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Asia Pacific Industrial Solvents Market

Asia Pacific Industrial Solvents Market By Type (Alcohols, Ketones, Esters, Glycols, Others); By Application (Paints & Coatings, Pharmaceuticals, Printing Inks, Adhesives & Sealants, Others); By End-Use (Construction, Automotive, Electronics, Agriculture, Others) – Growth, Share, Opportunities & Competitive Analysis, 2024 – 2032

Summary
Table Of Content

REPORT ATTRIBUTE	DETAILS
Historical Period	2020-2023
Base Year	2024
Forecast Period	2025-2032
Asia Pacific Industrial Solvents Market Size 2024	USD 10,309.77 million
Asia Pacific Industrial Solvents Market, CAGR	8.47%
Asia Pacific Industrial Solvents Market Size 2032	USD 19,762.08 million

Market Overview

Asia Pacific Industrial Solvents market size was valued at USD 10,309.77 million in 2024 and is anticipated to reach USD 19,762.08 million by 2032, at a CAGR of 8.47% during the forecast period (2024-2032).

The Asia Pacific industrial solvents market is driven by rapid industrialization, expanding manufacturing activities, and growing demand from key sectors such as automotive, construction, and pharmaceuticals. Increasing investments in infrastructure development and rising consumer preference for high-performance, eco-friendly solvents further stimulate market growth. Technological advancements, particularly in the production of bio-based and green solvents, are shaping market trends as regulatory pressures tighten around volatile organic compounds (VOCs) emissions. Additionally, the surge in electronic and electrical manufacturing across emerging economies like China, India, and Southeast Asia boosts solvent demand. Companies are focusing on sustainable product innovation and strategic partnerships to meet evolving industry standards and environmental expectations. The dynamic shift toward water-based and low-VOC solvent solutions, aligned with broader sustainability initiatives, continues to redefine competitive strategies within the region. Together, these drivers and trends position the Asia Pacific industrial solvents market for robust growth throughout the forecast period.

The Asia Pacific industrial solvents market demonstrates strong geographical diversity, with major contributions from China, Japan, South Korea, India, Australia, and key ASEAN countries such as Thailand, Indonesia, and Vietnam. Rapid industrialization, urbanization, and manufacturing expansion across emerging economies are driving significant solvent demand. Mature markets like Japan, South Korea, and Australia emphasize high-performance and sustainable solvent solutions, while emerging markets prioritize affordability and production scalability. Leading companies operating in this dynamic region include China National Petroleum Corporation (CNPC), Formosa Plastics Corporation, Reliance Industries Limited, Sinopec Group, and Mitsubishi Chemical Holdings Corporation. Other key players such as Sumitomo Chemical Co., Ltd., Toray Industries, Inc., LG Chem Ltd., and Tata Chemicals Ltd. are also actively investing in innovation and expanding their regional presence. These companies are focusing on developing eco-friendly, high-purity, and application-specific solvents to meet the evolving regulatory and industrial demands across diverse sectors.

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Market Insights

The Asia Pacific industrial solvents market was valued at USD 10,309.77 million in 2024 and is projected to reach USD 19,762.08 million by 2032, growing at a CAGR of 8.47%.

The global industrial solvents market was valued at USD 34,660.50 million in 2024 and is expected to reach USD 60,647.79 million by 2032, growing at a CAGR of 7.24% during the forecast period (2024-2032).

Strong industrial growth across manufacturing, automotive, and construction sectors is a major driver boosting solvent demand.
Rising trends toward bio-based and eco-friendly solvents are reshaping product innovation across the region.
Companies like CNPC, Reliance Industries, Sinopec Group, and Mitsubishi Chemical Holdings dominate the competitive landscape.
Stringent environmental regulations and raw material price volatility are key restraints impacting market growth.
China, India, and Southeast Asia are witnessing rapid expansion, while mature markets like Japan and South Korea focus on high-performance solvents.
Manufacturers are increasingly investing in sustainable solutions to align with regulatory standards and capture emerging market opportunities.

Report Scope

This report segments the Asia Pacific Industrial Solvents market as follows:

Market Drivers

Rapid Industrialization and Expanding Manufacturing Sector

The rapid pace of industrialization across the Asia Pacific region remains a fundamental driver for the industrial solvents market. Countries such as China, India, Vietnam, and Indonesia are witnessing significant growth in manufacturing activities across diverse sectors, including automotive, construction, textiles, and chemicals. Industrial solvents are essential in various applications such as cleaning, degreasing, and production processes, fueling their widespread demand. As governments continue to implement policies supporting industrial expansion and foreign direct investment, the demand for efficient and specialized solvents is expected to rise steadily. This industrial boom directly correlates with increased consumption of solvents, ensuring a sustained market growth trajectory.

Growing Demand from Automotive and Construction Industries

The flourishing automotive and construction industries are substantial contributors to the rising demand for industrial solvents in Asia Pacific. For instance, the India Solvent Market highlights the increasing demand for solvents in paints, coatings, adhesives, and metalworking applications, driven by infrastructure development and automotive sector expansion. In the automotive sector, solvents are widely used in paints, coatings, adhesives, and degreasers, while the construction industry employs them in coatings, sealants, and waterproofing solutions. With increasing urbanization, a surge in vehicle ownership, and expansive infrastructure projects across emerging economies, solvent consumption continues to escalate. Government initiatives promoting infrastructure modernization, along with rising disposable incomes and lifestyle upgrades, further amplify this demand. The resilience of these industries, even amidst economic fluctuations, reinforces their pivotal role in driving solvent market growth.

