Hydrocarbon Solvents Market 2020 Global Industry – Key Players, Trends, Consumption, Demand - Analysis to 2023

 Market Overview

A recent study conducted by Market Research Future (MRFR) reveals that the global market for hydrocarbon solvents will witness a timid growth over 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. Growing concerns over environmental implications of hydrocarbon solvent has led to a 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.

Competition Tracking

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

Complete Report Details @ https://www.marketresearchfuture.com/reports/hydrocarbon-solvents-market-6143

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 segment is likely to surpass a market valuation of USD 2,380 Mn towards the end of 2023, exhibiting a CAGR of 3.05%. This can be attributed to the growing demand for 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 coating continue to remain strong, which is a key growth enabler 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% share of the market and is likely to retain its leading position over the assessment period. Aliphatic solvents have relatively lower toxicity level and thereby can be used in a number of industrial applications. Factors such as price relaxations and disposable nature of the such solvents also favors the segment’s growth.

On the basis of region, the global hydrocarbon solvents market is segment 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 substantiating the growth of the hydrocarbon solvents market in the region is the strong demand for paints & coatings in the automotive and construction industries in China and India. Asia Pacific hydrocarbon solvent market is expected to reach a value of 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 a CAGR of 2.59% during the assessment period. Existence of a massive automotive industry in Europe is reflecting favorably on the region’s market.


NOTE: Our Team of Researchers is Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.


Contact us:

Market Research Future

Email: sales@marketresearchfuture.com

Office No. 528, Amanora Chambers

Magarpatta Road, Hadapsar,

Pune - 411028

Maharashtra, India

+1 646 845 9312

Comments

Post a Comment

Popular posts from this blog

Liquid Silicone Rubber Market 2020 Global Industry – Key Players, Trends, Consumption, Demand - Analysis to 2023

  Market Overview Liquid silicone rubber is silicone elastomer available in different grades such as industrial, food and medical. Liquid silicone rubber (LSR) possess unique properties such as chemical inertness, electrical resistance, high thermal stability and temperature resistance among others. Due to superior properties, LSR are used in various applications such as medical devices, automotive and electrical goods.   The protuberant factors and trends fostering growth of the global liquid silicone rubber market are growing the demand for LSR in surgical tools and equipment coupled with rising geriatric population. Extensive research and development in innovating material technology is anticipated to cater to a huge growth of the electronic industry, which, in turn, drives the global liquid silicon rubber market. For instance, LSR is used in manufacturing of various modern applications such as kitchenware, LED headlights, fitness tracker, and medical implants. These products are pr
Read more

Sheet Molding Compound and Bulk Molding Compound Market Demand by Key Manufacturers, Sales, Supply, Demand and Forecast to 2027

  Detailed Regional Analysis The common assessment of the market sees that the APAC district will increase at a CAGR of 7.2% over the gauge period with a market size of USD 1,885.2 million by 2021. The slice of the pie of the district is credited to the rising transportation and electrical and equipment organizations around here. China stands on the most vital circumstance as the producers and client divide which addresses a total of half generally of the overall market. Notwithstanding, the European region is required to get a slice of the pie of USD 923.7 million and will increase at a CAGR 4.9% by 2021. Segmental Analysis The division of the  sheet molding compound and bulk molding compound market demand  is done based on type, application, and district. Based on type, the market division incorporates carbon fiber and glass fiber. Based on application, the market is sectioned into electrical, transportation, and development. Furthermore, based on area, the market is portioned as APA
Read more

High Temperature Thermoplastics Market Growth 2020 Global Trends, Top players, Demand, Share, Segmentation to 2027

  Market Segmentation: The Global High Temperature Thermoplastics Market is disengaged into the pitch type and application. In view of the pitch type, the market is furthermore requested into fluoropolymers, high execution polyamides, polyphenylene sulfide, sulfone polymers, liquid valuable stone polymers, sweet-smelling ketone polymers, and polyimide areas. The fluoropolymers section is the most comprehensively used gum type in the market in light of its creating usage in weighty end-use ventures like transportation, electrical and equipment, current, clinical, and others. Likewise, durability and strength are the main issue behind the universality of this segment. The extending usage of fragrant ketone polymers segment in arranging chambers, siphons, valves, blowers, and others is surveyed to drive the market during the assessment time span. Market Overview High Temperature Thermoplastics are conveyed by state of the art escalating techniques which offers basic properties like awesom
Read more