The global Hydrocarbon Solvents Market is segmented By Carbon Skeleton (Aliphatic Solvent, Aromatic Solvent, Paraffinic Solvent), By Application (Personal Care Products, Cleaning Products, Inks, Pharmaceuticals, Decorative Coating, Others), By End-User (Paints & Coating, Healthcare, Automotive, Cosmetics, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Hydrocarbon Solvents Market Overview
The report on global hydrocarbon solvents analyses the market size, shares, recent trends, competitive intelligence, and future market outlook. Hydrocarbon solvent usage in healthcare is rising—Demand from pharmaceutical manufacturers in 'Europe' is booming. The competitive rivalry intensifies with Total SE, ExxonMobil Corp., and others active in the market.
Hydrocarbon solvents are liquid hydrocarbon derived from petroleum processing streams, containing only hydrogen and carbon atoms, at a boiling point between approximately 35–370°C and with carbon numbers ranging from approximately C5–C20. Many hydrocarbon solvents have complex and variable compositions with constituents of two types, aromatics (primarily alkylated one- and two-ring species) and alkanes (normal paraffin, isoparaffins, and cycloparaffins). Moreover, because of the compositional complexity, hydrocarbon solvents are now recognized by a nomenclature (“the naming convention”) that describes physical/chemical properties and compositional elements. In addition, despite compositional complexity, most hydrocarbon solvent elements have similar toxicological properties, and the overall toxicological hazards can be distinguished in generic terms. To facilitate hazard characterization, the solvents were divided into nine groups (categories) of substances with similar physical and chemical properties. In addition, hydrocarbon solvents can cause chemical pneumonitis if aspirated into the lung, and those that are volatile can cause acute CNS effects or ocular and respiratory irritation at exposure levels exceeding occupational recommendations. Otherwise, there are few toxicologically significant effects.
Hydrocarbon Solvents Market Summary
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Metrics |
Details |
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Market CAGR |
High |
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Segments Covered |
By Carbon Skeleton, By Application, By End-User, and By Region |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights. |
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Fastest Growing Region |
Asia Pacific |
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Largest Market Share |
North America |
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Hydrocarbon Solvents Market Growth Trends
Increasing the adoption of hydrocarbon solvents by paint manufacturers for innovative product offerings is expected to boost the global market's growth. In addition, increasing construction and reconstruction activities across the globe and rising government expenditure on developing infrastructure are expected to increase demand for paints and coating products, which is expected to support the target market's growth. In addition, the rising demand for VOC-free products is expected to boost market growth during the forecast period. The global market value of the paints and coatings industry will likely be approximately USD 178.5 billion in 2025 from the recorded value of USD 146 billion in 2020. Moreover, rapid industrialization in developing and developed countries and the wide applicability of hydrocarbon solvents in various industry verticals are other significant factors expected to drive market growth.
Furthermore, growing demand for hydrocarbon solvents from pharmaceutical manufacturers and high adoption of aromatic solvents in printing pesticides, inks, insecticides, and agricultural chemicals are other factors expected to boost the market's growth during the forecast period. The market has undergone significant change during the past two decades, and pharma revenues worldwide totaled USD 1.25 trillion in 2019.
However, side effects of hydrocarbon solvents on human health, such as short-term effects such as irritation to the respiratory tract and eyes, also dizziness a major factor expected to hinder the growth of the global market. In addition, stringent government regulations related to product approval are expected to challenge the market's growth.
Hydrocarbon Solvents Market Segment Analysis
By carbon skeleton, the market is segmented into the aliphatic solvent, aromatic solvent, and paraffinic solvent. By application, the market is segmented into personal care products, cleaning products, inks, pharmaceuticals, paints & coating, and others. By end-users, the market is segmented into the decorative coating, healthcare, automotive, cosmetics, and others.
Solvents in Cleaning Products: Glycol ethers are highly efficient as an active component of heavy-duty floor, glass, and other hard surface cleaning formulations. These solvents have good biodegradability, good water compatibility, and high solvency for greases & oils. Isoparaffins are used for dry-cleaning clothes. In addition, these solvents are valued for their excellent health & environmental profile, low odor, excellent cleaning efficiency, and safe handling characteristics.
Solvents in Healthcare Applications: Solvents are utilized in hundreds of pharmaceutical products and provide many medicines people use today, from penicillin to aspirin, topical ointments, and cough syrup. Penicillin is selectively extracted from the reaction mixture by extraction, while butyl acetate is used to purify penicillin by keeping impurities in the solution.
Solvents in Automotive: These solvents help washer fluid remove grime and dirt from the windshield. Isopropyl alcohol is used as a windscreen cleaning and de-icing solvent because it stays in liquid form well under the freezing point of water and helps remove the ice. It removes stains on the windscreen and is used in the home in window cleansing products. Aliphatic hydrocarbons are used in the manufacturing of tires. The solvent cleans and softens each rubber layer before the next one is applied, and its adhesive properties help bind together the various components of the tire for improved safety and performance.
Hydrocarbon Solvents Market Geographical Share
North America dominates the market for hydrocarbon solvents and is expected to dominate the market during the forecast period due to increasing demand for the pharmaceutical and paint & coating industry. Moreover, pharma companies spend around 19.5% of their revenues on R&D, and this sizeable investment is wasted if a medication does not receive regulatory approval. In addition. the R&D expenditure of the U.S. pharmaceutical industry totaled USD 79 billion in 2018. Furthermore, pharmaceutical sales revenues in the U.S. have accounted for nearly half of the global total in recent years. Moreover, five of the leading pharma companies globally were from the U.S. in 2019. Pfizer is the number one company in the U.S. and worldwide. Johnson & Johnson is another U.S. company that has made a big impression worldwide, with the pharmaceutical segment of its operations generating a record USD 42 billion in 2019.
Europe and APAC are expected to contribute significant market growth during the forecast period due to increasing investment and R&D in the hydrocarbon solvent industry to manufacture VOC-free products. Moreover, the European solvent industry promotes the sustainable and safe use of hydrocarbon solvents in Europe and ensures the regulatory framework is relevant to the manufacture, storage, distribution, and application of these solvents' best practices.
Hydrocarbon Solvents Market Companies and Competitive Landscape
The hydrocarbon solvent market is fragmented with regional and global players. The competitive contour lies with the increase in the regional company and growing investment in upstream applications. Total SE, ExxonMobil Corp., Celanese Corp., Huntsman Corp., Royal Dutch Shell, INEOS AG, TOP SOLVENT CO., LTD., SBC Industries, Ashland, and KTC Chemical are the major player in the solvents market. The major players adopt several growth strategies such as product launches, acquisitions, and collaborations, contributing to growing the hydrocarbon solvents market globally.
Total SE
Total offers technical solutions and products for the industry's two main sectors: industrial and decorative coatings. The products are also utilized in the resins contained in these coatings and wood treatments.
Decorative coatings
The company developed three solvents with high flash points and shallow aromatic content for decorative coatings.
- White spirits: SPIRDANE® range is used for fast evaporation (SPIRDANE® D40 and SPIRDANE® D60)
- Isoparaffinic solvents: ISANE® range is suitable for odorless coatings (ISANE® IP 120)
- Kerosene solvents: KETRUL® range is used for slower evaporation (KETRUL® D70 and KETRUL® D80)
Health & safety concerns:
The company customers support the formulation changes required under the European Deco paint Directive 2004/42/EC to decrease the VOC (volatile organic compound) content of decorative coatings. Moreover, the company sells VOC-free products, which help formulators meet these requirements in combination with other technical solutions (increasing non-volatile content, for example).
Industrial coatings
Industrial coatings are used in car bodywork and include marine paints, corrosion-prevention paints, varnishes for metal marine structures, paints for aluminum packaging, metal furniture, etc. The fluids used for specific applications are above all aromatic solvents such as xylene, toluene (road paints in particular), naphthas, or SOLVAREX®.
Moreover, Total manufactures and sells naphthenic (or cyclo paraffinic) fluids designed to replace toluene or xylene:
- Toluene is one of the category three products classified as toxic for reproduction. Toluene-based arrangements must be labeled when the concentration reaches or exceeds 5%
- Toluene is prevented in concentrations equal to or more than 0.1% by mass in spray paints and adhesives intended for sale to the general public (Directive 2005/59/EC).
- In both paint formulation and synthesis, xylene can be replaced with an aromatic cut, such as a product from the SOLVAREX® range.
Furthermore, SPIRDANE® solvents are white spirits consisting of complex hydrocarbon substances obtained by hydro-treating a petroleum cut. Properties: combining good solvent power & average evaporation rate, in metal & lubricants industries, SPIRDANE® white spirits are primarily used in paint, and degreasing. In addition, SPIRDANE® solvents are classified into three groups such as:
- Very low aromatic white spirits: TOTAL offers white spirits with ecotoxicological and toxicological levels below the values specified by legislation in force. These products have shallow aromatic content: common values are ten ppm for most products. In addition, the SPIRDANE® range offers a various variety of flashpoints from 26°C for SPIRDANE® L1 to 59°C for SPIRDANE® D 60L.
- White spirits with aromatics: SPIRDANE® HT couples an adequate evaporation profile with excellent solvent power and is therefore often used in applications such as:
- Resins
- Paints
- Cleaning products
- Degreasers in dispensers or tubs
- Metal-working formulations, etc
- Fast evaporation white spirits: SPIRDANE ®L1 and SPIRDANE® D60L a producer seeking a narrow distillation cut will opt for SPIRDANE® L1 or SPIRDANE® D60L, a solvent especially designed for the degreasing applications or industry requiring a fast evaporation rate. This product has a narrow distillation range, and its flash point (< 60°C) has been optimized to achieve the most suitable evaporation rate.
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- Visualize the composition of the Hydrocarbon Solvents Market segmentation by Carbon Skeleton, application, end-user, and region, highlighting the critical commercial assets and players.
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The global Hydrocarbon Solvents Market report would provide access to an approx.: 61 market data tables, 55 figures, and 180 pages.
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