Rockville, Jan. 25, 2023 (GLOBE NEWSWIRE) -- The global de-aromatic solvent market is poised to reach US$ 2.2 billion in 2023 and accelerate at a robust 6.2% CAGR between 2023 and 2033. As per the report, the worldwide de-aromatic solvent market is expected to be valued at US$ 4.0 billion in 2033.
Paints and coatings industry is one of the significant drivers for the global de-aromatic solvent market. The increasing demand for water-borne paints and coatings, that use less volatile organic compounds, is anticipated to drive de-aromatic solvent demand during the forecast period. Currently, paint & coatings formulation segment holds around 27.2% share of the global market.
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Report Attributes | Details |
| Historical Data | 2023 - 2032 |
| Value Projection (2032) | US$ 4.0 Billion |
| Growth Rate (2022-2032) | 6.2 % CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 112 Tables |
| No. of Figures | 93 Figures |
Key Takeaways:
- By flash point, medium flash point de-aromatic solvent segment holds around 42.5% share of the global market.
- Based on boiling point, demand for type 1 (150-200 °C) de-aromatic solvents is poised to surge at 5.7% CAGR through 2033.
- East Asia de-aromatic solvent market is anticipated to expand at a CAGR of 6.4% during the projection period.
- The USA de-aromatic solvent market is set to expand at 5.5% CAGR between 2023 to 2033.
- With booming construction sector, sales of de-aromatic solvents across China are forecast to increase at a robust pace during the assessment period
Growth Drivers:
- Increasing usage in paints & coatings sector to propel demand for de-aromatic solvents during the assessment period.
- Growing awareness about the benefits of using de-aromatic solvents is expected to boost sales through 2033.
- Implementation of stringent regulations on the use of hazardous substances including aromatic solvents will continue to create growth prospects for de-aromatic solvent industry.
- Rising construction and building activities globally and development of customized de-aromatic solvents with high as well as medium flash points and low toxicity are likely to generate opportunities for de-aromatic solvent manufacturers.
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Key Market Strategies
Leading firms in the de-aromatic solvent market place a strong emphasis on their relations with prominent distributors and the establishment of long-term contracts with clients. In order to fulfill the rising demand for de-aromatic solvents in a variety of applications, businesses are likewise boosting their output. Companies devote their time and effort to producing products with high utility value.
For instance,
- In March 2019, a new technique for manufacturing low aromatic solvents, which are in great demand in the paint, drilling, and solvent industries, was developed by Hindustan Petroleum Corporation Limited's Green Research & Development Center (HP GRDC).
- In November 2019, Florida Chemical Company (FCC), a unit of Flotek Industries, was sold to Archer Daniels Midland Company.
Key Companies Profiled by Fact.MR
- Exxon Mobil Corporation
- Shell plc
- Idemitsu Kosan Co.,Ltd.
- Neste
- Raj Petro Specialties Pvt. Ltd.
- DHC Solvent Chemie GmbH
- Avani Petrochem Pvt. Ltd.
- Calumet Specialty Products Partner, L.P.
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More Valuable Insights on De-Aromatic Solvent Market
In the latest study, Fact.MR offers a detailed study on global de-aromatic solvent market for the forecast period of 2023 to 2033. This study also highlights key drivers influencing the sales of de-aromatic solvents through detailed segmentation as follows:
By Flash Point:
- Low
- Medium
- High
By Boiling Point:
- Type 1 (150-200 °C)
- Type 2 (200-240 °C)
- Type 3 (>240 °C)
By Application:
- Paint & Coating Formulation
- Printing Inks Formulation
- Varnishes Formulation
- Wood Preservatives Formulation
- Adhesives and Sealants Formulation
- Cleaning Solvents Formulation
- Drilling Fluids
- Other
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
Key Questions Covered in the De-Aromatic Solvent Market Report
- What is the projected value of the de-aromatic solvent market in 2023?
- At what rate will the global de-aromatic solvent market rise until 2033?
- Which are the factors hampering the growth in the de-aromatic solvent market?
- Which region is expected to lead in the global de-aromatic solvent market during 2023 to 2033?
- Which are the factors driving the de-aromatic solvent market during the forecast period?
- What is the expected market value of the de-aromatic solvent market during the forecast period?
Explore Fact.MR’s Coverage on the Chemical & Materials Domain
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Hydrophobic Solvents Market Trends: Hydrophobic solvents are becoming popular among the new age of chemicals and solutions due to their high protective output and ability to protect materials and structures in the chemical environment, which is likely to aid in their growth in the near future.
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