Hydrocarbon Solvents Market
Hydrocarbon Solvents Market Analysis By Solvent Type (Aliphatic Hydrocarbon Solvents, Aromatic Hydrocarbon Solvents), By Application (Paints & Coatings, Cleaning & Degreasing, Printing Inks, Rubber & Polymers) & By Region - Global Market Insights 2023 to 2033
Analysis of Hydrocarbon Solvents Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Hydrocarbon Solvents Market Outlook (2023 to 2033)
The global hydrocarbon solvents market is valued at US$ 6.60 billion in 2023 and is predicted to expand at a CAGR of 4.1% to reach US$ 9.87 billion by the end of 2033.
Hydrocarbon solvents are petroleum derivatives that are utilized in a wide range of commercial and consumer goods for cleaning or dissolving substances. Organic solvents of the sort known as hydrocarbons are made up solely of the atoms of hydrogen and carbon. Hydrocarbon solvents are primarily produced by crude oil refineries, and they are obtained in the form of volatile fractions that comprise naphthenic, paraffinic, and aromatic elements in varying proportions.
Production of paints, varnishes, and printing inksa accounts for around 50% of all solvent use. In the process of creating paints and coatings, binders, additives, pigments, and extenders are some of the various components that hydrocarbon solvents dissolve or scatter. The need for hydrocarbon solvents in the paints and coatings industry is growing as they aid in accelerating the curing and drying processes and owes diluent properties.
- According to Fact.MR, a market research and competitive intelligence provider, printing ink is expected to account for 33% share of the global hydrocarbon solvents market by 2033.
Packaging facilities involve extensive use of printing inks, particularly for labelling and printing on cardboard cartons. Demand for printing inks is anticipated to rise at a CAGR of 4.6% as a result of growing trading and manufacturing activities. China and India are some of the major import-export countries in the Asia Pacific region with the fastest-growing trade.
When used in skincare products, hydrocarbon solvents have several beneficial qualities, including the ability to rebuild structural integrity. This further is driving the demand for hydrocarbon solvents worldwide. Additionally, it is anticipated that the increasing use of hydrocarbon solvents in the pharmaceutical and agrochemical industries is likely to boost the growth of the market for hydrocarbon solvents throughout the projection period.
Hydrocarbon Solvents Market Size (2023E)
US$ 6.60 Billion
Forecasted Market Value (2033F)
US$ 9.87 Billion
Global Market Growth Rate (2023 to 2033)
United States Market Growth Rate (2023 to 2033)
United Kingdom Market Growth Rate (2023 to 2033)
Japan Market Growth Rate (2023 to 2033)
China Market Growth Rate (2023 to 2033)
Key Companies Profiled
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Which Aspects are Propelling Worldwide Hydrocarbon Solvent Demand?
“Long-term Market Outlook for Hydrocarbon Solvents in Paints & Coatings Industry”
Hydrocarbon solvents are widely used in the paints and coatings industry. Paints are used in several sectors such as construction, buildings, and automotive. Thus the growing demand for construction and automotive paints & coatings is expected to boost the sales of hydrocarbon solvents in the coming 10 years. The high use of aliphatic hydrocarbon solvents as thinners and diluents for paints and coatings is contributing to the growth of the hydrocarbon solvents market.
“Essential Role of High-purity Solvents in Modern Agriculture”
Solvents with high purity and specific requirements are essential for the agrochemical sector. Modern agriculture depends on cutting-edge methods and agrochemicals to improve crop yields. In agricultural applications, aromatic solvents uphold the most stringent requirements and ensure quality, enabling high crop yields while also providing a high level of environmental protection. Thus, increasing the use of agricultural pesticides is boosting demand for hydrocarbon solvents.
Which Major Roadblocks are Suppliers of Hydrocarbon Solvents Expected to Encounter?
“Strict Environmental Regulations across Regions”
The use of hydrocarbon solvents can result in harmful emissions and contribute to air pollution. Respective governments around the world have implemented strict environmental regulations to reduce such emissions. This may lower the demand for hydrocarbon solvents.
“Growing Demand for Bio-based & Water-based Solvents”
The increasing awareness about the harmful effects of hydrocarbon solvents is uplifting the demand for alternative solvents, such as bio-based solvents and water-based solvents. These alternatives are often more eco-friendly and safer to use, making them a preferred choice for many applications.
“Adverse Effects on Health”
Prolonged exposure to hydrocarbon solvents can have adverse effects on human health, such as respiratory problems, skin irritation, and in some cases, even cancer. This has led to increased awareness among consumers and regulatory bodies, resulting in lower demand for hydrocarbon solvents.
“Volatility of Crude Oil Prices”
Hydrocarbon solvents are derived from crude oil, thus their prices are directly linked to the price of crude oil. Fluctuations in crude oil prices can significantly influence the cost of hydrocarbon solvents, making it difficult for manufacturers to maintain consistent pricing.
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What Will Aid New Market Entrants in Progressing in This Competitive Atmosphere?
