Home » Chemicals » South Korea Industrial Solvents Market

South Korea Industrial Solvents Market

South Korea 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
South Korea Industrial Solvents Market Size 2024	USD 1,476.14 million
South Korea Industrial Solvents Markett, CAGR	7.82%
South Korea Industrial Solvents Market Size 2032	USD 2,695.12 million

Market Overview

South Korea Industrial Solvents market size was valued at USD 1,476.14 million in 2024 and is anticipated to reach USD 2,695.12 million by 2032, at a CAGR of 7.82% during the forecast period (2024-2032).

The South Korea industrial solvents market is driven by the expanding manufacturing and automotive sectors, which demand high-performance chemicals for cleaning, degreasing, and formulation processes. Rapid industrialization and urbanization are further contributing to increased consumption across sectors such as paints and coatings, pharmaceuticals, and electronics. Moreover, the rise in demand for eco-friendly and bio-based solvents, in response to stringent environmental regulations, is reshaping product development strategies among key players. Advancements in solvent recycling technologies and increasing awareness regarding occupational safety are also influencing market dynamics. Additionally, South Korea’s robust export-oriented economy and investments in high-tech industries support sustained solvent usage. Emerging trends include the growing preference for low-VOC (volatile organic compound) formulations and the integration of green chemistry principles into production processes. These factors, combined with government support for sustainable industrial practices, are expected to fuel consistent growth in the industrial solvents market over the forecast period.

The geographical landscape of the South Korea industrial solvents market is shaped by the presence of major industrial clusters across key regions such as Seoul, Gyeonggi, Busan, Ulsan, and Daegu. These regions host a wide range of end-use industries including electronics, petrochemicals, automotive, and pharmaceuticals, which drive the demand for industrial solvents. The proximity of manufacturing hubs to ports and logistics infrastructure supports efficient distribution and export activities. In terms of key players, the market is highly competitive and features both domestic and international companies. Prominent participants include LG Chem Ltd., SK Innovation Co., Ltd., and South Korea National Petroleum Corporation, alongside global giants such as Sinopec Group, Mitsubishi Chemical Holdings Corporation, and Reliance Industries Limited. These companies focus on expanding their product portfolios, investing in sustainable technologies, and enhancing production capabilities to meet the growing demand for high-performance and environmentally friendly solvents across the country.

Access crucial information at unmatched prices!

Request your sample report today & start making informed decisions powered by Credence Research!

Download Sample

Market Insights

The South Korea industrial solvents market was valued at USD 1,476.14 million in 2024 and is projected to reach USD 2,695.12 million by 2032, growing at a CAGR of 7.82%.
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).
Growth is driven by increased demand from manufacturing, automotive, and electronics sectors for high-performance solvents.
A major trend is the shift toward eco-friendly and bio-based solvents in response to environmental regulations.
Companies are investing in solvent recovery technologies to reduce waste and improve cost efficiency.
The market is highly competitive, with key players including LG Chem, SK Innovation, Sinopec, and Mitsubishi Chemical.
Regulatory pressures and raw material price volatility act as restraints, especially for small and mid-sized producers.
Industrial hubs in Seoul, Gyeonggi, Busan, and Daegu regions support regional demand, with growing infrastructure and export capacity.

Report Scope

This report segments the South Korea Industrial Solvents market as follows:

Market Drivers

Expanding Manufacturing and Automotive Industries

One of the primary drivers of the South Korea industrial solvents market is the continuous growth of the country’s manufacturing and automotive sectors. South Korea is home to several globally recognized automobile and electronics manufacturers, including Hyundai, Kia, Samsung, and LG. These industries rely heavily on solvents for cleaning, degreasing, surface preparation, and paint formulation. For instance, the South Korean chemical industry has maintained a strong presence in the global market, supported by large petrochemical and commodity chemical sectors. As the demand for high-quality and efficient production processes rises, so does the need for specialized industrial solvents. Additionally, the integration of advanced manufacturing techniques, such as precision engineering and automation, further increases solvent usage, thereby positively impacting market growth.

