The global hydrocarbon solvents market size was valued at USD 5.4 Bn in 2022 and is likely to reach USD 7.75 Bn by 2031, expanding at a CAGR of 4.1% during 2023-2031. Wide applications of hydrocarbon solvents in consumer goods are expected to boost market growth.
Hydrocarbon solvents are organic volatile liquids with complex molecular structures. As the name suggests, hydrocarbon solvents are composed of pure hydrogen and carbon steam. They are mainly used to dissolve water-insoluble solutes such as oil, and grease. They are used in the making of a wide range of commercial components such as dry-cleaning agents, electronics, pharmaceutics, coating formulations, and adhesives.
Petroleum is treated with various manufacturing processes to get the hydrocarbon solvents as a product. Manufacturing processes such as hydrodesulfurization, followed by hydrogenation, and distillation to get the end result. The solvents of alkanes, alkenes, and alkynes groups are aliphatic compounds. Some of the solvents are paraffinic, naphthenic, isoparaffinic, and aromatic constituents.
Hydrocarbon solvents are highly flammable and water-insoluble in nature. They require special handling as far as storage, usage, and transportation is concerned. They have the property of effective dissolution and fast evaporation. This makes them useful in the making of dry-cleaning agents, degreasing agents, quick-drying coatings, and others.
Exposure to hydrocarbon solvents is biohazardous. Prolonged exposure to them leads to damage to the central nervous system, reproductive hazards, and can cause cancer. Some of the common hydrocarbon solvents are pentane, alkanes, alkenes, iso-paraffins, petroleum naphtha, cyclohexane, petroleum distillate, higher alkanes, carbon tetrachloride, benzene-based solvents, and trichloroethylene.
Hydrocarbon solvents are divided into three main types. Aliphatic solvents, aromatic solvents, and halogenated solvents. Aliphatic solvents have branched, cyclic, or straight-chain molecular structures. Aromatic solvents have cyclic & planar structures.
Aliphatic & aromatic solvents are popular among manufacturers owing to their applications in making industrial cleaning solutions, high-quality adhesives, consumer goods, agrochemicals, and sealants. Moreover, halogenated solvents have at least one hydrocarbon (HC) molecule replaced by a member of the halogen molecule. 1-bromopropane, carbon tetrachloride, and chloroform are some popular halogen solvents. They are commonly used in degreasing solvents.
Hydrocarbon solvents are used in paints, paint solvents, paints & coatings thinners, and dilutants. They are also used in the preparation of rubber, oil extraction & degreasing, and agricultural products. In the healthcare sector solvents are used in making aerosols such as inhalers for treating various respiratory diseases, sanitizers, and anesthetic preparations. For hygiene purposes, the solvents are used in disinfectants and cleansing agents.
The COVID-19 pandemic moderately impacted the market as governments around the world temporarily ceased industrial operations due to the COVID restrictions. The market faced a surge in demand for cleaning products, disinfectants, and sanitizers. The key players in the market took the market situation as a growth opportunity and opted for permits from the government to resume production. The COVID opportunity helped the key players generate high-profit margins during throughout the pandemic.
In February 2022, the market was adversely affected due to the Russia-Ukraine war situation. Ukraine is one of the prime exporters of crude petroleum, and oil. Russia’s invasion temporarily ceased crude extraction and export activity, causing rapid hikes in the prices of oil and gas. This resulted in inflation in solvent prices across the world, especially in the countries that depend on the importation of these energy sources. The petroleum prices are currently being receded with a gradually stabilizing economy after Ukraine resumed exportation.
Market Dynamics
Major Drivers
Increasing demand for strong solvents for degreasing industrial machinery is expected to propel the market growth. The heavy machines used in the cosmetic industry, food & beverage industry, chemical industry, and oil extraction & refineries require high-efficiency solvents for maintenance and efficient work.
The strong solvency of hydrocarbon solvents helps in the quick cleaning of the oil, grease, resin, and waxy build-up on the machinery. Currently, solvents such as hexane, toluene, gasoline, and kerosene are used to degrease turbines, oil extraction machinery, and storage spaces.
Increasing demand for hydrocarbon solvents from end-user industries is expected to drive the market. Hydrocarbon solvents have a wide range of applications in consumer products as they dissolve strong water-insoluble solutes such as grease, oil, waxes, adhesives, and other organic chemicals. Business advancements in the paints & coatings industry, dyes & inks industry, textile industry, and cleaning products manufacturers are expected to boost the market growth.
Existing Restraints
Air contamination caused by volatile organic compound (VOC) emissions impedes market growth. Hydrocarbon solvents emit VOCs which intoxicate the surrounding air. Exposure to such air is hazardous to human health. Governments around the world have issued stringent emission standards for manufacturers. Manufacturers are focused on low VOC emissions solvents, which hampers market growth.
