Australia and New Zealand Solvents Market Expected to Reach $1.1 billion by 2033—Allied Market Research

According to a new report published by Allied Market Research, titled, "Australia and New Zealand Solvents Market by Solvent Type (Instrumental Analysis, Research, and QC): Australia and New Zealand opportunity analysis and industry forecast, 2024–2033," The Australia and New Zealand Solvents market was valued at $0.7 million in 2023, and is projected to reach $1.1 million by 2033, registering a CAGR of 3.6% from 2024 to 2033. Solvents are chemical substances capable of dissolving, dispersing, or extracting other materials without altering their composition. They are essential in various industrial and commercial processes, acting as carriers, diluents, or cleaning agents. Solvents can be categorized based on their chemical structure, such as organic (carbon-based) or inorganic. Organic solvents include hydrocarbons, alcohols, ketones, esters, and ethers, while inorganic solvents are mainly water-based. The solvent industry in Australia and New Zealand plays a crucial role in manufacturing, construction, pharmaceuticals, and environmental applications, ensuring compliance with sustainability and safety standards.

The pharmaceutical sector in both countries utilize solvents in drug formulation, synthesis, and extraction. They serve as reaction mediums, ensuring the solubility of active pharmaceutical ingredients (APIs). Common solvents include ethanol, methanol, and isopropanol. The healthcare sector also relies on solvents for sterilization, disinfectant formulation, and medical equipment cleaning.

Solvents play a critical role in degreasing and cleaning automotive parts, machinery, and industrial equipment. The automotive sector uses solvents like naphtha, isopropanol, and acetone for paint thinning, polishing, and rust prevention. Environmentally friendly bio-based solvents are gaining traction in Australia and New Zealand as the industry moves towards sustainable solutions.

In the agricultural sector, solvents are integral to pesticide formulation, helping to dissolve active ingredients and facilitate even distribution. Common solvents used include acetone, methanol, and petroleum-based compounds. The Australian and New Zealand agricultural sectors emphasize sustainable farming, leading to increased research on biodegradable and less toxic solvent alternatives.

The Australia and New Zealand solvents market is segmented on the basis of solvent type and country. On the basis of solvent type, the market is categorized into for instrumental analysis (Methanol, Acetonitrile, 2-Propanol, Chloroform, Dichloromethane, and Acetone), for research (Dimethyl Sulfoxide, Ethyl Alcohol, Chloroform, Methanol, 2-Propanol, and Tetrahydrofuran), and for QC (Ethanol, Acetone, Toluene, 2-Propanol, Isobutyl Methyl Ketone, Methanol, and Tetrahydrofuran). On the basis of country, the market is analyzed across Australia and New Zealand.

By solvent type, the instrumental analysis segment dominated the global market in 2023, and is anticipated to grow at a CAGR of 4.0% during forecast period. The rising focus on environmental sustainability and public health in Australia and New Zealand has accelerated the need for more comprehensive chemical analyses. Solvents like acetonitrile and methanol are key for environmental testing, including water quality assessments, soil contamination studies, and waste management, ensuring compliance with local and international environmental standards. As Australia and New Zealand continue to expand their environmental monitoring efforts to address issues like climate change and pollution, the demand for solvents to perform complex instrumental analyses will keep growing. In addition, both countries are increasing their investments in scientific research and innovation, particularly in sectors such as agriculture, food safety, and forensics, all of which require high-quality solvents for accurate chemical analysis. The combination of these factors drives the continuous growth in the demand for solvents used in instrumental analysis in the region.

By country, Australia dominated the global market in 2023, and is anticipated to grow at a CAGR of 4.0% during forecast period. The increase in research funding and the advancement of biotechnology in Australia contribute to the rising demand for solvents in instrumental analysis. Universities and research institutions are heavily involved in organic chemistry, material science, and environmental studies, where solvents are essential for facilitating reactions, sample preparation, and analytical measurements. With a growing focus on green chemistry and sustainable solutions, researchers require high-purity solvents for their studies, whether for developing new drugs, studying environmental pollutants, or exploring new materials. These sectors also rely on solvents for the development of high-performance polymers, chemicals, and eco-friendly alternatives.

The major prominent players operating in the Australia and New Zealand solvents market include Honeywell International Inc, ChemSupply Australia, Thermo Fisher Scientific Inc., Westlab Pty. Ltd., Rowe Scientific Pty Ltd., ACE Chemical Company, Australian Scientific Pty Ltd., Agilent, Shimadzu Corporation, and Research Solutions Group, Inc.

Key findings of the study

• By solvent type, the instrumental analysis segment registered the highest market share accounting for $0.2 billion in 2023 and is projected to maintain the same during the forecast period.