Hydrocarbon Solvents Market 2023| Global Key Player; Sinopec, Sasol Solvents, Exxon Mobil Corporation, Ashland Inc., Reliance Industries Limited, Royal Dutch Shell, DowDuPont, Inc., Total S.A., BP Plc., Formosa Petrochemical Corporation, and Engen Petrole

Report Overview:

The market perspective delivered in the report is based on an up-to-date and comprehensive analysis of the hydrocarbon solvent market on a global level. Users of this report will discover key trends, expert insights and critical data pertaining to the hydrocarbon solvents industry. The market sizing offered in the report covers both the parameters of the market i.e. market by value and volume. The report also offers a detailed segmental analysis of the market based on type, application, and region. Based on type, the prime segments that were analyzed include aliphatic and aromatic. MRFR’s study delivers insights into current application areas of hydrocarbon solvents, highlighting segments such as cleaning & degreasing, paints & coatings, printing inks, rubbers & polymers, adhesives, aerosols, agriculture chemicals, and pharmaceuticals. A section of the report covers a region-wise cross-sectional analysis of all the segments and sub-segments of the market. For this, five major regions were considered - Asia Pacific (APAC), North America, Europe, the Middle East & Africa (MEA), and Latin America.

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Research Methodology

Market Research Future offers comprehensive coverage of various industries while displaying a keen understanding of the different markets within. Our research model includes the in-depth study of every parameter that affects industries and consumer purchasing behavior, allowing insight into the nuances of the market while constantly promoting unique interpretations. Primary & secondary methods of data collection have been extensively utilized and include primary interviews as well as data from various credible sources. Accuracy is at the forefront of our underpinnings, which means we use both a top-down and bottom-up approach toward market estimations and validations. Our commitment to objectivity is visible in the transparency of our research methods and sources.

Market Snapshot

Market Research Future (MRFR) in its latest study estimated the global market size for hydrocarbon solvent at over USD 5200 Mn. The market is expected to post a sluggish CAGR from 2018 to 2023. Increased skepticism on environmental viability of hydrocarbon solvents has hampered their application prospects in recent years. These solvents exhibit high toxicity, thereby face harsh criticism from pro-environment groups. Additionally, the rapid shift towards water-based and bio-based solvents continues to hinder market opportunities for hydrocarbon solvent suppliers. The global consumption of hydrocarbon solvent is likely to remain moderate in the years to come. In terms of volume, the market is estimated to reach 8589.8 thousand tons by the end of 2023.

Players Covered:

 Total S.A.
 ExxonMobil Corporation
 Royal Dutch Shell
 DowDuPont, Inc.
 Sinopec
 Ashland Inc,
 BP Plc,
 Reliance Industries Limited
 Sasol Solvents
 Engen Petroleum Ltd.

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Global Hydrocarbon Solvent Market: Segmental Overview

The hydrocarbon solvents market is segmented on the basis of application, type and region. Based on the applications, the market is segmented into paints & coatings, cleaning & degreasing, printing inks, rubbers & polymers, adhesives, aerosols, agriculture chemicals, pharmaceuticals, and others. The paints & coatings segments is expected to remain highly attractive during the forecast period (2018-2023). This segment is likely to surpass a market valuation of USD 2,380 Mn towards the end of 2023, exhibiting a CAGR of 3.05%. This can be attributed to the growing demand for solvent-borne industrial paints & coatings. Such coating and paints have widespread application in construction, automotive manufacturing and other manufacturing industries. The global sales of solvent-borne paints and coating continue to remain strong, which is a key growth enabler for the market. On the basis of the type, the market is bifurcated into aliphatic and aromatic solvents. Among these, the aliphatic solvents currently accounts for more than 50% share of the market and is likely to retain its leading position over the assessment period. Aliphatic solvents have relatively lower toxicity level and thereby can be used in a number of industrial applications. Factors such as price relaxations and disposable nature of the such solvents also favors the segment’s growth.

On the basis of region, the global hydrocarbon solvents market is segment into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2016, Asia Pacific dominated the global hydrocarbon solvents market, accounting for more than 40% of the share of the global hydrocarbon solvents market. The primary factor substantiating the growth of the hydrocarbon solvents market in the region is the strong demand for paints & coatings in the automotive and construction industries in China and India. Asia Pacific hydrocarbon solvent market is expected to reach a value of USD 2785.4 Mn over 2023. Meanwhile, Europe accounted for 23% of the global market and reached a market valuation of USD 1,250.2 Mn in 2017. The region’s market is projected to expand at a CAGR of 2.59% during the assessment period. Existence of a massive automotive industry in Europe is reflecting favorably on the region’s market.

Other Description

• Currecy- USD Million
• Base Year-2017
• Volume Unit- Thousand Tons
• Forecat Period- From 2018 to 2023

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