Hydrocarbon Solvents Market
Hydrocarbon Solvents Market (Type: Aliphatic Solvents and Aromatic Solvents; and Application: Paints & Coatings, Cleaning & Degreasing, Printing Inks, Rubber & Polymer, Aerosols, Agriculture Chemicals, Pharmaceuticals, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Press Release :
EPA Draws Emphasis on Certified Cleaning Products to Kill COVID-19 Infection
The COVID-19 pandemic has drawn increased emphasis on cleaning and disinfection products. As suggested by the Environmental Protection Agency (EPA), U.S., manufacturers in the hydrocarbon solvents market are taking advantage of this business opportunity to establish continuous supply chains. They have been making products at break-neck speeds during the peak of coronavirus cases worldwide. Thus, cleaning products are anticipated to generate long-term revenue streams for companies in the hydrocarbon solvents market, as consumers have become conscious about hygiene and sanitization in domestic, commercial, and industrial spaces.
Manufacturers should increase efforts to make their products available in the list of products certified by the EPA that are fit for killing the COVID-19 infection.
To gauge the scope of customization in our reports Ask for a Sample
Varnish Build-up in Turbines at Oil & Gas Facilities Demands Solution
The hydrocarbon solvents market is predicted to cross US$ 8.1 Bn mark by the end of 2030. However, varnish manufacturers need to address issues of varnish build-up originating from thermal and oxidative oil degradation in turbines with respect to the oil & gas industry. Hence, manufacturers are increasing awareness about tests that are designed to identify varnish potential before routine analysis, thereby providing turbine users with an additional proactive maintenance tool.
Companies in the hydrocarbon solvents market are producing varnishes that offer protection against ultraviolet (UV) rays. These varnishes are being extensively used in the ever-increasing building and construction applications.
Get an idea about the offerings of our report from Report Brochure
Slow Innovations in Agricultural Chemicals Give Rise to Developments of Fungicides
The hydrocarbon solvents market is slated to advance at a modest CAGR of 4% during the assessment period. This is evident since the pace of innovation in agricultural chemicals in relatively slow. Due to concerns about the environment and human health with respect to agricultural chemicals, manufacturers should increase their R&D in fungicides, crop traits, and microbial products that boost plant health. Agriculture giant Bayer has also shifted its research focus in fungicides, crop traits, and microbial products to help farmers increase their yield.
Manufacturers in the hydrocarbon solvents market are developing molecules to reduce plant diseases pertaining to cereals, rice, corn, and other crops. They are tapping into long-term business opportunities to develop products that target disease organisms such as leaf spot and soybean rust.
Bio-based Raw Materials Involving Hydrocarbon Solvents Gain Prominence in Paints
Apart from dealing in toluene and xylenes, manufacturers in the hydrocarbon solvents market are increasing their focus in bio-based raw materials. For instance, Haltermann Carless— an international supplier of high-value hydrocarbon-based specialty products and solvents is increasing its R&D in bio-based raw materials to excel in the area of sustainability.
Toluene and xylenes are gaining prominence in plasters, façade paints, and plastic lacquers, among others. However, high-purity paraffin is emerging as an alternative to hydrocarbon solvents. Hence, manufacturers in the hydrocarbon solvents market are excelling in sustainability initiatives with the help of bio-based raw materials to boost sales. They are actively enquiring about certifications, production warranty, and quality control to gain a competitive edge.
Thailand Emerges as Global Hub of Rubber Glove Manufacturing
Companies in the hydrocarbon solvents market are helping stakeholders to innovate in rubber products in order to create new market demand and strengthen prices in the post coronavirus era. Several projects are in the pipeline, which include research grants and funds for startups in Thailand. A Rubber Valley proposal is being studied by the Rubber Authority of Thailand. Manufacturers in the hydrocarbon solvents market are capitalizing on this trend to expand their business.
Even though the general rubber consumption has witnessed a dip during the COVID-19 outbreak, the demand for natural latex gloves has surged during the pandemic. It is anticipated that increase exports of natural latex gloves will make Thailand a global hub of rubber glove manufacturing in the upcoming years.
