De aromatic solvents market

De-Aromatic Solvents Market, (Paints & Coatings, Metal Working, Industrial Cleaning, Adhesives & Sealants, Drilling Fluids, Consumer Products, Others (Chemical Intermediates, crop protection, etc.)), By Flash Point (Low Flash Point (<410C), Medium Flash Point (410C – 800C), High Flash Point (>800C)), By Boiling Point (Type 1(1500C–2000C), Type 2(2000C–2400C), Type 3(2400C)). By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

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May 2023
CMI3577
120 Pages
Excel & Pdf
Specialty and Fine Chemicals

Summary

Global De-Aromatic Solvents Market was valued at US$ 2.1 Bn in 2022, and is expected to exhibit a CAGR of 7.7% over the forecast period (2023-2030) and is expected to reach US$ 3.8 Bn by 2030. The increasing demand for De-Aromatic Solvents in various applications such as paints, coatings, Inks, Metal Working, Industrial Cleaning, Adhesives and Sealants and others is driving the market growth.

Global De-Aromatic Solvents Market - Impact of Coronavirus (COVID-19) Pandemic

The recent coronavirus outbreak negatively affected the market for sputtering targets and De-Aromatic Solvents. The severe disruptions in various manufacturing and supply-chain operations caused by various precautionary lockdowns imposed by governments to combat disease spread result in massive financial losses for the market. As a result of the COVID-19 pandemic, the production of electronics parts has been halted due to a logistical bottleneck and a global shortage of manpower. On the other hand, aromatic solvents are manufactured in refinery complexes, they are impacted by the overall downturn in the oil and gas industry as a result of the current pandemic. The market for paints and coatings sector has fallen as a response to COVID-19, and as an outcome, the demand for solvent has decreased as well. Over the forecast period, the described factors will have a negative impact on the market's revenue growth path.

On the positive side, as COVID-19 cases decline, the market is expected to revive as individual regulatory bodies begin to relax these enforced lockdowns. The operations that have been halted and canceled will continue, and as a result, it is anticipated that the market will grow. As a result, the market will recover and grow, following COVID-19.

Global De-Aromatic Solvents Market: Growth Drivers

Growing replacement of traditional solvents with de-aromatic solvents are driving the market

Growing replacement of traditional solvents with de-aromatic solvents due to its less Volatile organic compounds content and toxicity is propelling the market growth of de-aromatic solvents. De-aromatic solvents have various properties such as fast drying time, low Volatile organic compounds (VOC) content, and low odor. All of these characteristics make de-aromatic solvent a preferred choice for paint and coatings formulations. The de-aromatic solvent are odorless with lower Volatile organic compounds content and toxicity than traditional solvents is accelerating their demand around the globe. Therefore, rising awareness regarding the negative environmental impact of solvents is fueling the market growth of de-aromatic solvents over the forecast timeframe.

De-Aromatic Solvents Market Report Coverage

Report Coverage	Details
Base Year:	2022	Market Size in 2022:	US$ 2.1 Bn
Historical Data for:	2017 to 2021	Forecast Period:	2023 to 2030
Forecast Period 2023 to 2030 CAGR:	7.7%	2030 Value Projection:	US$ 3.8 Bn
Geographies covered:	North America: U.S. and Canada Latin America: Brazil, Argentina, Mexico, and Rest of Latin America Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific Middle East &Africa: South Africa, GCC Countries, Rest of Middle East & Africa
Segments covered:	By Application: Paints & Coatings, Metal Working, Industrial Cleaning, Adhesives & Sealants, Drilling Fluids, Consumer Products, Others (Chemical Intermediates, crop protection, etc.) By Flash Point: Low Flash Point (<410C), Medium Flash Point (410C – 800C), High Flash Point (>800C) By Boiling Point: Type 1(1500C–2000C), Type 2(2000C–2400C), Type 3(2400C)
Companies covered:	Key players operating in the global De-Aromatic Solvents market includes Exxon Mobil Corporation, Royal Dutch Shell plc., Total S.A., Idemitsu Kosan Co., Ltd., Neste Oyj, Calumet Specialty Products Partners, L.P., CEPSA, Gandhar Oil Refinery India Ltd., SK Global Chemical Co., Ltd., DHC Solvent Chemie GmbH
Growth Drivers:	Growing replacement of traditional solvents with de-aromatic solvents Rising demand for flexographic inks from the packaging industry
Restraints & Challenges:	Fluctuating prices of feedstock for de-aromatized hydrocarbon solvents

Rising demand for flexographic inks from the packaging industry

Rising demand for flexographic inks from the packaging industry used in the printing of packaging material such as labels, cardboard, and paper bags is expected to be a major trend in the market. The growth of the de-aromatized market can also be attributed to growth in the packaging industry due to rising demand for packaged product. For instance, according to data published by India Brand Equity Foundation in December 2020, the food & beverages industry accounts for ~3% of India’s GDP and is the single largest employer in the country, with more than 7.3 million workforce in 2020. Thus, such rapidly expanding food and beverages industry is expected to boost the demand for de-aromatic solvents and therefore drive the market growth as de-aromatic solvents use in flexographic inks from the packaging industry.

