Hydrocarbon Solvents Market 2023 Global Trends, Demand, Segmentation and Opportunities Forecast To 2030
The global hydrocarbon solvents market is studied and profiled in the latest report from Market Research Future (MRFR). The global hydrocarbon solvents market is treated with a detailed analysis in the report, which uses the market’s present and past trajectory and statistics to make reliable predictions about the market’s likely growth prospects over the forecast period from 2021 to 2030. The global hydrocarbon solvents market was valued at over USD 5,200 million in 2019 and is expected to exhibit a slowed down growth rate over the forecast period due to the growing demand for biobased alternatives for hydrocarbon solvents.
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Hydrocarbon solvents present the best solution in industries such as cleaning products, adhesives, paints and coatings, and others, but the environmental inadequacy of hydrocarbon solvents is only now starting to come to the fore, which has resulted in a slowdown in the demand from the hydrocarbon solvents market. The growing global demand to counter the earth’s deterioration through human activities and to preserve the ecosphere in the coming years is leading to a growing demand for products that don’t hurt the environment while still fulfilling human needs.
This is likely to be a major restraint against the global hydrocarbon solvents market over the forecast period, as processing products containing hydrocarbon solvents releases harmful hydrocarbons into the atmosphere. These hydrocarbons can be toxic for a number of animals, apart from polluting the environment and contributing to global warming. This is likely to be the major direction for the global hydrocarbon solvents market, as a number of players in the market are looking to develop alternatives based on water or other ecologically viable materials.
The global hydrocarbon solvents market is segmented by type, application, and region.
The global hydrocarbon solvents market is segmented by type into aliphatic and aromatic, wherein the aliphatic segment is further subdivided into naphtha, mineral spirit, heptane, hexane, and others.
By application, the global hydrocarbon solvents market is segmented into paints and coatings, cleaning and degreasing, printing inks, rubbers and polymers, adhesives, aerosols, agriculture chemicals, pharmaceuticals, and others.
Regionally, the global hydrocarbon solvents emerging markets are segmented into North America, Europe, Latin America, the Middle East and Africa, and Asia Pacific.
Asia Pacific is likely to play a leading role in the global hydrocarbon solvents market over the forecast period due to the widespread application of the solvents and the growing industrial sector in these countries. The growing ownership of homes and cars in this region is also likely to be a major driver for the hydrocarbon solvents market in the region, as this has driven the demand for paints and coatings at a robust rate over the last few years. Growing disposable income of consumers in the region is likely to be vital for the global hydrocarbon solvents market over the forecast period, as the demand for homes and cars is likely to grow, particularly in growing urban centers in the region, such as Mumbai, Beijing, Shanghai, Manila, Bengaluru, and Delhi. The rising infrastructure construction in countries such as China, India, the Philippines, Indonesia, Thailand, South Korea, and Malaysia is also likely to lead to significant demand for paints and coatings over the forecast period, driving the demand for hydrocarbon solvents.
The absence of stringent environmental regulations and standards in the developing Asia Pacific region is also likely to be a major driver for the global hydrocarbon solvents market. While many developed Western countries have set strong regulations regarding the volatile organic content (VOC) in solutions, developing Asian countries continue to use legacy solutions en masse. This is mainly due to the lower prices of the products. This is likely to be a major driver for the hydrocarbon solvents market over the forecast period, as industrial and urban development is likely to be a higher priority in emerging Asia Pacific countries over the forecast period than the preservation of the environment.
Leading players in the global hydrocarbon solvents market include Total S.A., Royal Dutch Shell, Sinopec, BP plc, Sasol Solvents, Engen Petroleum Ltd., Reliance Industries Limited, Ashland Inc., DowDuPont Inc., and ExxonMobil Corporation.
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EXPOdetergo, a trade show for equipment on laundry and garment maintenance, took place in October 2021. The presentations were marked by an increasing emphasis on the sustainability of the materials being promoted in the exhibition, further demonstrating the direction the market is likely to take in the coming years, as cleaning and degreasing products comprise a significant share in the global hydrocarbon solvents market.
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