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Global Hydrocarbon Solvents Market to Grow at 2.23% CAGR 2016-2021, Boosted by Rising Infrastructural Spending

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Published on : Aug 10, 2016

ALBANY, New York, August 10, 2016: A new report on the global hydrocarbon solvents market has been added by ResearchMoz.us to its repository. The report defines hydrocarbon solvents and highlights their benefits in detail. Hydrocarbon solvents are primarily used for dissolving and cleaning substances in various consumer and industrial products. 

The report, titled ‘Global Hydrocarbon Solvents Market (By Source, By Type, By Application): Opportunities and Forecasts (2016-2021) (By Source - Conventional, Bio-Green Based: By Type: Aliphatic - Varnish & Paints, Mineral Spirits, Paraffinic Solvents, Solvent 140; Aromatic - Benzene, Toluene, Xylene, Ethyl benzene: By Application - Paints & Coatings, Pharmaceuticals, Adhesives, Printing Inks, Personal Care, Metal Cleaning, Rubber & Polymer, Agricultural Chemicals),’ states that the global market will exhibit a 2.23% CAGR during the period between 2016 and 2021. The demand for hydrocarbon solvents is expected to be the highest in the automotive and construction industries. This is credited to be the primary factor driving the global market for hydrocarbon solvents. 

The rising environmental concerns are predicted to drive the global demand for hydrocarbon solvents. By region, the report divides the global hydrocarbon solvents into North America, Asia Pacific, Europe, and Rest of the World. Among all the regions, currently, Asia Pacific is the most lucrative market for hydrocarbon solvents. Going forward, the North America hydrocarbon solvents market is predicted to grow moderately. The launch of innovative solutions and products is predicted to propel the global market for hydrocarbon solvents market.

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Factors such as stringent government rules, the rising demand for eco-friendly products, the rising concerns about the harmful effects of volatile organic compounds, and competition are predicted to challenge the global market for hydrocarbon solvents. Even though the market is challenged by many factors, there are several factors expected to drive the demand for hydrocarbon solvents. The rising infrastructural spending, especially in developing nations, the rising environmental concerns, and the growing demand for paints and coatings are some of the factors credited for the growth of the global market. 

Companies such as ExxonMobil Corp., Huntsman Corp., INEOS AG., Celanese Corp., and Royal Dutch Shell are currently dominating the global hydrocarbon solvents market. The market is already flourishing in developed nations and is expected to perform well in developing countries in the coming years. This is because of the entry of new companies into the mainstream. To analyze the global hydrocarbon solvents market further, it is segmented on the basis of application, type, source, and region. Hydrocarbon solvents find application in paints and coatings, printing inks, metal cleaning, agricultural chemicals, rubber and polymers, pharmaceuticals, personal care, and adhesives. 

Some of the types of hydrocarbon solvents studied in the report are mineral spirits, solvent 140, paraffinic solvents and varnish, and paints. Based on source, the global hydrocarbon solvents market is classified into conventional and biobased/green solvents. The rising application of hydrocarbon solvents across various industries is expected to propel the global market in the long run. 

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