Global Hydrocarbon Solvents Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028

Hydrocarbon Solvents Market Report includes Analysis Trends, Applications, Analysis, Growth. The global hydrocarbon solvents market report has been segmented on the basis of type, application, and region

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Hydrocarbon Solvents Market: Overview

The hydrocarbon Solvents Market was valued at $24 million in 2020 & is projected to reach $34 million by 2030. It is expected to grow at a 5% CAGR between 2021 and 2030.

Hydrocarbon solvents are organic solvents, molecules that consist only of hydrogen and carbon atoms. Crude oil refineries are the major producers of hydrocarbon solvents. It is obtained in form of volatile fractions containing paraffinic, naphthenic, and aromatic constituents in various proportions.

Hydrocarbon Solvents Market: Dynamics

Rapid industrialization in developed and developing countries and the wide applicability of hydrocarbon solvents in various industry verticals are major factors expected to drive the growth of the global market.

Increasing adoption of hydrocarbon solvents by paint manufacturers for innovative product offerings is expected to further boost the growth of the global market.

In addition, increasing construction and reconstruction activities across the globe, and rising government expenditure on developing infrastructure are expected to increase demand for paints and costing products which in turn is expected to support the growth of the target market.

Increasing demand for hydrocarbon solvents from pharmaceutical manufacturers, and high adoption of aromatic solvents in printing inks, pesticides, insecticides, and agricultural chemicals are some other factors expected to support the growth of the global market to a certain extent.

However, side of hydrocarbon solvents on human health such as short term effects such as irritation to the respiratory tract and eyes, also dizziness is a major factor expected to hamper the growth of the global market.

In addition, stringent government regulations related to product approval are another factor expected to further challenge the growth of the target market.

Increasing investment by major players for technological advancements and R&D activities and innovative product offerings are expected to create new opportunities in terms of revenue for players operating in the target market over the forecast period.

Hydrocarbon Solvents Market: Segment

Among the type segments, the aromatic segment is expected to dominate in the target market over the forecast period.

Among the application segments, the paint & coating segment is expected to contribute significant revenue shares in the target market over the forecast period. In addition, strategic expansion activities through partnerships in order to increase customer base is expected to further support growth of the market to certain extent.

Hydrocarbon Solvents Market: Region

The market in North America is expected to dominate in the global market and is expected to continue its dominance over the forecast period.

This dominance can be attributed to increasing demand from various end-use industries and presence of major players operating in the countries in this region.

In addition, growing merger and acquisition activities between region and international players is expected to further support growth of the target market in this region.

The market in Asia Pacific is expected to witness faster growth, owing to rising demand from manufacturers of pesticides and agriculture chemical and presence of prominent players operating in emerging economies in this region.

The market in Latin America is expected to witness moderate growth due to the increasing presence of paint manufacturers in developing countries such as Brazil and Argentina.

Global Hydrocarbon Solvents Market Segmentation

Segmentation by type

• Aliphatic
• Aromatic

Segmentation by application

• Paints & Coatings
• Cleaning & Degreasing
• Printing Inks
• Rubbers & Polymers
• Adhesives
• Aerosols
• Agriculture Chemicals
• Pharmaceuticals

Segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa