Global Solvents Market Set for Significant Growth Across Multiple Sectors

Industrial Solvents Market to Increase by USD 2.52 Billion from 2024 to 2028, Rising Demand for Oxygenated Solvents and AI's Impact on Market Trends to Drive Growth - Technavio Report

NEW YORK, Aug. 30, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape- The global industrial solvents market size is estimated to grow by USD 2.52 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 5.24% during the forecast period. Growing demand for oxygenated solvents is driving market growth, with a trend towards rising shift toward low-voc and zero-voc formulations. However, stringent regulations on use of industrial solvents poses a challenge. Key market players include Arkema SA, BASF SE, Chevron Phillips Chemical Co. LLC, Clariant AG, Dow Inc., Eastman Chemical Co., Exxon Mobil Corp., Honeywell International Inc., Huntsman Corp., Idemitsu Kosan Co. Ltd., Industrial Solvents and Chemicals Pvt. Ltd., INEOS AG, LyondellBasell Industries N.V., Reliance Industries Ltd., Sasol Ltd., SATELLITE CHEMICAL CO. LTD., Shell plc, Sydney Solvents, TotalEnergies SE, and Trice Chemicals Industries LLC. Get a detailed analysis on regions, market segments, customer landscape, and companies - Click for the snapshot of this report Forecast period 2024-2028 Base Year 2023 Historic Data - Segment Covered Type (Alcohols, Hydrocarbons, Ketones, Esters, and Others), End-user (Paints and coatings, Pharmaceuticals, Adhesives, Printing Inks, and Others), and Geography (APAC, North America, Europe, South America, and Middle East and Africa) Region Covered APAC, North America, Europe, South America, and Middle East and Africa Key companies profiled Arkema SA, BASF SE, Chevron Phillips Chemical Co. LLC, Clariant AG, Dow Inc., Eastman Chemical Co., Exxon Mobil Corp., Honeywell International Inc., Huntsman Corp., Idemitsu Kosan Co. Ltd., Industrial Solvents and Chemicals Pvt. Ltd., INEOS AG, LyondellBasell Industries N.V., Reliance Industries Ltd., Sasol Ltd., SATELLITE CHEMICAL CO. LTD., Shell plc, Sydney Solvents, TotalEnergies SE, and Trice Chemicals Industries LLC Key Market Trends Fueling Growth The industrial solvents market is a significant sector, supplying essential chemicals for various industries. Companies manufacture and distribute these solvents for use in various applications, such as cleaning, extraction, and manufacturing processes. Key players in this market include BASF SE, ExxonMobil, and Shell Chemicals. Market growth is driven by increasing industrialization and rising demand for efficient production processes. Regulations and environmental concerns, however, pose challenges to market expansion. Industrial solvents play a crucial role in various industries, including rubber and polymer production, fuel additives, metal degreasing, and dissolution agents. Hydrocarbons, alcohols, ketones, chlorinated solvents, esters, and bio-based solvents are popular types used. Applications span from printing ink and cosmetics in the residential sector to infrastructure projects, paint and coatings, adhesives and sealants, and bulk chemicals in the chemical compounds field. Sustainable solvents derived from renewable feedstocks are gaining traction in industries like electronics, oil and gas, and agrochemicals. Industrial processes rely on solvents for cleansing, degreasing, and purification. Butane is a common hydrocarbon solvent used in several applications. Overall, industrial solvents contribute significantly to diverse industries. Discover a Comprehensive 360° Market Analysis: Understand the Impact of AI. For detailed information- Request Sample! Market Challenges The industrial solvents market is a significant sector, supplying essential chemicals for various industries. These solvents are used in processes like extraction, cleaning, and manufacturing. Key players include BASF SE, ExxonMobil, and Shell Chemicals. Growth is driven by increasing demand from end-use industries like pharmaceuticals, agriculture, and coatings. Market size is projected to expand at a steady pace due to rising industrialization and technological advancements. Companies focus on innovation and sustainability to meet evolving customer needs and regulatory requirements.The Industrial Solvents market faces several challenges in various industries. In the Chemical compounds field, there's a growing demand for sustainable solvents and renewable feedstocks. Paints and coatings sector