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Thailand Industrial Solvents Market

Thailand 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); By Source (Petrochemical-Based Solvents, Bio-Based Solvents) – 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
Thailand Industrial Solvents Market Size 2024	USD 124.08 million
Thailand Industrial Solvents Market, CGR	7.73%
Thailand Industrial Solvents Market Size 2032	USD 225.20 million

Market Overview

Thailand Industrial Solvents market size was valued at USD 124.08 million in 2024 and is anticipated to reach USD 225.20 million by 2032, at a CAGR of 7.73% during the forecast period (2024-2032).

The Thailand Industrial Solvents market is driven by growing industrialization, particularly in the automotive, construction, and pharmaceuticals sectors, which require solvents for applications such as paints, coatings, adhesives, and cleaning. The increasing demand for environmentally friendly and sustainable solutions is pushing the development of green solvents, boosting the market’s growth. Additionally, the rising adoption of industrial solvents in the manufacturing of specialty chemicals and the expanding packaging industry further fuel market expansion. Technological advancements in solvent formulations, coupled with stringent regulatory standards, are prompting manufacturers to innovate and meet environmental compliance. The increasing focus on the development of bio-based solvents is also a key trend, as consumers and industries seek alternatives to traditional petrochemical-based products. This shift towards sustainable and efficient solvents is expected to drive substantial growth in the Thailand industrial solvents market over the coming years.

Thailand’s industrial solvents market is shaped by regional dynamics, with key demand driven by major industrial hubs like Bangkok, the Eastern Economic Corridor (EEC), Chiang Mai, and Southern Thailand. Bangkok, as the economic center, hosts a diverse range of industries, while the EEC’s rapid industrial growth in sectors such as automotive and electronics fuels the demand for solvents. Chiang Mai and Southern Thailand, though smaller in market share, also contribute significantly through their textile, agricultural, and petrochemical sectors. Leading players in the market include global giants such as Thailand National Petroleum Corporation (CNPC), Formosa Plastics Corporation, Reliance Industries Limited, and Sinopec Group. Other key companies include Mitsubishi Chemical Holdings Corporation, Sumitomo Chemical Co., Ltd., Toray Industries, Inc., LG Chem Ltd., Tata Chemicals Ltd., and SK Innovation Co., Ltd. These companies drive innovation, production efficiency, and sustainability in solvent offerings across diverse applications.

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Market Insights

The Thailand industrial solvents market was valued at USD 124.08 million in 2024 and is projected to reach USD 225.20 million by 2032, growing at a CAGR of 7.73%.
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).
The increasing demand for industrial solvents in automotive, construction, and pharmaceutical industries is a key market driver.
Growing adoption of environmentally friendly, bio-based solvents is reshaping the market with a focus on sustainability.
Technological advancements in solvent formulations and eco-friendly solutions are driving innovation in the market.
Competitive analysis reveals a strong presence of global companies like CNPC, Reliance Industries, and Sinopec Group, which focus on expanding product portfolios and enhancing sustainability.
Market restraints include volatile raw material prices and increasing regulatory compliance costs.
Regional growth is driven by industrial hubs in Bangkok and the Eastern Economic Corridor (EEC), while other regions like Chiang Mai and Southern Thailand show steady demand.

Report Scope

This report segments the Thailand Industrial Solvents market as follows:

Market Drivers

Growing Industrialization and Manufacturing Activities

The expanding industrialization in Thailand is a primary driver of the country’s industrial solvents market. Thailand has witnessed significant growth in its manufacturing sector, particularly in industries such as automotive, electronics, chemicals, and construction. These industries require a wide range of solvents for various processes like paint coatings, cleaning, adhesives, and lubricants. As manufacturing facilities continue to scale up, the demand for solvents used in production processes increases. This trend is particularly pronounced in the automotive and construction industries, where solvents are essential for surface coatings and cleaning tasks. Additionally, the rise of smart manufacturing technologies and automation further accelerates the demand for solvents in industrial processes, contributing to the growth of the market.

