Global Hydrocarbon Solvents Market to Generate a Revenue of USD 9.87 Billion By 2030

12-Jun-2023 | Zion Market Research

The global hydrocarbon solvents market size was worth around USD 6.60 billion in 2022 and is predicted to grow to around USD 9.87 billion by 2030 with a compound annual growth rate (CAGR) of roughly 4.1 % between 2023 and 2030.

Global Hydrocarbon Solvents Market Size

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.

This review is based on a report by Zion Market Research, 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"- Report at https://www.zionmarketresearch.com/report/hydrocarbon-solvents-market

Increasing demand for adhesives and sealants across various industries is likely to drive the global hydrocarbon solvents market demand throughout the projection period. Adhesives and sealants are vital in industries such as construction, automotive, packaging, and electronics for bonding, sealing, and joining applications. Hydrocarbon solvents play a crucial role in formulating adhesives and sealants by enhancing their viscosity, adhesion properties, and curing processes. The growing adoption of adhesives and sealants as alternative joining methods to traditional mechanical fastening or welding is driving the demand for hydrocarbon solvents. This is fueled by factors such as lightweight construction trends, increasing focus on energy efficiency, and the need for flexible bonding solutions in various applications.

Increasing competition from alternative solvents and substitute products will hamper the growth of the hydrocarbon solvent industry. With the growing emphasis on sustainability and environmental concerns, industries are actively seeking alternative solvents that have lower toxicity, reduced emissions, and are derived from renewable sources.

Increasing demand for low-odor and low-toxicity solvents in consumer products and household applications is expected to create growth opportunities for the global hydrocarbon solvent market. As consumers become more conscious of indoor air quality and health concerns, there is a growing market for safer and more environmentally friendly solvents used in products such as paints, cleaners, personal care items, and home fragrance products. Manufacturers can tap into this opportunity by developing and promoting solvents that offer improved safety profiles and reduced odor, addressing consumer preferences and regulatory requirements.

Rising concerns and regulations regarding health and safety to pose challenges for hydrocarbon solvent industry expansion. Many hydrocarbon solvents have associated health risks, such as toxicity and flammability, which can pose risks to workers' health and safety during manufacturing, handling, and application processes.

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.

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.

Recent Developments:

  • In November 2021, Merck, a leading Science and technology company announced the launch of its new line of complementary green solvents for use in photolithographic processes in semiconductor production.
  • In May 2020, Chevron Corporation, a leading integrated energy company announced the completion of the acquisition of Noble Energy, Inc. This acquisition synergizes Noble's exclusive assets with Chevron's robust portfolio and is expected to deliver remarkable results.

Hydrocarbon Solvents Market: Competitive Analysis

The global hydrocarbon solvents market is dominated by players like:

  • 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.

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

By Region

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

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