Isoparaffin Solvents Market Size & Share to Surpass USD 961.8 Bn by 2028 | Vantage Market Research

WASHINGTON, Nov. 14, 2022 (GLOBE NEWSWIRE) -- Global Isoparaffin Solvents Market is expected to reach a value of $961.8 Million by 2028. The market is projected to expand at a CAGR (Compound Annual Growth Rate) of 3.5%from 2022 to 2028.

Market Overview  

The Isoparaffinic Solvents are derived from petroleum and are widely used in various industries such as paints & coatings, printing inks, adhesives, and cleaners. They offer several advantages over other solvents such as low toxicity, environmental friendliness, and high flash point in the Global Isoparaffin Solvents Market. They are highly volatile and have low viscosity. These properties make them ideal for use in various applications such as cleaning, degreasing, extraction, and others. These factors are anticipated to drive market growth during the forecast period.

However, the volatile raw material prices and stringent regulations are some of the major challenges faced by the manufacturers operating in Isoparaffin Solvents Market. Nevertheless, the rising demand for bio-based solvents is expected to provide new opportunities for market players in the coming years.

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What does the Report Cover?

The report provides a detailed analysis of the key players in the Isoparaffin Solvents Market and their business strategies such as new product launches, expansions, collaborations, partnerships, and acquisitions. The report also includes a comprehensive analysis of the competitive landscape of the market and an in-depth analysis of the major trends impacting the growth of the market.

List of Prominent Players in the Isoparaffin Solvents Market:

• Exxon Mobil Corporation
• Royal Dutch Shell PLC
• Demits Kosan Co. Ltd
• Chevron Phillips Chemical Company
• Total S.A.
• Mehta Petro Refineries Limited
• RB Products Inc.
• Maruzen Petrochemical Co. Ltd.
• Braskem
  

Market Dynamics: Drivers, Restraints, Challenges, and Opportunities

• Growing demand for Isoparaffin Solvents Marketing the Paints & Coatings Industry is one of the key factors driving the growth of the market. In addition, these solvents are also used in adhesives & sealants, and printing inks due to their excellent solvent power and low evaporation rate.
• Moreover, they exhibit good compatibility with a wide range of materials and can be easily removed after the desired reaction has taken place. This makes them suitable for use in various end-use industries such as construction, automotive, and electronics among others.
• Vantage Market Research's analysis of the Isoparaffin Solvents Market shows that this market is expected to continue to grow in the coming years. This growth is being driven by the increasing demand for these solvents in a variety of applications, including cleaning and degreasing. In addition, the development of new uses for Isoparaffin Solvents Market, such as in textile processing and as a fuel additive, is also helping to drive industry growth.
• However, the high cost of these solvents is restraining the growth of the market to some extent. Moreover, stringent environmental regulations regarding VOC emissions are also challenging the growth of the market.
• Moreover, volatile prices of Isoparaffinis are one of the key challenges faced by the manufacturers in this market.
• Nevertheless, the development of bio-based isoparaffin and the growing demand for green solvents are some of the trends that are expected to provide new opportunities for players in the Global Isoparaffin Solvents Market.

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Key Highlights from Report:

• From among the Product Types segmentation, the C9-C11 segment is anticipated to dominate the Isoparaffin Solvents Market with the highest market share during the forecast period. Moreover, it is the top-selling product in the Isoparaffin Solvents space.
• From among the Application segmentation, the Paints & Coatings segment accounted for the highest CAGR (Compound Annual Growth Rate) in the forecast period. This growth is attributed to the surge in product usage in developing low-odor paints & coatings for residential as well as commercial building interiors & wood manufacturing.
• Geographically, North America held the largest market share in 2021 and is likely to be the most profitable market in the forecast period. This surge is because of the rapid suburbanization and the significant presence of the automobile industry in this region.
  

Oversupply of Isoparaffin Solvents Marketto Give Headache to Manufacturers

There is a global oversupply of Isoparaffin Solvents Market, which has led to declining prices and profitability in the industry. PWD's analysis shows that the Isoparaffin Solvents Market will continue to be challenging in the short term, with little relief expected in the near future.

Vantage Market Research’s study on Global Isoparaffin Solvents Market indicates that there are a number of reasons for the current oversupply situation, including:

• increased production capacity in Asia;
• lower demand from key end-use markets such as paints & coatings and printing inks; and
• strong competition from other solvent types.
  

Pricing pressure is forecast to continue in the short term, with some prices expected to fall further. This will put additional pressure on already squeezed margins in the Isoparaffin Solvents Market. VMR expects only limited consolidation activity in the industry over the next 12 months, as most companies are focused on managing their existing businesses.

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Segments Covered:

By Product Types

• C4-C8, C9-C11, C12, C13-C14, C15 <
  

By Applications

• Paints & Coating, Industrial, Adhesives & Sealant, Polymerization, Agrochemical, Pharma & Personal Care Product, Other Applications
  

By Region

• North America, Europe, Asia Pacific, Latin America, Middle East & Africa
  

Regional Analysis:

Asia Pacific is the Largest Isoparaffin Solvents Market and Hold over 40% Market Share

The Asia Pacific region is the largest consumer of paint & coatings due to the growing construction and automotive industries in the region. Moreover, the rapid economic growth in countries such as China and India are also fueling market growth. The metal cleaning application segment is also anticipated to grow at a significant rate over the forecast period in the region owing to the rising demand from the aerospace and defense industries.

Vantage Market Research’s analysis of the Asia Pacific Isoparaffin Solvents Market has found that the region has the largest Isoparaffin Solvents Market industry in terms of both production and consumption. All thanks to the region's large population and growing middle class, the product is used in a variety of household and industrial applications such as paint thinners, cleaners, adhesives, lubricants, and polishes.

Growing urbanization and industrialization in developing countries such as China and India are expected to drive the demand for Isoparaffin Solvents Market over the forecast period. Increasing government regulations regarding volatile organic compound (VOC) emissions are also expected to have a positive impact on market growth. However, stringent environmental regulations in developed countries such as Japan and South Korea are expected to restrain market growth in these regions.

China Dominates the Asia Pacific Isoparaffin Solvents Market

Production of Isoparaffin Solvents Market in Asia Pacific is dominated by China, which accounted for an estimated 52% of the region's total output in 2021. Other major producers include Japan, South Korea, India, and Taiwan.

China is also the largest consumer of Isoparaffin Solvents Market in the Asia Pacific, followed by Japan and India. Demand in China is driven by the country's booming construction industry, as well as by rising household incomes and urbanization.

Our analysis shows that Asia Pacific is the most attractive producer in the Global Isoparaffin Solvents Market due to its strong growth prospects and large size. Producers looking to expand their operations in the region should focus on China, which offers the greatest opportunities due to its large population and rapidly growing economy.

Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on Isoparaffin Solvents market Forecast Report (2022-2028).

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