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The hydrocarbon solvents market size is estimated to grow by USD 2.74 billion, at a CAGR of 5.24% between 2023 and 2028. The hydrocarbon solvents market is experiencing significant growth, driven by advances in the extraction and refining processes of hydrocarbons. These technological innovations have led to increased efficiency and productivity in various industries, including pharmaceuticals, agriculture, and food and beverages. Another trend shaping the market is the rise of digitalization in oil and gas and automation in hydrocarbon solvent manufacturing, which is improving operational efficiency and reducing production costs. However, the high manufacturing cost of green and bio-based hydrocarbon solvents remains a challenge for market growth. Despite this, the market is expected to continue expanding due to the growing demand for sustainable and eco-friendly solvents in various applications. Overall, the hydrocarbon solvents market is poised for continued growth, driven by technological advancements and the increasing demand for sustainable and efficient production processes.
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The market report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The aromatic segment is estimated to witness significant growth during the forecast period. Aromatic hydrocarbons, including benzene, toluene, and xylene, serve as essential feedstocks in the production of various chemicals for numerous industries. For instance, ethylbenzene is used to produce styrene for polystyrene and polyethylene terephthalate (PET) production, which are extensively applied in packaging, automobiles, and consumer goods. Cumene is another aromatic hydrocarbon used to manufacture phenol and acetone.
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The aromatic segment accounted for USD 5.98 billion in 2018 and showed a gradual increase during the forecast period. Aniline, derived from benzene, is utilized in the production of polyurethane. Moreover, aromatic hydrocarbons are indispensable in the creation of high-octane fuels and fuel-performance additives. The demand for petrol and diesel significantly influences the consumption of these hydrocarbons. In the chemical sector, these hydrocarbons find applications in the production of agricultural chemicals, such as herbicides, fungicides, and pesticides. Aromatic hydrocarbons like toluene and xylenes are used as solvents in various industries, including paints and coatings, adhesives, and varnish manufacturing. Additionally, aromatic hydrocarbons are employed as thinners in solvent-based paints and coatings, such as decorative paints, automotive paints, industrial paints, and protective paints. In agriculture, these hydrocarbons are used in the production of agricultural chemicals, including aerosols, rubber and polymer products, corrugated cardboard, and product packaging. Printed labels also rely on aromatic hydrocarbons like toluene and xylenes as solvents. Furthermore, alcohols, glycol ethers, and aliphatic solvents like alcohols, naphtha, heptane, and hexane, are also used as solvents in various industries. For example, alcohols like methanol and ethanol are used as solvents in the production of cellulose derivatives, such as cellulose acetate, which is used in the manufacture of plastics, fibers, and films. Glycol ethers are used as solvents in coatings, adhesives, and inks. Aliphatic naphtha and mineral spirits are used as solvents in paints and coatings, while heptane and hexane are used as fuel components and as solvents in various industries.
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APAC is estimated to contribute 39% to the growth of the global market during the market forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market encompasses a wide range of organic compounds used as solvents in various industries. These solvents include alcohols, glycol ethers, aliphatic and aromatic hydrocarbons, and specialty solvents such as Cyrene, Dimethylformamide (DMF), and Turpentine. Aliphatic solvents, including mineral spirits, heptane, and hexane, are widely used as thinners in paints and coatings, adhesives, and as fuels. Aromatic hydrocarbons, such as toluene and xylenes, are used in decorative paints, automotive paints, industrial paints, protective paints, and agricultural chemicals.
Additionally, hydrocarbon solvents find applications in aerosols, rubber and polymer production, corrugated cardboard, product packaging, printed labels, and varnish manufacturing. Agricultural goods, such as sugar, oils, fats, cellulose, cereals, rice, and corn, are often processed using hydrocarbon solvents as processing aids or as intermediates in the production of agricultural chemicals, fungicides, and crop traits. Microbial products are also produced using hydrocarbon solvents as growth media or as processing aids.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
BASF SE - The company offers hydrocarbon solvents such as Kollisolv PYR, n-Hexyldiglycol and others.
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Market structure |
Fragmented |
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YoY growth 2023-2024 |
4.31 |
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Hydrocarbon solvents, a crucial category of petroleum derivatives, are organic compounds primarily composed of hydrogen and carbon atoms. They are derived from crude oil refineries and are widely used as solvents in various industries. Hydrocarbon solvents can be classified into naphthenic, paraffinic, and aromatic elements based on their structural properties. These solvents find extensive applications in diverse sectors such as paints, varnishes, and agricultural chemicals. In the paint industry, they serve as essential ingredients in coatings, enhancing their performance and durability. In agriculture, hydrocarbon solvents are used as intermediates in the production of fungicides, microbial products, and crop traits. Besides, hydrocarbon solvents are used in the production of bio-solvents like Cyrene, alcohols, glycol ethers, and other organic compounds. These bio-solvents are gaining popularity due to their eco-friendly nature and lower environmental impact.
