Global De-aromatic Solvents Market to Reach US$ 3.0 Bn by 2022 – Persistence Market Research

De-aromatic Solvents Market
Global Market Study on De-aromatic Solvents: Increasing Demand for Paints and Coatings, Metal Working Industries to Drive the Growth of Market During the Forecast Period 2016 – 2022.

According to the latest market report published by Persistence Market Research- The revenue generated from sales of de-aromatic solvents has been estimated to be valued at US$ 1.56 Bn by 2016 end, and is expected to increase at a CAGR of 5.9% during 2016 – 2022.

Conventional solvents are composed of the relatively higher level of aromatic content and, hence, are characterized by relatively higher levels of Volatile Organic Components (VOCs). On the other hand, in de-aromatic solvents, the aromatic content is significantly low (<2%). This low level of aromatic component results in a solvent that is odorless, with lower VOC content and is relatively less toxic as compared to traditional solvents. These solvents are, thus, relatively safer than traditional solvents such as chlorinated solvents. Growing concerns regarding ill-effects of solvents with high VOC content are leading to the rise in demand for de-aromatic solvents, and this trend is expected to continue during the forecast period as well.

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Major players in de-aromatic solvents market have channelized efforts towards developing eco-friendly or green product offerings that employ bio-based raw materials for their synthesis and, thus, eventually do away with the use of conventional solvents in certain applications. Owing to the increasing demand for greener alternatives, the bio-based solvents market is slated to register a steady CAGR of around 6–7% over the forecast period. Another major factor that is projected to impede growth of the de-aromatic solvents market, especially in paints & coatings application segment, is increasing demand for water-based paints & coatings, powder coatings, among others across the globe. Consumption of de-aromatic solvents is expected to increase from 1,718,100 metric tons in 2015 to 2,230,972 kilotons by 2022, increasing at a CAGR of 3.8% during the forecast period.

Asia-Pacific accounted for the largest revenue share of the global de-aromatic solvents market in 2014, and the market in the region is anticipated to increase at the highest CAGR over the forecast period. Consumption of de-aromatic solvents in Asia-Pacific is projected to increase by 1.4X between 2014 and 2022. Mature markets, i.e. North America and Europe, are expected to register relatively slower growth during the forecast period.

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Exxon Mobil Corporation, Royal Dutch Shell plc. Total S.A., and Idemitsu Kosan Co., Ltd. are among the leading players in tahe global de-aromatic solvents market. Other market players include CEPSA, Gandhar Oil Refinery India Ltd, Neste Oyj, and SK Global Chemical Co., Ltd.

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