The growth in construction and automobile industries, the rising penetration in end-use industries, the environmental regulations to reduce VOCs, and the rising crude oil prices are some of the major drivers which facilitate and boost the growth of the solvents industry.
Hydrocarbon solvents are used without water as there is a possibility of water corrosion, and are further classified as Aliphatic Solvents and Aromatic Solvents.
In comparison to the Aromatic Solvents, Aliphatic is the major hydrocarbon solvent used, with a share of 64.7% in the hydrocarbon solvents market. In the coming years, its share is expected to decrease due to various regulations on the usage of high VOC solvents.
The global consumption of hydrocarbon industrial solvents is likely to decline according to the long term forecast. The market volume was 6,842 KT in 2012 and is expected to reach 6,656 KT by 2018. In terms of value, the market will have a low CAGR of 2.0%, thereby generating $8,408 million, by 2018.
Ineos (U.S.), Celanese (U.S.), Huntsman (U.S.), Ashland (U.S.), Royal Dutch Shell (The Netherlands), and Honeywell (U.S.) are some of the leading players in this market.
Browse through the market data tables, figures and detailed ToC on the “Hydrocarbon Solvents Market.”
Aromatic Solvents Market:
An aromatic hydrocarbon is a powerful solvent for organic liquids and hence, it is widely used in a variety of industries such as paints, petrochemicals, dyes, varnishes, and so on. These solvents are generally colorless and often have a sweet aroma. These solvents form an essential component in the perfume industry as well.
The consumption of the aromatic solvent, especially in the Asia-Pacific region, is expected to have a healthy growth while the consumption of aliphatic-based industrial solvents is expected to decline due to inferior properties, in comparison to aromatic and other solvents.
Aromatic solvents are further classified into Benzene, Toulene, Xylene, Ethyl Benzene, and so on. These solvents are widely used in applications such as paints, adhesives, and printing inks. The market for aromatic solvents is projected to grow at a CAGR of 4.1% from 2013 to 2018.
The leading players of this market are Ashland Chemicals (U.S.), BASF SE (Germany), Celanese (U.S.), Eastman Chemical Company (U.S.), Exxonmobil (U.S.), Honeywell International Inc. (U.S.), Huntsman (U.S.), Ineos (Switzerland), Lyondellbasell Industries (The Netherlands), Royal Dutch Shell (The Netherlands), Sasol (South Africa), and Solvay (Belgium).
Benzene Solvents Market:
Benzene, along with the other aromatic hydrocarbons toluene, ethylbenzene, and xylene, is a major component of petrol.
Benzene is a colorless chemical, which is mainly used as an industrial solvent and a gasoline additive. Xylene is flammable and colorless in nature, and is used as a solvent in printing, leather, and rubber industries. It is also used to clean wafers and chips. Toluene is a by-product of formation of gasoline and coke-fuel from coal. It is used in various industries such as coatings, petrochemicals, petroleum, and colorants.
The global market for benzene and xylene was hit by recession in 2009 and is recovering gradually. The toluene market has been on a steady growth curve for the past few years.
Asia-Pacific is the leading region for hydrocarbon solvents, followed by Europe, North America, and Rest of the World. The global market demand for these solvents is likely to see a steady growth for the next few years.
Ethylbenzene Solvents Market:
Ethylbenzene is widely used in the petrochemical industry, in the manufacturing of styrene, as an intermediate material in the production of plastic products, and is also utilized as one of the basic raw materials in the production of various chemicals.
Due to its favourable properties of being a good solvent, it is used in various applications of different industries such as rubber industry, ink industry, and other related industries.
The global demand for ethylbenzene is growing in the Asia Pacific region, where China is the largest consumer and producer of ethyl benzene.
The rising price of ethylbenzene is considered as one of the major restraints to the market. Due to the growing market of polystyrene, ethylbenzene is widely used in the production of polystyrene and is expected to experience new and wider opportunities in the upcoming years.
About MicroMarket Monitor
MicroMarket Monitor identifies and attends to various unmet needs of different industrial verticals, which include value chain impact analysis. The company publishes about 12000 Market Research Reports on various Micro Markets across the world. The graphical nature and multidimensional analysis of these reports provide advanced Business Intelligence Tools to the clients in that particular target market.
Mr. Chandrasekhar K.
5601 Bridge Street