Robust Demand in Paints, Coatings, and Electronics

The paints and coatings industry, closely tied to construction and infrastructure development, remains a key consumer of industrial solvents in South Korea. With increasing urbanization and the modernization of residential and commercial buildings, the need for high-performance coatings is on the rise. Industrial solvents are crucial in ensuring proper viscosity, drying time, and application properties in these formulations. Moreover, South Korea’s leadership in semiconductor and electronics manufacturing continues to boost demand for ultra-pure solvents used in cleaning and etching processes. For instance, South Korea’s advanced manufacturing capabilities have led to the production of high-purity solvents used in electronics and semiconductors. As the country advances its capabilities in high-tech sectors, solvent consumption is expected to remain strong, reinforcing overall market momentum.

Shift Toward Eco-Friendly and Bio-Based Solvents

Environmental sustainability is becoming a central focus in South Korea’s industrial landscape. The government has implemented strict regulations aimed at reducing volatile organic compound (VOC) emissions and encouraging greener alternatives. In response, industries are shifting toward bio-based and low-toxicity solvents that align with environmental standards without compromising performance. This trend is particularly prominent in sectors such as pharmaceuticals and personal care, where regulatory compliance and consumer safety are critical. The growing awareness of health and environmental impacts, combined with innovations in green chemistry, is encouraging the adoption of sustainable solvents and expanding opportunities for manufacturers to differentiate their offerings.

Government Policies and Technological Advancements

Supportive government policies and ongoing technological advancements are further driving growth in the industrial solvents market. South Korea’s strategic focus on innovation, research and development (R&D), and cleaner production techniques is fostering a favorable environment for solvent manufacturers. Investments in chemical recycling and waste reduction technologies enhance the efficiency and sustainability of solvent usage across industries. Furthermore, government-backed initiatives promoting industrial modernization and cleaner energy sources indirectly support solvent demand by stimulating activity in key end-user sectors. These developments position South Korea as a technologically advanced and environmentally conscious market, paving the way for long-term, stable growth in the industrial solvents segment.

Market Trends

Transition Toward Eco-Friendly and Bio-Based Solvents

A major trend transforming the South Korea industrial solvents market is the growing adoption of eco-friendly and bio-based solvents. As environmental regulations become increasingly stringent, industries are under pressure to reduce emissions of volatile organic compounds (VOCs) and other hazardous air pollutants. This has prompted manufacturers across sectors such as paints and coatings, adhesives, pharmaceuticals, and personal care to seek out greener alternatives derived from renewable sources. Bio-based solvents, including those made from corn, soybeans, and citrus by-products, are gaining traction due to their lower toxicity and biodegradability. For instance, South Korea’s chemical industry has been actively investing in green solvent technologies, with government initiatives favoring production efficiency while lowering environmental impact. South Korean firms are focusing on research and development to formulate high-performance, environmentally compliant solvents that meet evolving regulatory and consumer expectations. This shift not only reflects a global trend toward sustainability but also positions South Korea as a regional leader in green industrial chemistry.

Rising Adoption of Solvent Recovery and Recycling Systems

With cost efficiency and environmental compliance at the forefront, solvent recovery and recycling technologies are being rapidly adopted across South Korea’s industrial landscape. Traditional solvent usage is increasingly being replaced or supplemented by closed-loop systems that allow for the capture, purification, and reuse of solvents. These systems significantly reduce operational costs, lower emissions, and help companies align with South Korea’s ambitious waste reduction and carbon neutrality goals. Technologies such as vacuum distillation, membrane filtration, and adsorption systems are seeing wider implementation, especially in sectors like pharmaceuticals, electronics, and specialty chemicals. Companies that integrate solvent recovery systems not only improve their environmental footprint but also gain a competitive edge through enhanced sustainability credentials. This trend is expected to continue growing as the government expands support for clean technologies through grants, tax incentives, and industrial modernization programs.