seeks eco-friendly alternatives to traditional solvents like Butane, Propane, Hexane, Isopropyl alcohol, and Ethanol. Industrial processes require solvents for diverse applications, from Electronics manufacturing using Dissolution agents, Cleansing, and Degreasing, to Bulk chemicals production in Oil and Gas industries. Sustainability is key in Agrochemical sector, where solvents like Alcohol are used in Medicine production and Medical encapsulation. Waste solvents from Industrial Solvent Chemical companies need Recycling for Green chemistry to align with Information Technology's shift towards Circuits, Smartphones, Networking devices, and Appliances. VOCs in Adhesives, Sealants, Pesticides, and Photographic Reproduction need reduction. Textile Industries and Oil Refining rely on solvents for Recovery and Dry Cleaning processes. Overall, the market must adapt to these challenges for long-term growth. For more insights on driver and challenges - Download a Sample Report Segment Overview This industrial solvents market report extensively covers market segmentation by Type 1.1 Alcohols1.2 Hydrocarbons1.3 Ketones1.4 Esters1.5 OthersEnd-user 2.1 Paints and coatings2.2 Pharmaceuticals2.3 Adhesives2.4 Printing Inks2.5 OthersGeography 3.1 APAC3.2 North America3.3 Europe3.4 South America3.5 Middle East and Africa 1.1 Alcohols- Industrial alcohols, such as ethanol, isopropyl alcohol, and methanol, serve as effective solvents for various substances including oils, fats, resins, and polymers. Their versatility makes them indispensable in numerous industries, including pharmaceuticals, cosmetics, paints, and cleaning products. Alcohols possess strong solvent properties, efficiently dissolving both polar and non-polar compounds. This characteristic is particularly advantageous in applications like food and cosmetic extraction processes, where efficient recovery of active ingredients is crucial. Many alcohols, especially ethanol, are biodegradable and eco-friendly, reducing environmental impact from solvent disposal. As sustainability and regulatory compliance gain importance, alcohols, particularly bio-based alternatives, are gaining traction. They comply with stricter environmental regulations, facilitating integration into sustainable practices and minimizing potential legal risks from hazardous chemical use. Consequently, the alcohol segment and the global industrial solvents market are projected to expand during the forecast period. For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data ( - ) - Download a Sample Report Research Analysis Industrial solvents are essential chemical compounds used in various industries for diverse applications. They play a crucial role in industrial processes, including paints and coatings, electronics, bulk chemicals, oil and gas, agrochemical sector, and more. Sustainable solvents and renewable feedstocks are gaining popularity due to increasing environmental concerns. Industrial solvents are used as dissolution agents in various sectors such as adhesives, sealants, pesticides, and photographic reproduction. In the textile industries, they are used for degreasing, purification, and dyeing processes. In oil refining, they are used for recovery processes. Butane and propane are common industrial solvents used as fuels and solvents in various industries. Volatile Organic Compounds (VOCs) are a significant concern in the use of industrial solvents due to their potential impact on the environment and human health. Industrial solvents are also used in the oil and gas industry for extraction and processing of crude oil. In the rubber industry, they are used as degreasing agents. Overall, industrial solvents play a vital role in various industries, contributing to their growth and development. Market Research Overview Industrial solvents are essential chemical compounds used in various industries for diverse applications. They play a significant role in industrial processes, particularly in the production of paints and coatings, electronics, and bulk chemicals. Sustainable solvents derived from renewable feedstocks are gaining popularity due to their eco-friendly nature, replacing traditional solvents in several applications. In the chemical sales sector, industrial solvents find extensive use in industries such as oil and gas, agrochemical, and healthcare. They serve as dissolution agents in various industrial processes, including oil refining, recovery, and metal degreasing. In the