Expanding Electronics and Pharmaceutical Industries

The rapid expansion of the electronics and pharmaceutical industries in Asia Pacific further strengthens the market outlook for industrial solvents. For instance, the Pharmaceutical Solvent Market discusses the growing demand for high-purity solvents in drug formulation and manufacturing, driven by increased R&D investments. Solvents are critical in the manufacturing of electronic components, circuit boards, and pharmaceutical formulations. Countries such as South Korea, Japan, China, and India are investing heavily in electronics manufacturing and healthcare infrastructure, increasing the need for high-purity solvents. Moreover, the COVID-19 pandemic has accelerated pharmaceutical production and innovation across the region, leading to higher solvent consumption. As these high-growth industries continue to scale up operations and innovate, they create a steady and increasing demand for specialized solvents tailored to meet stringent quality and regulatory requirements.

Technological Advancements and Shift Toward Eco-Friendly Solutions

Technological innovation is reshaping the industrial solvents market by encouraging the development of bio-based and environmentally friendly alternatives. With stricter environmental regulations on emissions of volatile organic compounds (VOCs) and a growing corporate focus on sustainability, companies are investing in research and development to offer low-VOC and water-based solvents. Innovations aimed at improving solvent efficiency, reducing toxicity, and enhancing recyclability are gaining traction, thereby expanding the market for greener solutions. This technological shift not only aligns with global environmental goals but also presents lucrative opportunities for solvent manufacturers seeking to differentiate themselves through sustainable offerings.

Market Trends

Rising Adoption of Bio-Based and Green Solvents

The Asia Pacific industrial solvents market is witnessing a notable shift toward bio-based and green solvents, driven by increasing environmental awareness and stricter regulations on volatile organic compound (VOC) emissions. For instance, the Green Solvents and Bio-Solvents Market highlights that industries such as paints and coatings, adhesives, and pharmaceuticals are increasingly adopting bio-based solvents to comply with environmental regulations. Manufacturers are actively developing solvents derived from renewable resources to minimize environmental impact and meet sustainability targets. These eco-friendly alternatives are gaining traction in industries such as paints and coatings, adhesives, and cleaning products. As governments and industries emphasize carbon neutrality and circular economy principles, the demand for bio-based solvents is expected to surge, reshaping product development and marketing strategies across the region.

Increasing Demand for High-Performance and Specialty Solvents

There is a growing trend toward high-performance and specialty solvents tailored for specific industrial applications. Industries such as electronics, pharmaceuticals, and automotive are increasingly seeking solvents that offer superior purity, enhanced solvency, and lower toxicity. This demand is pushing manufacturers to innovate and diversify their product portfolios to cater to niche requirements. In sectors like electronics manufacturing, where precision and quality are critical, the preference for specialized solvents is particularly strong. This trend reflects a broader movement toward customization and technological sophistication in industrial processes across Asia Pacific.

Expansion of End-Use Industries in Emerging Economies

Emerging economies in Asia Pacific, including India, Vietnam, Indonesia, and the Philippines, are driving a significant expansion of solvent demand due to rapid industrial growth and urbanization. For instance, the Solvent Market highlights the growing demand for solvents in construction, automotive production, textiles, and healthcare industries across emerging economies. These countries are experiencing a boom in construction, automotive production, textiles, and healthcare industries, all of which rely heavily on industrial solvents. Additionally, favorable government policies, infrastructural developments, and the relocation of manufacturing bases from developed markets to lower-cost Asian countries are contributing to robust solvent consumption. This geographic shift is not only increasing the overall market size but also diversifying the regional demand landscape.

Growing Focus on Regulatory Compliance and Safety Standards

An increasing focus on health, safety, and environmental regulations is shaping market trends across the Asia Pacific region. Authorities are enforcing stricter compliance measures regarding solvent handling, emissions, and worker safety, prompting companies to adopt safer and more sustainable solvent solutions. Regulatory frameworks such as China’s stricter environmental laws and India’s evolving industrial safety standards are accelerating the adoption of low-toxicity and non-flammable solvent formulations. Companies that proactively align their operations and product offerings with these evolving regulations are gaining a competitive advantage, highlighting regulatory agility as a key success factor in the market.

Market Challenges Analysis

Stringent Environmental Regulations and Volatility in Raw Material Prices

The Asia Pacific industrial solvents market faces significant challenges from increasingly stringent environmental regulations targeting emissions of volatile organic compounds (VOCs) and hazardous air pollutants. Governments across the region, particularly in China, Japan, South Korea, and India, are tightening industrial emission standards, compelling manufacturers to reformulate products or shift toward eco-friendly alternatives. For instance, the Asia Pacific Industrial Solvents Market highlights that regulatory compliance with VOC emission standards is a major challenge for manufacturers, leading to increased adoption of bio-based solvents. While this trend opens new opportunities for green solvents, it also increases compliance costs and complicates production processes. Additionally, the volatility in raw material prices, especially petrochemical-derived feedstocks, presents another critical challenge. Fluctuations in crude oil prices and supply chain disruptions can lead to unpredictable cost structures, affecting profit margins and long-term planning for solvent manufacturers.

