NEW YORK, Aug. 20, 2021 /PRNewswire/ -- As per insights by Fact.MR, the global hydrocarbon solvents market is estimated to expand at 1.5X, totalling US$ 9.3 bn by the end of 2031. Exhibiting at a CAGR of 4% over the forecast period 2021-2031, the market is expected to register steady rate of expansion through the assessment period.
The increasing demand for hydrocarbon solvents from pharmaceutical industry has significantly led to the growth of the hydrocarbon solvents market. Also, extensive use of hydrocarbon solvents to manufacture rubber and polymer based products is spurring growth prospects.
Hydrocarbon solvents applications across various industries including, metallurgical, agricultural, and chemical are set to push sales over the forecast period. Demand will also continue increasing on account of rising applications from architectural and construction sector.
Besides these, increasing adoption of aromatic solvents in production of insecticides, agricultural chemicals and printing inks is creating a conducive environment for growth of the market. Fact.MR has estimated that it will account for over 60% of the global sales.
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Rising adoption of Aliphatic solvents in oil extraction, degreasing and manufacturing rubber and paint will present a positive demand outlook. In line with this, surge in demand for coating and paints is likely to boost sales of hydrocarbon solvents.
Regionally, Asia Pacific will remain dominant across the globe. On the other hand, North America is forecast to showcase steady growth owing to phenomenal expansion of paints & coatings, automobile and construction industries. As per Fact.MR, the market for hydrocarbon solvents is anticipated to grow at 3.1% in North America.
"Increasing use of hydrocarbon solvents across various applications coupled with innovative product offerings is driving sales in the market. Also, manufacturers are keenly focusing on expanding their production facility and establishing research and development firms along with manufacturing plants. This in turn is forecast to create positive opportunities for growth of the hydrocarbon solvents market," says a Fact.MR analyst.
Key Takeaways from Hydrocarbon Solvents Market Survey
- Asia Pacific accounted for over 1/3rd of global hydrocarbon sales in 2020.
- North America is anticipated to rise at a CAGR of 3.1% owing to the growing demand from construction and automotive industries.
- Driven by rising demand from pharmaceutical industry, China is projected to register steady growth.
- Turkey market for hydrocarbon solvents is estimated to record a CAGR of 4% over the forecast period.
- The Europe market for hydrocarbon solvents is projected to expand at a CAGR of more than 2% over the forecast period 2021-2031.
Key Drivers
- Growing demand for hydrocarbon solvents from pharmaceutical industry is driving sales prospects.
- Increasing use of hydrocarbon solvents to manufacture newspapers, greeting cards, invite cards and printing books are contributing towards the market growth.
Key Restraints
- High carbon footprint associated with production of hydrocarbon solvents is expected to restrict the market growth.
- Stringent government regulations on product approval acts as a key restraint.
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Competitive Landscape
Hydrocarbon solvents manufacturers are focusing on expanding their portfolio. Therefore manufacturers are focusing on registering new launches, undertaking acquisitions and focusing on expansion.
For instance, in 2020, Chevron Corporation, a leading integrated energy company announced the completion of acquisition of Noble Energy, Inc. This acquisition synergizes Noble's exclusive assets with Chevron's robust portfolio and is expected to deliver remarkable results.
In 2021, Merck, a leading Science and technology company announced the launch of its new line of complementary green solvents for use in photolithographic processes in semiconductor production.
Some of the leading players operating in the hydrocarbon solvents market profiled by Fact.MR are:
- Ashland
- Chevron Corporation
- DuPont
- Delta Corporation
- Eastman Chemical Company
- Exxon Mobil Corporation
- Royal Dutch Shell
- Others
More Valuable Insights on Hydrocarbon Solvents Market
Fact.MR, in its new report, offers an unbiased analysis of the global hydrocarbon solvents market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on hydrocarbon solvents market with detailed segmentation:
- By Solvent Type
- Aliphatic Hydrocarbon Solvents
- Vanish Markers & Painters Naphtha
- Mineral Spirits
- Hexane
- Heptane
- Others
- Aromatic Hydrocarbon Solvents
- Toluene
- Xylene
- Others
- By Application
- Hydrocarbon Solvents for Paints and Coatings
- Hydrocarbon Solvents for Cleaning and Degreasing
- Hydrocarbon Solvents for Printing Inks
- Hydrocarbon Solvents for Rubber and Polymers
- Hydrocarbon Solvents for Aerosols
- Hydrocarbon Solvents for Agriculture Chemicals
- Hydrocarbon Solvents for Pharmaceutical Industries
- Others (including Cosmetics and Adhesives)
Key Questions Covered in the Hydrocarbon Solvents Market Report
- The market survey also highlights projected sales growth for hydrocarbon solvents market between 2021 and 2031
- The report offers insight into hydrocarbon solvents demand outlook for forecast period 2021-2031
- Hydrocarbon Solvents market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
- Hydrocarbon Solvents market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Explore Fact.MR's Coverage on the Chemical & Materials Domain –
Coating Solvent Market- The market for coating solvents is expected to develop modestly. Partnerships and collaborations with emerging businesses are key expansion strategies for these coating solvents makers in order to harness their creative skills and expand their regional market reach. Due to their cost-effective, yet appealing, and long-lasting finish, solvent-based coatings have long been the primary choice among many industrial sectors and coatings producers. Regulations on VOC content and the environmental impact of solvent-based coatings, on the other hand, have prompted end-user industries and manufacturers to favour water-borne coatings.
Aliphatic Solvents Market- Manufacturing technology advancements in many sectors have ushered in a slew of new developments aimed at optimising the overall production process. The industrial solvents industry, which is seeing a rapid increase in low aromatic solvents manufacture, is a primary beneficiary of these innovations, delivering a major boost to aliphatic solvents market growth. While development prospects have dimmed as a result of the epidemic, increased demand for consumer goods like as aerosols has helped to keep demand going in certain important regions. As environmental concerns grow, aliphatic solvents will become more widely used, particularly in essential industries like rubber and paints and coatings.
Hydrophobic Solvents Market- Hydrophobic solvents are projected to gain substantial traction around the world, thanks to the rising building industry and industrial expansion. Hydrophobic solvents have been put over traditional protective coatings to protect materials from chemicals that are expected to drive the hydrophobic solvents market over the forecast period. Because of their high protective output and ability to protect materials and structures in the chemical environment, hydrophobic solvents are becoming increasingly popular among the new generation of chemicals and solutions, which is anticipated to aid in their expansion in the near future.
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Capping at Nearly 60% of Global Hydrocarbon Solvents Demand, Aromatic Solvents to Cement Dominance: Fact.MR - PRNewswire
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