electronics industry, they are used as cleaning agents for circuits, printed circuit boards, and other components. Industrial solvents are also used in the textile industry for dyeing and finishing processes, in the rubber and polymer industry for production and processing, and as fuel additives. Hydrocarbons, alcohols, ketones, chlorinated solvents, and esters are some common types of industrial solvents used in various industries. Waste solvents are another area of focus, with recycling and green chemistry playing crucial roles in reducing their environmental impact. Industrial solvents are used in various sectors, including infrastructure, residential, and commercial, for applications such as adhesives and sealants, pesticides, and pharmaceuticals. In the agrochemical sector, industrial solvents are used for the production of pesticides and other agrochemicals. In the healthcare sector, they are used for medicine production and medical encapsulation. In the consumer electronics industry, they are used in the production of smartphones, computers, and networking devices. Butane, propane, hexane, isopropyl alcohol, ethanol, and other solvents are commonly used in various industries. Volatile Organic Compounds (VOCs) are a concern in the use of industrial solvents, and efforts are being made to reduce their emissions through the use of sustainable solvents and improved industrial processes. Table of Contents: 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation TypeAlcoholsHydrocarbonsKetonesEstersOthersEnd-userPaints And CoatingsPharmaceuticalsAdhesivesPrinting InksOthersGeographyAPACNorth AmericaEuropeSouth AmericaMiddle East And Africa 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/ View original content to download multimedia:https://www.prnewswire.com/news-releases/industrial-solvents-market-to-increase-by-usd-2-52-billion-from-2024-to-2028--rising-demand-for-oxygenated-solvents-and-ais-impact-on-market-trends-to-drive-growth--technavio-report-302234924.html SOURCE Technavio Market News and Data brought to you by Benzinga APIs

Organic Solvents Market to Grow by USD 4,378.4 Million from 2024-2028; Rising Demand for Durable, High-Performance Coatings and AI Impact on Market Trends to Drive Revenue Growth - Technavio Report

NEW YORK, Aug. 30, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape- The global organic solvents market size is estimated to grow by USD 4.37 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 5.24% during the forecast period. Growing demand for durable and high-performance coatings is driving market growth, with a trend towards rise of digitalization and automation in organic solvent manufacturing. However, high manufacturing cost of green and bio-based organic solvents poses a challenge. Key market players include Albemarle Corp., Arkema SA, Ashland Inc., BASF SE, Celanese Corp., Central Drug House Pvt. Ltd., Clariant AG, Covestro AG, Dow Inc., Eastman Chemical Co., Exxon Mobil Corp., Honeywell International Inc., Huntsman Corp., INEOS AG, Johnson Matthey Plc, LyondellBasell Industries N.V., Sasol Ltd., Shell plc, Solvay SA, and Synthomer Plc. Get a detailed analysis on regions, market segments, customer landscape, and companies - Click for the snapshot of this report Forecast period 2024-2028 Base Year 2023 Historic Data - Segment Covered Type (Aromatic hydrocarbons, Aliphatic hydrocarbons, Alcohols, Ketones, and Others), End-user (Paints and Coatings, Pharmaceuticals, Adhesives, Printing Inks, and Others), and Geography (APAC, North America, Europe, South America, and Middle East and Africa) Region Covered APAC, North America, Europe, South America, and Middle East and Africa Key companies profiled Albemarle Corp., Arkema SA, Ashland Inc., BASF SE, Celanese Corp., Central Drug House Pvt. Ltd., Clariant AG, Covestro AG, Dow Inc., Eastman Chemical Co., Exxon Mobil Corp., Honeywell International Inc., Huntsman Corp., INEOS AG, Johnson Matthey Plc, LyondellBasell Industries N.V., Sasol Ltd., Shell plc, Solvay SA, and Synthomer Plc Key Market Trends Fueling Growth The Organic Solvents Market is a significant business sector, supplying essential chemicals to various industries. These solvents are used for extracting, cleaning, and processing a wide range of products. Key players in this market include BASF SE, ExxonMobil, and Shell Chemicals. They produce and distribute organic solvents like methanol, ethanol, and acetone. These companies ensure consistent quality