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Solvents Market to Hit USD 44.3 Billion by 2031 as Sustainable and Bio-Based Solvents Gain Momentum, Says Mordor Intelligence

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OLN Olin Corporation is mentioned as a major company in the caustic soda market, which is related to the broader chemicals industry. The article does not provide specific sentiment towards Olin Corporation's performance in the solvents market. WLK Westlake Corporation is listed as a major player in the caustic soda market. The article does not offer specific sentiment regarding Westlake's position or performance within the solvents market. XOM While not explicitly named, companies reliant on imported naphtha or spot crude, like ExxonMobil, are exposed to cost fluctuations in the solvents market. This suggests a neutral to potentially bearish outlook due to raw material volatility. CVX Chevron, like other integrated energy companies, could be affected by raw material volatility (naphtha, crude) impacting the solvents market. The article does not provide direct sentiment for Chevron.

Hyderabad, Feb. 16, 2026 (GLOBE NEWSWIRE) -- According to the latest report by Mordor Intelligence, the solvents market value is projected to rise from USD 35.16 billion in 2026 to USD 44.30 billion by 2031, growing at a CAGR of 4.73%. While petrochemical-derived solvents continue to account for the largest share of volumes, the structure of demand is gradually shifting. Stricter VOC regulations, sustainability commitments from major brands, and progress in bio-based feedstocks are changing how suppliers compete. High-purity oxygenated solvents are seeing stronger interest, particularly in pharmaceuticals and specialty coatings, while demand for high-aromatic blends is facing pressure. Producers with integrated feedstock access and investments in solvent recovery technologies are better positioned to manage raw material volatility. Meanwhile, companies reliant on imported naphtha or spot crude are more exposed to cost fluctuations. As solvent-based polymer recycling moves closer to commercial scale, suppliers that can balance commodity volumes with specialty innovation are likely to secure stronger margins in the coming years.

Global Solvents Market Insights and Key Growth Drivers

Growing Momentum in Paints and Protective Coatings

Paints and industrial coatings remain one of the largest consumers of solvents worldwide. As environmental standards become stricter, manufacturers are steadily moving away from traditional hydrocarbon blends toward lower-VOC oxygenated options such as ketones and acetate esters. Regulatory shifts in major markets like the United States and China are pushing reformulation efforts, especially in aerosol, furniture, and refinishing coatings.

Stricter Emission Norms Driving Reformulation in the West

Environmental authorities in North America and Europe are tightening solvent emission limits, particularly in coatings and printing applications. This is prompting a shift toward waterborne, exempt, or bio-based alternatives, while some manufacturers are investing in emission-control equipment. Larger companies can typically manage these transitions more smoothly, but smaller players face higher compliance costs, encouraging partnerships and consolidation. Solvent suppliers offering technical support and sustainable formulations are becoming more embedded in customer operations.

Solvents Industry Segmentation Insights:

By Source

By Type

By Application

By Geography

Solvents Market Share by Region

North America, environmental compliance is reshaping buying patterns. Stricter vapor control and emission standards are steering formulators away from traditional hydrocarbon blends and toward oxygenated and bio-based alternatives. While automotive production in Mexico supports steady coatings demand, looming restrictions on aromatics are encouraging early reformulation efforts.

Europe is seeing demand shaped by sustainability initiatives. Investments in solvent recovery are reducing reliance on virgin material, while bio-based production capacity is expanding to serve low-emission coatings applications. Meanwhile, emerging markets in South America and the Middle East & Africa are carving out niche opportunities, supported by agrochemical formulations and competitively advantaged exports.

For a full breakdown of solvents market size, segmentation data, and competitive intelligence, access the details of the Mordor Intelligence report:  https://www.mordorintelligence.com/industry-reports/global-solvents-market?utm_source=globenewswire

Leading Solvent Companies:

Check out related reports published by Mordor Intelligence:

Caustic Soda Market Share: Caustic soda market report analyzes the industry by production process (membrane cell, diaphragm cell, and others), form (liquid and solid), concentration grade (32%, 50%, and 73% and above), and key applications including pulp and paper and organic chemicals. Asia-Pacific, North America, Europe, South America, and the Middle East & Africa

Olin Corporation, Westlake Corporation, INEOS, Occidental Petroleum Corporation, Tosoh Corporation are the major companies operating in this market.

Read more about companies active in Caustic Soda:  https://www.mordorintelligence.com/industry-reports/caustic-soda-market/companies?utm_source=globenewswire

Ethylamine Market Size: Ethylamine market report segment the industry by type (monoethylamine, diethylamine, and triethylamine), end-use industries such as agrochemicals, pharmaceuticals, rubber and plastics, dyes and pigments, personal care, and others, along with regional coverage across Asia-Pacific, North America, Europe, South America, and the Middle East & Africa. Market size and forecasts are presented in volume (tons) for all segments.

About Mordor Intelligence:

Mordor Intelligence is a trusted partner for businesses seeking comprehensive and actionable market intelligence. Our global reach, expert team, and tailored solutions empower organizations and individuals to make informed decisions, navigate complex markets, and achieve their strategic goals.

With a team of over 550 domain experts and on-ground specialists spanning 150+ countries, Mordor Intelligence possesses a unique understanding of the global business landscape. This expertise translates into comprehensive syndicated and custom research reports covering a wide spectrum of industries, including aerospace & defense, agriculture, animal nutrition and wellness, automation, automotive, chemicals & materials, consumer goods & services, electronics, energy & power, financial services, food & beverages, healthcare, hospitality & tourism, information & communications technology, investment opportunities, and logistics.