The global consumption of hydrocarbon industrial solvents is likely to decline according to the long term forecast. The market volume was 6,842 KT in 2012 and is expected to reach 6,656 KT by 2018. In terms of value, the market will have a low CAGR of 2.0%, thereby generating $8,408 million, by 2018.

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The growth in construction and automobile industries, the rising penetration in end-use industries, the environmental regulations to reduce VOCs, and the rising crude oil prices are some of the major drivers which facilitate and boost the growth of the solvents industry.

Hydrocarbon solvents are used without water as there is a possibility of water corrosion, and are further classified as Aliphatic Solvents and Aromatic Solvents.

In comparison to the Aromatic Solvents, Aliphatic is the major hydrocarbon solvent used, with a share of 64.7% in the hydrocarbon solvents market. In the coming years, its share is expected to decrease due to various regulations on the usage of high VOC solvents.

Ineos (U.S.), Celanese (U.S.), Huntsman (U.S.), Ashland (U.S.), Royal Dutch Shell (The Netherlands), and Honeywell (U.S.) are some of the leading players in this market.

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