Looking for Regional Analysis or Competitive Landscape in Hydrocarbon Solvents Market for Performance OEM , ask for a customized report
Due to increased exports of natural latex rubber gloves during the coronavirus era, companies in the hydrocarbon solvents market should collaborate with the National Metal and Materials Technology Centre in Thailand to make it a global hub of glove manufacturing. Manufacturers are increasing their production of paints used in medical products and insulating lacquers to maximize revenue opportunities. However, high-purity paraffin is posing as a stiff competition to the use of hydrocarbon solvents. Hence, companies should shift their R&D focus in bio-based raw materials involving hydrocarbon solvents to deploy sustainability and sales of paints & coatings. They should manufacture fungicides and microbial products to advance innovations in agricultural chemicals.
Hydrocarbon Solvents Market: Overview
- Hydrocarbon solvents are organic solvents that consist of hydrogen and carbon atoms. Crude oil refineries are major producers of hydrocarbon solvents. Hydrocarbon solvents are obtained in the form of volatile fractions containing paraffinic, naphthenic, and aromatic constituents in various proportions.
- Hydrocarbon solvents are employed in various applications in printing inks and paint formulations, owing to their high diluent properties. They possess excellent properties such as restoring the skin structure when applied in skin care products. This propels the global market. Additionally, rise in applications of hydrocarbon solvents in agrochemicals and pharmaceuticals industries is projected to boost the global hydrocarbon solvents market.
Key Growth Drivers of Hydrocarbon Solvents Market
- Around 50% of total solvents are utilized in the manufacture of paints & coatings and printing inks. Hydrocarbon solvents dissolve or disperse different components such as binders, additives, pigment, and extenders used in the formulation of paints and coatings. They also help accelerate the curing and drying process; hence, demand for hydrocarbon solvents has been increasing in the paints & coatings industry.
- Consumption of automotive paints is directly proportional to the production of new vehicles, especially passenger cars and two-wheelers. Increase in production of electric vehicles is boosting the demand for automotive paints. This is estimated to drive the demand for paints and coatings, thereby increasing the demand for rapidly drying paints. In turn, this is projected to augment the hydrocarbon solvents market during the forecast period.
- Hydrocarbon solvents are extensively used as carriers in printing inks. These solvents disperse and transfer other substances on the substrate. Printing inks are widely used in the packaging industry, primarily for labeling, cardboard cartons printing, etc. Rise in trading activities and increase in industrial output are likely to propel the demand for packaging, thereby boosting the demand for printing inks in the near future. China and India are among the major import-export countries with exponential growth in trading activities.
Key Challenges for Hydrocarbon Solvents Market
- Volatile Organic Compounds (VOCs) is a commonly used term in the hydrocarbon solvent industry. These chemicals have high vapor pressure at room temperature and easily evaporate into the air. Consequently, the lead to indoor and outdoor pollution of the environment. VOCs have compounding long-term adverse health effects; hence, they are stringently regulated by various legislations. Hydrocarbon solvents such as benzene and toluene are considered potential carcinogens and appear to have adverse impact on the molecular mechanism that controls cell growth. On an average, hydrocarbon solvents contain high amount of VOCs. Therefore, several governments have issued stringent regulations regarding VOC emissions.
- Usually, hydrocarbon solvents that are used in paints, coatings, inks, adhesives, and consumer products are considered VOCs. Thus, VOC emissions from products and industrial operations are among the significant sources of pollution. Several government and regulatory agencies have enacted laws & regulations to reduce VOC emissions from various sources, including products that contain solvents. These factors have been adversely affecting the global hydrocarbon solvents market since the last few years.
Lucrative Opportunities for Players in Hydrocarbon Solvents Market
- Key players such as Exxon Mobil Corporation, Total SE, Royal Dutch Shell, and Dow have been focusing on expanding their global footprint through increase in production capacities and strategic capital allocation
- Technological advancements offer significant opportunities for the global hydrocarbon solvents market. Europe and North America are characterized by extensive experience and knowledge in the hydrocarbon solvents market.
- The hydrocarbon solvents market has been expanding rapidly in emerging economies. Advanced technologies, and latest equipment and application of new systems are boosting the demand for improved products in developing countries and sub-regions such as China, India, Brazil, ASEAN, GCC Countries, and South Asia.
