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Hydrocarbon Solvents Market

Hydrocarbon Solvents Market

Hydrocarbon Solvents Market, Forecast, Trend, Analysis & Competition Tracking - Global Market Insights 2021 to 2031

Hydrocarbon Solvents Market

Market Snapshot

As per the hydrocarbon solvents industry analysis by Fact.MR, the global market is projected to reach US$ 9.3 Bn by 2031-end, expanding 1.5X at a CAGR of around 4%. Demand for use in cleaning and degreasing applications surged year-on-year at 7% in FY2020-FY2021.

Key Points Covered in Hydrocarbon Solvents Industry Survey:

  • Market Estimates and Forecasts (2016-2031)
  • Key Drivers and Restraints Shaping Market Growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Assessment by Product Grade / Purity / Formulation Standards
  • Assessment of Import Price, Bulk Price, Contractual Price, Producer / Distributor Price
  • Market Share Analysis
  • Leading Export - Import Destinations
  • Certifications and Compliance Requirements
  • COVID-19 Impact on Demand for Hydrocarbon Solvents and How to Navigate
  • Recommendation on Key Winning Strategies

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Consumption Analysis of Hydrocarbon Solvents from 2016 to 2020 Compared to Demand Outlook for 2021 to 2031

As per Fact.MR, a market research and competitive intelligence provider, the past half-decade has shown promising growth for hydrocarbon solvents, which reported a CAGR of 3.2% over 2016-2020. Extensive diversification of product has stabilized the overall market stance and enhanced manufacturers’ margin ratio.

In 2020, the market for hydrocarbon solvents witnessed a dip because of the COVID-19 pandemic. In many countries, governments declared lockdowns, and due to this, production was held and force majeure was observed across many industries. This actively shrunk the procurement process of hydrocarbon solvents.

But with the ease in lockdowns and reopening of production sites, the market for hydrocarbon solvents is set to rise at a moderate pace over the short-run forecast period.

Increasing utilization of hydrocarbon solvents by various industries, ranging from inks to pharmaceuticals, is projected to push global demand at a CAGR of around 4% over the next ten years.

  • Fact.MR estimates that hydrocarbon solvent sales are set to  swell 1.5X from 2021 to 2031
  • Hydrocarbon solvents market is currently valuated at US$ 6.2 Bn, and is set to surpass  US$ 9.3 Bn by 2031
  • Tier-1 manufacturers of hydrocarbon solvents held 20% market share in 2020
  • COVID-19 has shrunk market valuation by nearly 5% over the period of Q2 and Q3 2020.
  • Market is anticipated to recuperate from the losses by Q1 2022.

What are the Key factors Driving Demand for Hydrocarbon Solvents?

The chemicals and petrochemicals industry has acted as a wedge supporting market growth over the past half-decade. Growth of these industries has provided significant impetus to hydrocarbon solvent sales, which have been bolstered at 3.2% over the past half-decade.

Hydrocarbon solvents are termed as foundational bricks, without which, the petrochemical & chemical industry would take a pit stop. This has not only stabilized market growth but also has strengthened the trade channels of hydrocarbon solvents.

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What are the Major Roadblocks That Hydrocarbon Solvent Manufacturers Encounter?

Change in environmental conditions across Europe and Australia in the past one year has forced regulatory bodies to rethink the utilization of chemicals that are increasing global carbon footprint. Key countries such as Germany and the U.S. are focusing on reducing the utilization of solvents that create substantial carbon footprint and taking a leap towards sustainable solutions.

This is anticipated to slow down demand for hydrocarbon solvents in the short- to mid-term forecast period, and it is anticipated that the growth rate is set to decline to nearly 2% Y-o-Y by 2031.

Which Region Holds Highest Potential for the Hydrocarbon Solvents Market?

The hydrocarbon solvents industry is scattered throughout the globe, but Asia is the most dominant region in the world. 

Prominent manufacturers are from East Asia and South Asia. Manufacturers in these region are investing heavily on hydrocarbon solvents and they are trying produce less volatile organic content to comply with regional regulations and maintain their trade with developed countries such as Germany and France.

East Asia and South Asia together, as Asia Pacific, captured more than 1/3 of global hydrocarbon solvent sales in FY2020.

Followed by Asia Pacific, North America holds strong potential in the hydrocarbon solvents business. The region has observed significant growth in demand for hydrocarbon solvents in the past few years. With the expansion of paints & coatings, automobile and construction industries, demand for these solvents is expected to increase at 3.1% in North America.

hydrocarbon solvents market region by FactMR

An Adaptive Approach to Modern-day Research Needs

Country-wise Analysis

Which Country Holds Strong Market Share in the Hydrocarbon Solvents Industry in Europe? 