and timely delivery to meet customer demands. The market's growth is driven by increasing industrialization and rising consumer awareness towards organic products. The Organic Solvents market is experiencing significant growth, particularly in sectors like Pharmaceuticals, where carbon-based solvents play a crucial role as solutes in chemical reactions. These solvents, which can be naturally or synthetically derived, are essential in various applications, including Inks, Adhesives, Coatings, and Medical use. Pharmaceutical companies rely on organic solvents for manufacturing processes, with solvents like Ketones and Esters being commonly used. Carbon-based solvents, with their unique carbon molecular structure, are also vital in Electronics and Renewable Resources. However, health risks and environmental concerns associated with traditional solvents have led to the development of eco-friendly alternatives. Eco-friendly solvents, such as DAXSOL Dimethyl Carbonate and Glycerol Carbonate, are gaining popularity due to their polar nature and compatibility with living organisms. Processing technologies like Membrane Systems and Dehydrating Organic Solvents using Heat and Pressure are being adopted to improve solvent production efficiency and reduce environmental impact. The shift towards Environmental Sustainability is driving the demand for specialty solvents and renewable resources in the Organic Solvents Market. Discover a Comprehensive 360° Market Analysis: Understand the Impact of AI. For detailed information- Request Sample! Market Challenges The Organic Solvents Market is a significant business sector, supplying essential chemicals for various industries. These solvents are used for extraction, cleaning, and as reaction media in manufacturing processes. Key players include BASF SE, ExxonMobil, and Shell Chemicals. Market growth is driven by increasing demand from end-use industries such as pharmaceuticals, agriculture, and coatings. Regulations and sustainability concerns are key challenges. Innovations in biodegradable solvents offer opportunities for growth.The Organic Solvents Market faces several challenges in areas such as processing technologies, solvent production, and eco-friendliness. In the Pharmaceutical Sector, membrane systems and heat-pressure methods are used for dehydrating organic solvents like polar solvents such as ketones, esters, and glycerol carbonate. However, the production of eco-friendly solvents like DAXSOL Dimethyl Carbonate requires advanced technology and higher costs. Health risks and raw material costs are major concerns for organic solvent suppliers in industries like Petrochemical and Paints. Manufacturing equipment and precision cleaning require solvents like aromatic hydrocarbons, aliphatic organic solvents, and glycol ether esters. The Cosmetic Industry and Cleaning Products sector rely heavily on specialty solvents like styrene, triethanolamine, and vinyl chloride. Eco-friendly solvents and carbon neutrality goals are driving the demand for new technologies. The challenges include the high cost of production and the need for energy-efficient processes. The market for organic solvents is diverse, with applications in industries like Rubber Manufacturing, Oil Extraction, Paints and Thinners, Degreasing, and Construction and Personal care sectors. The market is competitive, with many suppliers offering a range of specialty chemicals and diversified materials. For more insights on driver and challenges - Download a Sample Report Segment Overview This organic solvents market report extensively covers market segmentation by Type 1.1 Aromatic hydrocarbons1.2 Aliphatic hydrocarbons1.3 Alcohols1.4 Ketones1.5 OthersEnd-user 2.1 Paints and Coatings2.2 Pharmaceuticals2.3 Adhesives2.4 Printing Inks2.5 OthersGeography 3.1 APAC3.2 North America3.3 Europe3.4 South America3.5 Middle East and Africa 1.1 Aromatic hydrocarbons- Aromatic hydrocarbons, including benzene, toluene, and xylene, are vital feedstocks in the chemical industry. They are used to produce essential chemicals such as ethylbenzene (for styrene), cumene (for phenol and acetone), and aniline (for polyurethane). These hydrocarbons are integral to the production of polymers like polystyrene and polyethylene terephthalate, widely used in packaging, automotive, and consumer goods. Additionally, they are crucial components in high-octane fuels and fuel additives, influencing the demand based on gasoline and diesel usage. In