Hydrocarbon Solvents Market by Product (Aromatic, White Spirits, Hexane, and Others), Application (Paints & Coatings, Printing Inks, Adhesives, Metal Cleaning, Pharmaceuticals, Agriculture Chemicals, and Others), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032

Hydrocarbon Solvents Overview

Solvents made only of hydrogen and carbon atoms are known as hydrocarbons. Due to their superior solvency power, low cost, and adaptability, they are frequently utilized as solvents in a variety of industrial and commercial applications. Petroleum can be used to create hydrocarbon solvents, or they can be created chemically. These solvents are made from alkanes with a straight or branched chain. They include solvents like n-hexane, mineral spirits, and petroleum ether and have low to medium boiling temperatures. Aliphatic solvents are frequently employed in applications for cleaning, degreasing, and paint thinning.

The chemical benzene and its derivatives are the source of aromatic hydrocarbon solvents. Toluene, xylene, and benzene itself are other examples. These solvents are frequently employed in the manufacture of paints, varnishes, adhesives, and inks because they have a higher solvency power than aliphatic solvents. However, their use is being restricted and replaced with safer alternatives in several applications because to their possible health and environmental concerns.

Global Hydrocarbon Solvents Market Analysis

The global hydrocarbon solvents market size was $5,626.5 million in 2022 and is predicted to grow with a CAGR of 4.6%, by generating a revenue of $8,747.8 million by 2032.

COVID-19 Impact on Global Hydrocarbon Solvents Market

As active components in disinfection solutions, hydrocarbon solvents like isopropyl alcohol (isopropanol) and ethanol have been employed extensively. These cleaners are highly effective at killing a variety of viruses, including the coronaviruses, and have great antibacterial qualities. Healthcare facilities, public areas, and homes have all employed surface disinfectants with hydrocarbon solvents to sanitize surfaces and lower the risk of contamination.

During the pandemic, the significance of safety and health precautions, such as suitable ventilation and personal protective equipment (PPE), has been emphasized. After COVID-19, it's expected that efforts to ensure the secure handling and application of hydrocarbon solvents will be intensified in order to safeguard both employees and the environment. To address potential risks linked with solvent use, employers and businesses may need to examine and update existing safety standards. The COVID-19 epidemic has brought attention to the importance of environmentally responsible behavior and sustainable practises. Businesses may be more conscious of how their actions, especially the usage of hydrocarbon solvents, affect the environment. This could result in a rise in the use of substitute solvents with less of an adverse effect on the environment or made from renewable resources. Due to their lower toxicity and enhanced sustainability profiles, water-based and bio-based solvents are among the alternatives gaining popularity.

Industrial and Commercial Activities to Drive the Market Growth

The quantity of commercial and industrial activity has a big impact on how much demand there is for hydrocarbon solvents. Hydrocarbon solvents are used in a variety of industries, including manufacturing, construction, automotive, electronics, and pharmaceuticals, for tasks including cleaning, degreasing, and product development. The need for hydrocarbon solvents may rise as a result of economic development, industrial growth, and infrastructure growth. The use of hydrocarbon solvents is significantly influenced by the laws and standards that are set by governing organizations.

The selection and application of solvents in diverse industries is influenced by environmental rules, health and safety standards, and prohibitions on the use of specific solvents. The development of more ecologically friendly solvents or the adoption of substitute solvents may be influenced by strict laws. When choosing a solvent, worker and consumer health and safety are crucial factors. Due to their flammability, toxicity, and volatile organic compound (VOC) emissions, hydrocarbon solvents may pose health risks. Industry adoption of safer solvent substitutes or the implementation of improved safety measures may be influenced by growing knowledge of and focus on worker safety and environmental protection.

Health and Safety Concerns to Restrain the Market Growth

If not handled appropriately, hydrocarbon solvents might pose a threat to one's health and safety. They burn easily and have the potential to release volatile organic compounds (VOCs), which can be harmful to human health and increase air pollution. Because of these worries, regulations and safety standards may become more stringent, requiring businesses to invest in more safeguards and controls. Solvents made of hydrocarbons, particularly aromatic solvents like benzene, toluene, and xylene, can impact the environment. They can contaminate water supplies, pollute the air, and linger in the environment. Because of these environmental issues, their usage is restricted in many areas. The trend towards greener options and stronger rules may be brought on by the necessity for sustainable practises and the growing emphasis on environmental protection. Governmental and environmental authorities have established a number of rules and restrictions on the use of hydrocarbon solvents. Regarding the handling, storage, and disposal of these solvents, industries are required to adhere to particular rules and regulations. For firms, adhering to these requirements may result in higher expenses and administrative demands.