Adoption of Eco-friendly and Sustainable Solvents

The shift toward environmentally sustainable and eco-friendly solvents is a notable trend in Thailand’s industrial solvents market. With increasing environmental awareness and the implementation of stricter environmental regulations, industries are under pressure to adopt greener alternatives. Traditional solvents, which are often derived from petrochemical sources, can pose environmental and health risks. As a result, there is a growing demand for bio-based solvents made from renewable resources, such as plant-based oils and natural gases. This demand is being driven by both regulatory pressures and the rising consumer preference for sustainable products. For instance, Thailand’s solvent market is seeing a shift toward low-VOC and bio-based formulations, driven by environmental regulations and sustainability goals. Manufacturers are increasingly focusing on the development of low-VOC (volatile organic compounds) solvents that have minimal impact on air quality and are safer for workers. This transition to green solvents is expected to boost the market’s growth over the coming years.

Technological Advancements and Innovation in Solvent Formulations

Technological advancements and innovations in solvent formulations are significantly contributing to the market’s growth in Thailand. Companies in the industrial solvents space are investing in research and development to create more efficient and specialized solvent solutions. The development of high-performance solvents that offer better cleaning efficiency, reduced toxicity, and improved environmental compatibility is meeting the evolving needs of industries. These innovations also help businesses comply with increasingly stringent regulatory requirements regarding solvent emissions and waste management. Furthermore, the introduction of solvent recycling technologies and more efficient formulations helps to reduce operational costs, which is particularly attractive for industries aiming to minimize expenses. For instance, Thailand’s industrial modernization efforts have led to increased adoption of solvent recovery systems, supported by government incentives. As technology continues to evolve, it is expected that new solvent products will enter the market, catering to the specific needs of various sectors and further driving market growth in Thailand.

Expanding Pharmaceutical and Chemical Industries

The pharmaceutical and chemical industries in Thailand are another key driver for the industrial solvents market. Solvents are critical in the formulation of active pharmaceutical ingredients (APIs) and the production of chemicals, including paints, coatings, and detergents. As Thailand’s pharmaceutical sector continues to grow due to an increasing domestic demand for healthcare products and an expanding export market, the need for high-quality solvents in drug manufacturing becomes more significant. Similarly, the chemical industry, which produces a wide variety of products ranging from plastics to agrochemicals, heavily relies on solvents in its operations. The growth in both these sectors directly correlates with the growing demand for industrial solvents in the Thai market.

Market Trends

Shift Toward Green and Bio-based Solvents

Thailand’s industrial solvents market is witnessing a significant transition toward environmentally friendly alternatives. Green and bio-based solvents, derived from renewable resources like biomass and agricultural by-products, are gaining traction across various applications, including paints, coatings, and cleaning products. This shift is driven by growing environmental awareness, stringent regulations on volatile organic compound (VOC) emissions, and a collective industry push towards sustainability. Manufacturers are investing in research and development to formulate high-performance green solvents that offer reduced environmental impact, aligning with Thailand’s commitment to environmental conservation and sustainable practices.

Technological Advancements in Solvent Formulations

Advancements in technology are reshaping the industrial solvents landscape in Thailand. Companies are focusing on developing high-purity solvents with improved performance characteristics, catering to the stringent requirements of industries such as pharmaceuticals, biotechnology, and electronics manufacturing. These innovations not only enhance product quality but also ensure compliance with regulatory standards. The adoption of green chemistry practices is further promoting the use of solvents that minimize waste and hazardous emissions, aligning with global sustainability goals.

Regulatory Pressures and Environmental Legislation

Thailand’s regulatory environment is evolving to address environmental concerns, significantly impacting the industrial solvents market. The proposed Clean Air Bill, which aims to introduce comprehensive air quality controls, underscores the government’s commitment to reducing pollution from industrial sources. For instance, Thailand’s regulatory framework is increasingly focused on environmental sustainability, with policies aimed at reducing industrial emissions. This legislation is expected to enforce stricter emissions standards, compelling industries to adopt cleaner technologies and solvent alternatives. Additionally, the Pollutant Release and Transfer Register (PRTR) bill, also under consideration, would require businesses to disclose pollution data, further driving the need for transparency and environmental responsibility.

