NEW YORK, March 16, 2022 /PRNewswire/ -- Growing demand for paints, coatings, inks, and metal working across various chemical sectors is one of the leading driving factors for rising need for de-aromatic solvents. Chemical industries have seen significant growth in the past few years, which is expected to be the same over the coming years as well. Growing demand for application of de-aromatic solvents in the chemical sector is expected to drive market growth substantially through the forecast period of 2021-2031.
East Asia, Europe, and North America are major markets for de-aromatic solvents. Being a fragmented market, manufacturers of de-aromatic solvents are highly focused on increasing their sales and distribution networks across regions.
The global de-aromatic solvents market is estimated to expand at a CAGR of more than 6% over the forecast period of 2021-2031.
Key Takeaways from Market Study
- De-aromatic solvents are widely used for paint, coating, and ink applications, as they are a safer alternative as compared to conventional solvents and do not emit harmful VOCs.
- There has been an increase in the use of medium and higher flash point grades for metal working applications.
- De-aromatic solvents are widely used for the manufacture of consumer products such as household insecticides and mosquito repellents, as they are odorless and do not emit harmful VOCs like conventional solvents.
- The feedstock for de-aromatized hydrocarbon solvents is naphtha, which is derived from crude oil. Thus, prices of these petroleum-based de-aromatized hydrocarbon solvents tend to be volatile as they are influenced by volatility in prices of crude oil.
- Consumption of de-aromatic solvents, especially in Asia Pacific countries such as China, India, and South Korea, among others, is expected to grow at an above average rate during the forecast period.
- The market in the U.S., China, and India is expected to expand at a CAGR of over 6% each, through 2031.
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"Due to the onset of COVID-19, growth rate of the market in 2020 was dismal, at -3.1%," says a Persistence Market Research analyst.
Competitive Landscape
The global de-aromatic solvents market has been identified as a significantly fragmented market, with the organized sector occupying a major section of the overall market. Some leading players included in the report, such as Royal Dutch Shell Plc, NANJING JINMEI GALLIUM CO., LTD., Total S.A., Idemitsu Kosan Co., Ltd., Neste Oyj, Raj Petro Specialities P. Ltd., Avani Petrochem Private Limited, Isu Exachem Co. Ltd, DHC Solvent Chemie GmbH, Calumet Speciality Products Partner L.P., SK Global Chemical Co, Ltd., and CEPSA Entegris, Inc., are anticipated to create tough a competitive environment at the global level.
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Conclusion
The global de-aromatic solvents market is anticipated to grow substantially owing to rising demand from chemical industries. Increasing use of de-aromatic solvents is being witnessed in applications such as paints, coatings, inks, drilling fluids, and industrial cleaning. Sales of de-aromatic solvents are also estimated to rise owing to increasing demand from semiconductor industries over the coming years.
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More Valuable Insights
Persistence Market Research, a research and consulting firm, has published a market research report on the de-aromatic solvents market that contains global industry analysis of 2016-2020 and opportunity assessment for 2021-2031. The report provides in-depth analysis of the market through different segments, namely, flash point, boiling point, application, and region. The report also provides supply and demand trends, along with an overview of the parent market.
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