Download Sample, Accelerated Industrialisation – Fuelling Demand for Hydrocarbon Solvents
The pharmaceutical industry's rising demand for hydrocarbon solvents has had a significant impact on the market's expansion. Along these lines, the widespread use of aromatic solvents in pesticides, printing inks, insecticides, and agricultural chemicals is another important factor that will likely contribute to the expansion of the global market for hydrocarbon solvents in the coming years. Additionally, the market for hydrocarbon solvents is expanding as a result of paint manufacturers' growing use of these solvents in their cutting-edge product offerings. The primary driver of the market's expansion is the rising concern about environmental protection laws that are aimed at lowering pollution levels.
Moreover, the rapid industrialization of developed and emerging nations as well as the widespread use of hydrocarbon solvents in several industry verticals are important factors anticipated to propel market expansion on a global scale. However, the market expansion for hydrocarbon solvents may be hampered by the stringent government rules governing product approval. The market for hydrocarbon solvents will have a number of development prospects during the mentioned projection period as a result of leading players' increasing investments in technological advancements, R&D, and innovative product offerings.
Moreover, the rapid industrialization of developed and emerging nations as well as the widespread use of hydrocarbon solvents in several industry verticals are important factors anticipated to propel market expansion on a global scale. However, the market expansion for hydrocarbon solvents may be hampered by the stringent government rules governing product approval. The market for hydrocarbon solvents will have a number of development prospects during the mentioned projection period as a result of leading players' increasing investments in technological advancements, R&D, and innovative product offerings.
Bio-based Raw Materials Using Hydrocarbon Solvents Are Leading the Market Growth
Hydrocarbon solvents are vaporizable chemical substance fractions that range in their proportions of paraffinic, naphthenic, and sweet-smelling components. Due to their excellent diluting properties, hydrocarbon solvents are used in a variety of applications, including printing inks and paint factories. They contain amazing qualities, such as the ability to restore the structure of the skin when incorporated to skincare products. Additionally, growth in the use of hydrocarbon solvents in the pharmaceutical and agricultural chemical industries is anticipated to help the global hydrocarbon solvents market during the forecast period.
In addition to toluene and xylenes, producers of hydrocarbon solvents are investing more of a focus on bio-based raw materials. Plasters, façade paints, and plastic lacquers are only a few of the products that increasingly use toluene and xylene. High-purity paraffin is beginning to take over as a hydrocarbon solvent substitute. Therefore, in order to boost sales, manufacturers in the hydrocarbon solvents industry are excelling in sustainability initiatives. For instance, Haltermann Carless, a global producer of high-value specialty chemicals and solvents based on hydrocarbons, is expanding its R&D in bio-based raw materials to excel in the field of sustainability.
In addition to toluene and xylenes, producers of hydrocarbon solvents are investing more of a focus on bio-based raw materials. Plasters, façade paints, and plastic lacquers are only a few of the products that increasingly use toluene and xylene. High-purity paraffin is beginning to take over as a hydrocarbon solvent substitute. Therefore, in order to boost sales, manufacturers in the hydrocarbon solvents industry are excelling in sustainability initiatives. For instance, Haltermann Carless, a global producer of high-value specialty chemicals and solvents based on hydrocarbons, is expanding its R&D in bio-based raw materials to excel in the field of sustainability.
Recent Trends in the Hydrocarbon Solvents Industry
- Emphasis on regulatory compliance and safety standards.
- Expansion of applications in various industries.
- Growing demand for eco-friendly solvents.
- Rising adoption of low VOC solvents.
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Increased Use of Hydrocarbon Solvent in Paints Brings New Lucrative Avenues
The majority of solvent use is in the production of paints, varnishes, and printing inks. In the manufacturing of paints and coatings, binders, additives, pigments, and extenders are some of the several components that hydrocarbon solvents dissolve or disperse. The need for hydrocarbon solvents in the paints and coatings industry has been growing since they also aid in accelerating the curing and drying processes. The demand for automotive paints is inversely correlated with the manufacturing of new vehicles, particularly two-wheelers and passenger automobiles. The need for automotive paints is rising as electric car manufacturing rises. According to estimates, this will boost demand for paints and coatings and hence raise the requirement for fast-drying paints. This is hence anticipated to grow the market for hydrocarbon solvents throughout the duration of the forecast period.
