According to the latest market report published by Persistence Market Research titled ‘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’, globally, 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.
De-aromatic solvents, also called dearomatized hydrocarbon solvents or ultra-low aromatic solvents, are a class of hydrocarbon solvents that are characterized by the presence of paraffinic, iso-paraffinic, and naphthenic components with very low aromatic content (<2%). De-aromatic solvents market are of three types, namely low flash point, medium flash point, and high flash point. These dearomatized hydrocarbon solvents find application across various industries and are used as solvents for printing inks, paints & coatings, metal working fluids, industrial and institutional cleaning, adhesives and sealants, drilling fluids, and in consumer products. They are effective alternatives to conventional solvents such as mineral spirits and mineral turpentine.
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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.
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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.
Exxon Mobil Corporation, Royal Dutch Shell plc., Total S.A., and Idemitsu Kosan Co., Ltd. are among the leading players in the global de-aromatic solvents market. Other market players include CEPSA, Gandhar Oil Refinery India Ltd, Neste Oyj, and SK Global Chemical Co., Ltd.