Hydrocarbon Solvent Market Size Worth USD 10.62 Billion by 2025 | CAGR: 4.1%
Published Date : July 2019 | Report Code: AV315 | Report Format: PDF
The hydrocarbon solvent market is expected to grow at CAGR of 4.1% to reach USD 10.62 billion by 2025.
Hydrocarbon solvents are molecules which contains only carbon and hydrogen atoms. These solvents are mainly present in the form of fractions during the refinement of crude oil. In recent times, the application of this solvent has increased across the various industries such as rubbers, agricultural, pharma and painting. Hydrocarbon solvent is a coveted material of paint manufacturers. The boom of real-estate and infrastructure on a global scale will cause demand hike significantly. The pharmaceutical industry is considered to be a big consumer of hydrocarbon solvent. Likewise, it finds wide usage of agricultural chemicals, and printing inks. Also, rapid industrialization has paved the way for market growth too.
This product, on the downside has detrimental effects on human health. It may cause health hazards like dizziness, eye irritation and respiratory problems. Hence, health concerns may hamper the global market growth. Moreover, strict government regulation on product approval will restraint the industry development to some extent.
- Product wise, the industry is categorized as aliphatic and aromatic types. The aliphatic type accounted for thei significant revenue share owing to the growing demand from coating and paintings industry, particularly in developing economies
- Xylene, ethylbenzene and toluene solvents are the three main aromatic products. The Xylene solvent segment will exhibit the fastest and highest growth in its pure state as well in compounds due to rising capacity and high solvency power.
- In terms of application, the industry is broadly segregated into rubbers & polymer, painting & coating, pharmaceuticals, adhesives, agriculture chemicals and others.
- Coatings & painting application captured the highest revenue share owing to the surging growth in the machinery, appliances and automotive OEM sectors.
- Also, hydrocarbon solvents are widely used in tire rubber compounding, and compounding of other products like shoe sole, shoe heel, rubber belts, flooring, and rubber tube.
- Asia Pacific region is expanding at the highest CAGR due to the rising demand from coating and paintings application segment
- Key companies in the global hydrocarbon solvent market are Total S.A., ExxonMobil Corporation, Royal Dutch Shell, DowDuPont, Sinopec, Ashland Inc., Eastman Chemical Company, BP p.l.c., Reliance Industries Limited, Chevron Corporation, Sasol Solvents, Ashland, and Engen Petroleum Limited.
- Key players are focusing on the formation of strategic alliance and partnerships with local players. For instance, BG Group formed single partner alliance with KBR, Inc., a hydrocarbons service provider.
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- Well-designed strategic framework analyzes the market movements including regional expansion, mergers & acquisitions, and new product developments
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY PRODUCT
MARKET, BY APPLICATION
- Paints & Coatings
- Rubbers and Polymers
- Agriculture Chemicals
MARKET, BY REGION
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Rest of the World
- The Middle East and Africa
- Latin America
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