Hydrocarbon Solvents Market Competitor Landscape, Opportunity Analysis, Growth, Trends & Forecast 2019-2023

23/ott/2019 11:07:34 Tejas Amale Contatta l'autore

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Hydrocarbon Solvents Market - Overview:

A recent study conducted by the Market Research Future (MRFR) reveals that the global market for hydrocarbon solvents will witness growth in the next couple of years. By 2023, the market is expected to stand at close to USD 6181.2 Mn. The use of hydrocarbon solvents is currently concentrated in the paints & coatings industry. Hydrocarbon solvent has led to severe shrink in their overall industrial application in recent years. However, unremitting demand from large-scale sectors such as automobile and construction has been somewhat keeping the market omens at bay.

Investments in hydrocarbon solvents market is expected to remain moderate as end-user industries shift towards alternatives that are more viable – water based solvents. Hydrocarbon solvents are also losing their market share to bio-based solvents, which are much more eco-friendly. In addition, stringent regulations on use of these solvents imposed by EU, EPA, and SEPA pose a major threat to the market.

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Competition Tracking

Leading market players profiled in MRFR's report include Sinopec (China), Sasol Solvents (South Africa), Exxon Mobil Corporation (US), Ashland Inc. (US), Reliance Industries Limited (India), Royal Dutch Shell (Netherlands), DowDuPont, Inc. (US), Total SA (France), BP Plc (UK), Formosa Petrochemical Corporation (Taiwan), and Engen Petroleum Ltd. (South Africa).

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 is a market valuation of USD 2,380 Mn towards the end of 2023, exhibiting at CAGR of 3.05%. 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 continuous coatings to remain strong, which is key growth 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% of the market and is likely to retain its leading position over the assessment period. Aliphatic solvents have relatively lower toxicity levels and therefore can be used in a number of industrial applications. Factors such as price relaxations and disposable nature the aliphatic solvents currently accounts for more than 50% of the market and is likely to hold its position over the assessment period. Aliphatic solvents have relatively lower toxicity levels and therefore can be used in a number of industrial applications. Factors such as price relaxations and disposable nature the aliphatic solvents currently accounts for more than 50% Aliphatic solvents have relatively lower toxicity levels and therefore can be used in a number of industrial applications. Factors such as price relaxations and disposable nature

On the basis of the region, the Global Hydrocarbon Solvents Market is segmented 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 is to substantiate the growth of hydrocarbon solvents in the automotive and construction industries in China and India. Asia Pacific hydrocarbon solvent market is expected to reach 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 CAGR of 2.59% during the assessment period.   

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