Pune, India, Sept. 22, 2022 (GLOBE NEWSWIRE) -- The global isoparaffin solvents market size was valued at USD 805.0 million in 2021. The market is expected to grow from USD 833.5 million in 2022 to USD 1,066.7 million by 2029, exhibiting a CAGR of 3.6% during 2022-2029.
Rapid developments in the cosmetics and personal care sector and strong demand for odor-free solvents from the paints & coatings sector are expected to foster the industry’s growth. Fortune Business Insights™ provides this information in its report titled “Isoparaffin Solvents Market, 2022-2029.”
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List of Key Players Profiled in the Isoparaffin Solvents Report
- TotalEnergies SE (France)
- Idemitsu Kosan Co., Ltd. (Japan)
- ExxonMobil Corporation (U.S.)
- Shell plc (U.K.)
- Chevron Phillips Chemical Company (U.S.)
- Braskem (Brazil)
- Mehta Petro Refineries Limited (India)
- RB Products, Inc. (U.S.)
Drivers and Restraints
Rising Infrastructure Development in Developing Countries to Foster Market Progress
Isoparaffin solvents are chemicals that are used to develop paints and coatings. Increasing infrastructure development in several developing countries is expected to boost the product adoption. Also, increasing construction of buildings is expected to escalate the demand for the chemical. Furthermore, strong demand for odor-free paints is expected to attract huge demand, thereby facilitating the industry’s progress. Moreover, increasing government housing investments are expected to create remunerative growth opportunities for the market. These factors may drive the isoparaffin solvents market growth.
However, issues regarding material availability and its expensive nature are likely to hinder the industry’s progress.
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 3.6% |
| 2029 Value Projection | USD 1,066.7 Billion |
| Base Year | 2021 |
| Isoparaffin Solvents Market Size in 2021 | USD 805.0 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 123 |
| Segments Covered | By Type, End-user and Regional Insights |
| Isoparaffin Solvents Market Growth Drivers | Rising Demand for Cleaning Agents from Household Sectors to Boost Market Growth |
| Increased Awareness Regarding Hygiene to Boost Market Growth |
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COVID-19 Impact:
Reduced Paints & Coatings Demand to Restrict Industry Growth
This market is expected to be negatively affected during the COVID-19 pandemic due to reduced paints & coatings sales. The sudden spike in COVID-19 infections led to stringent restrictions on the manufacturing of isoparaffin solvents.
Furthermore, restrictions on travel and transport resulted in a lack of raw materials required for the chemical’s development. However, the post-COVID-19 phase empowered manufacturers to get their businesses back on the floors and balance their costs. This factor bolstered the industry’s growth during the pandemic.
Segments
Paints & Coatings Segment to Dominate Attributable to Increasing Safety Concerns
Based on application, the market is segmented into metal working, paints & coatings, pesticides, polyolefin synthesis, and others. The paints & coatings segment is expected to dominate due to rising safety concerns. Further, the rising demand for the product for developing low odor paints & coatings is expected to elevate segmental growth.
Geographically, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Regional Insights
Increasing Regulations Regarding the Reduction of Health Effects of Solvents to Foster Growth in North America
North America is expected to dominate the isoparaffin solvents market share due to the rising regulations regarding the reduction of health and environmental effects of the solvent. The market in North America was valued at USD 283.5 million in 2021 and is expected to gain a huge portion of the global market share in the coming years. Furthermore, the rising demand for synthetic polyolefin required for packaging, consumer goods, and textile manufacturing is expected to foster market growth.
In Europe, the rapidly developing cosmetics sector is expected to foster product demand. Furthermore, the strong adoption of personal care products is expected to enhance the demand for solvents, thereby facilitating the industry’s progress.
In Asia Pacific, infrastructural development and industrial expansion are expected to surge the product demand. Furthermore, numerous large and small scale OEMs for electrical machinery, aerospace, and automotive industries are expected to elevate the industry’s progress.
Browse Detailed Summary of Research Report with TOC:
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Competitive Landscape
Major Players Deploy Research and Development Activities to Enhance Sales
The prominent companies operating in this industry deploy several crucial strategies to expand their scope and increase their brand image. Companies undertake substantial research and development investments to enhance the quality of their products, satisfy consumers’ demand, overcome shortcomings associated with the product, and elevate their sales. Furthermore, companies deploy the acquisition strategy of major players who might provide them with the correct resources and empower them to dominate the competitive market.
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Regions
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights – Impact of COVID-19 on Global Isoparaffin Solvents Industry
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Isoparaffin Solvents Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- By Application (Value/Volume)
- Metal Working
- Paints & Coatings
- Pesticides
- Polyolefin Synthesis
- Others
- By Region (Value/Volume)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
TOC Continued…!
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