the manufacturing sector, aromatic hydrocarbons are used to produce automotive parts, such as synthetic rubber for tires and plastic components. Moreover, toluene and xylene serve as solvents in paints, coatings, and varnishes, impacting the construction and home improvement industries. Furthermore, advances in refining and chemical processes enhance yield and efficiency, increasing the supply and decreasing the cost of aromatic hydrocarbons, ultimately driving the growth of the aromatic hydrocarbons segment of the global organic solvents market. For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data ( - ) - Download a Sample Report Research Analysis Organic solvents are carbon-based chemical compounds widely used as solutes in various industries due to their ability to dissolve a wide range of solutes. They are produced through solvent production technologies such as membrane systems and heat and pressure processes. The pharmaceutical sector is a significant consumer of organic solvents in the production of drugs and intermediates. The construction sector uses organic solvents in the manufacturing of adhesives and coatings, while the personal care and cosmetics sectors rely on them for fragrances and cosmetic formulations. Eco-friendly solvents are gaining popularity due to environmental sustainability concerns. DAXSOL Dimethyl Carbonate is an example of a green solvent used in the production of polymers and resins. The specialty chemicals and diversified materials industries also utilize organic solvents in the synthesis of complex chemical reactions. Common organic solvents include Styrene, Trichlorethylene, Ethylene Glycol Ether, and various ethers and esters. Natural solvents are also used as organic solvents, but synthetic solvents dominate the market due to their availability and cost-effectiveness. Organic solvents play a crucial role in living organisms, and their use in industrial processes continues to evolve with advancements in technology and the demand for sustainable solutions. Organic solvent suppliers cater to the diverse needs of various industries, ensuring a steady supply of high-quality solvents for various applications. Market Research Overview Organic solvents are chemical compounds that consist of carbon atoms and can dissolve various solutes. They are widely used in various industries, including the pharmaceutical sector, for solvent production and processing technologies. Membrane systems and heat and pressure are common methods for dehydrating organic solvents. Eco-friendly solvents are gaining popularity due to environmental sustainability concerns. Some common organic solvents include polar solvents like dimethyl carbonate (DAXSOL) and ketones, esters, glycerol carbonate, and specialty solvents. Precision cleaning, manufacturing equipment, and various industries such as paints, rubber manufacturing, and cosmetics use organic solvents. However, health risks and raw material costs are concerns. Carbon neutrality goals are driving the shift towards eco-friendly solvents and renewable resources. Aromatic hydrocarbons and petrochemical industries are significant contributors to organic solvent production. Other applications include degreasing, oil extraction, and cleaning products in the construction, personal care, and cosmetics sectors. Organic solvent suppliers provide specialty chemicals and diversified materials for various industries. Common organic solvents include styrene, trichlorethylene, ethylene glycol ether, vinyl chloride, and triethanolamine. Organic solvents have various uses in medical applications, electronics, and inks, adhesives, coatings, and sealants. The carbon molecular structure of organic solvents makes them essential for chemical reactions. Table of Contents: 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation TypeAromatic HydrocarbonsAliphatic HydrocarbonsAlcoholsKetonesOthersEnd-userPaints And CoatingsPharmaceuticalsAdhesivesPrinting InksOthersGeographyAPACNorth AmericaEuropeSouth AmericaMiddle East And Africa 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/ View original content to download multimedia:https://www.prnewswire.com/news-releases/organic-solvents-market-to-grow-by-usd-4-378-4-million-from-2024-2028-rising-demand-for-durable-high-performance-coatings-and-ai-impact-on-market-trends-to-drive-revenue-growth---technavio-report-302234912.html SOURCE Technavio Market News and Data brought to you by Benzinga APIs

