According to Future Market Insights, the global market for high-purity solvents is projected to increase at a CAGR of 7.45% in the forecast period from 2023 to 2033 where the market size of solvents in 2023 was US$ 3.63 billion, and in 2033 was US$ 7.45 billion.
According to FMI, high-purity solvents are essential for the amalgam of complex Grignard reactions in laboratories and are radically important in the improvement of agrochemical and pharmaceutical qualities of manufacturing.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value of the high purity solvents market in 2023 | US$ 3.63 billion |
| Expected Market Value of the high purity solvents market in 2033 | US$ 7.45 billion |
| Growth rate | 7.45% |
| Forecast period | 2023 to 2033 |
An increase in the usage of n-heptane solvent as a test fuel component in the anti-knock engine for testing is considered to be a driving factor in the growth of the market. Also, the increase in the usage of high-purity solvents for the manufacture of lab consumables in the segment of life science acts as a key driver for this market.
The use of manufacturing high-performance coatings is substantially driving the demand across the regions as well. Due to this, health hazards can be caused like reproductive and nervous systems can become toxic leading to a decrease in demand for solvents, and can act as a restraint in the growth of the global solvent market.
Therefore, according to the report, the key success factors of the industry include a deep understanding of customer needs, a mere focus on innovation, and a willingness for making long-term investments. This analysis will further indicate that the leading companies in the high-purity solvents industry are those that will then be able to create unique offerings that will meet the specific needs of their consumers.
APAC is considered to have the greatest share in the high-purity solvents market in terms of both value and volume. The growth in the market is especially driven due to the rising demand for the production of paints & coatings and sealants and adhesives.
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According to a recent study, the high-purity solvents market is set to witness a steady growth rate of more than 6% during the forecast period 2021 to 2031. High-purity solvents are synthetically distilled organic chemicals with broad industrial applications. They are crucial for the synthesis of complex Grignard reactions in laboratory conditions and are fundamentally important for improving agrochemical and pharmaceutical manufacturing quality.
Yet these solvents are also integral to the production of various commercial products, including deodorants & perfumes. Manufacturers in the solvents market are challenged with partial operation activities in regions with high COVID-19 cases such as parts of Europe, India, and Russia. Moreover, a demand shortage is another hurdle, which is inhibiting growth in the solvent market.
Hence, manufacturers are focused on catering to essential industries such as pharmaceutical, food, and agricultural applications to revive market growth.
Principal Consultant
Increasing use of n-heptane solvent as a test fuel component in anti-knock engine testing is a driving factor for the market growth. The growing usage of the high purity solvents for the manufacturing of lab consumables in the life sciences segment is also a key driver for this market.
Their usage in the manufacture of high performance coatings is significantly driving demand across regions. The high usage of these solvents can cause health hazards such as toxicity in reproductive systems and nervous systems which can decrease the demand of the solvent in the market and can be the restraint in the growth of the global solvent market.
The market is highly dependent on the growth in construction, automotive, shipbuilding, aircraft manufacturing as solvents are used in paints & coatings applications in these sectors. Although the market across these sectors is badly effected due to the COVID-19 crisis, these sectors will show tremendous demand of these high quality Solvents in the long run.
The growing usage of the high purity solvents in the perfumes can be the opportunity for key players in the the global solvent market.
The increasing focus towards the development and adoption of green and bio-based solvents can be the challenge for the manufacturers of high purity solvents market, however it can also open up new growth avenues through introduction of such solvents produced in environment friendly manner and from bio-based sources.
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APAC is expected to account for the largest share in high purity solvents market during the forecast period, in terms of value and volume. The growth of the Asia Pacific solvents market is expected to be primarily driven by the soaring demand for the production of paints & coatings and adhesives & sealants.
While the adoption of these solvents to manufacture printing inks and host of pharmaceutical products is also expected to gain considerable traction, the increased demand of paints & coatings from the automotive and construction industry is likely to fuel the growth of the market.
China is expected to witness a significant boost in demand growth during the forecast period. Various manufacturers from developed regions are shifting their manufacturing units to APAC because of the availability of raw materials, low labor cost, and favorable government policies in emerging markets such as India, Indonesia, and Thailand.
Furthermore, economic growth, rising population, and growing urbanization are the important drivers of the market in APAC region.
North America is also expected to witness significant market growth of these high quality solvents on account of rising production output coupled with expected rebound in construction activities over the forecast period.
Demand in this region is projected to grow at a good pace as the automotive, aviation and other end use industries regain growth momentum after the pandemic. The capacity additions by producers in the U.S. are expected to benefit and enable this market growth over the outlook period
Some of the leading manufacturers and suppliers include
The global market is moderately fragmented due to the presence of a large number of multinational plyers. Key strategies adopted by these industry players include long-term partnership with raw material suppliers to achieve economies of scale and subsequently offer products at very competitive market prices.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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High Purity Solvents Market