Growing Competition from Alternative Technologies and Regional Disparities

The industrial solvents market in Asia Pacific is also grappling with growing competition from alternative technologies, such as water-based formulations and advanced materials that reduce or eliminate solvent usage altogether. Innovations in industries like paints and coatings, adhesives, and electronics are increasingly offering solvent-free or low-solvent solutions, which could limit traditional solvent demand over time. Furthermore, regional disparities in infrastructure development, regulatory enforcement, and technological adoption create an uneven competitive landscape. While developed markets like Japan and South Korea quickly embrace sustainable practices and high-performance solvents, many emerging economies still lag due to cost constraints and limited technological capabilities. This uneven progress complicates regional market strategies and may slow overall market growth.

Market Opportunities

The Asia Pacific industrial solvents market presents substantial opportunities driven by the region’s ongoing industrial expansion and increasing focus on sustainability. Rapid urbanization, coupled with rising investments in infrastructure, automotive production, and pharmaceutical manufacturing, continues to fuel solvent demand across emerging economies such as India, Vietnam, and Indonesia. The relocation of global manufacturing bases to Asia Pacific, motivated by lower operational costs and favorable government policies, is further enhancing the region’s role as a major production hub. Additionally, the growing demand for high-performance and specialty solvents, particularly in electronics and healthcare sectors, creates lucrative prospects for manufacturers that can meet stringent quality and safety standards. Companies that invest in advanced formulations designed for critical applications stand to capture significant market share as these industries scale up.

The increasing emphasis on environmental sustainability and regulatory compliance also opens new avenues for innovation in the industrial solvents sector. There is a rising demand for bio-based, low-VOC, and water-based solvents as industries adapt to stricter emissions regulations and corporate sustainability initiatives. Manufacturers that develop eco-friendly alternatives and align their product portfolios with evolving environmental norms will be better positioned to meet future market needs. Furthermore, growing consumer and industrial awareness about the health and safety impacts of traditional solvents is accelerating the shift toward safer, greener solutions. As governments across Asia Pacific continue to invest in green technologies and sustainable industrial practices, companies that prioritize research and development in this direction will have the opportunity to differentiate themselves competitively and strengthen their presence in the evolving market landscape.

Market Segmentation Analysis:

By Type:

The Asia Pacific industrial solvents market, segmented by type, is dominated by alcohols, followed closely by ketones, esters, and glycols. Alcohols, particularly ethanol and isopropanol, account for a significant share due to their broad use in cleaning agents, coatings, and pharmaceutical formulations. Ketones, such as acetone and methyl ethyl ketone (MEK), are highly sought after for their strong solvency properties, especially in paints, coatings, and adhesives. Esters are gaining traction as well, primarily driven by their application in the production of inks, coatings, and cosmetics, due to their favorable evaporation rates and solvency characteristics. Glycols, known for their application in antifreeze formulations and plastic manufacturing, contribute steadily to the market. The “Others” category, including hydrocarbons and chlorinated solvents, also holds a notable share, particularly in specialized industrial uses. The rising demand for eco-friendly and low-VOC solvent alternatives across all types is expected to influence the development of new solvent technologies, offering manufacturers significant opportunities for innovation.

By Application:

Based on application, paints and coatings represent the largest segment in the Asia Pacific industrial solvents market, driven by robust growth in the construction, automotive, and consumer goods industries. Solvents play a crucial role in enhancing the application properties and finish quality of coatings. The pharmaceuticals segment is experiencing rapid growth, fueled by increasing healthcare investments, the rise of generic drug production, and higher demand for high-purity solvents in formulations and manufacturing processes. Printing inks represent another vital application, supported by expanding packaging and labeling industries across emerging economies. Adhesives and sealants are steadily increasing their solvent consumption, mainly due to growth in construction, automotive, and furniture manufacturing sectors. The “Others” category, including cleaning products, agrochemicals, and personal care, also contributes significantly to solvent demand. As industries increasingly prioritize sustainable practices, the demand for low-toxicity and environmentally friendly solvent solutions is reshaping application trends, encouraging innovation and diversification across various industrial verticals.

Segments:

Based on Type:

Alcohols
Ketones
Esters
Glycols
Others

Based on Application:

Paints & Coatings
Pharmaceuticals
Printing Inks
Adhesives & Sealants
Others

Based on End- Use:

Construction
Automotive
Electronics
Agriculture
Others

Based on Source:

Petrochemical-Based Solvents
Bio-Based Solvents

Based on the Geography:

China
Japan
South Korea
India
Australia
Thailand
Indonesia
Vietnam
Malaysia
Philippines
Taiwan
Rest of Asia Pacific

Regional Analysis

China

China holds the largest share of the Asia Pacific industrial solvents market, accounting for approximately 45% of the regional revenue in 2024. As the world’s largest manufacturing hub, China’s industrial solvents demand is driven by its dominant presence in sectors such as automotive, construction, pharmaceuticals, and electronics. The government’s strong focus on industrial modernization, urban infrastructure development, and the promotion of electric vehicles further boosts solvent consumption. Additionally, China’s aggressive stance on environmental regulations is encouraging a shift toward low-VOC and bio-based solvents, leading to innovation within the domestic market. With ongoing industrial expansion and evolving sustainability targets, China is expected to maintain its leadership position throughout the forecast period.