Hydrocarbon Solvents Market to Expand by USD 2.75 Billion from 2024-2028, Driven by Advancements in Hydrocarbon Extraction and Refining, AI-Powered Market Evolution- Report by Technavio

NEW YORK, Aug. 30, 2024 /PRNewswire/ -- Report on how AI is driving market transformation- The global hydrocarbon solvents market size is estimated to grow by USD 2.74 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 5.24% during the forecast period. Advances in extraction and refining processes of hydrocarbons is driving market growth, with a trend towards rise of digitalization and automation in hydrocarbon solvent manufacturing. However, high manufacturing cost of green and bio-based hydrocarbon solvents poses a challenge. Key market players include BASF SE, Chemex Organochem Pvt Ltd., Chevron Phillips Chemical Co. LLC, Clariant AG, Dow Inc., Eastman Chemical Co., Exxon Mobil Corp., Honeywell International Inc., Huntsman Corp., Idemitsu Kosan Co. Ltd., INEOS AG, LyondellBasell Industries N.V., Neste Corp., Reliance Industries Ltd., Sasol Ltd., Shell plc, SK geo centric Co Ltd, Sydney Solvents, TotalEnergies SE, and Univar Solutions Inc.. Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report Hydrocarbon Solvents Market Scope Report Coverage Details Base year 2023 Historic period 2018 - 2022 Forecast period 2024-2028 Growth momentum & CAGR Accelerate at a CAGR of 5.24% Market growth 2024-2028 USD 2746.9 million Market structure Fragmented YoY growth 2022-2023 (%) 4.31 Regional analysis APAC, North America, Europe, South America, and Middle East and Africa Performing market contribution APAC at 39% Key countries China, US, Germany, India, UK, and Japan Key companies profiled BASF SE, Chemex Organochem Pvt Ltd., Chevron Phillips Chemical Co. LLC, Clariant AG, Dow Inc., Eastman Chemical Co., Exxon Mobil Corp., Honeywell International Inc., Huntsman Corp., Idemitsu Kosan Co. Ltd., INEOS AG, LyondellBasell Industries N.V., Neste Corp., Reliance Industries Ltd., Sasol Ltd., Shell plc, SK geo centric Co Ltd, Sydney Solvents, TotalEnergies SE, and Univar Solutions Inc. Market Driver Hydrocarbon solvents are essential in various industries, and their manufacturing processes have seen significant advancements through digitalization and automation. Automated systems enable continuous production with minimal human intervention, ensuring consistent product quality, increased speed, and reduced labor costs. Robotic systems handle and package solvents with precision and safety, minimizing contamination and human error risks. Real-time monitoring through digital sensors and IoT devices optimize production parameters, allowing for immediate adjustments to maintain optimal conditions. Predictive maintenance using data analytics and machine learning algorithms reduce downtime and maintenance costs. Energy use is optimized through automated systems, reducing operational costs and environmental footprint. TotalEnergies SE, a leading company in the hydrocarbon solvents market, employs digital transformation strategies, integrating AI, big data, IoT, and cloud computing to optimize production processes. Their innovation centers, such as the Plant 4.0 incubator, focus on Industry 4.0 technologies to enhance efficiency and sustainability. Advanced simulation software enables virtual testing of solvent formulations, reducing physical trials and accelerating innovation. These advancements contribute to the growth of the hydrocarbon solvents market during the forecast period. The Hydrocarbon Solvents market is experiencing significant growth due to increasing demand from various industries. Decorative, automotive, industrial, protective paints, and coatings are major consumers, utilizing hydrocarbon solvents like toluene and xylenes for formulations. The automotive sector's demand is driven by the rising production of vehicles. Industrial applications include agriculture chemicals, such as fungicides and herbicides, where hydrocarbon solvents are used as carriers. Aerosols, rubber and polymer, corrugated cardboard, product packaging, and printed labels also rely on hydrocarbon solvents. Varnish manufacturers, agrochemicals, and petroleum derivatives are other significant consumers. Crude oil refineries produce hydrocarbon solvents from naphthenic, paraffinic, and aromatic elements. Hydrogen and carbon are essential raw materials. Hydrocarbon solvents are used in various applications, including paints, varnishes, printing inks, binders, additives, and