De-aromatic Solvents Market 2017–2027
De-aromatic solvents also referred to as de-aromatized hydrocarbon solvents and are an effective alternative to conventional solvents. They have a wide range of application across paints & coatings, industrial and institutional cleaning, metalworking fluids, solvents for printing inks, drilling fluids, adhesives and sealants, and consumer products. De-aromatic solvents are odorless and have low VOC content and is comparatively less toxic to conventional solvents. Therefore, these solvents are much safer than traditional solvents such as chlorinated solvents and are consider as eco-friendly products that have a less environmental impact.
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The global de-aromatic solvents market is projected to reach around US$ 2.9 billion by the end of 2027, in terms of revenue, growing at CAGR of 5.9% during the forecast period (2019-2027).
Global De-aromatic Solvants, By Application:
- Paints & Coatings
- Metal Working
- Industrial Cleaning
- Adhesives & Sealants
- Drilling Fluids
- Consumer Products
- Others (Chemical Intermediates, crop protection, etc.)
Global De-aromatic Solvants, By Flash Point:
- Low Flash Point (<410C)
- Medium Flash Point (410C – 800C)
- High Flash Point (>800C)
- Global De-aromatic Solvants, By Boiling Point:
- Type 1(1500C–2000C)
- Type 2(2000C–2400C)
- Type 3(2400C)
Growing replacement of traditional solvents with de-aromatic solvents due to its less VOC content and toxicity is propelling the market growth of de-aromatic solvents. The de-aromatic solvent are odorless with lower VOC content and toxicity than traditional solvents is accelerating their demand around the globe. Therefore, rising awareness regarding the negative environmental impact of solvents is fueling the market growth of de-aromatic solvents over the forecast timeframe.
On basis of the region, Asia pacific region dominated the global de-aromatic solvents market in 2018, accounting for 40% share in terms of volume, followed by Europe and North America, respectively.
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Fluctuating prices of feedstock for de-aromatized hydrocarbon solvents is projected to restrict the market growth over the forecast period. Naphtha is a key raw material that is used to produce de-aromatized hydrocarbon solvents and naphtha is derived from crude oil and prices of these petroleum-based de-aromatized hydrocarbon solvents tend to be volatile, as they are influenced by fluctuating crude oil prices. This factor is expected to impact the market growth of de-aromatized solvents negatively over the forecast timeframe.
The growing focus of manufacturers to expand the production capacity of de-aromatic solvents is expected to foster market growth over the forecast period. For instance, in December 2015, Royal Dutch Shell plc., announced plans to expand its refinery at Pernis, Netherlands, through the addition of a new solvent deasphalting unit for removal of heavy fractions from crude oil. Growing initiatives by the manufacturer to increase production capacity will stimulate market growth.
Key players operating in global de-aromatic solvents are Exxon Mobil Corporation, Royal Dutch Shell plc., Total S.A., Idemitsu Kosan Co., Ltd., Neste Oyj, Calumet Specialty Products Partners, L.P., CEPSA, Gandhar Oil Refinery India Ltd., SK Global Chemical Co., Ltd., DHC Solvent Chemie GmbH