Hydrocarbon Solvents Market Prime Economies Expected to Deliver Major Growth until 2030
Hydrocarbon Solvents Market: Introduction
The global hydrocarbon solvents market was valued over US$ 6.2 Bn in 2019 and is anticipated to expand at a CAGR of 4% during the forecast period. Hydrocarbon solvents are used to dissolve oil. They are also employed in the formulation of various solutions and processes. They add value to paints & coatings, cosmetics, adhesives, and lubricants due to their high solvency rate. Some hydrocarbon solvents are produced from natural resources such as sugarcane and vegetable oils. Their high rate of adoption is a key factor that increases the demand for bio-based paints, printing inks, and coatings.
Key Drivers of Hydrocarbon Solvents Market
Industries such as food & beverages, personal care, pharmaceuticals, and home care are focusing on innovative and unique packaging. These industries are focusing on product differentiation in order to increase their consumer base. Thus, growth of the packaging industry has been driving the printing inks industry. Increase in demand for hydrocarbon solvents among manufacturers of pharmaceuticals; and high adoption of aromatic solvents in printing inks, pesticides, insecticides, and agricultural chemicals are factors expected to boost the global hydrocarbon solvents market during the forecast period. The demand for hydrocarbon solvents, such as propane and butane, has been rising significantly since the past few years for the extraction of cannabis. Hydrocarbon solvents are preferred over organic solvents, as they are economically superior and safe to use.
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Low price of hydrocarbon solvents vis-à-vis their counterparts and availability of petrochemical raw materials in various countries in Asia Pacific are primarily driving the hydrocarbon solvents market. Rise in sustainable utilization of hydrocarbon solvents in different end-use industries, increase in disposable income of the people, growth in market penetration, presence of major market players, and product innovations are other factors boosting the hydrocarbon solvents market. Decrease in prices of crude oil, a key raw material in paint production, is likely to lower the overall manufacturing expenses of paint companies. This is projected to fuel the production of paints, thereby driving the demand for solvents. Growth in production of printing inks and paints & coatings in Asia Pacific and Europe is expected to drive the demand for hydrocarbon solvents during the forecast period.
Increase in Environmental Concerns and Shift toward Bio-Based Solvents to Hamper Hydrocarbon Solvents Market
Hydrocarbon solvents, due to VOC emission are primarily considered toxic and hazardous for the environment and human health. Increase in stringent environmental regulations on solvents has resulted in a shift toward bio-based solvents. This trend of shift can be observed in almost every end-use industry, including adhesives & sealants, paints & coatings, textiles, cleaners, and oilfield chemicals. Unlike conventional solvents, bio-solvents are produced from biomass sources such as energy crops, forest products, aquatic biomass, and waste materials. They have lower toxicity, VOC content, and are biodegradable resulting in a safer and eco-friendly environment. Thus, rise in environmental concerns and increase in shift toward greener alternatives are expected to hamper the global hydrocarbon solvents market during the forecast period.
The dearth of universal directives pertaining to applications of hydrocarbon solvents is also estimated to hamper the market in the near future. Every country has different directives and legislations pertaining to the use of hydrocarbon solvents. Companies find it difficult to comply with these directives and legislations. This can discourage investment in the hydrocarbon solvents market, thereby restraining the market.
Asia Pacific Dominates Hydrocarbon Solvents Market
Based on region, Asia Pacific accounted for a major share of the global hydrocarbon solvents market in 2019. China is projected to lead the market in Asia Pacific over the next few years. Countries in Asia Pacific such as India, Japan, and South Korea are major consumers of hydrocarbon solvents due to rise in urbanization and population; and increase in the income of the middle-class population in these countries. Europe also held key share of the global hydrocarbon solvents market in 2019. It is a leading market for packaging and building & construction sectors. Majority of hydrocarbon solvents are used in these industries. Countries in the region such as Germany, Spain, France, and the U.K. are among the top producers of automobiles across the world. Thus, consumption of hydrocarbon solvents is high in the region.