The Global High Purity Solvents Market will be worth US$ 75.1 billion by 2030, growing at a 6.5% CAGR during the forecast period
Category: Chemicals & Materials Published Date : June 2022 ID: CVC-00133-CH Format: PDF Pages: 335
High Purity Solvents Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global High Purity Solvents Market was worth US$ 45.4 Bn and is expected to grow at a CAGR of 6.5% over the forecast period. The market is expected to hit US$ 75.1 Bn by 2030 end.
High purity solvents are organic compounds that have been synthetically distilled and have a wide range of industrial applications. They are critical for the laboratory synthesis of complex Grignard processes and are essential for enhancing agrochemical and pharmaceutical manufacturing quality.
These solvents are also used to manufacture various commercial items, such as deodorants and perfumes.
What are the causes driving the rise in demand for High Purity Solvents?
While using these solvents to make printing inks and a variety of pharmaceutical goods is predicted to gain traction, the rising demand for paints and coatings from the automotive and construction industries is expected to drive market expansion.
High purity solvents are critical raw materials in a variety of demanding applications. Pharmaceuticals and electronics industries offer substantial incremental prospects for solvents manufacturers. As a result, manufacturers are developing expertise in distillation separation and specific manufacturing capabilities to enhance the availability of high purity solvents.
What are the opportunities in the High Purity Solvents Market?
Because solvents are used in various industries in paints and coatings, the market is heavily reliant on growth in construction, automobile, shipbuilding, and aviation manufacturing. These industries will have a strong demand for high-quality Solvents in the years ahead. Increasing high purity solvents in perfumes may present an opportunity for key players in the global solvent market.
The growing emphasis on the development and use of green and bio-based solvents has the possibility for new business prospects via the introduction of such solvents generated in an environmentally friendly and bio-based manner.
What are the major restraints confronting the High Purity Solvents Market?
The excessive use of these solvents might result in health risks such as toxicity in reproductive and nervous systems, which can reduce demand for the solvent in the market and limit the global solvent market’s growth.
Why are spectrophotometric High Purity Solvents expected to grow at the fastest CAGR?
In 2020, the demand for spectrophotometric solvents dominated due to their quick analysis capability, which makes them easy to use and has broadened their application in numerous sectors.
Spectrophotometric grade liquids evaporate with little residue. These solvents are ideal for HPLC devices and spectrometers such as UV-Visible spectrophotometers, infrared spectrophotometers, and mass spectrometers. The use of spectrophotometric grade solvents ensures accurate readings.
Why is the nonpolar segment likely to grow rapidly throughout the forecast period?
In 2020, the market for nonpolar solvents developed quickly due to increased demand for products with high dissolving ability in finished products.
Nonpolar organic solvents are used in spot removers, paint thinners, nail polish removers, glue solvents, fragrances, and detergents.
What is the most effective application of High Purity Solvent?
Paints and coatings emerged as the largest solvent consumer, accounting for 62.5% of the market in 2020. Organic solvents are used in paints to dissolve pigments and binders while also providing consistency in application.
It is not only the market leader in solvent applications but is also predicted to be the fastest expanding application over the forecast period.
Why is the Asia Pacific consolidating its worldwide leadership in the High Purity Solvents Market?
In terms of value and volume, the Asia Pacific region is estimated to hold the highest share of the high purity solvents market during the forecast period. In 2020, Asia Pacific accounted for more than 40.0% of the global solvents market. The Asia Pacific solvents market is predicted to expand primarily due to rising demand for paints and coatings, as well as adhesives and sealants.
Because of the availability of raw materials, low labor costs, and favorable government policies in rising countries such as India, Indonesia, and Thailand, many firms from established nations are relocating their manufacturing operations to the Asia Pacific. Economic growth, expanding population, and increasing urbanization are major market drivers in the Asia Pacific region.
Why is North America gaining a foothold in High Purity Solvents?
North America is predicted to see considerable market expansion for these high-quality solvents due to increased output and an expected rebound in construction activity throughout the forecast period. During the forecast period, the market in the region is expected to grow at a CAGR of 3.3%.
This region’s demand is likely to rise. rapidly as the automobile, aviation, and other end-use industries gain economic momentum. US producers will likely support this market growth over the forecast period.
Because of a significant number of multinational players, the worldwide market is moderately fragmented. These industry companies’ key tactics include long-term partnerships with raw material suppliers to generate economies of scale and, as a result, offer products at very competitive market costs.
A list of some of the critical suppliers present in the market are:
Market Segments Covered in Report
By Region and Country:
Global High Purity Solvents Market 2022-2030: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Billion for Value and Tons for Volume, and CAGR from 2022 to 2030|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Type, Category, Application, End-User, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|