Market Overview

A new report directed by Market Research Future (MRFR) uncovers that the worldwide market for hydrocarbon solvents will observer a hesitant development over the course of the two or three years. By 2023, the market is required to remain at near USD 6181.2 Mn. The utilization of hydrocarbon solvents is at present amassed in the paints and coatings industry. Developing worries over ecological ramifications of hydrocarbon solvent has prompted a serious therapist in their in general modern application as of late. In any case, unremitting interest from huge scope areas, for example, vehicle and development has been to some degree keeping the market signs under control.

Interests in hydrocarbon solvents market is relied upon to stay moderate as end-client enterprises shift towards options that are more suitable – water based solvents. Hydrocarbon solvents are additionally losing their portion of the overall industry to bio-based solvents, which are significantly more eco-accommodating. Furthermore, tough guidelines on utilization of these solvents forced by EU, EPA, and SEPA represent a significant danger to the market.

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), and Engen Petroleum Ltd. (South Africa).

Complete Report Details @ https://www.marketresearchfuture.com/reports/hydrocarbon-solvents-market-6143

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.

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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