Market Research Future Published a Research Study on Hydrocarbon Solvents Market Research Report, Size, Share and Industry Analysis - Forecast to 2023
Hydrocarbon Solvents Market- Overview:
A
recent study conducted by Market Research Future (MRFR) reveals that
the global market for hydrocarbon solvents will witness a timid growth
over the next couple of years. By 2023, the market is expected to stand
at close to USD 6181.2 Mn. The use of hydrocarbon solvents is currently
concentrated in the paints & coatings industry. Growing concerns
over environmental implications of hydrocarbon solvent has led to a
severe shrink in their overall industrial application in recent years.
However, unremitting demand from large-scale sectors such as automobile
and construction has been somewhat keeping the market omens at bay.
Investments
in hydrocarbon solvents market is expected to remain moderate as
end-user industries shift towards alternatives that are more viable –
water based solvents. Hydrocarbon solvents are also losing their market
share to bio-based solvents, which are much more eco-friendly. In
addition, stringent regulations on use of these solvents imposed by EU,
EPA, and SEPA pose a major threat to the market.
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Competition Tracking
Leading market players profiled in MRFR’s report include-
- Sinopec (China)
- Sasol Solvents (South Africa)
- Exxon Mobil Corporation (U.S.)
- Ashland Inc. (U.S.)
- Reliance Industries Limited (India)
- Royal Dutch Shell (Netherlands)
- DowDuPont, Inc. (U.S.)
- Total S.A. (France)
- BP Plc (U.K)
- Formosa Petrochemical Corporation (Taiwan)
- Engen Petroleum Ltd. (South Africa)
Global Hydrocarbon Solvent Market: Segmental Overview
The
hydrocarbon solvents market is segmented on the basis of application,
type and region. Based on the applications, the market is segmented into
paints & coatings, cleaning & degreasing, printing inks,
rubbers & polymers, adhesives, aerosols, agriculture chemicals,
pharmaceuticals, and others. The paints & coatings segments is
expected to remain highly attractive during the forecast period
(2018-2023). This segment is likely to surpass a market valuation of USD
2,380 Mn towards the end of 2023, exhibiting a CAGR of 3.05%. This can
be attributed to the growing demand for solvent-borne industrial paints
& coatings. Such coating and paints have widespread application in
construction, automotive manufacturing and other manufacturing
industries. The global sales of solvent-borne paints and coating
continue to remain strong, which is a key growth enabler for the market.
On the basis of the type, the market is bifurcated into aliphatic and
aromatic solvents. Among these, the aliphatic solvents currently
accounts for more than 50% share of the market and is likely to retain
its leading position over the assessment period. Aliphatic solvents have
relatively lower toxicity level and thereby can be used in a number of
industrial applications. Factors such as price relaxations and
disposable nature of the such solvents also favors the segment’s growth.
Browse Key Industry insights spread across 190 pages with 216 market data tables & 15 figures & charts from the Report, “Hydrocarbon
Solvents Market Research Report, by Type (Aliphatic Naphtha, Mineral
Sprit, Heptane, Hexane and Others) and Aromatic), By Application(Paints
& Coatings, Cleaning & Degreasing, Adhesives, Aerosols, Rubber
& Polymer, Printing Inks, Pharmaceuticals , Agriculture Chemicals
and Others)By Region – Forecast to 2023” in detail along with the table of contents@ https://www.marketresearchfuture.com/reports/hydrocarbon-solvents-market-6143
On
the basis of region, the Global Hydrocarbon Solvents Market is segment
into North America, Europe, Asia Pacific, Latin America, and the Middle
East & Africa. In 2016, Asia Pacific dominated the global
hydrocarbon solvents market, accounting for more than 40% of the share
of the global hydrocarbon solvents market. The primary factor
substantiating the growth of the hydrocarbon solvents market in the
region is the strong demand for paints & coatings in the automotive
and construction industries in China and India. Asia Pacific hydrocarbon
solvent market is expected to reach a value of USD 2785.4 Mn over 2023.
Meanwhile, Europe accounted for 23% of the global market and reached a
market valuation of USD 1,250.2 Mn in 2017. The region’s market is
projected to expand at a CAGR of 2.59% during the assessment period.
Existence of a massive automotive industry in Europe is reflecting
favorably on the region’s market.
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