A recent study conducted by Market Research Future (MRFR) reveals that the global market for hydrocarbon solvents will witness a timid growth over the next couple of years. By 2023, the market is expected to stand at close to USD 6181.2 Mn. The use of hydrocarbon solvents is currently concentrated in the paints & coatings industry. Growing concerns over environmental implications of hydrocarbon solvent has led to a severe shrink in their overall industrial application in recent years. However, unremitting demand from large-scale sectors such as automobile and construction has been somewhat keeping the market omens at bay.
Investments in hydrocarbon solvents market is expected to remain moderate as end-user industries shift towards alternatives that are more viable – water based solvents. Hydrocarbon solvents are also losing their market share to bio-based solvents, which are much more eco-friendly. In addition, stringent regulations on use of these solvents imposed by EU, EPA, and SEPA pose a major threat to the market.
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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.
Leading market players profiled in MRFR’s report include Sinopec (China), Sasol Solvents (South Africa), Exxon Mobil Corporation (U.S.), Ashland Inc. (U.S.), Reliance Industries Limited (India), Royal Dutch Shell (Netherlands), DowDuPont, Inc. (U.S.), Total S.A. (France), BP Plc (U.K), Formosa Petrochemical Corporation (Taiwan), and Engen Petroleum Ltd. (South Africa).
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