Increased Demand for High-Purity and Specialty Solvents

South Korea’s reputation as a global hub for advanced technology manufacturing—particularly in semiconductors, electronics, and biotechnology—is fueling demand for high-purity and specialty solvents. These solvents are essential in applications where precision, cleanliness, and chemical stability are critical, such as wafer cleaning, thin-film deposition, and pharmaceutical synthesis. As these industries continue to grow in both scale and complexity, the need for solvents with ultra-low levels of impurities becomes more pronounced. The trend is reinforced by South Korea’s focus on elevating its domestic capabilities in high-value sectors, reducing reliance on imports, and maintaining global competitiveness. For instance, South Korea’s chemical industry benefits from strong government support and investment in cleaner production techniques. Consequently, the solvent market is seeing increased investment in purification processes, quality control technologies, and customized formulations tailored to meet specific industrial needs.

Global Supply Chain Adjustments and Strategic Diversification

The global disruptions in raw material supply chains—exacerbated by geopolitical tensions, oil price volatility, and post-pandemic recovery—have prompted South Korean solvent producers and end-users to rethink sourcing and production strategies. Companies are diversifying their supplier base, localizing production where possible, and enhancing inventory resilience to mitigate the risks of external shocks. Additionally, there is a visible trend toward vertical integration, with large chemical firms acquiring or partnering with upstream suppliers to stabilize input availability. This strategic shift has also led to a renewed focus on innovation, as firms seek to differentiate through value-added solvent offerings that deliver superior performance, regulatory compliance, and environmental benefits. In a competitive global market, adaptability and responsiveness to shifting economic and policy environments have become critical for sustained success in South Korea’s industrial solvents sector.

Market Challenges Analysis

Regulatory Pressures and Environmental Compliance

One of the most significant challenges confronting the South Korea industrial solvents market is the tightening of environmental and safety regulations. In response to global climate goals and domestic sustainability initiatives, the South Korean government has introduced stricter controls on the use and emission of volatile organic compounds (VOCs) and hazardous air pollutants. For instance, South Korea’s chemical industry has been actively investing in green solvent technologies, with government initiatives favoring production efficiency while lowering environmental impact. These regulations, while necessary to protect public health and the environment, place a considerable burden on solvent manufacturers and end users, particularly small and mid-sized enterprises. Compliance often requires costly investments in emissions control technologies, reformulation of solvent-based products, and implementation of safer handling and storage protocols. Additionally, increasing scrutiny from regulatory bodies on chemical safety and toxicity is compelling manufacturers to shift toward greener alternatives, which may not always match the performance or cost-effectiveness of traditional solvents. This evolving regulatory landscape adds complexity to market operations and necessitates ongoing innovation to stay ahead of compliance demands.

Raw Material Volatility and Supply Chain Disruptions

Another pressing challenge is the volatility in raw material prices and the vulnerability of global supply chains. The production of many industrial solvents depends heavily on petrochemical feedstocks, which are subject to fluctuations in crude oil prices and international trade dynamics. Recent disruptions—stemming from geopolitical tensions, global economic instability, and the lingering effects of the COVID-19 pandemic—have exposed weaknesses in global sourcing strategies. These factors have led to increased costs and inconsistent supply, affecting manufacturing schedules and profitability. In particular, South Korea’s reliance on imported raw materials makes it susceptible to external shocks and currency fluctuations. While some companies are exploring alternative feedstocks and localizing supply chains to mitigate risks, such transitions require time, capital, and strategic alignment. As the market becomes more competitive, the ability to manage supply chain uncertainty and cost pressures will be critical to sustaining growth in the industrial solvents sector.

Market Opportunities

The South Korea industrial solvents market presents substantial opportunities driven by the country’s strong emphasis on technological innovation and sustainable development. As industries such as electronics, automotive, and semiconductors continue to expand, the demand for specialized solvents tailored to high-performance applications is set to rise. Particularly in the electronics and precision manufacturing sectors, there is growing need for ultra-pure solvents that meet stringent quality standards. This creates avenues for manufacturers to develop advanced formulations that cater to niche, high-value applications. Furthermore, South Korea’s growing pharmaceutical and biotechnology industries provide additional potential for solvent producers, as these sectors require a consistent supply of high-purity, low-toxicity solvents for production and laboratory use. The increasing trend toward miniaturization and high-precision manufacturing across various sectors further amplifies the demand for technologically advanced solvents.