“Innovate to Elevate: New Companies Must Embrace Technologies for Efficient Production”
Newcomers should develop new technologies and innovations to create more efficient production processes and develop new products that meet changing customer demands. For example, they can use advanced analytics to optimize production processes, reduce costs, and improve quality.
As the world becomes more environmentally conscious, there is a growing demand for sustainable products. Newcomers can differentiate themselves by emphasizing the sustainability of their products and the production processes, using renewable feedstocks, and implementing green manufacturing practices.
New companies can also collaborate with established players in the industry to gain access to distribution channels, expertise, and resources. They can form strategic partnerships or joint ventures with established players to develop their knowledge, experience, and customer base.
How are Sales of Hydrocarbon Solvents Evolving in the United States?
“Riding the Shale Gas Boom - Hydrocarbon Solvent Demand Surging in United States”
By 2033, the consumption of hydrocarbon solvents in the United States is anticipated to reach US$ 3.27 billion. A US$ 1 billion absolute dollar growth is anticipated to be observed during the forecast period. The increasing hydrocarbon solvent consumption in the United States is a result of growing oil and gas exploration activities, primarily as a result of the shale gas boom.
- According to the United States Energy Information Administration, by 2024, total natural gas production in the country is expected to have surpassed 35 trillion cubic feet, up from 20 trillion cubic feet in 2010.
In response to this development in natural gas production, the demand for hydrocarbon solvents in the chemical division of the oil fields is likely to experience growth during the forecast period.
Which Aspects are Benefitting Producers of Hydrocarbon Solvents in the United Kingdom?
“Growing Paints & Coatings Facilities Driving Hydrocarbon Solvent Sales in the United Kingdom”
Sales of hydrocarbon solvents are expected to progress at a CAGR of 3.1% during the forecast period in the United Kingdom. The rapidly growing paint and coating facilities are boosting the consumption of hydrocarbon solvents in the country.
Hydrocarbon solvents are also used by manufacturers of construction adhesives, paints, and coatings as cleaning and degreasing agents. According to several studies, in the United Kingdom annually, between 27,000 and 50,000 new homes are built. This is expected to increase the sales of paints and coatings, subsequently boosting the market for hydrocarbon solvents in the country.
Why are Sales of Hydrocarbon Solvents High in China?
“Growing Use of Disinfectant Products Driving Demand for Hydrocarbon Solvents”
Sales of hydrocarbon solvents in China are expected to reach US$ 2.1 billion by 2033. This can be ascribed to the presence of several end-use industries such as paints and coatings, automotive, construction, printing, packaging, and more.
Rising prevalence of infectious diseases is boosting the use of surface-cleaning products. Sales of disinfectants increased by 200% during the pandemic and they are still experiencing healthy growth. The rapidly progressing cleaning products industry in China is booming with the usage of hydrocarbon solvents.
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Which Type of Hydrocarbon Solvent is Most Widely Used?
“High Use of Aromatic Solvents in Oil & Gas Facilities”
A solvent composed of aromatic hydrocarbons, such as toluene, naphtha, or xylene, is known as an aromatic solvent. In numerous industrial uses, aromatic solvents are mainly used as solvents and diluents. Toluene is an example of an aromatic hydrocarbon solvent that is often employed in paints, adhesives, varnishes, and as chemical intermediates.
- Global demand for aromatic hydrocarbon solvents is expected to progress at 5% CAGR during the next 10 years.
In the oil and gas business, aromatic solvents are mostly used to stop pipeline corrosion while fractional distillation is occurring. North America is leading in the consumption of aromatic hydrocarbon solvents due to the rapidly progressing oil and gas industry.
Market participants are consistently expanding their product offerings and creating better analytical solutions. Leading companies in the hydrocarbon solvents market are concentrating on product launch strategies, technology alliances, and collaborations.
- In 2019, Biosynthetic Technologies, LLC was taken over by Calumet Specialty Product Partners, L.P. The purchase of Biosynthetic Technologies, LLC and its technological capabilities fits in with the targeted expansion goal of Calumet Specialty Products. The business also disclosed the opening of a new R&D centre in Indianapolis. This advancement was anticipated to work in tandem to give the North American region's market for hydrocarbon solvents a competitive edge.
- One of the world's top solvent producers is Royal Dutch Shell Plc. It participates in both upstream and downstream oil and gas industry activities and is vertically integrated. As a strong revenue-generating industry with a high return on investment, the corporation is primarily focused on its downstream business division.
Key Segments of Hydrocarbon Solvents Industry Research
By Solvent Type :
By Application :
- Paints & Coatings
- Cleaning & Degreasing
- Printing Inks
- Rubber & Polymers
By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
- FAQs -
The global hydrocarbon solvents market is valued at US$ 6.60 billion in 2023.
Sales of hydrocarbon solvents are predicted to increase at a CAGR of 4.1% from 2023 to 2033.
Worldwide demand for hydrocarbon solvents is expected to reach US$ 9.87 billion by 2033.
Ashland, DuPont, Chevron Corporation, and Exxon Mobil Corporation are some of the key players in this market.
China is witnessing high use of hydrocarbon solvents due to the presence of major end-use industries, with the market set to expand at 4.8% CAGR through 2033.