De-aromatic Solvents Market Analysis and Forecast by Flash Point, Boiling Point, Application, Region, and Country, 2023 to 2033
Category: Chemicals & Materials Published Date : Oct-23 ID: CVC01105 Format: PDF Pages: 300
The de-aromatic solvents market is undergoing significant changes, propelled by technological advancements and evolving industrial demands. These solvents are primarily used in various applications such as paints and coatings, metalworking, and industrial cleaning. The market is marked by a focus on quality and environmental sustainability, offering a favorable landscape for both existing and new market players.
Technological advancements in solvent formulation and processing are significantly influencing the de-aromatic solvents market. These advancements are attracting a wide range of industries, thereby positively impacting business growth.
Regulatory frameworks, particularly those concerning environmental sustainability and safety, are crucial in shaping the market landscape. Stricter regulations are pushing industries to opt for high-quality, compliant de-aromatic solvent solutions.
The main challenge facing the market is the environmental concerns associated with solvent use. The need for eco-friendly solutions is pushing companies to invest in R&D, which can be a significant investment for industries.
Emerging economies offer numerous opportunities, particularly in industries like paints and coatings and metalworking. The demand for high-quality, sustainable de-aromatic solvents is expected to rise, providing ample room for market growth.
Dominant Application Segment: Paints and Coatings
In 2023, the paints and coatings segment emerged as the dominant application area, accounting for a substantial 31.6% market share in terms of value. This dominance is expected to continue, driven by the global expansion of various sectors such as automotive OEM, machinery, and appliances. Additionally, the surge in building and construction activities is anticipated to further fuel demand for de-aromatic solvents in this application segment over the projection period.
Fastest-Growing Application Segment: Industrial Cleaning
The industrial cleaning segment is projected to experience the fastest year-over-year growth rate during the forecast period. This de-aromatic solvents market growth is indicative of the increasing focus on cleanliness and maintenance across various industries, which in turn is expected to boost the demand for de-aromatic solvents in industrial cleaning applications.
Most Appealing Incremental Opportunity: Electronics
Over the forecast period, the electronics application segment is poised to be the most appealing in terms of incremental opportunity. This suggests that the electronics sector could offer significant new avenues for the application of de-aromatic solvents, potentially driving market growth in this segment.
De-Aromatic Solvents Market in North America
North America holds a significant position in the industry, characterized by stringent regulatory frameworks and a focus on technological innovation. The market in this region is mature, driven by demand from key sectors like automotive and industrial cleaning. Regulatory standards in the United States and Canada emphasize the need for high-quality, environmentally friendly de-aromatic solvent solutions, encouraging companies to invest in R&D for safer and more efficient products.
De-Aromatic Solvents Industry in Europe
Europe is another crucial market for de-aromatic solvents, led by industrial powerhouses like Germany, the United Kingdom, and France. The European Union’s strict regulations on chemical safety and environmental sustainability are significant drivers for the adoption of high-quality de-aromatic solvents. Companies in the region are aligning their products with the EU’s sustainability goals, finding applications in diverse industries such as automotive, paints and coatings, and industrial cleaning.
De-Aromatic Solvents Market in Asia Pacific Excluding Japan
The Asia Pacific region, excluding Japan, is an emerging market with rapid industrial growth. Countries like China and India are driving the demand for de-aromatic solvents, especially in the paints and coatings and automotive sectors. The focus is on high-quality, efficient, and environmentally friendly chemical solutions that align with the sustainability goals of these developing economies. Local companies are collaborating with international players to meet growing industrial needs.
De-Aromatic Solvents Industry in Japan
Japan stands out in the market for its focus on quality and technological innovation. Japanese companies are at the forefront of developing safer and more efficient forms of de-aromatic solvents. The market is driven by high-tech industries, including electronics and advanced manufacturing, where the quality of chemicals used is a critical factor. Regulatory standards are stringent, pushing companies to invest in quality and safety.
De-Aromatic Solvents Market in Latin America
Latin America is an emerging market with significant growth potential in the de-aromatic solvents sector. Countries like Brazil and Argentina are contributing to market growth, primarily driven by the paints and coatings and automotive industries. However, the market faces challenges such as economic instability and regulatory hurdles. Despite these challenges, there is a growing awareness of the need for high-quality and environmentally friendly de-aromatic solvents.
De-Aromatic Solvents Industry in the Middle East and Africa
The Middle East and Africa region offers untapped potential in the marketplace. Countries like Saudi Arabia and the UAE are focusing on industrial expansion, thereby driving the demand for de-aromatic solvents. Investments in sectors like oil and gas, automotive, and industrial cleaning are expected to fuel market growth. The focus is on high-quality, safe, and efficient chemical solutions to meet the industrial needs of this emerging market.
