New York, March 06, 2023 (GLOBE NEWSWIRE) -- The global De-aromatic Solvents Market is valued at US$ 1.62 billion in 2023 and is anticipated to exhibit a growth rate of 5.6% between 2023 and 2033. The market for de-aromatic solvents is estimated to reach US$ 2.8 billion by 2033.
Market growth is attributed to growing demand from various end-use industries such as paints, coatings & inks, metalworking, and adhesives & sealants
De-aromatic solvents are widely used for paint, coating, and ink applications since they are safer alternatives as compared to conventional solvents and do not emit harmful volatile organic compounds. There has been an increase in the use of medium and higher flash point grades for metalworking applications.
De-aromatic solvents are employed in the production of consumer goods such as aerosols, household insecticides, and repellents for mosquitoes. Naphtha, a byproduct of the refinement of crude oil, serves as the feedstock for de-aromatized hydrocarbon solvents. As a result of crude oil price volatility, the pricing of these petroleum-based de-aromatized hydrocarbon solvents is often unstable. This has a negative impact on producers' profitability, which may impede market expansion to some extent.
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During the projection period, de-aromatic solvent consumption is anticipated to increase at a pace that is higher than average, particularly in Asia Pacific countries such as China, India, and South Korea. As a result, some of the top manufacturers are allocating resources to improving their current production capacity to meet this rising demand from a broad range of industries.
Key Takeaways from Market Study
- The global de-aromatic solvents market is estimated to reach a value of US$ 2.8 billion by the end of 2033.
- The paints, coatings, and inks segment is estimated to exhibit a CAGR of 5.7% during the assessment period.
- East Asia is anticipated to create an incremental dollar opportunity of US$ 370.2 million over the decade.
- The medium flash point segment is anticipated to expand at a CAGR of 6% through 2033.
“Key market participants are investing a fair share of their revenue in research & development to investigate new applications of de-aromatic solvents, as the market is still in its developmental stage,” says a Persistence Market Research analyst.
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Competitive Landscape
The global market for de-aromatic solvents has been identified as a fragmented space owing to several players capturing a sizable market share. Some of the key market players included in the report are Exxon Mobil Corporation, Shell Plc, Idemitsu Kosan Co., Ltd., Compañía Española de Petróleos, S.A.U. (CEPSA), Neste Oyj, Calumet Specialty Products Partner L.P., Mehta Petro-Refineries Limited, Isu Exachem Co. Ltd, SK Geo Centric, DHC Solvent Chemie GmbH, Avani Petrochem Private Limited, Raj Petro Specialties Pvt Ltd, and TotalEnergies S.E.
Key market players are investing a significant portion of their revenue in research and development to investigate new de-aromatic solvent applications. The market is currently in a progressive stage, with numerous key activities such as expansions, acquisitions, or collaborations being observed.
There are several potential applications for this chemical; however, low consumer/end-user awareness and the availability of substitutes are significant barriers that must be overcome before its widespread use. Despite these obstacles, there is a lot of potentials for this chemical to have a big impact in the future.
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More Valuable Insights Available
De-aromatic Solvents Market Segmentations-
Persistence Market Research, a research and consulting firm, has published a new market research report on the global de-aromatic solvents market that contains an industry analysis of 2018 to 2022 and an opportunity assessment for 2023 to 2033.
The report provides an in-depth analysis of the market through different segments, namely, flash point, boiling point, application, and region.
- By Flash Point: Low Flash Point, Medium Flash Point, High Flash Point
- By Application: Paints, Coatings, and Inks, Metalworking, Industrial Cleaning, Adhesives and Sealants, Drilling Fluids, Consumer Products, Others
- By Region: North America, Latin America, Europe, South Asia Pacific, East Asia, Middle East and Africa (MEA)
The report also provides supply and demand trends along with an overview of the parent market.
For additional insights on how the de-aromatic solvents market will shape up over the decade, write to media@persistencemarketresearch.com
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