Inks for printing frequently use hydrocarbon solvents as carriers. Other materials on the substrate are dispersed and transferred by these solvents. The packaging sector makes extensive use of printing inks, particularly for labeling and printing on cardboard containers. The demand for printing inks is anticipated to rise in the near future as a result of an increase in commercial activities and industrial production. China and India are two of the biggest import-export nations with the fastest-growing trade.
Inks for printing frequently use hydrocarbon solvents as carriers. Other materials on the substrate are dispersed and transferred by these solvents. The packaging sector makes extensive use of printing inks, particularly for labeling and printing on cardboard containers. The demand for printing inks is anticipated to rise in the near future as a result of an increase in commercial activities and industrial production. China and India are two of the biggest import-export nations with the fastest-growing trade.
The Benefits of COVID-19 and Major Challenges Confronting Hydrocarbon Solvents Market
An increased focus has been placed on cleaning and disinfection products due to the COVID-19 pandemic. Manufacturers in the hydrocarbon solvents industry are taking advantage of this commercial opportunity to set up continuous supply chains, as suggested by the Environmental Protection Agency (EPA), U.S. During the peak of the coronavirus outbreaks throughout the world, they have been manufacturing products at breakneck speeds. As a result of customers' increasing concern for hygiene and sanitization in residential, commercial, and industrial settings, cleaning solutions are predicted to offer long-term income streams for businesses in the hydrocarbon solvent industry.
Usually, VOCs are hydrocarbon solvents found in paints, coatings, inks, adhesives, and consumer products. VOC emissions from industrial processes and products are thus one of the major sources of pollution. Laws and regulations have been passed by a number of governmental and regulatory bodies to decrease VOC emissions from a wide range of sources, including products that include solvents. Since a few years ago, these factors have had a negative impact on the market for hydrocarbon solvents worldwide.
On January 29, 2020, Dow disclosed its intention to increase the capacity of its ethylene production plant in Alberta, Canada, to 130,000 metric tonnes by adding an additional furnace.
The leading companies in the market for hydrocarbon solvents include ExxonMobil Corporation China Petroleum & Chemical Corporation., Parchem fine & specialty chemicals, , Royal Dutch Shell, TOP SOLVENT CO., LTD., Jun Yuan Petroleum Group, LANXESS, Avani Petrochem, Bayer AG, MEHTA PETRO REFINERIES LTD., Reliance Industries Limited, Gandhar Oil, Lyondellbasell Industries Holdings B.V., Ashland, KTC Chemical, SBC Industries, Sasol, NewAge Industrial Oil Pvt. Ltd., and ENGEN PETROLEUM LTD, among other domestic and global players.
Usually, VOCs are hydrocarbon solvents found in paints, coatings, inks, adhesives, and consumer products. VOC emissions from industrial processes and products are thus one of the major sources of pollution. Laws and regulations have been passed by a number of governmental and regulatory bodies to decrease VOC emissions from a wide range of sources, including products that include solvents. Since a few years ago, these factors have had a negative impact on the market for hydrocarbon solvents worldwide.
On January 29, 2020, Dow disclosed its intention to increase the capacity of its ethylene production plant in Alberta, Canada, to 130,000 metric tonnes by adding an additional furnace.
The leading companies in the market for hydrocarbon solvents include ExxonMobil Corporation China Petroleum & Chemical Corporation., Parchem fine & specialty chemicals, , Royal Dutch Shell, TOP SOLVENT CO., LTD., Jun Yuan Petroleum Group, LANXESS, Avani Petrochem, Bayer AG, MEHTA PETRO REFINERIES LTD., Reliance Industries Limited, Gandhar Oil, Lyondellbasell Industries Holdings B.V., Ashland, KTC Chemical, SBC Industries, Sasol, NewAge Industrial Oil Pvt. Ltd., and ENGEN PETROLEUM LTD, among other domestic and global players.