In addition, the market is witnessing a shift toward green and bio-based solvents, driven by regulatory pressures and consumer demand for sustainable products. This trend creates a fertile ground for innovation in eco-friendly solvent formulations and offers growth potential for companies that can successfully integrate green chemistry into their product lines. Government support for sustainable manufacturing, including subsidies and policy incentives for environmentally responsible practices, further enhances market attractiveness. Companies investing in solvent recovery technologies, energy-efficient processes, and low-emission products are well-positioned to capitalize on this shift. As South Korea aims to transition into a low-carbon economy, suppliers offering cleaner alternatives and contributing to circular economy goals are likely to benefit from increased market visibility and long-term demand. Overall, the convergence of industrial innovation, sustainability focus, and supportive policy frameworks provides a promising landscape for growth in the South Korea industrial solvents market.

Market Segmentation Analysis:

By Type:

The South Korea industrial solvents market is segmented by type into alcohols, ketones, esters, glycols, and others. Among these, alcohol-based solvents hold a significant market share due to their wide applicability in pharmaceuticals, coatings, and cleaning agents. They are favored for their high solvency, fast evaporation rate, and relative safety, particularly in isopropyl and ethanol-based products. Ketones, such as acetone and methyl ethyl ketone (MEK), are also widely used, especially in paints, coatings, and adhesives, where fast-drying and high solvency are essential. Esters are increasingly used in specialty formulations due to their good solvency and pleasant odor, making them suitable for personal care and printing inks. Glycols, known for their high boiling point and low volatility, find applications in antifreeze, industrial cleaning, and brake fluids. The “others” category includes hydrocarbons and chlorinated solvents, which, despite environmental concerns, continue to be used in niche industrial applications. Overall, growth is expected across all segments, with a notable shift toward safer and environmentally friendly solvents.

By Application:

By application, the industrial solvents market in South Korea is categorized into paints and coatings, pharmaceuticals, printing inks, adhesives and sealants, and others. Paints and coatings represent the largest segment, driven by rising construction activity and automotive production, both of which require high-performance coatings that rely heavily on solvent-based formulations. The pharmaceutical sector is another significant consumer, utilizing solvents in drug formulation, extraction, and purification processes, where high purity and compliance with safety standards are essential. Printing inks and adhesives & sealants also account for considerable solvent consumption, especially with the growth of packaging, labeling, and flexible electronics. The “others” category includes cleaning agents, agrochemicals, and electronics manufacturing, where solvents play a critical role in maintaining product quality and process efficiency. Demand across these segments is being reshaped by environmental regulations and the growing preference for low-VOC and bio-based solvents, encouraging innovation and diversification in application-specific formulations.

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:

Seoul Metropolitan Region
Gyeonggi Province
Busan and Ulsan Regions
Daegu Region

Regional Analysis

Seoul Metropolitan Region

The Seoul Metropolitan Region holds the largest market share, contributing approximately 40% of the overall industrial solvents market. As the capital region, Seoul is the economic and industrial hub of South Korea, hosting major sectors such as automotive, electronics, chemicals, and construction. This concentration of industries fuels the demand for industrial solvents, particularly in paints, coatings, adhesives, and pharmaceuticals. The region’s strong focus on technological innovation and manufacturing efficiency further drives solvent consumption, making it the dominant player in the South Korean market.

Gyeonggi Province

The Gyeonggi Province follows closely, with a market share of around 30%. Located adjacent to Seoul, Gyeonggi is home to numerous manufacturing plants and industrial parks that serve as vital supply chains for the capital region. Major industries in this area include automotive, electronics, and chemicals, with a high demand for industrial solvents in production processes such as cleaning, degreasing, and coating. The province’s proximity to Seoul also enhances its accessibility to global markets, contributing to its growing industrial solvent consumption. With investments in research and development, the region is also seeing an increased focus on sustainable solvent alternatives, further driving growth.

