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Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand f.....
Hydrocarbon Solvents Market size was estimated at US$ 7.42 billion in 2023 and is poised to grow at a CAGR of 3.02% from 2024-2030. Rising demand for solvents by various end-use industries such as metal cleaning, adhesives, paints & coatings, and printing inks has up surged the market growth. It also finds a wide of applications in cleaning products comprising of regular consumer usage products to numerous tailor-made industrial cleaners drives the growth of market. However, augmented cynicism on ecological sustainability of hydrocarbon solvents as well as high toxicity has restrained the growth of market. Global market report gives comprehensive outlook on hydrocarbon solvents across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East Africa. This report studies global market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market.
In addition, global market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product Opportunities). The market for hydrocarbon solvents is growing due to an increase in the use of hydrocarbon solvents by paint producers to create innovative products. A surge in the use of hydrocarbon solvents in the pharmaceutical industry is also propelling the market forward. However, the negative effects of hydrocarbon solvents on human health, such as dizziness and irritation of the nose and eyes, are limiting the market's growth. The market is predicted to grow rapidly in the near future, thanks to an increase in leading players' investments and technical improvements.
Study Period
2024-2030Base Year
2023CAGR
3.02%Largest Market
EuropeFastest Growing Market
Asia Pacific
Hydrocarbon solvents are used in various applications such as paints & coatings, printing inks, agriculture chemicals, pharmaceuticals, adhesives, metal cleaning, others. Paints and coatings is one of the major applications of hydrocarbon solvents. Paints make use of many organic thinners, such as white spirits, ketones alcohols, aromatics, aliphatic. Rapid industrial development coupled with evolving consumer preferences upsurges the demand for paints and coatings, thereby driving the market growth. The segment is further followed by printing inks. They find its applications to dissolve particulate matters, such as dyes, resins, pigments.
Europe is the leading market for hydrocarbon solvents. Germany is the forefront country due to the presence of large number of top companies which raises the demand for such products. Major industries include paint industry, pharmaceuticals, and automotive adhesive. Asia Pacific is expected to be grow at a steady pace owing to rise in population coupled with growing economic development.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2023 |
US$ 7.42 billion |
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Market CAGR |
3.02% |
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By Type |
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By Application |
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By Region |
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The global hydrocarbon solvents market size was valued at US$7.42 billion in 2023 and is projected to grow at a CAGR of 3.02% from 2024 to 2030.
Growing Demand Owing to their Wide Range of Applications
Asia Pacific is the fastest-growing for hydrocarbon solvents market
Table of Content
15. Key Assumptions and Acronyms
Key Market Players
Author
Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand forecasting, and pricing analysis, I am able to make precise projections. I have extensive practical knowledge in Time Series Analysis (TSA), Simple Linear Regression (SLR), Multiple Linear Regression (MLR), Seasonality & Trend Forecasting, and Forecasting Models for New Products, among others. Additionally, I have hands-on experience with tools such as Power BI and SQL. I am highly committed, self-motivated, and possess a strong entrepreneurial spirit. Over the past 8 years, my team and I have built a robust clientele in various sectors, including Packaging, Pharma, Medical Devices, Oil & Gas, and Chemicals & Materials. We have provided a wide range of services, from management consulting to market forecasting and survey-related projects. I am particularly proud to have provided consulting services to one of the industry’s leading COVID-19 vaccine manufacturers for a packaging-related project. In the packaging space, I have served clients across a range of segments, including packaging printing, consumer packaging, flexible packaging, rigid packaging, and pharmaceutical packaging, to name a few. I deeply appreciate the efforts of my team and am grateful to our clients for their continued trust.