WASHINGTON, November 14, 2022 (GLOBE NEWSWIRE) – The global isoparaffin solvent market is expected to reach a value of $ 961.8 million by 2028. The market is expected to expand at a Compound Annual Growth Rate (CAGR) of 3 , 5% from 2022 to 2028.
Isoparaffin solvents are derived from petroleum and are widely used in various industries such as paints and coatings, printing inks, adhesives and cleaners. They offer numerous advantages over other solvents such as low toxicity, environmental friendliness and high flash point in the global isoparaffin solvent market. They are highly volatile and have a low viscosity. These properties make them ideal for use in various applications such as cleaning, degreasing, extraction and more. These factors are expected to drive market growth during the forecast period.
However, volatile raw material prices and strict regulations are some of the major challenges faced by manufacturers operating in the isoparaffin solvent market. However, the growing demand for bio-based solvents should offer new opportunities to market players in the coming years.
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What does the report cover?
The report provides a detailed analysis of the key players in the Isoparaffin Solvents Market and their business strategies such as new product launches, expansions, collaborations, partnerships and acquisitions. The report also includes a comprehensive analysis of the market’s competitive landscape and an in-depth analysis of key trends impacting market growth.
List Of Major Players In The Isoparaffin Solvents Market:
- Exxon Mobile Corporation
- Royal Dutch Shell PLC
- Demits Kosan Co. Ltd
- Chevron Phillips Chemical Company
- Total SA
- Mehta Petro Refineries Limited
- RB Products Inc.
- Maruzen Petrochemical Co. Ltd.
Market dynamics: drivers, constraints, challenges and opportunities
- The growing demand for isoparaffin solvents Marketing the Paints and coatings Industry is one of the key factors driving market growth. Furthermore, these solvents are also used in adhesives and sealants and printing inks due to their excellent solvent power and low evaporation rate.
- In addition, they show good compatibility with a wide range of materials and can be easily removed after the desired reaction has occurred. This makes them suitable for use in various end-use areas such as construction, automotive and electronics among others.
- Vantage Market Research’s analysis of the isoparaffin-based solvents market shows that this market is expected to continue growing in the coming years. This growth is driven by the growing demand for these solvents in a variety of applications, including cleaning and degreasing. In addition, the development of new uses for the isoparaffin solvent market, such as in textile processing and as a fuel additive, it is also helping to drive the growth of the industry.
- However, the high cost of these solvents is holding back the growth of the market to some extent. Furthermore, strict environmental regulations on VOC emissions they are also challenging market growth.
- Furthermore, the price volatility of isoparaffins is one of the key challenges faced by manufacturers in this market.
- However, the development of bio-based isoparaffin and the growing demand for green solvents are some of the trends that should provide new opportunities for the global isoparaffin solvents market players.
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Highlights of the report:
- Among the product type segmentation, the C9-C11 segment is expected to dominate the Isoparaffin Solvents market with the highest market share during the forecast period. Furthermore, it is the best-selling product in the Isoparaffin Solvents space.
- Among the application segmentation, the Paints & Coatings segment represented the highest Compound Annual Growth Rate (CAGR) in the forecast period. This growth is attributed to the surge in product use in the development of low-odor paints and coatings for residential and commercial building interiors and wood manufacturing.
- Geographically, North America held the largest market share in 2021 and is likely to be the most profitable market in the forecast period. This increase is due to rapid suburbanization and the significant presence of the auto industry in this region.
Market oversupply of isoparaffin solvents to give manufacturers headaches
There is a global oversupply of the isoparaffin solvent market, which has led to a decline in prices and profitability in the sector. PWD’s analysis shows that the isoparaffin-based solvents market will continue to be challenging in the short term, with little improvement expected in the near future.
Vantage Market Research’s study of the global isoparaffin solvents market indicates that there are a number of reasons for the current oversupply situation, including:
- increase in production capacity in Asia;
- lower demand from key end-use markets such as paints and coatings and printing inks; And
- strong competition from other types of solvents.
Price pressure is expected to continue in the near term, with some prices likely to drop further. This will put further pressure on the already low margins in the isoparaffin solvent market. VMR expects only limited consolidation activity in the industry over the next 12 months, as most companies focus on managing their existing businesses.
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By product types
- C4-C8, C9-C11, C12, C13-C14, C15
- Paints and coatings, industrial, adhesives and sealants, polymerization, agrochemicals, pharmaceuticals and personal care, other applications
- North America, Europe, Asia Pacific, Latin America, the Middle East and Africa
Asia Pacific is the largest market for isoparaffin solvents and has a market share of over 40%.
The Asia Pacific region is the largest consumer of paints and coatings due to the growing construction and automotive industry in the region. Furthermore, rapid economic growth in countries like China and India is also fueling market growth. The metal cleaning applications segment is also expected to grow at a significant pace over the forecast period in the region due to growing demand from the aerospace and defense industries.
Vantage Market Research’s analysis of the Asia Pacific isoparaffin solvent market found that the region has the largest industry of the isoparaffin solvent market in terms of both production and consumption. All thanks to the large population of the region and the growing middle class, the product is used in a variety of domestic and industrial applications such as paint thinners, cleaners, adhesives, lubricants and polishes.
Increasing urbanization and industrialization in developing countries such as China and India is expected to drive demand for the isoparaffin solvent market over the forecast period. Increased government regulations on volatile organic compound (VOC) emissions are also expected to have a positive impact on market growth. However, strict environmental regulations in developed countries like Japan and South Korea are expected to curb market growth in these regions.
China dominates the Asia Pacific isoparaffin solvent market
The production of the isoparaffin solvent market in Asia Pacific is dominated by China, which accounted for approximately 52% of the region’s total production in 2021. Other major producers include Japan, South Korea, India and Taiwan.
China is also the largest consumer of the isoparaffin solvent market in Asia Pacific, followed by Japan and India. Demand in China is being driven by the country’s construction boom, as well as rising household incomes and urbanization.
Our analysis shows that Asia Pacific is the most attractive producer in the global isoparaffin solvent market due to its strong growth prospects and large size. Manufacturers looking to expand their businesses in the region should focus on China, which offers the greatest opportunities due to its large population and fast-growing economy.
Browse Market Data Tables and Figures spread across 142 pages and an in-depth summary on the Isoparaffin Based Solvents Market Forecast Report (2022-2028).
Scope of the report:
|Attributes of the report||Details|
|Market size in 2021||782.5 million dollars|
|Turnover forecasts by 2028||961.8 million dollars|
|CAGR||3.5% from 2022 to 2028|
|Key players||Exxon Mobil Corporation, Royal Dutch Shell PLC, Demits Kosan Co. Ltd, Chevron Phillips Chemical Company, Total SA, Mehta Petro Refineries Limited, RB Products Inc., Maruzen Petrochemical Co. Ltd., Braskem|
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