Busan and Ulsan Regions

The Busan and Ulsan Regions account for roughly 15% of the total market share. These regions, known for their strong maritime and petrochemical industries, heavily rely on industrial solvents for operations in shipbuilding, oil refining, and chemical production. The demand for solvents in these sectors is primarily driven by the need for cleaning, degreasing, and specialized coatings. Additionally, the ongoing expansion of Busan’s port and Ulsan’s automotive production facilities contribute to solvent consumption. These areas are also expected to see growth due to South Korea’s focus on expanding its industrial footprint in the global supply chain.

Daegu Region

The Daegu Region represents the smallest share, with around 10% of the total market. Although Daegu is known for its textile and manufacturing industries, which use solvents in processes like dyeing and coating, its market demand for industrial solvents is relatively lower compared to other regions. However, Daegu’s commitment to sustainability and its growing focus on clean energy and materials innovation are expected to drive future growth. The region’s demand for solvents is likely to increase as industries shift toward greener, more efficient technologies.

Shape Your Report to Specific Countries or Regions & Enjoy 30% Off!

Customize Now

Key Player Analysis

South Korea 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.
SK Innovation Co., Ltd.

Competitive Analysis

The South Korea industrial solvents market is characterized by strong competition among both domestic and international players, each striving to enhance their market position through innovation, strategic partnerships, and sustainable product development. Leading companies such as LG Chem Ltd., SK Innovation Co., Ltd., South Korea National Petroleum Corporation (CNPC), Formosa Plastics Corporation, Reliance Industries Limited, Sinopec Group, Mitsubishi Chemical Holdings Corporation, Sumitomo Chemical Co., Ltd., Toray Industries, Inc., and Tata Chemicals Ltd. are actively involved in expanding their production capacities and diversifying their solvent portfolios to cater to a wide range of end-use industries. These players compete primarily on product quality, environmental compliance, and pricing strategies. Many are increasingly focusing on the development of green and bio-based solvents in response to tightening environmental regulations. Additionally, investment in R&D, advanced manufacturing technologies, and regional distribution networks provides them with a competitive edge. Strategic collaborations and acquisitions are also common, enabling firms to strengthen their market reach and adapt to changing consumer demands.

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 South Korea industrial solvents market exhibits a moderately high level of market concentration, with a mix of dominant domestic players and established international firms shaping the competitive landscape. Key characteristics of the market include technological advancement, a strong emphasis on regulatory compliance, and growing demand for sustainable solvent solutions. The market is largely driven by end-user industries such as electronics, automotive, pharmaceuticals, and chemicals, which demand high-purity, performance-oriented solvents. Larger companies maintain competitive advantages through integrated supply chains, advanced R&D capabilities, and diversified product portfolios. While leading players such as LG Chem and SK Innovation hold significant influence, the market still allows room for mid-sized and niche manufacturers to grow by focusing on innovation, specialty formulations, and green chemistry. Overall, the industry is marked by high product customization, rising environmental accountability, and a strong orientation toward export-driven growth, positioning South Korea as a competitive player in the global solvents market.

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 market is projected to experience steady growth, driven by increasing demand across various industrial sectors.
There is a significant shift towards bio-based and eco-friendly solvents, aligning with global sustainability trends and regulatory requirements.
Technological advancements in solvent recovery systems are enhancing efficiency and reducing environmental impact.
The paints and coatings industry continues to be a major consumer, fueled by ongoing construction and infrastructure projects.
Pharmaceutical and electronics sectors are expanding, leading to higher demand for high-purity solvents.
Stringent environmental regulations are prompting industries to adopt greener solvents and invest in cleaner technologies.
Companies are focusing on research and development to innovate and meet the evolving needs of end-users.
The market is witnessing increased competition, with both domestic and international players striving for market share.
Economic policies and trade agreements are influencing the import and export dynamics of industrial solvents.
Overall, the South Korea industrial solvents market is poised for growth, supported by technological innovation and a strong industrial base.

