The Europe hydrocarbon solvent market size is expected to reach USD 1.93 billion by 2025, according to a new report by Grand View Research, Inc. it is anticipated to expand at a CAGR of 5.1% during the forecast period. Abundant availability of key petrochemical raw materials, relatively lower price of petroleum derived solvents compared to their counterparts, and sustained utilization in numerous end-use industries are some of the primary driving factors for the market.
The demand for solvent-based paint and coatings is growing at a steady rate owing to an increase in consumption in architectural applications and end-user industries such as oil and gas, aerospace, marine, and steel. The demand for paints and coatings is also on the rise due to increasing disposable income of consumers, product innovation, and market penetration.
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In the European paint industry, white spirit holds a major share, with approximately 60% of this product being used for manufacturing varnishes, paints, and lacquers. Several other products have been introduced in the European market aligned with the regulatory compliances. A number of companies have introduced cycloparaffinic or naphthenic solvents as direct alternatives to xylene and toluene, which are aromatic but strictly regulated owing to their high Volatile Organic Compound (VOC) content.
One of the most significant value addition in the manufacturing of the hydrocarbon solvents is the commercialization of products with minimal or negligible environmental impact. The solvents with least VOCs proportions are gaining traction. Such trends are anticipated to significantly contribute towards rapid demand as well as product innovation by major participants in the Europe hydrocarbon solvent market.
The white spirits is estimated to be the fastest growing product segment with a CAGR of 2.2% in terms of consumption over the forecast period. While, aromatic hydrocarbon solvents was the most consumed product category and is expected to generate a total demand of around 910 kilo tons by 2025.
Europe Hydrocarbon Solvent Market Report Highlights
• Paints and coatings was the largest application segment and is expected to be reach over USD 630 million by 2025
• Printing inks is one of the fastest growing application categories in Europe hydrocarbon solvents market and is expected to expand at a CAGR of 5.3% in terms of value over the next seven years
• Germany accounted for over 15% of the total regional demand and is estimated to generated a total revenue of USD 316.9 million by 2025
• Companies are now concentrating on sustainable approaches to manufacture chemical intermediates with very low VOC content to prevent serious environmental impact
• Some of the key players operating in the Europe hydrocarbon solvent market include Eastman Chemical Corporation, Dow Dupont, BASF SE, Total SA, Ashland, and Chevron Corporation.
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Europe Hydrocarbon Solvent Market Segmentation
Grand View Research has segmented the Europe hydrocarbon solvent market on the basis of product, application, and country:
Europe Hydrocarbon Solvent Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
• White Spirits
• Hexane
• Aromatic hydrocarbon solvents
• Others
Europe Hydrocarbon Solvent Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
• Paints & Coatings
• Printing Inks
• Agriculture Chemicals
• Pharmaceuticals
• Adhesives
• Metal Cleaning
• Others
Europe Hydrocarbon Solvent Country Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
• Germany
• Italy
• France
• Poland
• Czech Republic
• Austria
• Ukraine
• Romania
• Bulgaria
• South Slavic Region
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.