Japan and South Korea

Japan and South Korea together contribute around 20% of the Asia Pacific industrial solvents market, with Japan holding a slightly higher share. Japan’s well-established automotive, electronics, and pharmaceutical industries heavily rely on high-purity and specialty solvents. The country’s stringent regulatory environment and emphasis on technological innovation are pushing the market toward eco-friendly and high-performance solvent solutions. South Korea, a global leader in semiconductor and electronics manufacturing, demands solvents with superior quality and low contamination risks. Both countries are experiencing a growing inclination toward green technologies, bio-based solvents, and advanced material solutions, aligning with their broader sustainability goals. Their mature industries and strong R&D capabilities position them as innovation hubs within the regional solvents market.

India, Australia, Thailand, Indonesia, Vietnam, Malaysia, and Philippines

India, Australia, and the ASEAN countries including Thailand, Indonesia, Vietnam, Malaysia, and the Philippines collectively account for approximately 25% of the Asia Pacific market. India, in particular, is experiencing rapid growth due to its expanding construction, pharmaceutical, and automotive sectors. Government initiatives like “Make in India” and rising foreign investments are strengthening industrial output, thereby increasing solvent demand. Similarly, Australia’s mature construction and mining sectors and Southeast Asia’s fast-growing manufacturing and packaging industries are contributing significantly. Countries like Vietnam and Indonesia are becoming key low-cost manufacturing bases, further driving solvent consumption. This diverse regional growth is creating robust opportunities for solvent producers to tap into emerging markets with tailored solutions.

Taiwan and the Rest of Asia Pacific

Taiwan and the “Rest of Asia Pacific” region hold the remaining 10% of the market share. Taiwan’s strong electronics sector, particularly in semiconductor manufacturing, demands highly specialized solvents for precision applications. Meanwhile, other smaller economies within Asia Pacific are gradually expanding their industrial bases, contributing to incremental growth. Although these markets are relatively smaller compared to China and India, they offer promising opportunities for niche solvent applications, particularly in electronics, healthcare, and specialty chemicals. As industrial activities continue to diversify across the region, solvent manufacturers can capitalize on localized demand trends by offering targeted, high-quality, and sustainable solutions.

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Key Player Analysis

China National Petroleum Corporation (CNPC)
Formosa Plastics Corporation
Reliance Industries Limited
Sinopec Group
Mitsubishi Chemical Holdings Corporation
Sumitomo Chemical Co., Ltd.
Toray Industries, Inc.
LG Chem Ltd.
Tata Chemicals Ltd.

Competitive Analysis

The competitive landscape of the Asia Pacific industrial solvents market is dominated by several leading players focusing on product innovation, sustainability, and expanding regional presence. Key players in the market include China National Petroleum Corporation (CNPC), Formosa Plastics Corporation, Reliance Industries Limited, Sinopec Group, Mitsubishi Chemical Holdings Corporation, Sumitomo Chemical Co., Ltd., Toray Industries, Inc., LG Chem Ltd., and Tata Chemicals Ltd. These companies leverage their extensive production capacities, established distribution networks, and strong R&D capabilities to maintain their market dominance. Major players in the market focus on enhancing production capabilities, maintaining a strong distribution network, and investing in research and development to develop advanced solvents that meet the growing demand for eco-friendly and high-performance solutions. Key competitive strategies include product diversification, technological advancements, and partnerships to access emerging markets. As sustainability and environmental regulations become increasingly important, companies are focusing on developing bio-based, low-VOC, and water-based solvents. These solutions cater to the rising demand for greener alternatives in sectors such as automotive, construction, pharmaceuticals, and electronics. Additionally, companies are expanding their regional presence by tapping into emerging economies in Southeast Asia, where industrialization is rapidly growing. The shift toward specialized solvents for niche applications, such as electronics and high-purity pharmaceuticals, also drives competition. In order to stay competitive, companies are prioritizing cost-effective production, improving supply chain efficiency, and aligning product offerings with evolving regulatory standards to capture market opportunities across the region.

Recent Developments

In April 2025, Eastman announced off-list price increases for several EOD (Ethylene Oxide Derivatives) solvents, including Eastman™ DB Solvent, effective April 7, 2025, reflecting ongoing cost and market pressures.
In March 2025, BASF reported generating approximately €11 billion in 2024 sales from products launched in the past five years, driven by R&D focused on sustainability, biodegradable materials, and digital transformation. The company filed 1,159 new patents in 2024, with 45% targeting sustainability. R&D investment in 2024 was €2.1 billion, with a similar budget planned for 2025.
In March and April 2025, Shell is restructuring its global chemicals business to boost profitability and reduce capital spending by 2030. This includes exploring strategic partnerships in the U.S., potentially closing some European assets, and selling existing assets like the Singapore refinery and chemical complex. The company aims to streamline operations, focus on core businesses, and improve returns for shareholders.
In March 2025, BASF is expanding its production capacity for aminic antioxidants at its Puebla, Mexico site, targeting the growing demand for long-life lubricants. The project is set for completion in 2026.
In March 2025, ExxonMobil announced a $100 million upgrade to its Baton Rouge, Louisiana plant to produce ultra-high-purity (99.999%) isopropyl alcohol (IPA) for the semiconductor industry by 2027.
In March 2024, Dow announced plans to invest in new ethylene derivatives capacity-including carbonate solvents-on the U.S. Gulf Coast. This investment, supported by the U.S. Department of Energy, aims to supply carbonate solvents for lithium-ion batteries, supporting the domestic EV and energy storage market. The facility will capture over 90% of CO₂ from ethylene oxide production, aligning with sustainability goals.

