Increasing demand for higher flash point de-aromatic solvents from the metal working industry is expected to drive the growth of the global de-aromatic solvents market

Paints, coatings, and inks to remain dominant applications of de-aromatic solvents

The global paints and coatings market is poised to experience steady growth owing to increasing demand from key end use industries such as construction, automotive & transportation, and electronics & electrical among others. A growing paints, coatings, and inks industry worldwide coupled with growth in the metal working and consumer products sector including household insecticides and mosquito repellants is anticipated to boost the demand for de-aromatic solvents that find application across these industries. Manufacturers of de-aromatic solvents are strategizing to increase their production capacity to cater to the rising demand across various applications. There is a sustained focus on developing higher value product offerings for applications such as drilling fluids and other customized applications in the industry. Paints, coatings, and inks are leading application areas of de-aromatic solvents and are likely to lead the global de-aromatic solvents market both in terms of market share and CAGR.

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Increasing demand for higher flash point de-aromatic solvents from the metal working industry is expected to drive the growth of the global de-aromatic solvents market

In terms of application of de-aromatic solvents, the paints, coatings, and inks segment is likely to be the largest segment, with an estimated market share of more than 40% recorded throughout the period of forecast. Metal working is the second largest segment by application in the global de-aromatic solvents market, with market share to the tune of 22% estimated during the forecast period. In terms of volume, the paints, coatings, and inks segment is pegged at 746,590 Tons by 2017 end and this is expected to increase to 1,047,388 Tons by the end of the forecast period in 2025. This represents a CAGR of 4.3% in terms of volume registered during the forecast period. The metal working segment is pegged at 405,484 Tons by 2017 end and is expected to increase to 546,945 Tons by the end of 2025, witnessing a CAGR of 3.8% in terms of volume during the period of assessment.

The paints, coatings, and inks segment and the consumer products segment are expected to register nearly 1.6X growth in terms of value between 2017 and 2025. Significant incremental $ opportunity is expected to be generated by the paints, inks and coatings segment and this segment is expected to be responsible for nearly 46% share in the overall total incremental $ opportunity generated in the global de-aromatic solvents market during the forecast period. The paints, coatings, and inks segment will remain the top segment by application in the global de-aromatic solvents market throughout the eight year study period. Industrial growth coupled with increasing preference for de-aromatic solvents on account of the newly imposed regulations and restrictions pertaining to VOC emissions is expected to drive revenue growth of the metal working, consumer products and paints, coatings, and inks segments during the forecast period.

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Paints, coatings, and inks to hold a leading position in the APAC de-aromatic solvents market

There has been substantial growth in the Asia Pacific paints and coatings market in the recent past. The Asia Pacific paints and coatings industry comprises decorative paints -- which are largely used for commercial and residential purposes -- and industrial paints, which are used across industries such as automotive, railways, and marine, among others. De-aromatic solvents are widely used in printing ink applications. With steady growth in end use industries, the market for paints, coatings and inks in China, India, and South Korea is estimated to register swift growth. Moreover, with increasing international trade and government initiatives for developing the shipping industry in these countries, the demand for marine coatings and paints is anticipated to witness steady growth over the forecast period.

A majority of industrial paints and coatings consumed in the Asia Pacific region are solvent-based. Moreover, in case of paint and coating applications, relatively lower VOC content, less odor and relatively faster drying times are desirable properties. De-aromatic solvents are characterized by the aforementioned properties and as a result, consumption of de-aromatized solvents, especially of low flash point grade offerings in this application, is expected to grow rapidly. The paints, coatings, and inks application segment in the APAC de-aromatic solvents market is projected to hold a value share of more than 45% by the end of 2025 – reflecting an increase of 130 basis points in 2025 over 2017. In terms of value, the paints, coatings, and inks segment is likely to reach a market valuation of US$ 416.4 Mn by the end of 2025, up from US$ 248.7 Mn in 2017 in the APAC de-aromatic solvents market, reflecting a CAGR of 6.7% in terms of value during the forecast period.

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