Key Players and Strategies in the De-aromatic Solvents Industry
Prominent players in the market landscape are adopting various strategies such as business expansion, mergers and acquisitions, and collaborations to strengthen their market position. These strategies are often accompanied by robust RandD activities, aimed at developing high-quality and sustainable products.
Key players operating in the global de-aromatic solvents market include Exxon Mobil Corporation, Royal Dutch Shell plc, Total S.A., Idemitsu Kosan Co., Ltd., Neste Oyj, Calumet Specialty Products Partners, L.P., CEPSA, Gandhar Oil Refinery India Ltd., SK Global Chemical Co., Ltd., and DHC Solvent Chemie GmbH. These companies are at the forefront of the market, driving innovation and quality standards. They have been profiled based on various parameters such as company overview, financial performance, business strategies, and recent developments.
In January 2021, data published by ExpoNova and Conference, a joint venture between Colour Publications Pvt Ltd, Vincentz Network, and NürnbergMesse Group, revealed significant insights into the Indian paint industry. According to the report, the Indian paint industry was valued at over US$ 8 billion in 2021. The industry is experiencing rapid growth across various categories, including architectural, power, automotive, and coil among others.
This development is particularly noteworthy for the de-aromatic solvents industry, as paints and coatings are one of the largest application segments for de-aromatic solvents. The rapid expansion of the paint industry in emerging markets like India offers promising opportunities for key players in the de-aromatic solvents sector.
The de-aromatic solvents market is a dynamic and evolving sector, marked by technological advancements and a focus on sustainability. The market is set for steady growth, influenced by an increasing demand for high-quality, eco-friendly solvents in various industrial applications.