CHAPTER NO. 1 : INTRODUCTION 19

1.1.1. Report Description 19

Purpose of the Report 19

USP & Key Offerings 19

1.1.2. Key Benefits for Stakeholders 19

1.1.3. Target Audience 20

1.1.4. Report Scope 20

CHAPTER NO. 2 : EXECUTIVE SUMMARY 21

2.1. Industrial Solvents Market Snapshot 21

2.1.1. South Korea Industrial Solvents Market, 2018 – 2032 (USD Million) 22

CHAPTER NO. 3 : GEOPOLITICAL CRISIS IMPACT ANALYSIS 23

3.1. Russia-Ukraine and Israel-Palestine War Impacts 23

CHAPTER NO. 4 : INDUSTRIAL SOLVENTS MARKET – INDUSTRY ANALYSIS 24

4.1. Introduction 24

4.2. Market Drivers 25

4.2.1. Rising demand for eco-friendly and bio-based solvents 25

4.2.2. Increasing use of solvents in the automotive and construction industries 26

4.3. Market Restraints 27

4.3.1. Stringent environmental regulations regarding the use of volatile organic compounds (VOCs) 27

4.4. Market Opportunities 28

4.4.1. Innovations in green chemistry to develop sustainable solvent alternatives 28

4.5. Porter’s Five Forces Analysis 29

4.6. Buying Criteria 30

CHAPTER NO. 5 : IMPORT EXPORT ANALYSIS 31

5.1. Import Analysis by South Korea 31

5.1.1. South Korea Industrial Solvents Market Import Volume/Revenue, By South Korea, 2018 – 2023 31

5.2. Export Analysis by South Korea 32

5.2.1. South Korea Industrial Solvents Market Export Volume/Revenue, By South Korea, 2018 – 2023 32

CHAPTER NO. 6 : DEMAND SUPPLY ANALYSIS 33

6.1. Demand Analysis by South Korea 33

6.1.1. South Korea Industrial Solvents Market Demand Volume/Revenue, By South Korea, 2018 – 2023 33

6.2. Supply Analysis by South Korea 34

6.2.1. South Korea Industrial Solvents Market Supply Volume/Revenue, By South Korea, 2018 – 2023 34

CHAPTER NO. 7 : PRODUCTION ANALYSIS 35

7.1. Production Analysis by South Korea 35

7.1.1. South Korea Industrial Solvents Market Production Volume/Revenue, By South Korea, 2018 – 2023 35

CHAPTER NO. 8 : PRICE ANALYSIS 36

8.1. Price Analysis by Type 36

8.1.1. South Korea Industrial Solvents Market Price, By Type, 2018 – 2023 36

8.1.2. South Korea Type Market Price, By Type, 2018 – 2023 36

CHAPTER NO. 9 : RAW MATERIALS ANALYSIS 37

9.1. Key Raw Materials and Suppliers 37

9.2. Key Raw Materials Price Trend 37

CHAPTER NO. 10 : MANUFACTURING COST ANALYSIS 38

10.1. Manufacturing Cost Analysis 38

10.2. Manufacturing Process 38

CHAPTER NO. 11 : ANALYSIS COMPETITIVE LANDSCAPE 39

11.1. Company Market Share Analysis – 2023 39

11.2. Value Chain Analysis 39

11.2.1. South Korea Industrial Solvents Market: Company Market Share, by Volume, 2023 40

11.2.2. South Korea Industrial Solvents Market: Company Market Share, by Revenue, 2023 41

11.2.3. South Korea Industrial Solvents Market: Top 6 Company Market Share, by Revenue, 2023 41

11.2.4. South Korea Industrial Solvents Market: Top 3 Company Market Share, by Revenue, 2023 42

11.3. South Korea Industrial Solvents Market Company Volume Market Share, 2023 43

11.4. South Korea Industrial Solvents Market Company Revenue Market Share, 2023 44

11.5. Company Assessment Metrics, 2023 44

11.5.1. Stars 44

11.5.2. Emerging Leaders 44

11.5.3. Pervasive Players 44

11.5.4. Participants 44

11.6. Start-ups /SMEs Assessment Metrics, 2023 44

11.6.1. Progressive Companies 44

11.6.2. Responsive Companies 45

11.6.3. Dynamic Companies 45

11.6.4. Starting Blocks 45

11.7. Strategic Developments 46

11.7.1. Acquisitions & Mergers 46

New Product Launch 46

South Korea Expansion 46

11.8. Key Players Product Matrix 47

CHAPTER NO. 12 : PESTEL & ADJACENT MARKET ANALYSIS 48

12.1. PESTEL 48

12.1.1. Political Factors 48

12.1.2. Economic Factors 48

12.1.3. Social Factors 48

12.1.4. Technological Factors 48

12.1.5. Environmental Factors 48

12.1.6. Legal Factors 48

12.2. Adjacent Market Analysis 48

