Global De-Aromatic Solvents Market was valued at US$ 2.1 Bn in 2022 and is estimated to reach US$ 3.8 Bn by 2030, exhibiting a CAGR of 7.7% during the forecast period (2023-2030). According to Global De-Aromatic Solvents Market Report, (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) as highlighted in a new report published by Coherent Market Insights
De-aromatic solvents are hydrocarbon solvents that have low aromatic content around (<2%). They consist of iso-paraffinic, naphthene, and paraffinic compounds attached to them. De-aromatic solvents are majorly used across printing ink, industrial paints and coatings because they have very low VOC content and excellent faster-drying properties. Moreover, they are also used in the manufacturing de-aromatic insecticides and mosquitoes repellents. These solvents are much safer and eco-friendly products due to low VOC emissions.
Drivers
Increasing demand for de-aromatic solvents for manufacturing of Household Insecticides
Increasing demand for de-aromatic solvents for manufacturing of Household Insecticides, Mosquito Repellents, and aerosol is primarily fueling the market growth of the India de-aromatic solvents. In India, there are a number of insecticides and mosquito repellents, such as sprays, coils, and electric mosquito repellent products are available in the market due to strong demand for these products in the country. Moreover, increasing demand for paint & coatings for various applications is further anticipated to foster the market growth of De-Aromatic Solvents in (2023-2030).
Market Opportunities
Booming chemical industry, especially in the Asia Pacific region, will favor the market growth of de-aromatic solvents over the forecast period. For instance, according to data published by invest India in 2021, the production of Total Major Chemicals and Petrochemicals in 2022-23 (up to September 2022) is 26,570 thousand MT. Therefore, the growing chemical industry is expected to foster the market growth of de-aromatic solvents in the near future.
Market Restraints
Fluctuating feedstock prices for de-aromatized hydrocarbon solvents are expected to limit market growth over the forecast period. Naphtha is a key raw material used to manufacture de-aromatized hydrocarbon solvents. Naphtha is obtained from crude oil, and the pricing of these petroleum-based de-aromatized hydrocarbon solvents are variable due to fluctuating crude oil prices. This aspect is likely to have a negative impact on the market growth of de-aromatized solvents over the forecast period
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Key Takeaways
- On the basis of application, paints & coatings segment has dominated the global evaluation materials market in 2022 with xx% of market share in terms of value, followed by alloys and compounds.
- Rising applications of De-Aromatic Solvents from paint & coatings sector are projected to provide opportunities to the market of De-Aromatic Solvents in the near future. Moreover, the growing demand for De-Aromatic Solvents from the chemical industry is gaining traction in the market and this is projected to continue to support the growth of the De-Aromatic Solvents market in the near future.
Market Trends
Expanding steel industry is expected to augment the market growth of de-aromatize solvents. According to the Blackstone Advanced Technologies, LLC, globally, the sheet metal market is expanding at a continuous average growth rate of 4.09% and this growth is projected from 2018 to 2022. Therefore, the rising production of steel around the globe is expected to propel the market growth of de-aromatize solvents over the forecast period.
Competitive Section
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
Global De-Aromatic Solvents Market- Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 outbreak has severely harmed the entire supply chain and had a significant negative impact on the industries. The COVID-19 pandemic has had a significant impact on the demand for aromatic solvents as it caused disturbances in the supply chain across the globe. Since 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 has fallen as a response to COVID-19, and as an outcome, the demand for solvent has decreased as well. China is the largest producer of solvents; however, due to the COVID-19 pandemic, the lack of supply of raw material was caused, which affected the production of solvents in the country.