Germany holds potential market share in Europe and is a contributor of 21% of the regional GDP. Over the past half-decade, the country has invited investors to set up research & development firms and manufacturing plants, which also include hydrocarbon solvent production units.

Apart from this, the country has strong oil demand, which is being fulfilled by Gazprom pipelines from Russia. Oil thus received by the country is utilized partially for energy generation and the rest for the production of hydrocarbon solvents with other petrochemical compounds.

All in all, the country has strong demand for hydrocarbon solvents, which is being fulfilled by regional suppliers.

Why Does China hold Huge Potential for Hydrocarbon Solvent Suppliers?

China is the largest producer of active pharmaceutical ingredients (API) in the world, and as the pharmaceutical industry is evolving with increased demand for novel medicines across the globe, hydrocarbon solvent demand is projected to surge towards the right side of the business map.

Rapid changing dynamics in the region with strong regional policies are supporting manufacturers to bolster the business of hydrocarbon solvents over the long-run forecast period.

How Has Hydrocarbon Solvent Demand Been Shaping across Established & Evolving Markets?

Turkey: Over the past half-decade, the economy of Turkey has seen an upswing owing to the rise in investments in the country. Majority of investments were observed in the textiles and chemicals industry. This has provided an impetus to the hydrocarbon solvents business, anticipated to bolster at 4% CAGR over through 2031 in the country.

India: Over the past half-decade, the Govt. of India has eased restrictions regarding tariffs, FDIs, and labor laws, which has not only enhanced investments but also led to a surge in economic growth from 2016-2019.

Prominent moves such as 100% FDI in the chemicals industry in India will provide an indirect push to the demand for hydrocarbon solvents in the country.

Category-Wise Insights

Which Hydrocarbon Solvent Type Dominates the Sales Pie?

There are two types of hydrocarbon solvents - aliphatic solvents and aromatic solvents.

Aliphatic solvents are available in form of vanish markers & painters naphtha, mineral spirits, hexane, heptane, and others. These solvents are generally used for oil extraction, manufacturing rubber and paints, and for degreasing. Aliphatic solvents are anticipated to bolster at 5% CAGR through 2031.

Aromatic solvents are available in the form of toluene, xylene, and others. They are used in the manufacturing of printing inks, insecticides, and agricultural chemicals. Aromatic solvents dominate the sales pie by nearly 60% of the global share.

Solvent types discussed above lead to a conclusion of extensive diversification the hydrocarbon solvents, including aliphatic and aromatic, and will bolster the revenue structure of hydrocarbon solvent manufacturers.

What are the Prime Applications of Hydrocarbon Solvents?

Hydrocarbon solvents are used in multiple industries as a key raw material. Some of the industries where hydrocarbon solvents are extensively used are metallurgical, agricultural, and chemical.

Few cleaning and degreasing products are also made using hydrocarbon solvents. Demand boost for cleaning products during COVID-19 has paved the way for strong hydrocarbon solvent sales.

One of the prominent use of hydrocarbon solvents is in manufacturing printing inks, as in printing books, newspapers, greeting cards, invite cards, and others. Hydrocarbon solvents are used to make rubber and polymer products such as vehicle tires, shoe soles, and latex gloves.

Bundle of agricultural chemicals are also produced utilizing the hydrocarbon solvents. Steady demand growth of agricultural chemicals over Q2 and Q3 of FY2020 has provided momentum to the market. Despite slowdown in the business of hydrocarbon solvents, agricultural chemicals has acted as wedge to their sales.

Owing to the aforementioned factors, it could be comprehended that, hydrocarbon solvents are used in myriad applications, thus diversifying the avenues of product usage, as such, leading to a strong sales pattern of hydrocarbon solvents.

How Has COVID-19 Impacted Sales of Hydrocarbon Solvents?

Natural disasters and pandemics such as COVID-19 are unforeseen, and have affected all economies across the globe. COVID-19 has also resulted in impacting the demand for hydrocarbon solvents, backed by the imposition of lockdowns and force majeure in production.

However, with ease in lockdown restrictions and rising demand for latex gloves and cleaning products will largely cascade the affect towards a rise in demand for hydrocarbon solvents.

hydrocarbon solvents market competitionby FactMR

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Competitive Landscape

To extend penetration across profitable areas, the aforementioned companies use a combination of organic and inorganic techniques. Product launches, new product introductions, partnerships, acquisitions, and strengthening of regional and global distribution networks are all examples of these tactics.