Emerging Opportunities
Research and development studies to manufacture eco-friendly hydrocarbon solvents are a major market opportunity owing to the hazardous nature of the hydrocarbon solvents. Some of the hydrocarbon solvents such as acetone, are less toxic to the environment while dissolving resins and cellulose. Alternatively, developing components that nullify the toxic effect of hydrocarbon solvents, is an opportunity, expected to fuel the market growth.
Scope of the Hydrocarbon Solvents Market Report
The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Hydrocarbon Solvents Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Type (Aromatic Hydrocarbon Solvents, Halogenated Hydrocarbon solvents, and Aliphatic Hydrocarbon Solvents), and End-use (Paints & Coatings, Varnishes, Printing Inks, Cleaning & Degreasing, and Rubbers & Polymers, and Personal Care & Cosmetics)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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DuPont; Ashland; Dow; Chevron Corporation; Royal Dutch Shell; Eastman Chemical Company; and Exxon Mobil Corporation.
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Hydrocarbon Solvents Market Segment Insights
Type Segment Analysis
Based on type, the hydrocarbon solvent market is divided into aromatic hydrocarbon solvents, halogenated hydrocarbon solvents, and aliphatic hydrocarbon solvents. The aliphatic hydrocarbon solvents segment dominated the market during 2022 owing to their wide application in furniture polishing, aerosol manufacturing, pharmaceutical extraction, paints and coating, and lubricant production industries. Pentanes, cyclohexane, and heptane are some of the famous aliphatic solvents.
The aromatic hydrocarbon solvents segment is expected to expand at a significant growth rate during the projection period owing to their property of instant dilution and thinning process in various end-use industries. The aromatic solvents are majorly used in paints, coatings, and varnishes. Furthermore, they have numerous applications in the oil and gas industries as corrosion inhibitors and degreasing agents, which in turn is expected to drive the segment in the coming years.
End-use Segment Analysis
On the basis of end-use, the market is segmented into paints & coatings, varnishes, printing inks, cleaning & degreasing, and rubbers & polymers, and personal care & cosmetics. The paints & coatings segment is expected to register a robust growth rate during the forecast period owing to the volatile nature of hydrocarbon solvents.
There are lacquer-based paints and enamel-based paints in the market. Both varieties of paints require a strong solvent to speed up the dissolution of the paint solute. The volatile property of aromatic solvents promotes speedy drying on the application surface. Furthermore, increasing demand for fast-drying varnishes is also expected to contribute to the growth of the segment. Some commonly used solvents in paints are toluene, benzene, ethylbenzene, xylenes, and others.
The rubbers & polymers segment is projected to dominate the market during the assessment period owing to the versatility and the wide range of applications in the end-use industry. The textile industry, packaging industry, and automotive industry use rubbers and high-quality polymers in many applications.
The rubbers and the polymers materials, when derived from the hydrocarbon solvents, own the property of flexibility, electrical neutrality, and durability. Rubber is used in the manufacturing of oil rings, tie dying, bleaching, and for dissolving harsh caustic materials, whereas polymers are widely used in making automotive vehicle components.
Regional Analysis
In terms of region, the global hydrocarbon solvents market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America dominated the market in 2022, owing to the rising demand for hydrocarbon solvents from construction industries, paints, coating, and varnishes, in the region. The United States produces the maximum oil in the region, which results in the rise in the number of key players in the market the region, which contributed to the regional augmentation of the market.
Asia Pacific is expected to register significant growth during the projection period owing to the vast consumer base of consumer goods residing in the region. Moreover, the rise in industrial activities is due to newly emerging industries such as construction, manufacturing, and textile, industries in the developing economies in the region, such as China, India, Thailand, and Vietnam, contributing to the market growth in the region.
Segments
The hydrocarbon solvents market has been segmented on the basis of
Type
- Aromatic Hydrocarbon Solvents
- Halogenated Hydrocarbon Solvents
- Aliphatic Hydrocarbon Solvents
End-use
- Paints & Coatings
- Varnishes
- Printing Inks
- Cleaning & Degreasing
- Rubbers & Polymers
- Personal Care & Cosmetics
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- DuPont
- Ashland
- Dow
- Chevron Corporation
- Royal Dutch Shell
- Eastman Chemical Company
Competitive Landscape
Key players competing in the global hydrocarbon solvents market are DuPont; Ashland; Dow; Royal Dutch Shell; Eastman Chemical Company; and Exxon Mobil Corporation.
The key companies are mainly focused on executing smart business strategies such as product launches, brand collaborations, and business expansions, to improve the business impression in the market and to add innovative products to their portfolio.
- On May 2023, Chevron Corporation signed an acquisition agreement with PDC Energy, an oil & gas company. The acquisition is projected to provide high returns from the low carbon intensity of the U.S. basins to ensure a consistent cash flow.
- On January 2020, Dow announced its production expansion of ethylene manufacturing units in Canada and made an addition of another furnace.
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