Rockville, MD , Oct. 23, 2024 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global De-aromatic Solvents Market is estimated to reach a valuation of US$ 2,255.5 million in 2024 and is expected to grow at a CAGR of 6.2% during the forecast period of (2024 to 2034).
The applications for de-aromatic solvents are growing at a much faster rate due to the increased focus on the sustenance of the environment within the global paint and coating industry. The growing pro-environment practices, hence, have also raised the demand for de-aromatic solvents that possess a minimum quantity of aromatics and are hence less harmful to the environment.
China, being the leading chemical manufacturer in the world, its manufacturing and utilization of them is at the forefront. The robust construction sector alongside the general industrial revolution in the country is driving demand for the de-aromatic solvents, mainly the lower and medium flash point grades. The market for de-aromatized solvents is also expanding in the United States, following the industry obligations to a better and more sustainable approach.
Vast crude oil resources make the country an excellent raw material supply base; simultaneously, the expanding market size of adhesives and sealants offers huge opportunities for de-aromatized solvents.
With this, the demand for de-aromatic solvents is expected to see a strong surge as the industry moves further riding on its sustainability wave. It is their eco-friendly nature, combined with low aromatic content that places them in a position of importance in the paint and coating industry around the world.
However, the long-term outlook of the market might remain positive through the challenges imposed by raw material price volatilities. Growth will be stimulated by novel technological advancement, increasing emphasis on eco-friendly alternatives, and versatile applications of solvents across industries. Sustainability trends across the globe, coupled with rising demand for safer chemical alternatives, will drive the market further.
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Key Takeaways from the Market Study:
- The global De-aromatic solvents market is projected to grow at 6.2% CAGR and reach US$ 2,255.5 million by 2034
- The market created an opportunity of US$ 1,860.6 million growing at a CAGR of 6.2% between 2024 to 2034.
- North America is a prominent region that is estimated to hold a market share of 73.5% in 2034
- Predominating market players include Exxon Mobil Corporation, Shell plc, and Total SA.
- Medium Flash Point Solvent under flash point type is estimated to grow at a CAGR of 6.7% creating an absolute $ opportunity of US$ 866.4 million between 2024 and 2034
- North America and East Asia are expected to create an absolute $ opportunity of US$ 619 million collectively.
“Demand for the eco-friendly sustainable solvent formulation boosts the De-aromatic solvents market,” says a Fact.MR analyst.
Leading Players Driving Innovation in the De-aromatic Solvent Market:
Exxon Mobil Corporation; Shell plc; Idemitsu Kosan Co., Ltd.; Neste; Raj Petro Specialities Pvt. Ltd.; DHC Solvent Chemie GmbH; Avani Petrochem Pvt. Ltd.; Calumet Specialty Products Partners, L.P.; Chevron Phillips Chemical; Total SA; Cepsa Chemicals; Gandhar Oil Refinery; Other Prominent Players.
Market Development:
Growing demand in the de-aromatic solvents market traces to the more stringent need for such solvents with high purity and which meet regulations and quality standards. Key drivers of such demand are the pharmaceutical, cosmetics, and electronics industries, which require safe, colorless, odorless, and tasteless solvents.
Advances in technology will facilitate this market's further progress as these sustainable solutions find more applications in end-use industries. Secondly, this market is more attractive because of government regulations for sustainability and environmental preservation, companies are planning to reduce the carbon footprint of their operations and make a jump toward eco-friendly processes.
In January 2023, Clariter a global cleantech company, and TotalEnergies Fluids, a division of TotalEnergies, have announced the world's first sustainable ultra-pure solvent made from plastic waste. The solvent is produced through a collaboration between Clariter's proprietary upcycling technology and TotalEnergies Fluids' Hydro-De-Aromatization (HDA) technology. The product meets the highest purity standards and has the potential to reduce the environmental footprint of industries that require high-quality solvents.
More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the global De-aromatic solvents market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights based on the Global De-aromatic solvents Market Analysis, By Flash Point (Low Flash Point Solvent, Medium Flash Point Solvent, and High Flash Point Solvent), By Boiling Point (Type 1 (150-200°C) , Type 2 (200-240°C), and Type 3 (> 240°C)), By Application (Paint & Coatings Formulation, Printing Inks Formulation, Varnishes Formulation, Wood Preservatives Formulation, Adhesives and sealants Formulation, Cleaning Solvent Formulation, Drilling Fluid, and Others) and across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, and Pacific, Middle East & Africa).
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De-aromatic Solvent Industry News:
A cleantech business called Clariter and a part of TotalEnergies called TotalEnergies Fluids announced in January 2023 that they have created the first sustainable ultra-pure solvent in history using plastic trash. This solvent is the outcome of collaboration between TotalEnergies Fluids' Hydro-De-Aromatization (HDA) process and Clariter's proprietary upcycling approach. The product may lessen the environmental effect of industries that require premium solvents and satisfies the highest purity criteria.
Segmentation of De-aromatic Solvent Industry Research:
- By Flash Point :
- Low Flash Point Solvent
- Medium Flash Point Solvent
- High Flash Point Solvent
- By Boiling Point :
- Type 1 (150-200°C)
- Type 2 (200-240°C)
- Type 3 (> 240°C)
- By Application :
- Paint & Coatings Formulation
- Printing Inks Formulation
- Varnishes Formulation
- Wood Preservatives Formulation
- Adhesives and sealants Formulation
- Cleaning Solvent Formulation
- Drilling Fluid
- Others
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