Hydrocarbon Solvents Market by Type (Aromatic Hydrocarbon Solvents, Halogenated Hydrocarbon solvents, and Aliphatic Hydrocarbon Solvents), End-use (Paints & Coatings, Varnishes, Printing Inks, Cleaning & Degreasing, and Rubbers & Polymers, and Personal Care & Cosmetics), and Region (Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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.
Attributes |
Details |
Report Title |
Hydrocarbon Solvents Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2022 |
Historic Data |
2016–2021 |
Forecast Period |
2023–2031 |
Segmentation |
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) |
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
Key Players Covered in the Report |
DuPont; Ashland; Dow; Chevron Corporation; Royal Dutch Shell; Eastman Chemical Company; and Exxon Mobil Corporation. |
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.
2. Assumptions and Acronyms Used
3. Research Methodology
4. Hydrocarbon Solvents Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Hydrocarbon Solvents Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Hydrocarbon Solvents Market - Supply Chain
4.5. Global Hydrocarbon Solvents Market Forecast
4.5.1. Hydrocarbon Solvents Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Hydrocarbon Solvents Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Hydrocarbon Solvents Market Absolute $ Opportunity
5. Global Hydrocarbon Solvents Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Hydrocarbon Solvents Market Size and Volume Forecast by Types
5.3.1. Aromatic Hydrocarbon Solvents
5.3.2. Halogenated Hydrocarbon Solvents
5.3.3. Aliphatic Hydrocarbon Solvents
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Hydrocarbon Solvents Market Analysis and Forecast by End Users
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by End Users
6.2.2. Y-o-Y Growth Projections by End Users
6.3. Hydrocarbon Solvents Market Size and Volume Forecast by End Users
6.3.1. Paints & Coatings
6.3.2. Varnishes
6.3.3. Printing Inks
6.3.4. Cleaning & Degreasing
6.3.5. Rubbers & Polymers
6.3.6. Personal Care & Cosmetics
6.4. Absolute $ Opportunity Assessment by End Users
6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Hydrocarbon Solvents Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Hydrocarbon Solvents Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Hydrocarbon Solvents Demand Share Forecast, 2019-2026
8. North America Hydrocarbon Solvents Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Hydrocarbon Solvents Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Hydrocarbon Solvents Market Size and Volume Forecast by Types
8.4.1. Aromatic Hydrocarbon Solvents
8.4.2. Halogenated Hydrocarbon Solvents
8.4.3. Aliphatic Hydrocarbon Solvents
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. North America Hydrocarbon Solvents Market Size and Volume Forecast by End Users
8.7.1. Paints & Coatings
8.7.2. Varnishes
8.7.3. Printing Inks
8.7.4. Cleaning & Degreasing
8.7.5. Rubbers & Polymers
8.7.6. Personal Care & Cosmetics
8.8. Basis Point Share (BPS) Analysis by End Users
8.9. Y-o-Y Growth Projections by End Users
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Hydrocarbon Solvents Demand Share Forecast, 2019-2026
9. Latin America Hydrocarbon Solvents Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Hydrocarbon Solvents Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Hydrocarbon Solvents Market Size and Volume Forecast by Types
9.4.1. Aromatic Hydrocarbon Solvents
9.4.2. Halogenated Hydrocarbon Solvents
9.4.3. Aliphatic Hydrocarbon Solvents
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Latin America Hydrocarbon Solvents Market Size and Volume Forecast by End Users
9.7.1. Paints & Coatings
9.7.2. Varnishes
9.7.3. Printing Inks
9.7.4. Cleaning & Degreasing
9.7.5. Rubbers & Polymers
9.7.6. Personal Care & Cosmetics
9.8. Basis Point Share (BPS) Analysis by End Users
9.9. Y-o-Y Growth Projections by End Users
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Hydrocarbon Solvents Demand Share Forecast, 2019-2026
10. Europe Hydrocarbon Solvents Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Hydrocarbon Solvents Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Hydrocarbon Solvents Market Size and Volume Forecast by Types
10.4.1. Aromatic Hydrocarbon Solvents
10.4.2. Halogenated Hydrocarbon Solvents
10.4.3. Aliphatic Hydrocarbon Solvents
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Europe Hydrocarbon Solvents Market Size and Volume Forecast by End Users
10.7.1. Paints & Coatings
10.7.2. Varnishes
10.7.3. Printing Inks
10.7.4. Cleaning & Degreasing
10.7.5. Rubbers & Polymers
10.7.6. Personal Care & Cosmetics
10.8. Basis Point Share (BPS) Analysis by End Users
10.9. Y-o-Y Growth Projections by End Users
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Hydrocarbon Solvents Demand Share Forecast, 2019-2026
11. Asia Pacific Hydrocarbon Solvents Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Hydrocarbon Solvents Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Hydrocarbon Solvents Market Size and Volume Forecast by Types
11.4.1. Aromatic Hydrocarbon Solvents
11.4.2. Halogenated Hydrocarbon Solvents
11.4.3. Aliphatic Hydrocarbon Solvents
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Asia Pacific Hydrocarbon Solvents Market Size and Volume Forecast by End Users
11.7.1. Paints & Coatings
11.7.2. Varnishes
11.7.3. Printing Inks
11.7.4. Cleaning & Degreasing
11.7.5. Rubbers & Polymers
11.7.6. Personal Care & Cosmetics
11.8. Basis Point Share (BPS) Analysis by End Users
11.9. Y-o-Y Growth Projections by End Users
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Hydrocarbon Solvents Demand Share Forecast, 2019-2026
12. Middle East & Africa Hydrocarbon Solvents Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Hydrocarbon Solvents Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Hydrocarbon Solvents Market Size and Volume Forecast by Types
12.4.1. Aromatic Hydrocarbon Solvents
12.4.2. Halogenated Hydrocarbon Solvents
12.4.3. Aliphatic Hydrocarbon Solvents
12.5. Basis Point Share (BPS) Analysis by Types
12.6. Y-o-Y Growth Projections by Types
12.7. Middle East & Africa Hydrocarbon Solvents Market Size and Volume Forecast by End Users
12.7.1. Paints & Coatings
12.7.2. Varnishes
12.7.3. Printing Inks
12.7.4. Cleaning & Degreasing
12.7.5. Rubbers & Polymers
12.7.6. Personal Care & Cosmetics
12.8. Basis Point Share (BPS) Analysis by End Users
12.9. Y-o-Y Growth Projections by End Users
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Hydrocarbon Solvents Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Hydrocarbon Solvents Market: Market Share Analysis
13.2. Hydrocarbon Solvents Distributors and Customers
13.3. Hydrocarbon Solvents Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. DuPont
13.4.2. Ashland
13.4.3. Dow
13.4.4. Chevron Corporation
13.4.5. Royal Dutch Shell
13.4.6. Eastman Chemical Company