CHAPTER NO. 13 : INDUSTRIAL SOLVENTS MARKET – BY TYPE SEGMENT ANALYSIS 49

13.1. Industrial Solvents Market Overview, by Type Segment 49

13.1.1. Industrial Solvents Market Revenue Share, By Type, 2023 & 2032 50

13.1.2. Industrial Solvents Market Attractiveness Analysis, By Type 51

13.1.3. Incremental Revenue Growth Opportunity, by Type, 2024 – 2032 51

13.1.4. Industrial Solvents Market Revenue, By Type, 2018, 2023, 2027 & 2032 52

13.2. Alcohols 53

13.3. Ketones 54

13.4. Esters 55

13.5. Glycols 56

13.6. Others 57

CHAPTER NO. 14 : INDUSTRIAL SOLVENTS MARKET – BY APPLICATION SEGMENT ANALYSIS 58

14.1. Industrial Solvents Market Overview, by Application Segment 58

14.1.1. Industrial Solvents Market Revenue Share, By Application, 2023 & 2032 59

14.1.2. Industrial Solvents Market Attractiveness Analysis, By Application 60

14.1.3. Incremental Revenue Growth Opportunity, by Application, 2024 – 2032 60

14.1.4. Industrial Solvents Market Revenue, By Application, 2018, 2023, 2027 & 2032 61

14.2. Paints & Coatings 62

14.3. Pharmaceuticals 63

14.4. Printing Inks 64

14.5. Adhesives & Sealants 65

14.6. Others 66

CHAPTER NO. 15 : INDUSTRIAL SOLVENTS MARKET – BY END-USE INDUSTRY SEGMENT ANALYSIS 67

15.1. Industrial Solvents Market Overview, by End-Use Industry Segment 67

15.1.1. Industrial Solvents Market Revenue Share, By End-Use Industry, 2023 & 2032 68

15.1.2. Industrial Solvents Market Attractiveness Analysis, By End-Use Industry 69

15.1.3. Incremental Revenue Growth Opportunity, by End-Use Industry, 2024 – 2032 69

15.1.4. Industrial Solvents Market Revenue, By End-Use Industry, 2018, 2023, 2027 & 2032 70

15.2. Construction 71

15.3. Automotive 72

15.4. Electronics 73

15.5. Agriculture 74

15.6. Others 75

CHAPTER NO. 16 : INDUSTRIAL SOLVENTS MARKET – BY SOURCE SEGMENT ANALYSIS 76

16.1. Industrial Solvents Market Overview, by Source Segment 76

16.1.1. Industrial Solvents Market Revenue Share, By Source, 2023 & 2032 77

16.1.2. Industrial Solvents Market Attractiveness Analysis, By Source 78

16.1.3. Incremental Revenue Growth Opportunity, by Source, 2024 – 2032 78

16.1.4. Industrial Solvents Market Revenue, By Source, 2018, 2023, 2027 & 2032 79

16.2. Petrochemical-Based Solvents 80

16.3. Bio-Based Solvents 81

CHAPTER NO. 17 : INDUSTRIAL SOLVENTS MARKET – SOUTH KOREA ANALYSIS 82

17.1. Type 82

17.1.1. South Korea Industrial Solvents Market Revenue, By Type, 2018 – 2023 (USD Million) 82

17.2. South Korea Industrial Solvents Market Revenue, By Type, 2024 – 2032 (USD Million) 82

17.3. Application 83

17.3.1. South Korea Industrial Solvents Market Revenue, By Application, 2018 – 2023 (USD Million) 83

17.3.2. South Korea Industrial Solvents Market Revenue, By Application, 2024 – 2032 (USD Million) 83

17.4. End-Use Industry 84

17.4.1. South Korea Industrial Solvents Market Revenue, By End-Use Industry, 2018 – 2023 (USD Million) 84

17.4.2. South Korea Industrial Solvents Market Revenue, By End-Use Industry, 2024 – 2032 (USD Million) 84

17.5. Source 85

17.5.1. South Korea Industrial Solvents Market Revenue, By Source, 2018 – 2023 (USD Million) 85

17.5.2. South Korea Industrial Solvents Market Revenue, By Source, 2024 – 2032 (USD Million) 85

CHAPTER NO. 18 : COMPANY PROFILES 86

18.1. South Korea National Petroleum Corporation (CNPC) 86

18.1.1. Company Overview 86

18.1.2. Product Portfolio 86

18.1.3. Swot Analysis 86

18.1.4. Business Strategy 87

18.1.5. Financial Overview 87

18.2. Formosa Plastics Corporation 88

18.3. Reliance Industries Limited 88

18.4. Sinopec Group 88

18.5. Mitsubishi Chemical Holdings Corporation 88

18.6. Sumitomo Chemical Co., Ltd. 88

18.7. Toray Industries, Inc. 88

18.8. LG Chem Ltd. 88

18.9. Tata Chemicals Ltd. 88

18.10. SK Innovation Co., Ltd. 88

List of Figures

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

