Press release
De-aromatic Solvents Market Predicted to Reach US$ 2.4 Bn by 2032 - Persistence Market Research
The global de-aromatic solvents market is projected to experience significant growth, reaching a valuation of US$ 1.6 billion by 2025 and further expanding at a compound annual growth rate (CAGR) of 5.6% to attain US$ 2.4 billion by 2032. This growth is primarily driven by increasing demand from various industries, particularly paints and coatings, adhesives, and industrial cleaning. Additionally, stringent environmental regulations and corporate sustainability goals are propelling the adoption of bio-based solvents, which are anticipated to constitute 10% to 15% of the market share by the end of the forecast period.Get a Sample PDF Brochure of the Report (Use Corporate Email ID for a Quick Response): www.persistencemarketresearch.com/samples/9926
Introduction
De-aromatic solvents, also known as de-aromatized or hydro-treated solvents, are hydrocarbon solvents that have undergone processes to remove or significantly reduce aromatic compounds such as benzene, toluene, and xylene. These solvents are characterized by low toxicity, minimal odor, and high chemical stability, making them suitable for applications requiring stringent environmental and safety standards.
Market Dynamics
Drivers:
Environmental Regulations: Governments worldwide are implementing stringent regulations to reduce volatile organic compound (VOC) emissions. De-aromatic solvents, with their low aromatic content, comply with these regulations, making them a preferred choice in various industries.
Industrial Demand: Industries such as paints and coatings, adhesives, and industrial cleaning are increasingly adopting de-aromatic solvents due to their favorable properties, including low odor and high performance.
Sustainability Trends: The global shift towards sustainable and eco-friendly products is encouraging the development and adoption of bio-based de-aromatic solvents, aligning with corporate sustainability goals.
Restraints:
Raw Material Volatility: Fluctuations in crude oil prices can impact the cost of de-aromatic solvents, affecting profit margins for manufacturers.
Availability of Alternatives: The presence of alternative solvents, such as water-based and other low-VOC solvents, may pose challenges to market growth.
Market Segmentation
By Flash Point:
Low Flash Point Solvents (Below 30°C): Used in applications requiring rapid evaporation, such as aerosol formulations.
Medium Flash Point Solvents (30°C - 60°C): Commonly utilized in paints, coatings, and industrial cleaning agents.
High Flash Point Solvents (Above 60°C): Suitable for applications needing slower evaporation rates, like metalworking fluids.
By Application:
Paints and Coatings: De-aromatic solvents provide desired viscosity and drying times, enhancing application properties.
Industrial Cleaning: Their effectiveness in dissolving oils and greases makes them ideal for cleaning applications.
Adhesives and Sealants: They act as carriers, ensuring proper application and curing of adhesive products.
Metalworking: Used as lubricants and coolants, they improve tool life and workpiece quality.
Regional Analysis
North America:
The de-aromatic solvents market in North America is estimated to hold a share of 39% in 2024. Environmental Protection Agency (EPA) regulations in the U.S. are driving the demand for low-VOC solvents, promoting the adoption of de-aromatic solvents in various industries.
Asia-Pacific:
The Asia-Pacific de-aromatic solvents market recorded 4.2% year-on-year growth in 2022 and reached a valuation of US$ 577 million in 2023. The market is projected to climb to a size of US$ 1.13 billion by the end of 2033, expanding at a 7% CAGR over the next ten years. Rapid industrialization and urbanization in countries like China and India are boosting the demand for paints, coatings, and industrial cleaners, thereby driving the de-aromatic solvents market.
Europe, Middle East, and Africa (EMEA):
The de-aromatic solvents market in the EMEA region is expected to register a CAGR of 5.0% over the forecast period (2016-2024), reaching a valuation of US$ 556.0 million by 2024. Stringent environmental regulations and a focus on sustainable products are contributing to market growth in this region.
India:
Sales of de-aromatic solvents in India were valued at nearly INR 3,000 million in 2016 and are projected to reach nearly INR 5,100 million by the end of 2024, registering a CAGR of 7.1% over the forecast period. The growth is primarily driven by rising disposable income, increased consumer spending, and steady industrial growth, benefiting the de-aromatic solvents market.
Competitive Landscape
The de-aromatic solvents market is characterized by the presence of several key players focusing on product innovation and expansion strategies. Some of the prominent companies include:
Exxon Mobil Corporation: A leading producer offering a range of de-aromatic solvents catering to various industrial applications.
Royal Dutch Shell plc.: Provides de-aromatized fluids known for their high performance and environmental compliance.
Total S.A.: Offers a variety of de-aromatic solvents with applications in paints, coatings, and industrial cleaning.
Neste: Focuses on producing sustainable and bio-based de-aromatic solvents, aligning with global environmental goals.
Idemitsu Kosan Co., Ltd.: Supplies de-aromatic solvents primarily for the automotive and industrial sectors.
Isu Exachem: A key player in the Asia-Pacific market, offering cost-effective de-aromatic solvent solutions.
Future Outlook
The de-aromatic solvents market is set for continuous growth due to evolving environmental regulations, increasing industrial applications, and rising demand for sustainable alternatives. Bio-based solvents are expected to gain prominence, with companies investing in research and development to create innovative, eco-friendly solutions. Furthermore, emerging markets such as India and China will play a pivotal role in shaping the future demand and supply dynamics of the industry.
Conclusion
The global de-aromatic solvents market is poised for steady growth, driven by regulatory compliance, industrial demand, and sustainability trends. With significant contributions from key industry players and increasing adoption of bio-based solvents, the market is expected to reach US$ 2.4 billion by 2032. Companies that invest in innovative and environmentally friendly solutions will likely gain a competitive edge in this evolving market landscape.
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