Similarly, recent developments related to companies manufacturing hydrocarbon solvents have been tracked by the team at Fact.MR, which are available in the full report.

Hydrocarbon Solvents Market Report Scope



Forecast Period


Historical Data Available for


Market Analysis

US$ Mn for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • MEA

Key Countries Covered

  • U.S.
  • India
  • China
  • France
  • Canada
  • Germany
  • Brazil
  • U.K.
  • France
  • Japan

Key Market Segments Covered

  • Solvent Type
  • Application
  • Region

Key Companies Profiled

  • Ashland
  • Chevron Corporation
  • DuPont
  • Delta Corporation
  • Eastman Chemical Company
  • Exxon Mobil Corporation
  • Royal Dutch Shell
  • Others 
Customization & Pricing

Available upon Request

Key Segments Covered in Hydrocarbon Solvents Industry Research

  • By Solvent Type

    • Aliphatic Hydrocarbon Solvents
      • Vanish Markers & Painters Naphtha
      • Mineral Spirits
      • Hexane
      • Heptane
      • Others
    • Aromatic Hydrocarbon Solvents
      • Toluene
      • Xylene
      • Others
  • By Application

    • Hydrocarbon Solvents for Paints and Coatings
    • Hydrocarbon Solvents for Cleaning and Degreasing
    • Hydrocarbon Solvents for Printing Inks
    • Hydrocarbon Solvents for Rubber and Polymers
    • Hydrocarbon Solvents for Aerosols
    • Hydrocarbon Solvents for Agriculture Chemicals
    • Hydrocarbon Solvents for Pharmaceutical Industries
    • Others (including Cosmetics and Adhesives)

Hydrocarbon Solvents Market- Scope of Report

A recent study by Fact.MR on the hydrocarbon solvents market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with the development of hydrocarbon solvents.

The study also provides the dynamics that are responsible for influencing the future status of the hydrocarbon solvents market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.

A list of prominent companies manufacturing hydrocarbon solvents, along with their product portfolios, enhances the reliability of this comprehensive research study.

Hydrocarbon Solvents Market: Report Summary

The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of hydrocarbon solvents across the globe.

A comprehensive estimate on the market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the sales of hydrocarbon solvents during the forecast period. Price point comparison by region with global average price is also considered in the study.

Analysis on Market Size Evaluation

The market has been analyzed for each market segment in terms of volume (Tons) and value (US$ Mn).

Market estimates at global and regional levels for hydrocarbon solvents are available in terms of “US$ Mn” for value and in “‘Tons” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global hydrocarbon solvents market.

Inspected Assessment on Regional Segments

Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the market during the forecast period.

Country-specific valuation on demand for hydrocarbon solvents has been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.

Detailed breakup in terms of value and volume for emerging countries has also been included in the report.

In-depth Analysis on Competition

The report sheds light on leading manufacturers of hydrocarbon solvents, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in the production of hydrocarbon solvents has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.

Company profiles have been included in the report, which includes essentials such as product portfolio, key strategies along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through the matrix for all the prominent players, thus providing the readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in hydrocarbon solvents market.

- FAQs -

The global hydrocarbon solvents market is currently valuated at US$ 6.2 Bn.

Sales of hydrocarbon solvents are projected to increase at a CAGR of around 4% during 2021 – 2031.

Value sales of hydrocarbon solvents increased at a CAGR of 3.2% during 2016 – 2020.

Low VOC content of hydrocarbon solvents is the talk of the town.

As most paints introduced into the market have speedy curing time, and hydrocarbon solvents form an integral part of such formulations, thus, their usage has increased across application areas.

Ratings on the basis of market share, market reach, and clientele reveal that the top 5 manufacturers of hydrocarbon solvents account for around 1/5 share in the global market.

Top 5 countries driving demand for hydrocarbon solvents are the U.S., U.K., India, Russia, and China.

The Europe market for hydrocarbon solvents is projected to expand at a CAGR of more than 2% during 2021 – 2031.

The United States, Russia, China, and India are key producers of hydrocarbon solvents.

The market in South Korea and China will expand at over 6% CAGR, with both countries together accounting for 60% share in the East Asia market.

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Is the market research conducted by Fact.MR?

Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

What are the sources of secondary research?

Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

Who are the respondents for primary research?

Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.

Is a sample of this report available for evaluation?

Yes, you can request a sample, and it will be sent to you through an email.