Hydrocarbon Solvents Market Size, Share, and Industry Analysis By (Aliphatic Naphtha, Mineral Spirit, Heptane, Hexane, Aromatic, and Others), By Application (Paints and Coatings, Adhesives, Pharmaceutical, Cleaning and Degreasing, Printing Inks, Agriculture, and Others), and Regional Forecast till 2032

The global hydrocarbon solvents market is estimated to expand significantly. It is driven by the intensifying demand from a number of manufacturing purposes and upgrading in solvent blends. A hydrocarbon solvent is a form of organic solvent. They are composed of hydrogen and carbon atoms. It is generally employed to dissolve and dilute various substances. The matter is classified as aliphatic and aromatic compounds.

• According to the U.S. Environmental Protection Agency (US EPA), petroleum-derived solvents are imported approximately 8164 tons per year in the Asia pacific region.

These compounds are created from petroleum and natural gas. It is widely employed as solvents in a variety of manufacturing functions and consumer goods. They are recognized for their brilliant dissolving power. It can be effective in dissolving or dispersing an ample range of substances.

Hydrocarbon Solvents Market Driver

Rising Demand in Paints and Coatings and in Extraction and Refining Processes Impel Market Growth

The growing factor for market growth is the growing acceptance of the substance in paints and coatings sectors. The matter is widely used as one of the imperative components in paints, coatings, and varnishes. They help in suspending and thinning the compounds in paints and enhancing the appliance process and the ultimate finish. Since construction and infrastructure projects persist to produce worldwide, especially in rising financial status, are propelling market growth.

• According to the U.S. Environmental Protection Agency (US EPA), the total number of paint and coating manufacturers employing these solvents is approximately 29818 in North America.

Furthermore, the execution of sophisticated methods in extraction and refining processes are propelling market growth. These improvements are offering effectiveness and quality of solutions, which is drawing attention of several industrial applications. Additionally, the product is used in the pharmacy sectors for a range of functions including extraction, formation, and purification of drugs. These are also employed in the making of personal care products, impelling market expansion.

Hydrocarbon Solvents Market Restraint

Environmental and Health Concerns and Shift towards Eco-friendly Alternatives Impede Market Growth

The off-putting factor for the market expansion is increasing apprehension regarding ecological and health damage. Discharge of volatile organic compounds (VOCs) from the substance is harmful for the environment and health. It is forced to increase safety from authoritarian bodies. Governments are enforcing stricter sets of laws, such as restrictions on chemical emissions, stricter labeling necessities, and procedures for waste discarding. These policies are amplifying operational costs for manufacturers.

Furthermore, the rising shift towards eco-friendly alternatives is hindering market growth. The rising consciousness and regulatory pressures are deterring adoption of such substances. They are forced to prefer bio-based compounds which attract green seekers. Hence, there is a declining requirement for conventional solvent. Additionally, the resources used in production of the compound are petroleum. These raw materials are costly and increase production costs and impact on profit margins.

Hydrocarbon Solvents Market Opportunity

Advancement in Green Solvents Technology and Emerging Market Create Opportunity for Market Expansion

One of the significant opportunities for market growth is the rising embracing and novelty of eco-friendly products. It is serving manufacturers to fulfill regulations and accomplish green-conscious end-users. Rising shift towards the use of renewable and bio-based substances, which offers lesser toxicity, reduced green impact, and better compliance with sustainability standards.

Furthermore, the rising emerging market mainly in Asia-Pacific and Latin America region are opening new avenues for market growth. Rapid industrialization and urbanization are boosting demand and necessity for novel solutions. The expanding various sectors for instance automobile, building and personal care are bolstering market growth. Additionally, exploitation of robotic systems is utilized for managing and packaging solvents. It ensures precision and safety thus minimizes risk of infectivity and human error.

Segmentation

Key Insights

The report covers the following key insights:

• Expansion of Painting and Coating Sector and Adoption of Eco-friendly Solutions key Countries
• Implementation of Green Solvent Technologies by Key Companies
• Drivers, Restraints, Trends, and Opportunities
• Business Strategies Adopted by Key Players
• Consolidated SWOT Analysis of Key Players
• Key Industry Developments (Mergers, Acquisitions, Partnerships)

Analysis by Type

Based on type, the hydrocarbon solvents market is divided into aliphatic naphtha, mineral spirit, heptanes, hexane, aromatic, and others.

The aliphatic naphtha segment is leading in the market, driven by its variety of properties and it is apt for thinning paints and varnishes. It is mainly valued in the industrial and building sectors.

The mineral spirits segment is expected to grow, caused by the wide use in cleaning and degreasing purposes. Their low toxicity and reasonable evaporation rate make them ultimate for clean-up metal parts and machinery.

Analysis by Application

Based on application, the hydrocarbon solvents market is divided into paints and coatings, adhesives, pharmaceutical, cleaning and degreasing, printing inks, agriculture, and others.

The paints and coatings segment is dominating in the market. It is due to the rising need for aesthetic and protective purposes that are heightening demand for the solution. Growing requirements of building construction and vehicle purchasing power are supporting demand for the solution.

The cleaning and degreasing segment is anticipated to expand in the market owing to the reliance of numerous fields on these solutions for maintenance of equipment and components. Rising demand for competent cleaning solutions provide operational effectiveness and safety.

Regional Analysis

Based on geography, the market has been studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

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The Asia Pacific region is leading in the market. The market is growing owing to the increasing necessities for residential and commercial buildings in this region. Rising rates of population and rising spending income of middle-class people are amplifying demand for the product. The rapid urbanization and industrialization in the region is contributing to the market expansion.

North America is witnessing fast growth in the market, caused by the growth of the automobile industry. Rising demand for industrial cleaners to remove grease and oil from cars is fueling demand for the solutions. The existence of major manufacturers and early acceptance of advanced technologies, are bolstering market growth.

Europe is expected to be the fastest growing market, caused by the rising establishment of automobile and pharmaceutical sectors. Stringent ecological regulations are promoted to exploit refined solutions and supporting end-users to implement the product, boosting market growth. Additionally, expansion of the e-commerce industry is augmented considerably for corrugated cardboard, product packaging, and printed labels are fostering market expansion in this region.

Key Players Covered

The report includes the profiles of the following key players:

• Exxon Mobil Corporation. (U.S.)
• TotalEnergies (France)
• Shell plc (U.K.)
• Chevron Phillips Chemical Company LLC. (U.S.)
• SASOL (South Africa)
• Eastman Chemical Company (U.S.)
• Engen Petroleum (PTY) LTD (South Africa)
• Ashland (U.S.)
• Phillips 66 Company. (U.S.)
• Neste (Finland)

Key Industry Developments

• In March 2024, Univar Solutions LLC announced acquisition of Valley Solvents & Chemicals Company. The aim of this acquisition is to broaden its local chemical distribution network and value-added service along with enhancing the environmental service capabilities of its ChemCare Business in the Services division.
• In April 2022, Solvay unveiled the production of its eco-friendly solvent, Rhodiasolv IRIS, at the Melle site in France. It is a biodegradable solvent designed to minimize environmental impact and provide efficient and safe solutions for various industrial and agricultural purposes.
• In January 2020, Dow announced its strategy for expansion of its petrochemical facilities to increase its capacity by 130,000 metric tons by setting up a new heating system at Fort Saskatchewan in Alberta, Canada.