Market Concentration & Characteristics

The Asia Pacific industrial solvents market exhibits moderate concentration, with a mix of large multinational corporations and regional players. The market is characterized by a few dominant players that hold substantial market share, particularly in the production of petrochemical-based solvents, while numerous smaller companies cater to niche segments. These larger players benefit from economies of scale, extensive distribution networks, and strong research and development capabilities, allowing them to drive innovation and meet evolving customer demands. At the same time, regional players are leveraging cost advantages and local expertise to serve emerging markets, particularly in Southeast Asia, where industrial growth is accelerating. The market is highly competitive, with companies focusing on product diversification, technological advancements, and sustainability. As environmental regulations tighten, there is a growing emphasis on bio-based and low-VOC solvents, which is shifting market dynamics and driving companies to adapt to new, greener trends in industrial solvent applications.

Report Coverage

The research report offers an in-depth analysis based on Type, Application, End-Use, Source and Geography. It details leading market players, providing an overview of their business, product offerings, investments, revenue streams, and key applications. Additionally, the report includes insights into the competitive environment, SWOT analysis, current market trends, as well as the primary drivers and constraints. Furthermore, it discusses various factors that have driven market expansion in recent years. The report also explores market dynamics, regulatory scenarios, and technological advancements that are shaping the industry. It assesses the impact of external factors and global economic changes on market growth. Lastly, it provides strategic recommendations for new entrants and established companies to navigate the complexities of the market.

Future Outlook

The Asia Pacific industrial solvents market is expected to experience robust growth, driven by continued industrialization across emerging economies.
Demand for eco-friendly and bio-based solvents will rise as governments enforce stricter environmental regulations.
Technological advancements in solvent formulations, focusing on low-VOC and high-performance solutions, will shape market dynamics.
The pharmaceutical and electronics industries will increasingly drive demand for high-purity solvents, especially in emerging markets.
Growing urbanization and infrastructure development in Southeast Asia will fuel the demand for solvents in construction and coatings.
The shift towards sustainability and green chemistry will promote further innovation in solvent alternatives.
Manufacturers will focus on expanding their production capacities and improving supply chain efficiencies to cater to growing demand.
The adoption of water-based solvents in coatings and adhesives will increase, in response to regulatory pressures and consumer preferences.
Stronger regional collaboration and strategic partnerships will enable companies to strengthen their market presence and offer tailored solutions.
As solvent requirements become more specialized, the demand for niche and high-value solvents will continue to grow in key industrial sectors.