Global De-Aromatic Solvents Market: Market Restraints

Fluctuating prices of feedstock for de-aromatized hydrocarbon solvents

Growing demand for green products made from bio-based raw materials is projected to stifle the expansion of the de-aromatic solvents market. Furthermore, the bio-based solvents market is expected to grow at a stable CAGR of roughly 6-7% over the forecast period, according to Coherent Market Insights. Another key factor expected to limit the growth of the de-aromatized solvents market is the increasing use of water-based paints and coatings. As a result, the aforementioned issues are projected to hinder the expansion of the de-aromatic solvents market.

Global De-Aromatic Solvents Market: Market Segmentation

On the basis of application, in 2022, paints and coatings segment has accounted the largest market share of 48% in terms of value. The global expansion of the automotive OEM, machinery, and appliances sectors, together with an increase in building and construction activities, is likely to fuel demand for this application over the projection period.

The industrial cleaning segment by application is expected to grow at the fastest Y-o-Y rate during the forecast period. Over the forecast period, the electronics application segment is expected to be the most appealing in terms of incremental opportunity factor.

Figure 1. Global Evaporation Materials Market, By Application, in 2022

Global De-Aromatic Solvents Market: Regional Analysis

On basis of the region, Asia Pacific region dominated the global evaporation material market, in 2012, accounting for 30% share in terms of volume, followed by North America and Europe respectively. The Asia Pacific construction sector is expanding as a result of rising population, fast urbanization, and industrialization. The region's expanding construction demand has resulted in a spike in the paints and coatings industry, which has contributed to the overall expansion of the aromatic solvents market. Furthermore, expanding industrial development, particularly in China, India, and Japan, will drive market expansion throughout the evaluation period.

Due to the rising demand from numerous end use industries in the region, North America dominant the second-largest position in the market for De-Aromatic Solvents.

Figure 2. Global De-Aromatic Solvents Market, By Region, 2022

Global De-Aromatic Solvents Market: Recent Developments

In January 2021, According to data published by ExpoNova and conference (India), is a joint venture between Colour Publications Pvt Ltd, Vincentz Network and NürnbergMesse Group The Indian paint industry was worth over US$ 8 billion in 2021 with an equitable fast-paced expansion throughout all categories from architectural to power from automotive to coil and others categories.

Global De-Aromatic Solvents Market: Key Companies

Key players operating in the global De-Aromatic Solvents market includes Exxon Mobil Corporation, Royal Dutch Shell plc. Total S.A., Idemitsu Kosan Co., Ltd., Neste Oyj, Calumet Specialty Products Partners, L.P., CEPSA, Gandhar Oil Refinery India Ltd., SK Global Chemical Co., Ltd., DHC Solvent Chemie GmbH

Definition: De-aromatic solvents also referred to as de-aromatized hydrocarbon solvents and are an effective alternative to conventional solvents. They have a wide range of application across paints & coatings, industrial and institutional cleaning, metalworking fluids, solvents for printing inks, drilling fluids, adhesives and sealants, and consumer products. De-aromatic solvents are odorless and have low VOC content and is comparatively less toxic to conventional solvents. Therefore, these solvents are much safer than traditional solvents such as chlorinated solvents and are consider as eco-friendly products that have a less environmental impact.

Table of Content

Table of Contents

* Browse 45 market data tables* and 30 figures* on "Global De-aromatic Solvents Market” – global forecast to 2030

Segmentation

Detailed Segmentation:

- Frequently Asked Questions -

What are the growth estimates for global De-Aromatic Solvents market till 2030?

Global De-Aromatic Solvents market is estimated to reach US$ 3.8 Bn by 2030.

Which are the prominent market players across the globe?

Key players operating in the global De-Aromatic Solvents market includes Exxon Mobil Corporation, Royal Dutch Shell plc., Total S.A., Idemitsu Kosan Co., Ltd., Neste Oyj, Calumet Specialty Products Partners, L.P., CEPSA, Gandhar Oil Refinery India Ltd., SK Global Chemical Co., Ltd., DHC Solvent Chemie GmbH

What are the key factors hampering growth of the market?

Fluctuating prices of feedstock for de-aromatized hydrocarbon solvents is expected to hamper the growth of the market during the forecast period.

What are the key factors driving growth of the market?

Growing replacement of traditional solvents with de-aromatic solvents is fuelling the growth of the market in the region.

What is the compound annual growth rate (CAGR) of the market for next 8 years?

The market is estimated to exhibit a CAGR of 7.7% over the forecast period.

Which region is dominating the market growth?

Among region, Asia Pacific is expected to hold a dominant position in the market over the forecast period.