WILMINGTON, DE / ACCESSWIRE / September 29, 2022 / Transparency Market Research Inc. - An in-depth hydrocarbon solvents market revenue analysis indicates that several manufacturers and sellers are leaning toward commercializing specialty solvents for formulating paints and inks. A careful evaluation of hydrocarbon solvents market statistics finds that need for hydrocarbon solvents for certified cleaning products is expanding the revenue potential for the firms. The market is forecast to expand at a CAGR of 4% during forecast period of 2020-2030.

Consumption of varnishes that offer protection against UV rays in the construction industry presents massive lucrative avenues, asserted global market study on hydrocarbon solvents. Proliferating demand for paints for new automobile such as hybrid and electric vehicles will catalyze the strides, asserts a global market study on hydrocarbon solvents.

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Preference of bio-based raw materials for façade paints, plastic lacquers, and plasters has spurred the demand for toluene and xylenes, indicated the ongoing trends of the hydrocarbon solvents market. With renewable chemicals fueling sustainability credentials of firms in various industries, adoption of bio-based paints and coatings thus provides value-grab opportunities.

Key Findings of Hydrocarbon Solvents Market Study

• Massive Utilization of Hydrocarbon-based Solvent in Paints Creates Lucrative Avenues: Demand for hydrocarbon solvents in formulating range of paints and coatings presents tremendous growth opportunities. Rise in uptake of paints and coatings in the automotive and construction industries will spur revenue generation in hydrocarbon solvents market. Focus of paints manufacturers on incorporating bio-based raw materials in their formulations has created vast profitable avenues.

• Use in Formulating New Agrochemicals to Unlock Promising Opportunity: Constantly evolving requirements of agrochemicals in relation to products used for boosting plant health has created incredible avenues for players in hydrocarbon solvents market. However, the pace of innovations is relatively slow, which presents unmet need. Firms are expected to find incremental opportunities by developing advanced agriculture chemicals notably including fungicides. The growing popularity of aromatic solvents will fuel R&D in the hydrocarbon solvents market.

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Hydrocarbon Solvents Market: Key Drivers

• Strides in the paints & coatings industry globally is a key driver of the hydrocarbon solvents market. Formulators are geared toward developing and unveiling paints that meet range of performance characteristics especially for the automotive industry.

• Rising adoption of printing inks by businesses in the packaging industry is propelling demand for hydrocarbon solvents. The demand from the packaging sector will stay buoyant in emerging economies and will fuel the growth prospects of the hydrocarbon solvents market.

Hydrocarbon Solvents Market: Regional growth Dynamics

• Asia Pacific accounted for a major share of hydrocarbon solvents market in 2019 in terms of volume. The study estimated that the demand is expected to grow at the most attractive pace. The region is a prominent producer as well as consumer of products, found the study. Widespread use of products in wide range of application areas is fueling massive revenue generation, especially in China and India.

• North America is anticipated to witness substantial demand for hydrocarbon solvents during the forecast period. Players particularly small and medium scale enterprises are likely to tap into the enormous revenue potential in Canada and the U.S.

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Hydrocarbon Solvents Market: Key Players

Leading players are focused on expanding their presence globally, and are committing sizable capital expenses on strategic initiatives.

Some of the key companies in hydrocarbon solvents market are Dow Jones, Royal Dutch Shell, Total SE, and Exxon Mobil Corporation.

Hydrocarbon Solvents Market Segmentation

By Type:

• Aliphatic Solvents

• Aromatic Solvents

By Application:

• Paints & Coatings

• Cleaning & Degreasing

• Printing Inks

• Rubber & Polymer

• Aerosols

• Agriculture Chemicals

• Pharmaceuticals

• Others (including Cosmetics and Adhesives)

By Regions:

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East & Africa

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