Recovery and Growth in Petrochemical Demand

The Thai petrochemical industry, a significant consumer of industrial solvents, is poised for recovery following a challenging 2023 marked by global economic slowdown and high energy costs. Anticipated economic growth in 2024, driven by increased domestic consumption and tourism, is expected to boost demand for petrochemical products, including solvents. For instance, Thailand’s petrochemical sector is expected to see increased demand due to economic recovery and industrial expansion. However, challenges such as feedstock volatility and global competition may impact growth rates. Despite these challenges, the industry’s focus on sustainable development and integration across supply chains positions it for long-term growth, positively influencing the industrial solvents market.

Market Challenges Analysis

Volatility in Raw Material Prices

The Thailand industrial solvents market faces significant challenges due to the volatility in raw material prices. The solvents industry is heavily reliant on petrochemicals, which are subject to price fluctuations driven by global supply and demand dynamics, geopolitical tensions, and changes in crude oil prices. These price variations can lead to increased production costs, affecting profitability and pricing stability for solvent manufacturers. For instance, Thailand’s petrochemical sector has experienced fluctuations in feedstock availability due to global trade uncertainties and energy price shifts. Additionally, the supply chain for raw materials can be disrupted by factors such as natural disasters, trade restrictions, and changes in energy prices, which can further exacerbate the unpredictability of solvent production costs. Manufacturers must navigate these challenges to maintain competitive pricing and ensure consistent product availability, which can be particularly difficult in a market as price-sensitive as industrial solvents.

Stringent Environmental Regulations and Compliance Costs

Another major challenge facing the Thailand industrial solvents market is the increasing pressure to comply with stringent environmental regulations. As governments and regulatory bodies tighten emissions standards, solvent manufacturers are required to adopt more sustainable and eco-friendly solutions, which often come at a higher cost. Transitioning to greener solvents or investing in technologies that reduce volatile organic compound (VOC) emissions can lead to increased operational expenses. Additionally, compliance with environmental laws such as the Clean Air Bill and Pollutant Release and Transfer Register (PRTR) requires investment in new equipment, processes, and certifications. These compliance-related costs can place a strain on smaller companies, hindering their ability to compete with larger, more established players. This regulatory burden poses a significant challenge for companies seeking to balance sustainability goals with financial viability in a competitive market.

Market Opportunities

The Thailand industrial solvents market presents several growth opportunities, particularly with the increasing demand for environmentally friendly and sustainable solutions. As industries across Thailand, including automotive, construction, and chemicals, strive to meet stricter environmental regulations, there is a rising need for green solvents. Bio-based solvents, derived from renewable resources, offer a promising opportunity for manufacturers to develop products that align with both regulatory requirements and consumer preferences for sustainability. Companies that can innovate in the development of low-VOC or non-toxic solvents stand to capture a significant share of the market, particularly in sectors where environmental impact is a critical consideration. Additionally, the growing interest in eco-friendly solvents creates potential for product diversification and market differentiation, helping companies to establish themselves as leaders in sustainable chemical solutions.

Another opportunity lies in the continued expansion of Thailand’s manufacturing and pharmaceutical industries. As these sectors grow, particularly in light of increasing domestic and global demand for products like electronics, pharmaceuticals, and specialty chemicals, the need for solvents used in production processes, coatings, and cleaning is expected to rise. Solvent manufacturers can seize this opportunity by tailoring their products to meet the specific needs of these industries, such as offering high-purity solvents for the pharmaceutical sector or specialized cleaning agents for electronics manufacturing. Furthermore, the growth of the export market in Asia and beyond offers a platform for solvent manufacturers in Thailand to expand their reach, particularly by focusing on niche markets that demand high-quality, industry-specific solvents. This dynamic environment presents a substantial opportunity for companies to increase their market share by addressing both regional and international demand.

Market Segmentation Analysis:

By Type:

The Thailand industrial solvents market is segmented by type into alcohols, ketones, esters, glycols, and others. Alcohols dominate the market due to their wide range of applications in various industries, particularly in paints, coatings, and pharmaceuticals. Alcohol-based solvents, such as ethanol and isopropanol, are favored for their efficiency in dissolving a broad spectrum of compounds and their relatively low toxicity. Ketones, including acetone and methyl ethyl ketone (MEK), also play a crucial role, particularly in the manufacturing of adhesives, paints, and coatings due to their fast evaporation rates and high solvency power. Esters, including ethyl acetate and butyl acetate, are extensively used in applications such as paints and coatings, adhesives, and fragrances because of their pleasant odor and effective solvent properties. Glycols, notably ethylene glycol and propylene glycol, are primarily used in the production of antifreeze, de-icing fluids, and as solvent carriers in various chemical processes. Other solvents include aromatic hydrocarbons and aliphatic hydrocarbons, which are used in niche applications, providing specialized solvency characteristics.

