Regional Overview
Rising preference for bio-based solvents may hinder the hydrocarbon solvents market growth. The market research report suggests that companies in the market could be supported by high demand from emerging economies as well as expansion in the consumer base during the forecast period. The hydrocarbon solvents market is set to register growth at a high CAGR owing to these key factors.
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The market is spread across North America, Europe, Asia-Pacific, and other parts of the world. The global market research report reveals that APAC, North America, and Europe regional markets will dominate the global market for hydrocarbon solvents during the forecast period 2021-2030. As per market analysts, the market is set to witness tremendous growth across solvent-borne industrial paints and coating segments in North America which covers markets across the United States, Canada, Mexico and several other regional markets. Companies active in the hydrocarbon solvents market are also analyzed and studied in the market research report.
The hydrocarbon solvents market for Europe covers smaller market segments of Germany, Italy, France, and the United Kingdom. Additionally, the market research report covers the Asia-Pacific region covering markets from India, China, Japan, Australia, and others. The market is also spread across the rest of the world. The hydrocarbon solvents market report covers all such regions including the Middle East, Africa, Brazil, and others.
The global hydrocarbon solvents market, during the forecast period 2021-2030, will register growth at a CAGR of 2.85%.
Overview
The market for hydrocarbon solvents is set to reach US$6.18 billion by 2030. As per market analysts, the global market is anticipated to witness growth owing to the factors such as robust need for paints coatings as well as rising demand for rubbers polymers in end-user industries. However, the market will face challenges and restraints due to mounting infiltration of water base over solvent base and harsh chemicals leading to considerable environmental damage during the forecast period 2021-2030.
Rising demand for rubbers polymers in end-user industries in the market is set to play a key role in determining the growth potential during 2021-2030years. Analysts have also studied the market to understand potential threats and challenges the market companies could face. Although the hydrocarbon solvents market is poised to grow at a fast pace across type and applications segments, factors such as the growing adoption of water-based products could slow down the market’s growth worldwide.
Market Segmentation
The hydrocarbon solvents market has been segmented into type and applications. Based on the segment which is type, the market is categorized on the basis of aliphatic (heptane, hexane, mineral spirit, naphtha, and others) and aromatic. The global hydrocarbon solvents market for hydrocarbon solvents is further segmented based on applications into adhesives, aerosols, agriculture chemicals, cleaning degreasing, pharmaceuticals, printing inks, rubber polymer, paints coatings, and others.
The global hydrocarbon solvents market research report covers all the aspects of the market based on the segmental analysis of these type and applications segments. Analysts have also studied the global market’s regional markets spread across many continents and countries. The type and applications segments along with their sub-segments have been analyzed and companies functioning in the market across these segments are profiled and analyzed based on input and feedback from market based decision makers as well as primary and secondary sources. The hydrocarbon solvents market research report presents analysis based information for companies functioning in the market.
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Competitive Landscape
Companies functioning in the global hydrocarbon solvents market are also being challenged due to the steady change from synthetic solvents and bio-based solvents is a daunting hurdle. Mergers and acquisitions by market companies are anticipated to help the market during the forecast period 2021-2030. As the hydrocarbon solvents market is set to register a high CAGR of 2.85% and is also anticipated to reach a US$6.18 billion by 2030, the report highlights key areas companies need to focus on. The report suggests that the market will see a healthy growth in the long run till 2030. Based on SWOT analysis and market’s analysis based on Porters’ Five Force Model presented in the market report. Mergers and acquisitions by hydrocarbon solvents market companies are anticipated to help the market during the forecast period 2021-2030.
Industry News
ExxonMobil plans, according to the consumer letter from ICIS received on Tuesday, to raise costs for its collection of American aromatic and aliphatic hydrocarbon solvents. At Exxon’s 1 June contract, the price will be increased by three cents a lb ($66 per tonne), as well as 5 cents per lb on toluene, Xylene, Aromatic 100, Aromatic 150 and all grades of odourless mineral spirits. As a result of business pressures, the firm is rising costs, the letter says. For comment on the increments Exxon was not immediately available.
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