CHAPTER NO. 1 : INTRODUCTION 20

1.1.1. Report Description 20

Purpose of the Report 20

USP & Key Offerings 20

1.1.2. Key Benefits for Stakeholders 20

1.1.3. Target Audience 21

1.1.4. Report Scope 21

CHAPTER NO. 2 : EXECUTIVE SUMMARY 22

2.1. Industrial Solvents Market Snapshot 22

2.1.1. Asia Pacific Industrial Solvents Market, 2018 – 2032 (USD Million) 23

CHAPTER NO. 3 : GEOPOLITICAL CRISIS IMPACT ANALYSIS 24

3.1. Russia-Ukraine and Israel-Palestine War Impacts 24

CHAPTER NO. 4 : INDUSTRIAL SOLVENTS MARKET – INDUSTRY ANALYSIS 25

4.1. Introduction 25

4.2. Market Drivers 26

4.2.1. Rising demand for eco-friendly and bio-based solvents 26

4.2.2. Increasing use of solvents in the automotive and construction industries 27

4.3. Market Restraints 28

4.3.1. Stringent environmental regulations regarding the use of volatile organic compounds (VOCs) 28

4.4. Market Opportunities 29

4.4.1. Innovations in green chemistry to develop sustainable solvent alternatives 29

4.5. Porter’s Five Forces Analysis 30

4.6. Buying Criteria 31

CHAPTER NO. 5 : IMPORT EXPORT ANALYSIS 32

5.1. Import Analysis by Asia Pacific 32

5.1.1. Asia Pacific Industrial Solvents Market Import Volume/Revenue, By Asia Pacific, 2018 – 2023 32

5.2. Export Analysis by Asia Pacific 33

5.2.1. Asia Pacific Industrial Solvents Market Export Volume/Revenue, By Asia Pacific, 2018 – 2023 33

CHAPTER NO. 6 : DEMAND SUPPLY ANALYSIS 34

6.1. Demand Analysis by Asia Pacific 34

6.1.1. Asia Pacific Industrial Solvents Market Demand Volume/Revenue, By Asia Pacific, 2018 – 2023 34

6.2. Supply Analysis by Asia Pacific 35

6.2.1. Asia Pacific Industrial Solvents Market Supply Volume/Revenue, By Asia Pacific, 2018 – 2023 35

CHAPTER NO. 7 : PRODUCTION ANALYSIS 36

7.1. Production Analysis by Asia Pacific 36

7.1.1. Asia Pacific Industrial Solvents Market Production Volume/Revenue, By Asia Pacific, 2018 – 2023 36

CHAPTER NO. 8 : PRICE ANALYSIS 37

8.1. Price Analysis by Type 37

8.1.1. Asia Pacific Industrial Solvents Market Price, By Type, 2018 – 2023 37

8.1.2. Asia Pacific Type Market Price, By Type, 2018 – 2023 37

CHAPTER NO. 9 : RAW MATERIALS ANALYSIS 38

9.1. Key Raw Materials and Suppliers 38

9.2. Key Raw Materials Price Trend 38

CHAPTER NO. 10 : MANUFACTURING COST ANALYSIS 39

10.1. Manufacturing Cost Analysis 39

10.2. Manufacturing Process 39

CHAPTER NO. 11 : ANALYSIS COMPETITIVE LANDSCAPE 40

11.1. Company Market Share Analysis – 2023 40

11.2. Value Chain Analysis 40

11.2.1. Asia Pacific Industrial Solvents Market: Company Market Share, by Volume, 2023 41

11.2.2. Asia Pacific Industrial Solvents Market: Company Market Share, by Revenue, 2023 42

11.2.3. Asia Pacific Industrial Solvents Market: Top 6 Company Market Share, by Revenue, 2023 42

11.2.4. Asia Pacific Industrial Solvents Market: Top 3 Company Market Share, by Revenue, 2023 43

11.3. Asia Pacific Industrial Solvents Market Company Volume Market Share, 2023 44

11.4. Asia Pacific Industrial Solvents Market Company Revenue Market Share, 2023 45

11.5. Company Assessment Metrics, 2023 45

11.5.1. Stars 45

11.5.2. Emerging Leaders 45

11.5.3. Pervasive Players 45

11.5.4. Participants 45

11.6. Start-ups /SMEs Assessment Metrics, 2023 45

11.6.1. Progressive Companies 45

11.6.2. Responsive Companies 46

11.6.3. Dynamic Companies 46

11.6.4. Starting Blocks 46

11.7. Strategic Developments 47

11.7.1. Acquisitions & Mergers 47

New Product Launch 47

Asia Pacific Expansion 47

11.8. Key Players Product Matrix 48

CHAPTER NO. 12 : PESTEL & ADJACENT MARKET ANALYSIS 49

12.1. PESTEL 49

12.1.1. Political Factors 49

12.1.2. Economic Factors 49

12.1.3. Social Factors 49

12.1.4. Technological Factors 49

12.1.5. Environmental Factors 49

12.1.6. Legal Factors 49

12.2. Adjacent Market Analysis 49

CHAPTER NO. 13 : INDUSTRIAL SOLVENTS MARKET – BY TYPE SEGMENT ANALYSIS 50

13.1. Industrial Solvents Market Overview, by Type Segment 50

13.1.1. Industrial Solvents Market Revenue Share, By Type, 2023 & 2032 51

13.1.2. Industrial Solvents Market Attractiveness Analysis, By Type 52

13.1.3. Incremental Revenue Growth Opportunity, by Type, 2024 – 2032 52

13.1.4. Industrial Solvents Market Revenue, By Type, 2018, 2023, 2027 & 2032 53

13.2. Alcohols 54

13.3. Ketones 55

13.4. Esters 56

13.5. Glycols 57

13.6. Others 58

CHAPTER NO. 14 : INDUSTRIAL SOLVENTS MARKET – BY APPLICATION SEGMENT ANALYSIS 59

14.1. Industrial Solvents Market Overview, by Application Segment 59

14.1.1. Industrial Solvents Market Revenue Share, By Application, 2023 & 2032 60

14.1.2. Industrial Solvents Market Attractiveness Analysis, By Application 61

14.1.3. Incremental Revenue Growth Opportunity, by Application, 2024 – 2032 61

14.1.4. Industrial Solvents Market Revenue, By Application, 2018, 2023, 2027 & 2032 62

14.2. Paints & Coatings 63

14.3. Pharmaceuticals 64

14.4. Printing Inks 65

14.5. Adhesives & Sealants 66

14.6. Others 67

CHAPTER NO. 15 : INDUSTRIAL SOLVENTS MARKET – BY END-USE INDUSTRY SEGMENT ANALYSIS 68

