Hydrocarbon Solvents Market growth is expected to stand at close to USD 6181.2 Mn During the Forecast Period (2019-2023)
Hydrocarbon Solvents Market- Drivers and Constraints Affecting the Market
Hydrocarbons are majorly used in the paints and coatings industry. Demand from large-scale sectors such as construction and automobile sector is likely to keep the market growth over the review period. Moreover, growing population, awareness among the mass, augmenting demand from automotive and construction industries, changing lifestyle, mounting applications, enhanced standard of living, and growth in disposable income of the population has contributed towards the growth of the global market.
On the flip of a coin, the rapid shift towards bio-based and water-based solvents is predicted to hinder the growth of hydrocarbon solvents globally. Moreover, increasing concern over environmental implications of such solvents has resulted in the hydrocarbon market to shrink globally. Besides, strict government mandates, growing concern over the toxicity of VOCs, increasing demand for eco-friendly products, and tough competition within the industry is predicted to inhibit the growth of the market over the assessment period.
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The prominent players operating the global market for hydrocarbon solvents are Total S.A., Royal Dutch Shell, Reliance Industries Limited, Sinopec, Ashland Inc, BP Plc, Engen Petroleum Ltd., Sasol Solvents, ExxonMobil Corporation, DowDuPont Inc., and more.
Kush Bottles, Inc., a leading provider of supplies, packaging, hydrocarbon gases, vaporizers, accessories, solvents, and branding solutions for the regulated cannabis industry, has announced that it has launched Kush Energy, a new division focusing on supplying the cannabis industry with high quality, tested solvents and hydrocarbons, essential in the extraction process for production of edibles, oils, and waxes.
According to a new report by Market Research Future, the global hydrocarbon solvents market is predicted to reach USD 6181.2 million by 2023. The market is expected to face headwinds during the assessment period (2018-2023) owing to the growing uncertainty on environmental viability of hydrocarbon solvents. Hydrocarbon solvents showcase high toxicity and face criticism from pro-environment groups. The market is expected to anticipated to touch 8589.8 thousand tons in terms of volume by the end of 2023.
Global Hydrocarbon Solvents Market Segmentation
The global hydrocarbon solvents market has been segmented on the basis of type, application, and region.
By mode of application, the global market for hydrocarbon solvents has been segmented into agriculture, chemicals, adhesives, aerosols, cleaning & degreasing, pharmaceuticals, printing inks, paints & coatings, rubbers & polymers, and more. Among these, the segment for paints and coatings is predicted to remain attractive over the review period and is likely to surpass a valuation of USD 2,380 million by 2023, showcasing 3.05 % CAGR. The increasing demand for solvent-borne industrial paints and coatings is due to the widespread application in automotive, construction, and other manufacturing industries.
By mode of type, the global market for hydrocarbon solvents has been segmented into aromatic and aliphatic solvents. Among these, the aliphatic solvents hold more than 50 % of the market share and are predicted to retain its position over the assessment period owing to its relatively lower toxicity level. Factors like disposable nature and price relaxation favor the growth of the segment.
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Asia Pacific Expected to Maintain its Dominance
The global hydrocarbon solvents market spans across Europe, North America, Latin America, Asia Pacific, and the Middle East and Arica. Asia Pacific dominated the market in 2016, accounting for more than 40 % of the market share. The high demand for paints and coatings in the construction and automotive industries in India and China is one of the key factors substantiating the growth of the market in this region. The market is predicted to touch USD 2785.4 million by 2023 in this region.
Europe accounted for 23 % of the market across the globe and had reached USD 1,250.2 million in 2017. The market in this region is likely to expand at 2.59 % CAGR over the assessment period owing to the presence of the automotive industry.
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