pigments. Additionally, hydrocarbon solvents find use in agriculture, particularly in crop traits, microbial products, cereals like rice and corn, and in the production of rubber products such as natural latex gloves. Explore a 360° Analysis of the Market: Unveil the Impact of AI. For complete insights- Request Sample! Market Challenges The global hydrocarbon solvents market faces a significant challenge with the relatively higher price of bio-based hydrocarbon solvents compared to their petroleum-based counterparts. This is due to the limited availability and increased cost of feedstock for green and bio-based hydrocarbon solvents, which are primarily derived from plant and animal sources, such as carbohydrates, proteins, and vegetable oils. The prices of these raw materials, including plant oils and animal fats, have been increasing due to competition from other industries and volatile markets. For instance, the invasion of Ukraine by Russia in early 2022 led to a spike in corn prices, threatening a global food crisis and increasing the cost of renewable raw materials. As a result, vendors must pass on these increased costs to end-users, which may hinder the growth of the hydrocarbon solvents market during the forecast period. Green and bio-based hydrocarbon solvents can be 3-5 times more expensive than traditional hydrocarbon solvents, making the recycling of these alternatives essential to offset the higher costs.The Hydrocarbon Solvents market faces several challenges in various industries. In skincare products and extender applications, there is a growing demand for safer alternatives due to health concerns, including respiratory problems and skin irritation. The agrochemical sector relies heavily on hydrocarbon solvents for agricultural pesticides, but harmful emissions contribute to air pollution and potential health risks. Crude oil prices and the shale gas boom impact the cost and availability of traditional hydrocarbon solvents. Alternative solvents, such as bio-based and water-based, are gaining popularity due to their eco-friendly nature and reduced health risks. However, the production of bio-based solvents from renewable feedstocks can be costly. The chemical division, including oil fields, construction adhesives, cleaning agents, and degreasing agents, also uses hydrocarbon solvents. Aromatic solvents like Cyrene, Dimethylformamide (DMF), and Turpentine are commonly used in paints and coatings, adhesives, and thinners. Aliphatic solvents, such as Aliphatic naphtha, mineral spirits, Heptane, and Hexane, are widely used in various industries. The industry must adapt to green manufacturing practices to address these challenges and meet evolving consumer and regulatory demands. For more insights on driver and challenges - Request a sample report! Segment Overview This hydrocarbon solvents market report extensively covers market segmentation by Type 1.1 Aromatic1.2 Aliphatic1.3 OthersEnd-user 2.1 Paints and coatings2.2 Adhesives2.3 Printing inks2.4 OthersGeography 3.1 APAC3.2 North America3.3 Europe3.4 South America3.5 Middle East and Africa 1.1 Aromatic- Aromatic hydrocarbons, including benzene, toluene, and xylene, serve as crucial feedstocks for the production of various chemicals in the chemical industry. These hydrocarbons are essential for manufacturing ethylbenzene, used to produce styrene, cumene for phenol and acetone, and aniline for polyurethane. The demand for these chemicals increases with the growth of the chemical industry. Moreover, aromatic hydrocarbons are used to produce polymers such as polystyrene and polyethylene terephthalate, which are widely utilized in packaging, automobiles, and consumer products. They also play a significant role in the manufacturing of high-octane fuels and fuel-performance additives, with the demand for petrol and diesel impacting the demand for these hydrocarbons. Additionally, aromatic hydrocarbons are used to make vehicle parts, such as synthetic rubber for tires and various plastic components. Toluene and xylene are solvents in paints, coatings, and varnishes, with the building and home improvement sectors driving the demand for these items. Furthermore, these hydrocarbons are utilized in adhesives, sealants, and other binding materials for industries such as packaging, construction, and textiles. Advancements in refining and chemical processes lead to increased production and efficiency, lowering the cost of aromatic hydrocarbons. These factors