Emerging Trends in Global Hydrocarbon Solvents Market Size & Share: CAGR of 4.1% and Revenue Projected to Surpass $9.87 Billion by 2030

New York, NY, June 13, 2023 (GLOBE NEWSWIRE) -- NEW YORK, United States

Zion Market Research has published a new research report titled Hydrocarbon Solvents Market By Type (Aliphatic Solvents, Aromatic Solvents, Mineral Spirits, And Others), By Application (Paints & Coatings, Adhesives & Sealants, Pharmaceuticals, Cleaning Agents & Degreasers, Rubber & Polymer, Chemical Processing, And Others), And By Region – Global, And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the demand of global Hydrocarbon Solvents Market size & share in terms of revenue was valued at USD 6.60 billion in 2022 and it is expected to surpass around 9.87 Billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 4.1% during the forecast period 2023 to 2030.”

What is Hydrocarbon Solvents? How big is the Hydrocarbon Solvents Industry?

Report Overview:

Hydrocarbon solvents are a class of chemical compounds that are composed exclusively of hydrogen and carbon atoms. They are derived from petroleum or natural gas and are widely used as solvents in various industrial applications and consumer products. Hydrocarbon solvents are known for their excellent dissolving power, which makes them effective in dissolving or dispersing a wide range of substances, including oils, greases, resins, waxes, adhesives, and many organic compounds. They are commonly used in industries such as coatings, paints, cleaning products, pharmaceuticals, and chemical manufacturing. Aliphatic solvents have low to medium boiling points and include compounds such as naphtha, mineral spirits, and hexane. They are commonly used in paint thinners, degreasers, and industrial cleaning agents.

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Global Hydrocarbon Solvents Market: Growth Factors

The global Hydrocarbon Solvents market is expected to grow at slow but steady CAGR during the forecast period. Rise in use of basalt fiber in applications such as molded materials, transportation, electronics, building & construction etc., are key factors driving the demand for Hydrocarbon Solvents. Rapidly growing population has been resulted into increased number of transportation, daily use electronic equipment, buildings etc. Building and construction dominated the global Hydrocarbon Solvents market with around 37% share of the market in 2022.

However, transportation, electronics etc. applications expected to exhibit fastest growth rate (CAGR) as compared to building and construction application in the years to come. Moreover, use of Hydrocarbon Solvents in other applications like sports equipment, defense, space and aeronautic components is also expected to boost the demand for Hydrocarbon Solvents.

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Report Scope

Hydrocarbon Solvents Market: Segmentation Analysis

The global hydrocarbon solvents industry is segmented based on type, application, and region.

Based on the type, the global market is bifurcated into aliphatic solvents, aromatic solvents, mineral spirits, and others. The aromatic solvents segment will capture the largest market share during the forecast period. Aromatic solvents are widely used in various applications due to their excellent solvency power and compatibility with different materials. They find extensive use in industries such as paints & coatings, adhesives, rubber & polymer, and chemical processing. Aromatic solvents, such as toluene, xylene, and benzene, offer high solvency and efficient dissolving capabilities, making them suitable for a wide range of applications. However, it's important to note that the market share can vary depending on factors such as regional preferences, specific industry requirements, and regulatory factors.

Based on the application, the global hydrocarbon solvent industry is divided into paints & coatings, adhesives & sealants, pharmaceuticals, cleaning agents & degreasers, rubber & polymer, chemical processing, and others. The paints and coatings segment is expected to dominate the market over the forecast period. The paints and coatings industry is Asia’s major consumer of hydrocarbon solvents. These solvents are used in the formulation of paints, varnishes, and coatings to dissolve and disperse pigments, enhance application properties, and facilitate drying. The paints and coatings industry encompasses various sectors, including architectural coatings, automotive coatings, industrial coatings, and more. The demand for hydrocarbon solvents in the paints and coatings industry is driven by factors such as infrastructure development, construction activities, maintenance & refurbishment projects, and the overall growth of the global construction & automotive sectors.

The global Hydrocarbon Solvents market is segmented as follows:

By Type

• Aliphatic Solvents
• Aromatic Solvents
• Mineral Spirits
• Others

By Application

• Paints and Coatings
• Adhesives and Sealants
• Pharmaceuticals
• Cleaning Agents and Degreasers
• Rubber and Polymer
• Chemical Processing
• Others

Browse the full “Hydrocarbon Solvents Market By Type (Aliphatic Solvents, Aromatic Solvents, Mineral Spirits, And Others), By Application (Paints & Coatings, Adhesives & Sealants, Pharmaceuticals, Cleaning Agents & Degreasers, Rubber & Polymer, Chemical Processing, And Others), And By Region – Global, And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/hydrocarbon-solvents-market

Competitive Landscape

Some of the main competitors dominating the global Hydrocarbon Solvents market include - 

• Exxon Mobil Corporation
• Royal Dutch Shell plc
• Chevron Phillips Chemical Company LLC
• LyondellBasell Industries N.V.
• BP plc
• Total Energies SE
• Hidemitsu Kosan Co. Ltd.
• SK Global Chemical Co. Ltd.
• Phillips 66
• Indian Oil Corporation Limited

Key Insights from Primary Research:

• As per the analysis shared by our research analyst, the global hydrocarbon solvents market is estimated to grow annually at a CAGR of around 4.1% over the forecast period (2023-2030).
• In terms of revenue, the global hydrocarbon solvents market size was valued at around USD 6.60 billion in 2022 and is projected to reach USD 9.87 billion, by 2030.
• The primary factor projected to drive the hydrocarbon solvents market is the increasing demand from various end-use industries. Hydrocarbon solvents are organic compounds derived from petroleum or natural gas. They are widely used as solvents in numerous industries due to their excellent dissolving capabilities, high solvency power, low cost, and relatively low toxicity.
• Based on the type, the aromatic solvents segment is expected to capture the largest market share during the forecast period.
• Based on the application, the paints and coatings segment will grow at a significant rate during the forecast period.
• Based on region, North America is expected to dominate the market during the forecast period.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Hydrocarbon Solvents industry?
• What are the main driving factors propelling the Hydrocarbon Solvents Market forward?
• What are the leading companies in the Hydrocarbon Solvents Industry?
• What segments does the Hydrocarbon Solvents Market cover?
• How can I receive a free copy of the Hydrocarbon Solvents Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Application Type and By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

North America is expected to dominate the global hydrocarbon solvents market during the forecast period. The North American region has a strong presence in the paints and coatings industry, which drives the demand for hydrocarbon solvents. The construction sector and increasing infrastructure projects further fuel this demand. Environmental regulations in North America have prompted a shift towards eco-friendly solvents. Hydrocarbon solvent manufacturers are investing in research and development to offer low VOC or VOC-free solvents, aligning with sustainability goals and addressing regulatory requirements. Further, the pharmaceutical industry in North America relies on hydrocarbon solvents for various applications, including drug formulation and extraction processes. The expanding pharmaceutical sector contributes to the increased demand for hydrocarbon solvents in the region.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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FREQUENTLY ASKED QUESTIONS

• What was the value of global Hydrocarbon Solvents market in 2022?
• What will be the size of the global Hydrocarbon Solvents market in 2030?
• What are the key factors driving the global Hydrocarbon Solvents market growth?
• Which region will make notable contributions in the global Hydrocarbon Solvents market?
• Who are the major companies operating in the global Hydrocarbon Solvents market?

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