- In 2014, the Royal Dutch Shell Plc developed Gas-to-Liquids (GTL) technology for manufacture and separation of hydrocarbon solvents. The technology has fueled the hydrocarbon solvents market.
Asia Pacific Dominates Hydrocarbon Solvents Market
- In terms of volume, Asia Pacific held major share of the global hydrocarbon solvents market in 2019. It is a prominent producer and consumer of hydrocarbon solvents across the globe. Demand for hydrocarbon solvents is anticipated to increase at a faster pace in Asia Pacific compared to that in other regions. This can be ascribed to an increase in demand for hydrocarbon solvents in developing countries such as China and India. Asia Pacific is also a leading region in almost every end-use application industry for hydrocarbon solvents. These end-use industries in the region are expected to expand at a significant pace in the near future.
- Europe also accounts for key share of the global hydrocarbon solvents market. Countries/sub-regions such as Germany, France, and Russia & CIS hold large share of the market in the region.
- North America has witnessed rapid increase in demand for hydrocarbon solvents in recent years. The U.S. is expected to create lucrative opportunities for the hydrocarbon solvents market during the forecast period, due to expansion of the paint & coatings, automotive, and building & construction industries in the country. The market in Canada is estimated to expand at a steady pace during the forecast period, owing to the presence of small- and medium-sized manufacturers across the country.
Leading Players in Hydrocarbon Solvents Market
- Key players operating in the global hydrocarbon solvents market include
- Exxon Mobil Corporation
- Total SE
- Royal Dutch Shell
- On January 29, 2020, Dow announced its plan to expand its ethylene manufacturing facility in Alberta, Canada, to 130,000 metric tons by adding another furnace. The company entered into a partnership with a regional customer for the expansion of polyethylene manufacturing. The expansion is estimated to be completed in the first half of 2021.
Hydrocarbon Solvents Market – Scope of the Report
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global hydrocarbon solvents market to gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating a landscape for the growth of the global hydrocarbon solvents market. The study also identifies growth avenues for stakeholders. The report provides insightful information about how the global hydrocarbon solvents market is likely to expand during the forecast period of 2020 to 2030.
The report offers intricate dynamics about different aspects of the global hydrocarbon solvents market that aid companies operating in the market in making strategic decisions. TMR’s study also elaborates on significant changes that are highly anticipated to configure the growth of the building & construction industry with respect to the global hydrocarbon solvents market during the forecast period. It also includes a key indicator assessment to highlight growth prospects of the global hydrocarbon solvents market and estimates statistics related to growth of the market in terms of volume (Kilo Tons) and value (US$ Mn).
This study covers a detailed segmentation of the global hydrocarbon solvents market, along with key information and a competition landscape. The report mentions company profiles of key players operating in the global hydrocarbon solvents market, wherein various developments and expansions, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Hydrocarbon Solvents Market
The report provides detailed information about the global hydrocarbon solvents market on the basis of a comprehensive research on various factors that are playing a key role in accelerating the growth of the market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the market and are looking for innovative methods to create a unique benchmark in the global hydrocarbon solvents market that would help them design successful strategies and make target-driven decisions.
- Which type segment of the global hydrocarbon solvents market would emerge as a leading revenue generator during the forecast period?
- What would be the Y-o-Y growth rate of the global hydrocarbon solvents market between 2020 and 2030?
- What are winning imperatives of frontrunners in the global hydrocarbon solvents market?
- Which application segment is expected to generate maximum revenue in the global market for hydrocarbon solvents during the forecast period?
Research Methodology – Hydrocarbon Solvents Market
The research methodology adopted by analysts for compiling the report on the global hydrocarbon solvents market is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the global hydrocarbon solvents market.
For primary research, analysts have interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global hydrocarbon solvents market.
For secondary research, analysts have scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global hydrocarbon solvents market.
Hydrocarbon Solvents Market – Segmentation
TMR’s research study segments the global hydrocarbon solvents market in terms of type, application, and region. This report presents extensive market dynamics and growth trends associated with different segments and explains how they are influencing the growth of the global hydrocarbon solvents market.