Hydrocarbon Solvents Market by Product - Growth, Future Prospects And Competitive Analysis 2022


Global Hydrocarbon Solvents Market is segmented on the basis of source as Bio-Green Based Source, Conventional Source and others. The substances that are obtained from petroleum feed stocks are known as hydrocarbon solvents. As far as their formation is concerned, they are generated in the form of volatile portions in a crude oil factory. There are a wide variety of hydrocarbon solvents and they mainly differ on the basis of their distinct hydrocarbon groups as well as carbon chain length divisions. Their groups can be classified as branched, linear, or cyclic alkanes and aromatics.

                             


In simple words, they can be defined as an organic solvent that incorporates the atoms of hydrogen and carbon. The produced hydrocarbon solvents generally comprises aromatic, paraffinic, and natphthenic components in varied sections. A wide variety of petroleum derivatives such as Xylene, Benzene, and Kerosene play a very vital role as an industrial solvent for carrying out the process of cleaning the water-insoluble substances like oils and greases. But their usage has been limited due to their strong noxious and long lasting nature that may have adverse effects on the surroundings.

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The key factors that are responsible for raising the share of the Hydrocarbon Solvents Market include rising environmental concerns towards greener alternatives, increased awareness among the masses, robust growth in population, augmenting demand from various sectors especially construction and automotive industries, mounting applications, change in the lifestyle, rise in the standard of living, and rise in the disposable income of the population. Other factors that are also contributing in the market growth include augmented infrastructural expenditure in developing nations, mounting environmental concerns along with rising legislations and amplified demand for paints & coatings.

The only factors that are hampering the market growth may consist of rising concerns over the fatal aspect of volatile organic compounds (VOCs), implementation of strict norms by the government authorities, rising demands for eco-friendly products and presence of cut-throat competition among the players. Owing to all the above-mentioned factors, it has been anticipated that the Hydrocarbon Solvents Market will register a healthy CAGR in the upcoming years.

Hydrocarbon Solvents Market is segmented on the basis of type as Aromatic type and Aliphatic type. The Aromatic type can be further segmented as Ethyl benzene, Benzene, Toluene, Xylene, and others. The Aliphatic type can also be further segmented as Paraffinic Solvents, Varnish & Paints, Mineral Spirits, Solvent 140, and Others. Hydrocarbon Solvents Market is segmented on the basis of end user as Construction, Automotive, and others. Hydrocarbon Solvents Market is segmented on the basis of application as Metal Cleaning, Rubber & Polymer, Agricultural Chemicals, Paints & Coatings, Pharmaceuticals, Personal Care, Adhesives, and Printing Inks.

Hydrocarbon Solvents Market is segmented on the basis of geographical region as North America, Europe, China, Japan, Southeast Asia, and India. As far as the geographical location is concerned, North America is currently leading the market, the reason being rise in the industrialization, technological advancements, augmented demand from various sectors particularly from the construction and automotive industries, and rising investments from the leading manufacturers. On the contrary, Asia Pacific is also emerging with a huge growth, the reason being presence of huge market players in the particular region, introductions of modern products and augmented demand for construction chemicals. The key players operating in the Hydrocarbon Solvents Industry entails Exxonmobil Corporation, Honeywell International Inc., Huntsman Corp., Ineos Ag, Royal Dutch Shell, Sasol Ltd, Ashland Inc., BASF SE, Celanese Corporation and Eastman Chemical Company.

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