FIG NO. 2. Porter’s Five Forces Analysis for South Korea Industrial Solvents Market 30

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

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

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

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

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

FIG NO. 8. South Korea 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 South Korea 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. South Korea Industrial Solvents Market for Alcohols, Revenue (USD Million) 2018 – 2032 54

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

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

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

FIG NO. 27. South Korea 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. South Korea Industrial Solvents Market for Paints & Coatings, Revenue (USD Million) 2018 – 2032 63

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

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

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

FIG NO. 36. South Korea 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. South Korea Industrial Solvents Market for Construction, Revenue (USD Million) 2018 – 2032 72

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

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

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

FIG NO. 45. South Korea 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. South Korea Industrial Solvents Market for Petrochemical-Based Solvents, Revenue (USD Million) 2018 – 2032 81

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

List of Tables

TABLE NO. 1. : South Korea 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. : South Korea Industrial Solvents Market Revenue, By Type, 2018 – 2023 37

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

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

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

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

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

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

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

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

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

Frequently Asked Questions

What is the current size of the South Korea Industrial Solvents?

The South Korea industrial solvents market was valued at USD 1,476.14 million in 2024 and is projected to reach USD 2,695.12 million by 2032, growing at a CAGR of 7.82%.

What factors are driving the growth of the South Korea Industrial Solvents?

Growth is driven by demand from manufacturing, automotive, electronics, and the shift toward eco-friendly and high-purity solvents.

What are the key segments within the South Korea Industrial Solvents?

Key segments include type (alcohols, ketones), application (paints & coatings, pharmaceuticals), end-use, source, and regional geography.

Who are the major players in the South Korea Industrial Solvents?

Major players include LG Chem Ltd., SK Innovation Co., Ltd., CNPC, Sinopec, and Mitsubishi Chemical Holdings Corporation.

Purchase Options

Single User

$2699

Multi User

$3699

Custom Report

$8699

Let us help you

WILLIAM, North America

+1 304 308 1216

KEITH PHILLIPS, Europe

+44 7809 866 263

LEE VALLANCE, Asia Pacific

+64 22 017 0275

EMAIL US

Request Sample

Report delivery within 24 to 48 hours

– Other Info –

–What people say?-

I am very impressed with the information in this report. The author clearly did their research when they came up with this product and it has already given me a lot of ideas.

Jana Schmidt
CEDAR CX Technologies

– Connect with us –