15.1. Industrial Solvents Market Overview, by End-Use Industry Segment 68

15.1.1. Industrial Solvents Market Revenue Share, By End-Use Industry, 2023 & 2032 69

15.1.2. Industrial Solvents Market Attractiveness Analysis, By End-Use Industry 70

15.1.3. Incremental Revenue Growth Opportunity, by End-Use Industry, 2024 – 2032 70

15.1.4. Industrial Solvents Market Revenue, By End-Use Industry, 2018, 2023, 2027 & 2032 71

15.2. Construction 72

15.3. Automotive 73

15.4. Electronics 74

15.5. Agriculture 75

15.6. Others 76

CHAPTER NO. 16 : INDUSTRIAL SOLVENTS MARKET – BY SOURCE SEGMENT ANALYSIS 77

16.1. Industrial Solvents Market Overview, by Source Segment 77

16.1.1. Industrial Solvents Market Revenue Share, By Source, 2023 & 2032 78

16.1.2. Industrial Solvents Market Attractiveness Analysis, By Source 79

16.1.3. Incremental Revenue Growth Opportunity, by Source, 2024 – 2032 79

16.1.4. Industrial Solvents Market Revenue, By Source, 2018, 2023, 2027 & 2032 80

16.2. Petrochemical-Based Solvents 81

16.3. Bio-Based Solvents 82

CHAPTER NO. 17 : INDUSTRIAL SOLVENTS MARKET – ASIA PACIFIC ANALYSIS 83

17.1. Type 83

17.1.1. Asia Pacific Industrial Solvents Market Revenue, By Type, 2018 – 2023 (USD Million) 83

17.2. Asia Pacific Industrial Solvents Market Revenue, By Type, 2024 – 2032 (USD Million) 83

17.3. Application 84

17.3.1. Asia Pacific Industrial Solvents Market Revenue, By Application, 2018 – 2023 (USD Million) 84

17.3.2. Asia Pacific Industrial Solvents Market Revenue, By Application, 2024 – 2032 (USD Million) 84

17.4. End-Use Industry 85

17.4.1. Asia Pacific Industrial Solvents Market Revenue, By End-Use Industry, 2018 – 2023 (USD Million) 85

17.4.2. Asia Pacific Industrial Solvents Market Revenue, By End-Use Industry, 2024 – 2032 (USD Million) 85

17.5. Source 86

17.5.1. Asia Pacific Industrial Solvents Market Revenue, By Source, 2018 – 2023 (USD Million) 86

17.5.2. Asia Pacific Industrial Solvents Market Revenue, By Source, 2024 – 2032 (USD Million) 86

17.6. China 86

17.7. Japan 86

17.8. South Korea 86

17.9. India 86

17.10. Australia 86

17.11. Thailand 86

17.12. Indonesia 86

17.13. Vietnam 86

17.14. Malaysia 87

17.15. Philippines 87

17.16. Taiwan 87

17.17. Rest of Asia Pacific 87

CHAPTER NO. 18 : COMPANY PROFILES 88

18.1. China National Petroleum Corporation (CNPC) 88

18.1.1. Company Overview 88

18.1.2. Product Portfolio 88

18.1.3. Swot Analysis 88

18.1.4. Business Strategy 89

18.1.5. Financial Overview 89

18.2. Formosa Plastics Corporation 90

18.3. Reliance Industries Limited 90

18.4. Sinopec Group 90

18.5. Mitsubishi Chemical Holdings Corporation 90

18.6. Sumitomo Chemical Co., Ltd. 90

18.7. Toray Industries, Inc. 90

18.8. LG Chem Ltd. 90

18.9. Tata Chemicals Ltd. 90

18.10. SK Innovation Co., Ltd. 90

List of Figures

FIG NO. 1. Asia Pacific Industrial Solvents Market Revenue, 2018 – 2032 (USD Million) 23

FIG NO. 2. Porter’s Five Forces Analysis for Asia Pacific Industrial Solvents Market 30

FIG NO. 3. Asia Pacific Industrial Solvents Market Import Volume/Revenue, By Asia Pacific, 2018 – 2023 32

FIG NO. 4. Asia Pacific Industrial Solvents Market Export Volume/Revenue, By Asia Pacific, 2018 – 2023 33

FIG NO. 5. Asia Pacific Industrial Solvents Market Demand Volume/Revenue, By Asia Pacific, 2018 – 2023 34

FIG NO. 6. Asia Pacific Industrial Solvents Market Supply Volume/Revenue, By Asia Pacific, 2018 – 2023 35

FIG NO. 7. Asia Pacific Industrial Solvents Market Production Volume/Revenue, By Asia Pacific, 2018 – 2023 36

FIG NO. 8. Asia Pacific Industrial Solvents Market Price, By Type, 2018 – 2023 37

FIG NO. 9. Raw Materials Price Trend Analysis, 2018 – 2023 38

FIG NO. 10. Manufacturing Cost Analysis 39

FIG NO. 11. Manufacturing Process 39

FIG NO. 12. Value Chain Analysis for Asia Pacific Industrial Solvents Market 40

FIG NO. 13. Company Share Analysis, 2023 41

FIG NO. 14. Company Share Analysis, 2023 42

FIG NO. 15. Company Share Analysis, 2023 42

FIG NO. 16. Company Share Analysis, 2023 43

FIG NO. 17. Industrial Solvents Market – Company Volume Market Share, 2023 44

FIG NO. 18. Industrial Solvents Market – Company Revenue Market Share, 2023 45

FIG NO. 19. Industrial Solvents Market Revenue Share, By Type, 2023 & 2032 51

FIG NO. 20. Market Attractiveness Analysis, By Type 52

FIG NO. 21. Incremental Revenue Growth Opportunity by Type, 2024 – 2032 52

FIG NO. 22. Industrial Solvents Market Revenue, By Type, 2018, 2023, 2027 & 2032 53

FIG NO. 23. Asia Pacific Industrial Solvents Market for Alcohols, Revenue (USD Million) 2018 – 2032 54

FIG NO. 24. Asia Pacific Industrial Solvents Market for Ketones, Revenue (USD Million) 2018 – 2032 55

FIG NO. 25. Asia Pacific Industrial Solvents Market for Esters, Revenue (USD Million) 2018 – 2032 56

FIG NO. 26. Asia Pacific Industrial Solvents Market for Glycols, Revenue (USD Million) 2018 – 2032 57

FIG NO. 27. Asia Pacific Industrial Solvents Market for Others, Revenue (USD Million) 2018 – 2032 58

FIG NO. 28. Industrial Solvents Market Revenue Share, By Application, 2023 & 2032 60

