In a new report titled “De-aromatic Solvents Market: Global Industry Analysis 2012-2016 and Forecast 2017-2025,” Persistence Market Research presents detailed forecasts of the global de-aromatic solvents market over an eight year assessment period from 2017 to 2025 and throws light on the various factors likely to impact market value and volume growth during this study period. According to Persistence Market Research analysis, the global de-aromatic solvents market is forecasted to be valued at US$ 1,480.4 Mn by the end of 2017 and this is expected to increase to US$ 2,216.2 Mn by the end of the forecast period in 2025, registering a CAGR of 5.2% in terms of value during 2017 – 2025.
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Global De-aromatic Solvents Market: Dynamics
Market revenue drivers
- Growing concerns regarding the hazards of using conventional solvents and subsequent increase in the demand for safer, effective, and eco-friendly alternatives will boost the demand for de-aromatic solvents during the period of forecast
- An increasing use of de-aromatic solvents in household insecticides and mosquito repellents is another growth driver
- A booming paints, coatings, and inks market worldwide contributes to the growth in demand for de-aromatic solvents
- Increasing demand from metal working applications likely to fuel market growth
Market growth restraints
- The prevalence of alternative products such as powder coatings and water based paints poses challenges to the growth in revenue of the de-aromatic solvents market
- Growing use of bio-based offerings and other alternatives is a market growth inhibitor
- The application of specific product offerings and alternative raw materials is trending the global de-aromatic solvents market
- Increasing use of higher flash point grades for specific applications is an emerging trend
- Manufacturers of de-aromatic solvents are resorting to production capacity expansions to meet the growing demands in the global market
Global De-aromatic Solvents Market: Segmental Forecast
By Application: The global de-aromatic solvents market is segmented on the basis of application into Paints, Coatings and Inks, Metal Working, Industrial Cleaning, Adhesives and Sealants, Drilling Fluids, Consumer Products, and Others. Paints, Coatings and Inks segment is the largest segment, with an estimated market revenue of US$ 621.2 Mn in 2017, likely to increase to US$ 962.9 Mn by the end of 2025, witnessing a CAGR of 5.6% in terms of value. Metal Working is the second largest segment with a CAGR of 5.1% in terms of value expected to be recorded during the forecast period.
By Flash Point: The global de-aromatic solvents market is segmented on the basis of flash point into Low Flash Point, Medium Flash Point, and High Flash Point. Medium Flash Point is the largest segment in terms of revenue, estimated to hold almost 50% share of the global market by 2025 end. This segment will also register the highest CAGR of 5.7% in terms of value in the flash point category.
By Boiling Point: The global de-aromatic solvents market is segmented on the basis of boiling point into Type 1 (<1850C), Type 2 (1850C – 2400C), and Type 3 (>2400C). Type 1 and Type 2 are the top two segments in this category, with Type 1 estimated to hold about 44% market share and Type 2 close to 43% market share by the end of 2025. However, in terms of CAGR, Type 3 is the leading segment with an anticipated growth rate of 5.9% in terms of value during the forecast period.
Global De-aromatic Solvents Market: Regional Forecast
Persistence Market Research tracks the performance of the global de-aromatic solvents market across the key geographies of Asia Pacific (China, India, South Korea, Japan, Rest of APAC), North America, Latin America, Europe, and MEA. Asia Pacific is the dominant regional market in the global de-aromatic solvents market followed by Europe and North America that stand neck to neck with each other. APAC is projected to hold about 40% share of the global de-aromatic solvents market by the end of the forecast period. APAC also leads the other regional markets in terms of CAGR, recording a significant growth rate of 6.3% in terms of value during 2017 – 2025.
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Global De-aromatic Solvents Market: Key Players
- ExxonMobil Corporation
- Royal Dutch Shell Plc
- Total S.A.
- Idemitsu Kosan Co., Ltd.
- Neste Oyj
- Raj Petro Specialties P. Ltd.
- Avani Petrochem Private Limited
- Neste Oyj.
- Isu Exachem Co. Ltd.
- DHC Solvent Chemie GmbH
- Calumet Specialty Products Partners, L.P.