Hydrocarbon solvents are organic solvents derived from the crude distillation of petroleum feedstock in the form of volatile fractions. They contain more than one hydrocarbon classes, namely paraffinic, naphthenic, and aromatic constituents in different proportion. These solvents possess high toxicity, and, thus, are not environment-friendly. , the global hydrocarbon solvents market is expected to grow at a significant CAGR during the assessment period. Surging demand for hydrocarbon solvents in the paints and coating industry is expected to drive the global market. Aliphatic and aromatic solvents are used in rubber manufacturing. Thus, the growing demand for rubbers and polymers in various end-use industries boosts the market growth. Increasing demand in emerging economies of Asia-Pacific, such as India and China are anticipated to favor the market growth in the coming years. The global hydrocarbon solvents market has been bifurcated based on type and application. On the basis of type, the aliphatic type segment held the largest market share of 59.1% in 2017.
It is projected to grow at the highest CAGR of 3.02% during the forecast period due to the growing use of the product as solvents in paints and coating industry, rubber and polymer manufacturing, and in aerosols and disinfectants. By application, the paints and coating segment dominated the market in 2017 and was valued at USD 1,988.1 million. This segment is also estimated to be the fastest-growing with a CAGR of 3.05% owing to the significant rise in construction activities, increasing purchasing power, and rapid urbanization in India and China, among others. A growing shift towards water-based and bio-based solvents may pose a challenge to the market players.
However, rising concerns over the toxicity of Volatile Organic Compounds (VOCs) and stringent government regulations are expected to hamper the market growth.
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As per the MRFR analysis, the global market for hydrocarbon solvents is projected to reach USD 6,181.2 million by 2023 and is anticipated to grow at a healthy CAGR of 2.85% during the review period.The global hydrocarbon solvents market has been analyzed across five key regions, including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The Asia-Pacific market accounted for the largest value and volume market share which was valued at USD 2,305.6 million in 2017. It is also expected to grow at the highest CAGR of 3.20% in the coming years owing to low environmental regulations, rising application industry, and increasing consumer spending in construction. China held the largest market share of 54.1% in 2017 and is expected to grow at a high CAGR of 3.40% due to the growing construction activities, increasing demand from paints and coating industry, and rising per capita disposable income. The European market was the second-largest with a significant market share of 22.8% in 2017, owing to the surging demand for the product in pharmaceuticals, adhesives, rubber, and polymer manufacturing. Germany dominated the regional market and is expected to reach USD 453.1 million by the end of 2023 owing to the rising consumption of hydrocarbon solvents in paints and coating industry. The North American market held a significant market share and is expected to reach USD 1,671 million by 2023 during the forecast period owing to growing demand for the product in cleaning garments, leathers among others. The US was the largest market in 2017 due to the growing demand for aromatic solvents in paints for the automotive industry. The Latin American market held a substantial market share and is expected to grow at a moderate CAGR of 2.37% in the coming years. Brazil held the largest market share in the region owing to the rising demand for the product in printing inks and pharmaceutical applications. The Middle East & Africa held a small market share and is projected to grow at a steady CAGR of 2.05% in the following years. Turkey dominated the market due to easy availability of raw materials and growing demand for the product in the paints and coating industry.
The global hydrocarbon solvents market has been segmented on the basis of type, application, and region.
Based on type, the global hydrocarbon solvents market has been bifurcated into aliphatic and aromatic.
By application, the global hydrocarbon solvents market has been categorized into paints & coatings, cleaning & degreasing, printing inks, rubbers & polymers, adhesives, aerosols, agriculture chemicals, pharmaceuticals, and others.
The global hydrocarbon solvents market has been analyzed across five key regions, namely North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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Some of the key players operating in the global hydrocarbon solvents market are Total S.A (France), ExxonMobil Corporation (US), Royal Dutch Shell (The Netherlands), DowDuPont, Inc (US), Sinopec (China), Ashland Inc. (US), BP Plc (UK), Reliance Industries Limited (India), Sasol Solvents (South Africa), Engen Petroleum Ltd (South Africa), LyondellBasell Industries Holdings B.V. (The Netherlands), Formosa Petrochemical Corporation (Taiwan), Honeywell International Inc (US), Chevron Phillips Chemical (US), Celanese Corp. (US), SK global chemical Co., Ltd. (Korea), and China National Petroleum Corporation (China).
The report covers a brief analysis of geographical region such as:
• North America
o Rest of Europe
o South East Asia
o Australia & New Zealand
o Rest of Asia-Pacific
• Latin America
o Rest of Latin America
• Middle East & Africa
o North Africa
o Rest of the Middle East & Africa
• Global hydrocarbon solvents market is projected to reach USD 6,181.2 million by 2023 at a CAGR of 2.85%.
• Asia-Pacific was the largest market and was valued at USD 2,305.6 million in 2017, expanding at the highest CAGR of 3.20%.
• As per the analysis, China was the leading market and was valued at USD 1,247.5 million in 2017 and is projected to grow at a robust CAGR of 3.40% during the assessment period.
• Based on type, the aliphatic segment dominated the global hydrocarbon solvents
market with a robust CAGR of 3.02%
• By application, the paints & coatings segment dominated the global market in 2017, with significant market share and grew at a healthy CAGR of 3.05%.
• Asia-Pacific is to be the highly focused market for key industry participants over the coming years. Favorable government policies, technological advancements, and increasing industrial investment have increased the importance of hydrocarbon solvents in this region among the industry players.
• Hydrocarbon solvents manufacturers
• Raw material suppliers
• Traders and distributors of hydrocarbon solvents
• Potential investors
• Government bodies
• End-use industries
• Research organizations
• industrial solvent
• aromatic solvent
• thinners in paints and coating
• solvent in rubber manufacturing
• cleaning agent
• adhesives and aerosols
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