FIG NO. 29. Market Attractiveness Analysis, By Application 61

FIG NO. 30. Incremental Revenue Growth Opportunity by Application, 2024 – 2032 61

FIG NO. 31. Industrial Solvents Market Revenue, By Application, 2018, 2023, 2027 & 2032 62

FIG NO. 32. Asia Pacific Industrial Solvents Market for Paints & Coatings, Revenue (USD Million) 2018 – 2032 63

FIG NO. 33. Asia Pacific Industrial Solvents Market for Pharmaceuticals, Revenue (USD Million) 2018 – 2032 64

FIG NO. 34. Asia Pacific Industrial Solvents Market for Printing Inks, Revenue (USD Million) 2018 – 2032 65

FIG NO. 35. Asia Pacific Industrial Solvents Market for Adhesives & Sealants, Revenue (USD Million) 2018 – 2032 66

FIG NO. 36. Asia Pacific Industrial Solvents Market for Others, Revenue (USD Million) 2018 – 2032 67

FIG NO. 37. Industrial Solvents Market Revenue Share, By End-Use Industry, 2023 & 2032 69

FIG NO. 38. Market Attractiveness Analysis, By End-Use Industry 70

FIG NO. 39. Incremental Revenue Growth Opportunity by End-Use Industry, 2024 – 2032 70

FIG NO. 40. Industrial Solvents Market Revenue, By End-Use Industry, 2018, 2023, 2027 & 2032 71

FIG NO. 41. Asia Pacific Industrial Solvents Market for Construction, Revenue (USD Million) 2018 – 2032 72

FIG NO. 42. Asia Pacific Industrial Solvents Market for Automotive, Revenue (USD Million) 2018 – 2032 73

FIG NO. 43. Asia Pacific Industrial Solvents Market for Electronics, Revenue (USD Million) 2018 – 2032 74

FIG NO. 44. Asia Pacific Industrial Solvents Market for Agriculture, Revenue (USD Million) 2018 – 2032 75

FIG NO. 45. Asia Pacific Industrial Solvents Market for Others, Revenue (USD Million) 2018 – 2032 76

FIG NO. 46. Industrial Solvents Market Revenue Share, By Source, 2023 & 2032 78

FIG NO. 47. Market Attractiveness Analysis, By Source 79

FIG NO. 48. Incremental Revenue Growth Opportunity by Source, 2024 – 2032 79

FIG NO. 49. Industrial Solvents Market Revenue, By Source, 2018, 2023, 2027 & 2032 80

FIG NO. 50. Asia Pacific Industrial Solvents Market for Petrochemical-Based Solvents, Revenue (USD Million) 2018 – 2032 81

FIG NO. 51. Asia Pacific Industrial Solvents Market for Bio-Based Solvents, Revenue (USD Million) 2018 – 2032 82

List of Tables

TABLE NO. 1. : Asia Pacific Industrial Solvents Market: Snapshot 22

TABLE NO. 2. : Drivers for the Industrial Solvents Market: Impact Analysis 26

TABLE NO. 3. : Restraints for the Industrial Solvents Market: Impact Analysis 28

TABLE NO. 4. : Asia Pacific Industrial Solvents Market Revenue, By Type, 2018 – 2023 37

TABLE NO. 5. : Key Raw Materials & Suppliers 38

TABLE NO. 6. : Asia Pacific Industrial Solvents Market Revenue, By Type, 2018 – 2023 (USD Million) 83

TABLE NO. 7. : Asia Pacific Industrial Solvents Market Revenue, By Type, 2024 – 2032 (USD Million) 83

TABLE NO. 8. : Asia Pacific Industrial Solvents Market Revenue, By Application, 2018 – 2023 (USD Million) 84

TABLE NO. 9. : Asia Pacific Industrial Solvents Market Revenue, By Application, 2024 – 2032 (USD Million) 84

TABLE NO. 10. : Asia Pacific Industrial Solvents Market Revenue, By End-Use Industry, 2018 – 2023 (USD Million) 85

TABLE NO. 11. : Asia Pacific Industrial Solvents Market Revenue, By End-Use Industry, 2024 – 2032 (USD Million) 85

TABLE NO. 12. : Asia Pacific Industrial Solvents Market Revenue, By Source, 2018 – 2023 (USD Million) 86

TABLE NO. 13. : Asia Pacific Industrial Solvents Market Revenue, By Source, 2024 – 2032 (USD Million) 86

Frequently Asked Questions

What is the current size of the Asia Pacific Industrial Solvents?

The Asia Pacific Industrial Solvents market was valued at USD 10,309.77 million in 2024 and is projected to reach USD 19,762.08 million by 2032, growing at a CAGR of 8.47%.

What factors are driving the growth of the Asia Pacific Industrial Solvents?

Rapid industrialization, expanding manufacturing sectors, rising demand for eco-friendly solvents, and growth in automotive, construction, and electronics industries are key drivers.

What are the key segments within the Asia Pacific Industrial Solvents?

Key segments include Type (Alcohols, Ketones, Esters, Glycols, Others), Application (Paints & Coatings, Pharmaceuticals, Printing Inks, Adhesives & Sealants, Others), End-Use, Source, and Geography.

Who are the major players in the Asia Pacific Industrial Solvents?

Major players include China National Petroleum Corporation (CNPC), Reliance Industries Limited, Sinopec Group, Mitsubishi Chemical Holdings Corporation, and Formosa Plastics Corporation.

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