NEW YORK , Aug. 29, 2024 /PRNewswire/ -- Report with market evolution powered by AI- The global solvents market size is estimated to grow by USD 9.6 billion from 2024-2028, according to Technavio.
The market is estimated to grow at a CAGR of 5.24% during the forecast period. Technological advancements in recovery and recycling processes of solvents is driving market growth, with a trend towards adoption of iot technology?for oil and gas extraction.
However, fluctuation in crude oil price poses a challenge. Key market players include Akzo Nobel NV, BASF SE, Chevron Phillips Chemical Co. LLC, Clariant AG, Dow Inc.
, Eastman Chemical Co., Exxon Mobil Corp., Huntsman Corp.
, INEOS Group, LG Chem Ltd., LyondellBasell Industries N.V.
, Merck KGaA, Mitsui and Co. Ltd., PPG Industries Inc.
, Saudi Basic Industries Corp., Shell plc, Solvay SA, SolvChem Inc., Stepan Co.
, and Vertec Biosolvents Inc.. Get a detailed analysis on regions, market segments, customer landscape, and companies - Click for the snapshot of this report Key Market Trends Fueling Growth The solvents market is a significant industry, supplying various sectors with essential chemicals for manufacturing processes.
Companies produce and distribute these chemicals for use in industries like pharmaceuticals, agriculture, and coatings. Solvents facilitate reactions, act as carriers for active ingredients, and enhance product performance. Market growth is driven by increasing demand for end-use industries and technological adva.