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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
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
Segmentation by application
- Paints & Coatings
- Cleaning & Degreasing
- Printing Inks
- Rubbers & Polymers
- Agriculture Chemicals
Segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- BP p.l.c.
- I. du Pont de Nemours and Company
- BASF SE
- ExxonMobil Chemical Company, Inc.
- Top Solvent Co., Ltd.
- Oelheld GmbH
- Reliance Industries Limited
- Resolute Oil, LLC
- JX Nippon Oil & Gas Exploration (Malaysia) Limited
- Total Petrochemicals & Refining USA, Inc.
- Banner Corporation
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