- Aliphatic
- Aromatic
Hydrocarbon Solvents Market size was estimated at USD 7.42 billion in 2022 and is poised to grow at a CAGR of 3.02% from 2023-2029. Rising demand for solvents by various end-use industries such as metal cleaning, adhesives, paints & coatings, and printing inks has up surged the market growth. It also finds a wide of applications in cleaning products comprising of regular consumer usage products to numerous tailor-made industrial cleaners drives the growth of market. However, augmented cynicism on ecological sustainability of hydrocarbon solvents as well as high toxicity has restrained the growth of market. Global market report gives comprehensive outlook on hydrocarbon solvents across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East Africa. This report studies global market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product Opportunities). The market for hydrocarbon solvents is growing due to an increase in the use of hydrocarbon solvents by paint producers to create innovative products. A surge in the use of hydrocarbon solvents in the pharmaceutical industry is also propelling the market forward. However, the negative effects of hydrocarbon solvents on human health, such as dizziness and irritation of the nose and eyes, are limiting the market's growth. The market is predicted to grow rapidly in the near future, thanks to an increase in leading players' investments and technical improvements.
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Hydrocarbon solvents are used in various applications such as paints & coatings, printing inks, agriculture chemicals, pharmaceuticals, adhesives, metal cleaning, others. Paints and coatings is one of the major applications of hydrocarbon solvents. Paints make use of many organic thinners, such as white spirits, ketones alcohols, aromatics, aliphatic. Rapid industrial development coupled with evolving consumer preferences upsurges the demand for paints and coatings, thereby driving the market growth. The segment is further followed by printing inks. They find its applications to dissolve particulate matters, such as dyes, resins, pigments.
The hydrocarbon solvents market size was valued at USD 7.42 billion in 2022
Growing Demand Owing to their Wide Range of Applications
Asia Pacific is the fastest-growing for hydrocarbon solvents market
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15. Key Assumptions and Acronyms