De-aromatic Solvent Market Size, Share, Growth, Analysis, Trends and Forecast 2034

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The global de-aromatic solvent market is set to reach US$ 2.2 billion in 2023 and is projected to grow at a strong CAGR of 6.2% from 2023 to 2033. By 2033, the market is expected to be valued at US$ 4.0 billion.

A key driver for this growth is the paints and coatings industry. The rising demand for water-borne paints and coatings, which use fewer volatile organic compounds (VOCs), is anticipated to fuel the demand for de-aromatic solvents over the forecast period. Currently, the paints and coatings formulation segment accounts for approximately 27.2% of the global market share.

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Key Takeaways:

  • The medium flash point de-aromatic solvent segment currently holds around 42.5% of the global market share.
  • In terms of boiling point, the demand for type 1 (150-200°C) de-aromatic solvents is expected to grow at a CAGR of 5.7% through 2033.
  • The de-aromatic solvent market in East Asia is projected to expand at a CAGR of 6.4% during the forecast period, while the U.S. market is set to grow at 5.5% CAGR from 2023 to 2033.
  • Driven by a booming construction sector, sales of de-aromatic solvents in China are expected to rise significantly throughout the assessment period.

Growth Drivers:

  • The increasing use of de-aromatic solvents in the paints and coatings sector is expected to drive demand throughout the assessment period.
  • Rising awareness about the advantages of de-aromatic solvents is anticipated to boost sales through 2033.
  • Strict regulations limiting the use of hazardous substances, including aromatic solvents, will continue to create growth opportunities for the de-aromatic solvent industry.
  • Global growth in construction and building activities, along with the development of customized de-aromatic solvents featuring high and medium flash points and low toxicity, is likely to present new opportunities for manufacturers.

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Key Market Strategies

Leading companies in the de-aromatic solvent market prioritize strong relationships with key distributors and secure long-term contracts with clients. To meet growing demand across various applications, businesses are increasing production capacity and focusing on creating high-utility products.

For example:

  • In March 2019, Hindustan Petroleum Corporation Limited's Green Research & Development Center (HP GRDC) developed a new technique for manufacturing low-aromatic solvents, which are in high demand in the paint, drilling, and solvent industries.
  • In November 2019, Archer Daniels Midland Company acquired Florida Chemical Company (FCC), a division of Flotek Industries.

Key Companies Profiled by Fact.MR

  • Exxon Mobil Corporation
  • Shell plc
  • Idemitsu Kosan Co.,Ltd.
  • Neste
  • Raj Petro Specialties Pvt. Ltd.
  • DHC Solvent Chemie GmbH
  • Avani Petrochem Pvt. Ltd.
  • Calumet Specialty Products Partner, L.P.

Read More: https://www.factmr.com/report/de-aromatic-solvent-market

More Valuable Insights on De-Aromatic Solvent Market

In the latest study, Fact.MR offers a detailed study on global de-aromatic solvent market for the forecast period of 2023 to 2033. This study also highlights key drivers influencing the sales of de-aromatic solvents through detailed segmentation as follows:

By Flash Point:

  • Low
  • Medium
  • High

By Boiling Point:

  • Type 1 (150-200 °C)
  • Type 2 (200-240 °C)
  • Type 3 (>240 °C)

By Application:

  • Paint & Coating Formulation
  • Printing Inks Formulation
  • Varnishes Formulation
  • Wood Preservatives Formulation
  • Adhesives and Sealants Formulation
  • Cleaning Solvents Formulation
  • Drilling Fluids
  • Other

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Middle East & Africa

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