Hydrocarbon Fluids Market: Overview
- Natural gas and crude oil are mixtures of various types of hydrocarbons. Hydrocarbons are molecules of hydrogen and carbon in various combinations. Hydrocarbon fluids are hydrocarbons that occur as liquids under higher pressure and as gases at atmospheric pressure. Hydrocarbon fluids can also be liquefied by cooling. Specific temperatures and pressures at which gases liquefy vary in terms of type of hydrocarbon fluids. Hydrocarbon fluids may be described as being heavy or light, according to the number of hydrogen atoms and carbon atoms in a hydrocarbon fluid.
- High energy density and versatility in liquid form make hydrocarbon fluids useful in various end-use application such as feedstock in petrochemical plants, synthetic rubber, and chemicals. They are also used as fuel for cooking, heating, and drying; transportation; additives for motor gasoline production; and diluent for transportation of heavy crude oil.
Rise in Demand for Hydrocarbon Fluids in Petrochemical Industry to Drive Market
- Rapid industrialization and increase in number of end-use applications are key factors expected to drive the global hydrocarbon fluids market. Hydrocarbon fluids are ideal for usage in a wide range of industries for manufacturing plastics, chemicals, and synthetic rubber.
- Petrochemicals play a significant role in daily life. They have revolutionized the electronics sector through some important scientific inventions. The petrochemicals industry has proved to be extremely beneficial for the electronics industry.
- Rise in demand for petrochemical products in the building & construction industry is expected to positively impact the global hydrocarbon fluids market during the forecast period. According to Oxford Economics, the global construction industry output is estimated to increase by 85% to reach US$ 15.5 Tn by 2030, with the three major countries – China, the U.S., and India – leading the way and accounting for 57% of all global growth. This is estimated to boost the demand for petrochemical products in the building & construction sector during the forecast period. In turn, this is expected to drive the global hydrocarbon fluids market.
- The global hydrocarbon fluids market is facing supply-demand shortages due to the industrial shutdown triggered by the COVID-19 outbreak. Disruption in raw material supply is projected to hamper full-scale operations. Supply shortage has also led to a rise in prices of raw materials. Additionally, industrial shutdown has adversely impacted product and inventory transportation, as the logistic services have been hampered due to the COVID-19 outbreak.
Propane Type Segment Held Major Share of Global Hydrocarbon Fluids Market
- Based on type, the global hydrocarbon fluids market can be segmented into propane, ethane, natural gasoline, isobutane, normal butane, and refinery olefins
- The propane segment held major share of the global hydrocarbon fluids market in 2019. Propane is a by-product of refining and natural gas industry. It is commonly utilized as nonrenewable chemical and fuel. Propane is primarily used as a fuel. It has several applications such as fuel for fleet vehicles and chemical refineries. Major sectors with extensive utilization of propane are transportation and industrial (Chemicals).
Petrochemical Application Segment to Hold Major Share of Market
- Based on application, the hydrocarbon fluids market can be divided into petrochemicals, fuels, additives, diluents, and others
- The petrochemicals segment is expected to dominate the global hydrocarbon fluids market during the forecast period. Petrochemical applications such as plastics, building & construction, paints & coatings, and electronics & electrical have been witnessing an increase in the demand for petrochemicals since the last few years. This is a key factor expected to propel the demand for hydrocarbon fluids during the forecast period.
Asia Pacific to Constitute Significant Share of Global Hydrocarbon Fluids Market
- In terms of region, the global hydrocarbon fluids market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific dominated the global market in 2019. This can be ascribed to the presence of key manufacturers and growth in trade activities from India and China. Expansion of the manufacturing industry and building & construction and automotive & transportation sectors in Asia Pacific is likely to boost the hydrocarbon fluids market in the region in the near future.
- North America is also anticipated to hold large share of the global hydrocarbon fluids market during the forecast period
Key Players in Global Hydrocarbon Fluids Market
- Manufacturers of hydrocarbon fluids are highly consolidated in Asia Pacific. Trading activities from countries in Asia Pacific, such as China, have been increasing at a rapid pace since the last few years.
- Prominent players operating in the global market are investing in technological developments and new product launch in order to maintain their leading position
Key players operating in the global hydrocarbon fluids market include:
- BASF SE
- Shimadzu Scientific Instruments
- Lubrication Engineers, Inc.
- Eastern Scientific Sales & Service Co.
- Chemsol, Inc.
- Lubricating Specialties Company
- MSC Industrial Supply Co.
Global Hydrocarbon Fluids Market: Research Scope
Global Hydrocarbon Fluids Market, by Type
- Natural Gasoline
- Normal Butane
- Refinery Olefins
Global Hydrocarbon Fluids Market, by Application
Global Hydrocarbon Fluids Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.