By Application:

The market for industrial solvents in Thailand is also segmented by application, with key sectors including paints and coatings, pharmaceuticals, printing inks, adhesives and sealants, and others. The paints and coatings industry is the largest consumer of industrial solvents, driven by the growing demand in automotive, construction, and industrial coatings. Solvents used in this sector must meet performance standards for drying time, solubility, and film formation, making them a critical component in formulation. The pharmaceutical sector is another significant application area, with solvents essential in drug formulation, synthesis, and purification processes. Solvents like alcohols and ketones are commonly used for their ability to dissolve active pharmaceutical ingredients (APIs) effectively. The printing inks industry also relies heavily on industrial solvents to adjust viscosity, facilitate printing processes, and enhance drying. In adhesives and sealants, solvents are necessary to maintain product consistency and ensure proper bonding. Other applications for industrial solvents include their use in cleaning, degreasing, and chemical synthesis processes across diverse industries.

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:

Bangkok
Eastern Economic Corridor (EEC)
Chiang Mai
Southern Thailand

Regional Analysis

Bangkok

Bangkok, the capital and economic hub of Thailand, holds the largest market share, accounting for approximately 40% of the total market. As the central business and industrial district, Bangkok is home to a diverse range of industries, including automotive, electronics, chemicals, and pharmaceuticals, all of which require industrial solvents for manufacturing processes. The region’s well-developed infrastructure, large industrial base, and proximity to key suppliers make it the dominant player in the market. Additionally, Bangkok’s role as the epicenter of innovation and research in Thailand further drives the demand for advanced and sustainable solvent solutions.

Eastern Economic Corridor (EEC)

The Eastern Economic Corridor (EEC), a rapidly developing region comprising Chonburi, Rayong, and Chachoengsao, follows closely with a market share of around 30%. The EEC is a focal point for Thailand’s industrial expansion, particularly in high-tech industries such as automotive, electronics, and petrochemicals. This region has been a primary beneficiary of government investment aimed at creating a world-class industrial hub, attracting both local and international companies. The robust manufacturing infrastructure and the increased focus on environmentally friendly technologies make the EEC a major demand center for industrial solvents, particularly in sectors like paints and coatings, adhesives, and automotive production.

Chiang Mai

Chiang Mai, located in the northern part of Thailand, holds a smaller but still significant share of the industrial solvents market, contributing approximately 15%. Known for its growing textile and agricultural sectors, Chiang Mai is increasingly relying on industrial solvents for processes such as cleaning, processing, and manufacturing. The demand for solvents in this region is also driven by the expanding pharmaceutical and healthcare industries. While the market is not as large as Bangkok or the EEC, Chiang Mai’s steady industrial growth and proximity to regional agricultural activities provide opportunities for solvent manufacturers.

Southern Thailand

Southern Thailand, with a market share of about 15%, is another vital region for industrial solvents, especially in sectors like petrochemicals, agriculture, and food processing. The presence of key industrial ports and manufacturing plants in provinces like Surat Thani and Songkhla has bolstered the demand for solvents in these industries. Additionally, the region’s reliance on petrochemical products creates a strong demand for solvents used in chemical processing and production. While Southern Thailand’s market is smaller compared to other regions, its strategic location and industrial significance contribute to its growing role in the industrial solvents market.

Key Player Analysis

Thailand 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 competitive landscape of the Thailand industrial solvents market is dominated by several global and regional players, each vying for market share through strategic innovation and expansion. Leading companies include Thailand 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., and SK Innovation Co., Ltd. These companies have a strong market presence, driven by their extensive product portfolios, which include a wide range of solvents used in various industries such as automotive, construction, pharmaceuticals, and chemicals.

