The hydrocarbon solvents market is projected to have a global market size of 5.7 billion in 2023 and a compound annual growth rate (CAGR) of 2.9% from 2024 to 2034. Because of their superior solubility and rapid drying times, hydrocarbon solvents are frequently employed in paints, coatings, and varnishes. The demand for coating is rising due to the expansion of the automotive and construction industries, which has a direct impact on solvent consumption.

It is used as reaction mediums and extraction agents in pharmaceutical formulations, and the growing personal care and cosmetics sector uses hydrocarbon solvents in fragrances, deodorants, and aerosol sprays. The market for hydrocarbon solvents is being driven by the growth of the printing ink industry.

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Growth Drivers

Hydrocarbon solvents are used in lubricants, extraction procedures, and oil refining. The market is driven by the need for higher crop yields and global agricultural modernization, as well as by stricter environmental regulations that force companies to develop low-VOC and bio-based solvents. Future market trends are being shaped by investments in environmentally friendly hydrocarbon solvents.

The use of solvent in coating, adhesive, and waterproofing materials is being driven by the expansion of the construction and automotive industries. The oil and gas sector is the primary driver of the market's growth, with the expansion of petrochemical plants and oil refineries increasing availability and market penetration. Consumer goods, manufacturing, and infrastructure expansion are the main drivers of solvent consumption.

Segmentation

Type

·               Aliphatic: Includes aliphatic naphtha, heptane, and hexane

·               Aromatic: Includes toluene and xylene

 Application

·               Paints and coatings: Used in decorative, automotive, industrial, and protective paints

·               Cleaning and degreasing: Used in industrial applications

·               Printing inks: Used in packaging materials

·               Adhesives: Used in industrial applications

·               Aerosols: Used in industrial applications

·               Rubbers and polymers: Used in industrial applications

·               Agriculture chemicals: Used in agricultural applications

·               Pharmaceuticals: Used in pharmaceutical applications

By Region

·               Asia Pacific

·               North America

·               Middle East and Africa

·               Europe

·               Latin America

Key Players

·               Total S.A

·               Royal Dutch Shell

·               DowDuPont Inc.

·               Sinopec

·               ExxonMobil Corporation

·               Ashland Inc.

·               BP Plc.

·               Engen Petroleum Ltd.

·               Reliance Industries Limited

·               Other Players

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