In a recent published report, Kenneth Research has updated the market report for Hydrocarbon Solvent Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Hydrocarbon Solvent Market products.
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The hydrocarbon solvent market was valued at USD 7.82 billion by 2017, growing with 4.1% CAGR during the forecast period, 2018-2025.
In terms of volume, the market totalled 6,720.5 kilo Tons, expanding at 3.5% growth rate over the study period.
Hydrocarbon solvents are molecules which contains only hydrogen and carbon atoms. These solvents are mainly present in the form of fractions during crude oil refinery. In contemporary times, the application of this organic chemical has increased across various industries. Rapid industrialization in emerging economies has paved the way for market growth too. It is evident in different verticals.
Hydrocarbon solvent is a coveted material of paint manufacturers. It is an important ingredient for manufacturing innovative products. Hence, it will leverage the global market growth. The boom of real-estate and infrastructure on a global scale will cause demand hike. The pharmaceutical industry is a big consumer of hydrocarbon solvent. Likewise, it finds wide usage of agricultural chemicals, and printing inks.
This product, on the downside has detrimental effects on human health. It may cause health hazards like eye irritation, dizziness, and respiratory problems. Hence, health concerns may act as a deterrent to global industry growth. Moreover, stringent government regulation on product approval acts as an impediment.
Product wise, the industry is classified into aromatic and aliphatic types. The market of aliphatic type will experience a boom facilitated through demand growth in the application industry like coating and paintings, particularly in emerging economies. However, the market is faced with an undeniable challenge as manufacturers are opting for a more environmentally friendly alternative like green solvents. Thus, one of the main inhibitors of aliphatic hydrocarbon solvents happens to be the stringent environmental regulations.
Whereas, xylene, toluene, and ethylbenzene solvents are the three main aromatic product types. The Xylene solvent segment will exhibit the highest growth in the forecast period due to increasing capacity and high solvency power.
On the basis of application, the market is broadly categorized as painting & coating, rubbers & polymer, adhesives, pharmaceuticals, agriculture chemicals and others. The coatings & painting segment will have the largest market share during the study period. Thanks to the surging growth in the appliances, machinery, and automotive OEM industry. Further, the massive undertaking of building and construction activities will push the demand.
Hydrocarbon solvents are one of the most potent cleanings and degreasing agents that are used for removing heavy mineral oil grease contamination. Solvent-based degreases are preferred because they can be easily segregated through oil-water separation. Hydrocarbon solvents are widely used in tire rubber compounding, and compounding of other products like shoe heel, shoe sole, rubber belts, flooring, light color rubber, and rubber tube. They are also used to dissolve the binders of printing inks, and for adjusting the viscosity of ink in printers.
The market in the Asia Pacific will witness the highest growth owing to the increasing demand from coating and paintings application segment. Well, as the regulations governing the use of hydrocarbon solvents are lenient in the region it will pave the way for its increased usage, which is otherwise restricted through stringent rules and regulations in Europe and North America.
Key Vendor Takeaway
The major players in the global hydrocarbon solvent market are ExxonMobil Corporation, Total S.A., DowDuPont, Royal Dutch Shell, Ashland Inc., Sinopec, BP p.l.c., Eastman Chemical Company, Reliance Industries Limited, Chevron Corporation, Sasol Solvents, Ashland, and Engen Petroleum Limited. Key players are focusing on the formation of strategic alliance and partnerships with local players. For instance, BG Group formed single partner alliance with KBR, Inc., a hydrocarbons service provider. The engagement is aimed to provide project management expertise, technical support, and front end loading engineering services.
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The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year – 2014 & 2016
Base Year – 2017
Estimated Year – 2018
Projected Year – 2025
Traders, Distributors, and Suppliers
Government and Regional Agencies
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY PRODUCT
MARKET, BY APPLICATION
Paints & Coatings
Rubbers and Polymers
MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of the World
The Middle East and Africa
About Kenneth Research
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