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1.1. Global Market Outlook
1.2. Technology Roadmap
1.3. Supply and Demand Side Trends
1.4. Strategic Success Factors
1.5. Analysis and Recommendation
2.1. Market Taxonomy
2.2. Market Definitions
2.3. Inclusions and Limitations
3.1. Supply Side Overview
3.2. Demand Side Overview
4.1. Macroeconomic Factors
4.2. Forecast Factors
4.3. PEST Analysis
4.4. Porter’s Five Forces
4.5. Value Chain Analysis
4.6. Market Dynamics
4.6.1. Drivers
4.6.2. Restraints
4.6.3. Opportunities
4.7. Patent Analysis
4.8. Trade Analysis
4.9. Investment Feasibility Matrix
4.10. Challenges for New Entrants
4.11. Regulations Overview
4.12. Covid-19 Impact Assessment
4.12.1. Economy/Cluster Projections
4.12.2. Covid-19 Economic Assessment
4.12.3. Potential Impact on Target Market
4.12.4. Recovery Scenario
5.1. Historical Value ($ Mn) and Future Market Value ($ Mn) Projection Analysis
5.2. Demand Y-o-Y Growth Rate Analysis
5.3. Total $ Opportunity Analysis
5.4. Historical Volume (Tons) and Future Market Volume (Tons) Projection Analysis
6.1. Regional Pricing Analysis by Source
6.2. Regional Price Forecast
6.3. Profit Margin Analysis
6.4. Future Price Impact Factors
7.1. Introduction
7.2. Market Trends
7.3. Historical Market Analysis and Market Forecast Analysis
7.3.1. Low Flash Point
7.3.2. Medium Flash Point
7.3.3. High Flash Point
7.4. Market Attractiveness Analysis
8.1. Introduction
8.2. Market Trends
8.3. Historical Market Analysis and Market Forecast Analysis
8.3.1. Type 1
8.3.2. Type 2
8.3.3. Type 3
8.4. Market Attractiveness Analysis
9.1. Introduction
9.2. Market Trends
9.3. Historical Market Analysis and Market Forecast Analysis
9.3.1. Paints, coatings, and Inks
9.3.2. Metal Working
9.3.3. Industrial Cleaning
9.3.4. Drilling Fluids
9.3.5. Consumer Products
9.3.6. Adhesives and Sealants
9.3.7. Others
9.4. Market Attractiveness Analysis
10.1. Introduction
10.2. Market Trends
10.3. Historical Market Analysis and Market Forecast Analysis
10.3.1. North America
10.3.2. Latin America
10.3.3. Western Europe
10.3.4. Eastern Europe
10.3.5. East Asia
10.3.6. South Asia Pacific
10.3.7. Middle East and Africa
10.4. Market Attractiveness Analysis by Region
11.1. Introduction
11.2. Key Market Trends
11.3. Pricing Analysis
11.4. Historical Market Analysis and Market Forecast Analysis
11.4.1. By Country
11.4.1.1. The U.S.
11.4.1.2. Canada
11.4.2. By Application
11.4.3. By Flash Point
11.4.4. By Boiling Point
11.5. Market Attractiveness Analysis
11.5.1. By Country
11.5.2. By Application
11.5.3. By Boiling Point
11.5.4. By Flash Point
11.6. Market Participants Presence Mapping
12.1. Introduction
12.2. Key Market Trends
12.3. Pricing Analysis
12.4. Historical Market Analysis and Market Forecast Analysis
12.4.1. By Country
12.4.1.1. Brazil
12.4.1.2. Mexico
12.4.1.3. Rest of L.A.
12.4.2. By Application
12.4.3. By Flash Point
12.4.4. By Boiling Point
12.5. Market Attractiveness Analysis
12.5.1. By Country
12.5.2. By Application
12.5.3. By Flash Point
12.5.4. By Boiling Point
12.6. Market Participants Presence Mapping
13.1. Introduction
13.2. Key Market Trends
13.3. Pricing Analysis
13.4. Historical Market Analysis and Market Forecast Analysis
13.4.1. By Country
13.4.1.1. Germany
13.4.1.2. Italy
13.4.1.3. France
13.4.1.4. U.K.
13.4.1.5. Spain
13.4.1.6. BENELUX
13.4.1.7. Nordics
13.4.1.8. Rest of Western Europe
13.4.2. By Application
13.4.3. By Flash Point
13.4.4. By Boiling Point
13.5. Market Attractiveness Analysis
13.5.1. By Application
13.5.2. By Flash Point
13.5.3. By Boiling Point
13.6. Market Participants Presence Mapping
14.1. Introduction
14.2. Key Market Trends
14.3. Pricing Analysis
14.4. Historical Market Analysis and Market Forecast Analysis
14.4.1. By Country
14.4.1.1. Poland
14.4.1.2. Russia
14.4.1.3. Baltics
14.4.1.4. Balkans
14.4.1.5. Rest of Eastern Europe
14.4.2. By Application
14.4.3. By Flash Point
14.4.4. By Boiling Point
14.5. Market Attractiveness Analysis
14.5.1. By Country
14.5.2. By Application
14.5.3. By Flash Point
14.5.4. By Boiling Point
14.6. Market Participants Presence Mapping
15.1. Introduction
15.2. Key Market Trends
15.3. Pricing Analysis
15.4. Historical Market Analysis and Market Forecast Analysis
15.4.1. By Country
15.4.1.1. China
15.4.1.2. Japan
15.4.1.3. South Korea
15.4.2. By Application
15.4.3. By Flash Point
15.4.4. By Boiling Point
15.5. Market Attractiveness Analysis
15.5.1. By Country
15.5.2. By Application
15.5.3. By Flash Point
15.5.4. By Boiling Point
15.6. Market Participants Presence Mapping
16.1. Introduction
16.2. Key Market Trends
16.3. Pricing Analysis
16.4. Historical Market Analysis and Market Forecast Analysis
16.4.1. By Country
16.4.1.1. India
16.4.1.2. ASEAN
16.4.1.3. ANZ
16.4.1.4. Rest of SAP
16.4.2. By Application
16.4.3. By Flash Point
16.4.4. By Boiling Point
16.5. Market Attractiveness Analysis
16.5.1. By Country
16.5.2. By Application
16.5.3. By Flash Point
16.5.4. By Boiling Point
16.6. Market Participants Presence Mapping
17.1. Introduction
17.2. Key Market Trends
17.3. Pricing Analysis
17.4. Historical Market Analysis and Market Forecast Analysis
17.4.1. By Country
17.4.1.1. GCC Countries
17.4.1.2. Turkey
17.4.1.3. South Africa
17.4.1.4. Rest of MEA
17.4.2. By Application
17.4.3. By Flash Point
17.4.4. By Boiling Point
17.5. Market Attractiveness Analysis
17.5.1. By Country
17.5.2. By Application
17.5.3. By Flash Point
17.5.4. By Boiling Point
17.6. Market Participants Presence Mapping
18.1. Market Concentration Analysis
18.2. Tier Structure Breakdown
18.3. Market Share Analysis
18.4. Production Capacity Analysis
18.5. Key Strategies Adopted by Top Players
18.6. Start-up Ecosystem
18.6.1. New Player Entry
18.6.2. Strategies Adopted by New Players
18.7. Company Footprint Analysis
18.8. Competitive Dashboard
19.1. ExxonMobil
19.2. Shell Chemicals
19.3. TotalEnergies
19.4. Eastman Chemical Company
19.5. LyondellBasell
19.6. Cepsa
19.7. Phillips 66
19.8. Huntsman Corporation
19.9. Idemitsu Kosan Co., Ltd.:
19.10. PetroChina