAGR from 2018 to 2023, in terms of value and volume. This is due to its high solvency power and low toxicity. In addition, its use in various applications, such as paints and coatings, adhesives, pharmaceuticals, and printing inks, among others, is expected to increase demand during the forecast period.