These market leaders focus on continuous innovation, investing heavily in research and development to create high-performance and eco-friendly solvents, aligning with growing environmental regulations. Additionally, they are expanding their regional footprint to capture the increasing demand for industrial solvents in Thailand’s rapidly developing sectors, particularly in the Eastern Economic Corridor (EEC) and Bangkok. The competitive advantage of these companies lies in their ability to leverage economies of scale, strong distribution networks, and significant financial resources to maintain their position in the market. However, smaller players may focus on niche applications or offer specialized products to differentiate themselves from these established giants.

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 Thailand industrial solvents market exhibits moderate concentration, with a few large global players dominating the landscape, alongside a number of smaller, specialized companies catering to niche segments. Major corporations like Thailand National Petroleum Corporation (CNPC), Formosa Plastics Corporation, and Reliance Industries Limited hold significant market share due to their extensive product portfolios, technological expertise, and strong regional presence. These companies benefit from economies of scale, allowing them to offer competitive pricing and innovate in response to growing demand for environmentally friendly solvents. The market characteristics reflect a trend toward increasing demand for sustainable solutions, driven by regulatory pressures and consumer preferences for eco-friendly products. However, the market also features a diverse range of solvent types and applications, from paints and coatings to pharmaceuticals and adhesives. Smaller players focus on customized or specialty solvent solutions, differentiating themselves through tailored offerings and regional market penetration. Overall, the market is competitive yet dynamic, with opportunities for both large and small players.

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 Thailand industrial solvents market is projected to experience steady growth due to increasing demand across various industries.
Sustainability initiatives are driving the adoption of eco-friendly and bio-based solvents, aligning with global environmental trends.
Technological advancements in solvent formulations are enhancing product performance and expanding application areas.
Regulatory pressures are encouraging manufacturers to develop low-VOC and non-toxic solvent alternatives.
The expansion of the Eastern Economic Corridor (EEC) is fostering industrial growth and increasing solvent consumption in the region.
Strategic collaborations and partnerships are enabling companies to enhance their product portfolios and market reach.
Digitalization and automation in production processes are improving efficiency and reducing operational costs.
The pharmaceutical sector’s growth is driving demand for high-purity solvents in drug formulation and production.
Fluctuating raw material prices pose challenges to manufacturers, impacting profitability and pricing strategies.
Competitive pressures are prompting companies to innovate and differentiate their offerings in a dynamic market.

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. Thailand 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 Thailand 31

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

5.2. Export Analysis by Thailand 32

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

CHAPTER NO. 6 : DEMAND SUPPLY ANALYSIS 33

6.1. Demand Analysis by Thailand 33

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

6.2. Supply Analysis by Thailand 34

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

CHAPTER NO. 7 : PRODUCTION ANALYSIS 35

7.1. Production Analysis by Thailand 35

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

CHAPTER NO. 8 : PRICE ANALYSIS 36

8.1. Price Analysis by Type 36

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

8.1.2. Thailand 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. Thailand Industrial Solvents Market: Company Market Share, by Volume, 2023 40

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

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

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

11.3. Thailand Industrial Solvents Market Company Volume Market Share, 2023 43

11.4. Thailand 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

Thailand 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 – THAILAND ANALYSIS 82

17.1. Type 82

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

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

17.3. Application 83

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

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

17.4. End-Use Industry 84

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

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

17.5. Source 85

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

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

CHAPTER NO. 18 : COMPANY PROFILES 86

18.1. Thailand 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. Thailand Industrial Solvents Market Revenue, 2018 – 2032 (USD Million) 23

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

List of Tables

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

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

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

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

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

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

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

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

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

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

Frequently Asked Questions

What is the current size of the Thailand Industrial Solvents?

The Thailand industrial solvents market was valued at USD 124.08 million in 2024 and is projected to reach USD 225.20 million by 2032, growing at a CAGR of 7.73%.

What factors are driving the growth of the Thailand Industrial Solvents?

Key drivers include growing demand from automotive, construction, and pharmaceutical sectors, and the rising adoption of eco-friendly, bio-based solvents.

What are the key segments within the Thailand Industrial Solvents?

The market is segmented by type (alcohols, ketones), application (paints & coatings, pharmaceuticals), end-use, source, and region.

Who are the major players in the Thailand Industrial Solvents?

Major players include CNPC, Formosa Plastics, Reliance Industries, Sinopec Group, Mitsubishi Chemical, and SK Innovation.

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