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Globally, Sales of De-aromatic Solvents is Expected to Reach US$ 2,918 Mn by 2022, Driven by Steady Growth of Paints and Coatings Industry
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Major players in de-aromatic solvents market have channelized efforts towards developing eco-friendly or green product offerings that employ bio-based raw materials for their synthesis and, thus, eventually do away with the use of conventional solvents in certain applications. Owing to the increasing demand for greener alternatives, the bio-based solvents market is slated to register a steady CAGR of around 6–7% over the forecast period. Another major factor that is projected to impede growth of the de-aromatic solvents market, especially in paints & coatings application segment, is increasing demand for water-based paints & coatings, powder coatings, among others across the globe. Consumption of de-aromatic solvents is expected to increase from 1,718,100 metric tons in 2015 to 2,230,972 kilotons by 2022, increasing at a CAGR of 3.8% during the forecast period.
Asia-Pacific accounted for the largest revenue share of the global de-aromatic solvents market in 2014, and the market in the region is anticipated to increase at the highest CAGR over the forecast period. Consumption of de-aromatic solvents in Asia-Pacific is projected to increase by 1.4X between 2014 and 2022. Mature markets, i.e. North America and Europe, are expected to register relatively slower growth during the forecast period.
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Exxon Mobil Corporation, Royal Dutch Shell plc., Total S.A., and Idemitsu Kosan Co., Ltd. are among the leading players in the global de-aromatic solvents market. Other market players include CEPSA, Gandhar Oil Refinery India Ltd, Neste Oyj, and SK Global Chemical Co., Ltd.
The global de-aromatic solvents market is segmented as follows:
By flash point
High flash point
Medium flash point
High flash point
By Boiling Point
Type 1 (1500C-2000C)
Type 2 (2000C-2400C)
Type 3 (>2400C)
By Application
Paints and coatings
Metal working
Industrial cleaning
Drilling fluids
Adhesives and sealants
Consumer products
Others (crop protection, chemical intermediates)
By Regions
Asia Pacific
Europe
North America
Latin America
The Middle East & Africa
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