Green Solvent Development to Drive Excellent Opportunities

Greener and more sustainable solvents are experiencing increased demand. Opportunities for the development and marketing of hydrocarbon solvents with better environmental characteristics are thus created. To lessen the environmental impact of hydrocarbon solvents while preserving their usefulness, researchers and producers can experiment with novel procedures, formulations, and refinement techniques. Hydrocarbon solvents give a chance to reduce waste and lessen their negative effects on the environment by being recovered and recycled efficiently. Industrial sectors may be able to recover and reuse solvents, increasing cost-effectiveness and lowering overall solvent consumption. This is made possible by advancements in distillation, filtering, and purifying procedures. By blending hydrocarbon solvents with other solvents or additives, one can create new solvent blends that perform better while posing fewer risks to human health and the environment. Blends that provide increased solvency power, decreased toxicity, decreased flammability, and decreased VOC emissions can provide hydrocarbon solvents with new prospects in a variety of sectors.

Global Hydrocarbon Solvents Market Share, by Product, 2022

The aromatic sub-segment accounted for the highest market share in 2022. Aromatic compounds, a particular class of hydrocarbons distinguished by the presence of one or more benzene rings, can be found in hydrocarbon solvents. Due to their distinctive features, aromatic hydrocarbons are frequently used in a variety of sectors and applications. Due to their great solvency strength, aromatic solvents may dissolve a variety of materials, including resins, polymers, oils, and greases. They are advantageous for uses in paints, coatings and adhesives because of this characteristic.

It is significant to remember that aromatic hydrocarbon solvents, in particular benzene, are linked to risks to human health and the environment. Because of its toxicity, benzoene is a known human carcinogen and is subject to tight regulation. Although less carcinogenic than benzene, toluene and xylene still need to be handled carefully and ventilated to avoid exposure. There has been an increase in interest in creating and using substitute solvents with lower toxicity and less negative environmental impact due to the health and environmental concerns associated with aromatic hydrocarbon solvents. Particularly in situations where aromatic solvents may present substantial dangers, water-based and bio-based solvents are gaining popularity as greener substitutes.

Global Hydrocarbon Solvents Market Share, by Application, 2022

The Paints & Coatings sub-segment accounted for the highest market share in 2022. In the paint and coatings sector, hydrocarbon solvents are used in a wide range of applications, including architectural coatings, industrial coatings, automotive coatings, wood coatings, and specialty coatings. In solvent-based systems including enamels, varnishes, lacquers, primers, and transparent coatings, these solvents are essential. Due to growing environmental laws and sustainability worries, the paints and coatings industry has seen a transition towards water-based systems and low-VOC (volatile organic compound) compositions. The overall consumption of hydrocarbon solvents in this industry has decreased as a result, as these solvents are frequently linked to greater VOC emissions. The development and use of alternative solvents in the paints and coatings industry has been motivated by the focus on sustainability and the requirement to reduce VOC emissions. As more environmentally friendly alternatives, water-based systems, bio-based solvents, and other low-VOC solvents are becoming more and more well-liked. In some applications, these substitutes put hydrocarbon solvents up against some competition.

Global Hydrocarbon Solvents Market Share, by Region, 2022

The North America hydrocarbon solvents market generated the highest revenue in 2022. In North America, the paints and coatings sector is a substantial user of hydrocarbon solvents. In North America, there is a rising need for environmentally friendly substitutes for conventional hydrocarbon solvents. As a result, eco-friendly solvents made from renewable resources, including plant-based feedstocks or bio-based compounds, have been developed. Sustainable hydrocarbon solvent producers and suppliers will benefit from the shift to green technologies. The distribution of chemical products, especially hydrocarbon solvents, is well established in North America. This network makes it possible to control the supply chain effectively, guaranteeing a constant supply of solvents to satisfy market demand.

Competitive Scenario in the Global Hydrocarbon Solvents Market

Investment and Product launches are common strategies followed by major market players.

Some of the leading hydrocarbon solvents market players are Dow Dupont, Total SA, Royal Dutch Shell, Eastman Chemical Company, Chevron Corporation, Ashland