Moreover, hydrocarbon solvents are used in the processing of agricultural goods like sugar, oils, fats, cellulose, and cereals. Some of the major hydrocarbon solvents include Naphthenic and Paraffinic types, which are extensively used in the production of varnishes and agricultural chemicals. Aromatic hydrocarbon solvents are widely used in the production of paints and coatings due to their excellent solvency power. Some of the key manufacturers of hydrocarbon solvents include Varnish manufacturers and Agricultural chemicals producers.
The advances in extraction and refining processes of hydrocarbons is notably driving market growth. Hydrocarbon solvents are essential components in various industries, including rubber products, paint formulations, and agrochemicals. In the rubber industry, hydrocarbon solvents are utilized to improve the processing properties of natural latex gloves and other rubber products. In paint formulations, these solvents act as carriers for pigments and resins, ensuring even distribution and optimal performance. Within the agrochemical sector, hydrocarbon solvents serve as intermediates in the production of pesticides and herbicides. The global market for hydrocarbon solvents is experiencing steady growth due to the increasing demand for these products in diverse applications. Companies such as BASF SE, ExxonMobil, and Royal Dutch Shell are major contributors to the hydrocarbon solvents market. These firms invest in research and development to innovate and produce high-performance solvents that cater to the evolving needs of industries. Thus, such factors are driving the growth of the market during the forecast period.
The rise of digitalization and automation in hydrocarbon solvent manufacturing is the key trend in the market. The market is witnessing significant growth due to its extensive applications in various industries. Notable sectors include rubber products, paint formulations, and agrochemicals. In rubber production, hydrocarbon solvents are utilized for the processing of natural latex gloves, enhancing their durability and flexibility. In the paint industry, these solvents play a crucial role in improving the application and drying properties of paint formulations. Additionally, they are indispensable in agrochemical manufacturing, acting as carriers for active ingredients, thereby increasing their efficacy. The market growth can be attributed to the increasing demand for these products in diverse applications and the continuous research and development in the field to create more efficient and eco-friendly solvents. Thus, such trends will shape the growth of the market during the forecast period.
The high manufacturing cost of green and bio-based hydrocarbon solvents is the major challenge that affects the growth of the market. Hydrocarbon solvents are essential components in various industries, including rubber products, paint formulations, and agrochemicals. In rubber manufacturing, hydrocarbon solvents are used to improve the processing properties of natural latex gloves and other rubber goods. In the paint industry, these solvents serve as carriers for pigments and resins, ensuring even distribution and optimal performance. In the agrochemical sector, hydrocarbon solvents play a crucial role in enhancing the solubility and effectiveness of organic pesticides and herbicides. These applications underscore the significance of hydrocarbon solvents in diverse industries, making them an indispensable commodity in modern manufacturing processes. Hence, the above factors will impede the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Hydrocarbon solvents are petroleum derivatives made up of carbon and hydrogen fuel atoms. They are widely used in various industries due to their ability to dissolve a wide range of substances. Crude oil refineries produce hydrocarbon solvents through the distillation process. Naphthenic, paraffinic, and aromatic elements are the primary types of hydrocarbon solvents. These solvents find extensive applications in several sectors such as paints, varnishes, printing inks, binders, additives, pigments, extenders, skincare products, agrochemical industry, and agrochemical sector. In the agrochemical industry, hydrocarbon solvents are used in the production of agricultural pesticides.
However, the use of hydrocarbon solvents comes with environmental concerns such as harmful emissions contributing to air pollution. Alternative solvents like green bio-based solvents, water-based solvents, and renewable feedstocks are gaining popularity due to their eco-friendly nature. Green manufacturing practices and the shale gas boom have led to an increase in natural gas production, providing a sustainable source for hydrocarbon solvents. The chemical division uses hydrocarbon solvents in the production of construction adhesives, cleaning agents, and degreasing agents. Despite the environmental concerns, the demand for hydrocarbon solvents remains high due to their effectiveness and affordability. However, the rising crude oil prices and the availability of alternative solvents may impact the market growth. The future of hydrocarbon solvents lies in the adoption of sustainable practices and the development of new applications.
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Market Scope |
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Report Coverage |
Details |
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Page number |
212 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.24% |
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Market growth 2024-2028 |
USD 2746.9 million |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 39% |
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Key countries |
China, US, Germany, India, UK, and Japan |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
BASF SE, Chemex Organochem Pvt Ltd., Chevron Phillips Chemical Co. LLC, Clariant AG, Dow Inc., Eastman Chemical Co., Exxon Mobil Corp., Honeywell International Inc., Huntsman Corp., Idemitsu Kosan Co. Ltd., INEOS AG, LyondellBasell Industries N.V., Neste Corp., Reliance Industries Ltd., Sasol Ltd., Shell plc, SK geo centric Co Ltd, Sydney Solvents, TotalEnergies SE, and Univar Solutions Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Technavio Analysis
3 Market Landscape
4 Market Sizing
5 Historic Market Size
6 Additional Value/Volume Data
7 Five Forces Analysis
8 Market Segmentation by Type
9 Market Segmentation by End-user
10 Customer Landscape
11 Geographic Landscape
12 Drivers, Challenges, and Opportunity/Restraints
13 Competitive Landscape
14 Competitive Analysis
15 Appendix
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