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Asia Pacific to Lead the Market Share for Hydrocarbon Solvents Market
Despite being spread around the globe, Asia is the region with the largest hydrocarbon solvents market. East Asia and South Asia are hubs to some of the most notable manufacturers. In order to comply with legal provisions and continue doing business with developed countries like Germany and France, manufacturers in this region are substantially investing in hydrocarbon solvents and attempting to produce less volatile organic content. More than one-third of the worldwide market for hydrocarbon solvents was accounted for by East Asia and South Asia together in 2021 as part of Asia Pacific. North America has the most potential in the market for hydrocarbon solvents, followed by Asia Pacific. In recent years, the need for hydrocarbon solvents in the area has grown significantly. The demand for these solvents is anticipated to rise in North America with the development of the paints & coatings, automotive, and construction sectors.
The report provides a detailed overview of the hydrocarbon solvents market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, the Middle East, and Africa. The country-specific assessment for the hydrocarbon solvents market has been offered for all regional market share, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the hydrocarbon solvents market. These Y-o-Y projections on regional and country-level markets brighten the political, economic, and business environment outlook, which are anticipated to have a substantial impact on the growth of the hydrocarbon solvents market. Some key countries and regions included in the hydrocarbon solvents market report are as follows:
| North America | United States, Canada |
| Latin America | Brazil, Mexico, Argentina, Colombia, Chile, Rest of Latin America |
| Europe | Germany, United Kingdom, France, Italy, Spain, Russia, Poland, Netherlands, Switzerland, Belgium, Austria, Sweden, Norway, Denmark, Finland, Ireland, Rest of Europe |
| Asia Pacific | China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Singapore, Malaysia, Vietnam, Thailand, Rest of Asia Pacific |
| Middle East and Africa | GCC Countries, South Africa, Nigeria, Egypt, Morocco, Algeria, Israel, Iran, Kenya, Turkey, Rest of MEA |
Hydrocarbon Solvents Market Research Report Covers In-depth Analysis on:
- Hydrocarbon solvents market detailed segments and segment-wise market breakdown
- Hydrocarbon solvents market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in hydrocarbon solvents industry)
- Current, historical, and forthcoming 10 years market valuation in terms of hydrocarbon solvents market size (US$ Mn), volume (Units), share (%), Y-o-Y growth rate, CAGR (%) analysis
- Hydrocarbon solvents market demand analysis
- Hydrocarbon solvents market pricing analysis over the forecast period (by key segment and by region)
- Hydrocarbon solvents market regional insights with region-wise market breakdown
- Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
- Latest developments and innovations in the hydrocarbon solvents market
- Regulatory landscape by key regions and key countries
- Supply chain and value chain analysis in the hydrocarbon solvents market
- Hydrocarbon solvents market sales and distribution strategies
- A comprehensive overview of the parent market
- A detailed viewpoint on hydrocarbon solvents market forecast by countries
- Mergers and acquisitions in the hydrocarbon solvents market
- Essential information to enhance market position
- Robust research methodology
- Frequently Asked Questions -
Which regions have the highest demand for hydrocarbon solvents?
Regions with strong industrial bases, such as North America, Europe, and Asia-Pacific, particularly China and India, dominate the market due to rapid industrialization, infrastructure projects, and growth in manufacturing sectors.
What are the major challenges faced by the hydrocarbon solvents industry?
The industry faces challenges such as regulatory restrictions on volatile organic compounds (VOCs), environmental concerns, increasing demand for eco-friendly alternatives, fluctuating crude oil prices, and health hazards associated with prolonged solvent exposure.
What are the key drivers of the hydrocarbon solvents market?
The hydrocarbon solvents market is driven by increasing demand from paints & coatings, adhesives, pharmaceuticals, and chemical industries, along with growing industrialization, infrastructure development, and stringent environmental regulations influencing product innovation.