will boost the growth of the global hydrocarbon solvents market during the forecast period. For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) - Download a Sample Report Research Analysis Hydrocarbon solvents, derived from petroleum, are organic compounds widely used as industrial solvents due to their ability to dissolve various substances. They consist of naphthenic, paraffinic, and aromatic elements. Naphthenic solvents have cyclic structures, paraffinic solvents have straight chains, and aromatic solvents contain benzene rings. Hydrocarbon solvents find applications in various industries, including paints and varnishes, agricultural chemicals, and bio-solvents. They are used in the production of alcohols, glycol ethers, and other organic compounds. Hydrocarbon solvents are also used in the processing of agricultural goods such as sugar, oils, fats, and cellulose. In addition, they are used in the production of cyrene, a solvent used in the manufacturing of varnishes and other coatings. Hydrocarbon solvents are essential in the production of fungicides, crop traits, and microbial products. They are also used in the refining of crude oil in crude oil refineries to produce other petroleum derivatives such as gasoline, diesel, and jet fuel. Market Research Overview Hydrocarbon solvents, derived from petroleum and natural gas, are organic compounds widely used as solvents and intermediates in various industries. These solvents are classified into naphthenic and paraffinic based on their chemical structure, which consists of hydrogen and carbon atoms. Crude oil refineries are the primary source of hydrocarbon solvents, producing a range of aliphatic and aromatic elements. Hydrocarbon solvents find extensive applications in various sectors such as paints, varnishes, printing inks, binders, additives, pigments, extenders, skincare products, and the agrochemical industry. They are used in the production of agricultural pesticides, but their harmful emissions contribute to air pollution and respiratory problems, skin irritation, and even cancer. Alternative solvents like bio-based solvents and water-based solvents are gaining popularity due to their eco-friendly nature and lower health risks. The market for hydrocarbon solvents is influenced by factors such as crude oil prices, renewable feedstocks, green manufacturing practices, and the shale gas boom. Hydrocarbon solvents are used in various industries, including agriculture, construction, and packaging. They are used as cleaning agents, degreasing agents, and in the production of bio-solvents like alcohols, glycol ethers, and agro-goods like sugar, oils, fats, cellulose, and cyrene. Some common hydrocarbon solvents include turpentine, mineral spirits, heptane, hexane, toluene, xylenes, and aliphatic solvents like aliphatic naphtha and mineral spirit. The chemical division of oil fields also produces hydrocarbon solvents, which are used in the production of aromatic solvents like dimethylformamide (DMF) and aliphatic solvents like aliphatic naphtha and mineral spirit. These solvents are used in the production of various products, including decorative paints, automotive paints, industrial paints, protective paints, and agricultural chemicals. They are also used in the production of aerosols, rubber and polymer, corrugated cardboard, product packaging, and printed labels. Varnish manufacturers also use hydrocarbon solvents in the production of various types of varnishes. In conclusion, hydrocarbon solvents play a significant role in various industries, from paints and coatings to agriculture and agrochemicals. However, their environmental impact and health risks have led to the development of alternative solvents, and the market for hydrocarbon solvents is constantly evolving to meet the changing demands of various industries. Table of Contents: 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation TypeAromaticAliphaticOthersEnd-userPaints And CoatingsAdhesivesPrinting InksOthersGeographyAPACNorth AmericaEuropeSouth AmericaMiddle East And Africa 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/ View original content to download multimedia:https://www.prnewswire.com/news-releases/hydrocarbon-solvents-market-to-expand-by-usd-2-75-billion-from-2024-2028--driven-by-advancements-in-hydrocarbon-extraction-and-refining-ai-powered-market-evolution--report-by-technavio-302234893.html SOURCE Technavio Market News and Data brought to you by Benzinga APIs