Hydrocarbon Solvents Market Size 2022-2030

According to a new report by Market Research Future, the global hydrocarbon solvents market is predicted to reach USD 6181.2 million by forecast. The market is expected to face headwinds during the assessment period (2022-2030) owing to the growing uncertainty on environmental viability of hydrocarbon solvents. Hydrocarbon solvents showcase high toxicity and face criticism from pro-environment groups. The market is expected to anticipated to touch 8589.8 thousand tons in terms of volume.

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Drivers and Constraints Affecting the Market

Hydrocarbons are majorly used in the paints and coatings industry. Demand from large-scale sectors such as construction and automobile sector are likely to keep the market growth over the review period. Moreover, growing population, awareness among the mass, augmenting demand from automotive and construction industries, changing lifestyle, mounting applications, enhanced standard of living, and growth in disposable income of the population has contributed towards the growth of the global market.

On the flip of a coin, the rapid shift towards bio-based and water-based solvents is predicted to hinder the growth of hydrocarbon solvents globally. Moreover, increasing concern over environmental implications of such solvents has resulted in the hydrocarbon market to shrink globally. Besides, strict government mandates, growing concern over the toxicity of VOCs, increasing demand for eco-friendly products, and tough competition within the industry is predicted to inhibit the growth of the market over the assessment period.

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Global Hydrocarbon Solvents Market Segmentation

The global hydrocarbon solvents market has been segmented on the basis of type, application, and region.

By mode of application, the global market for hydrocarbon solvents has been segmented into agriculture, chemicals, adhesives, aerosols, cleaning degreasing, pharmaceuticals, printing inks, paints coatings, rubbers polymers, and more. Among these, the segment for paints and coatings is predicted to remain attractive over the review period and is likely to surpass a valuation of USD 2,380 million by 2023, showcasing 3.05 % CAGR. The increasing demand for solvent-borne industrial paints and coatings is due to the widespread application in automotive, construction, and other manufacturing industries.

By mode of type, the global market for hydrocarbon solvents has been segmented into aromatic and aliphatic solvents. Among these, the aliphatic solvents hold more than 50 % of the market share and are predicted to retain its position over the assessment period owing to its relatively lower toxicity level. Factors like disposable nature and price relaxation favor the growth of the segment.

Asia Pacific Expected to Maintain its Dominance

The global Hydrocarbon Solvents Market Size spans across Europe, North America, Latin America, Asia Pacific, and the Middle East and Arica. Asia Pacific dominated the market in 2016, accounting for more than 40 % of the market share. The high demand for paints and coatings in the construction and automotive industries in India and China is one of the key factors substantiating the growth of the market in this region. The market is predicted to touch USD 2785.4 million by 2023 in this region.

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Competitive Analysis

The prominent players operating the global market for hydrocarbon solvents are Total S.A., Royal Dutch Shell, Reliance Industries Limited, Sinopec, Ashland Inc, BP Plc, Engen Petroleum Ltd., Sasol Solvents, ExxonMobil Corporation, DowDuPont Inc., and more.

1 Executive Summary

2 Market Introduction

2.1 Definition 19

2.2 Scope Of The Study 19

2.3 List Of Assumptions 20

2.4 Market Structure 20

3 Research Methodology

3.1 Research Process 22

3.2 Primary Research 23

3.3 Secondary Research 24

3.4 Market Size Estimation 24

3.5 Forecast Model 25

4 Market Dynamics

4.1 Introduction 27

4.2 Drivers 28

4.2.1 Robust Demand For Paints Coatings 28

4.2.2 Rising Demand Of Rubbers Polymers In Various End User Industries 29

4.2.3 High Demand From Emerging Economies Of Asia Pacific 30

4.3 Restraints 31

4.3.1 Increasing Penetration Of Water Base Over Solvent Base 31

4.3.2 Rising Preference For Bio-Based Solvents 32

4.4 Opportunities 32

4.4.1 Growth In Industrial Cleaning Applications 32

4.5 Market Trends 32

4.5.1 Increasing Use Of Aliphatic Over Aromatic Hydrocarbon Solvents 32

5 Market Factor Analysis

5.1 Supply Chain Analysis 34

5.1.1 Raw Material Suppliers 34

5.1.2 Hydrocarbon Solvents Producers 34

5.1.3 Distribution Channel 35

5.1.4 Application 35

5.2 Porter’s Five Forces Analysis 35

5.2.1 Threat Of New Entrants 36

5.2.2 Threat Of Rivalry 36

5.2.3 Threat Of Substitute 36

5.2.4 Bargaining Power Of Supplier 36

5.2.5 Bargaining Power Of Buyer 36

6 Global Hydrocarbon Solvents Market By Type

6.1 Introduction 38

6.2 Aliphatic 39

6.3 Aromatic 42

7 Global Hydrocarbon Solvents Market By Application

7.1 Introduction 44

7.2 Paints Coatings 46

7.3 Cleaning Degreasing 48

7.4 Printing Inks 49

7.5 Rubbers Polymers 50

7.6 Adhesives 51

7.7 Aerosols 52

7.8 Agriculture Chemicals 53

7.9 Pharmaceuticals 54

7.10 Others 55

8 Global Hydrocarbon Solvents Market By Region

8.1 Introduction 57

8.2 North America 61

8.2.1 U.S. 65

8.2.2 Canada 68

8.3 Europe 71

8.3.1 Germany 74

8.3.2 Russia 77

8.3.3 UK 80

8.3.4 France 83

8.3.5 Spain 86

8.3.6 Rest Of Europe 89

8.4 Asia Pacific 92

8.4.1 China 96

8.4.2 India 99

8.4.3 South East Asia 102

8.4.4 Japan 105

8.4.5 Australia New Zealand 108

8.4.6 Rest Of Asia Pacific 111

8.5 Latin America 114

8.5.1 Brazil 117

8.5.2 Mexico 120

8.5.3 Argentina 123

8.5.4 Rest Of Latin America 126

8.6 Middle East Africa 129

8.6.1 Turkey 133

8.6.2 G.C.C. 136

8.6.3 North Africa 139

8.6.4 Israel 142

8.6.5 Rest Of Middle East Africa 144

9 Competitive Landscape

9.1 Introduction 149

9.2 Market Development Analysis 149

10 Company Profiles

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