The APAC de-aromatic solvents market is valued at US$ 577 million in 2023 and is projected to expand at 7% CAGR from 2023 to 2033, according to this latest study by Persistence Market Research. The market is expected to continue growing rapidly over the coming years, driven by increasing demand for downstream products and technological advancements in production processes. Product development is gaining traction as the focus of key manufacturers is based on product launch activities.
Key manufacturers are investing heavily in the development of de-aromatic solvents. There have been significant advancements in the manufacturing process, leading to improved production efficiencies and cost reductions.
The medium flash point segment holds 62.3% of the de-aromatic solvents market in 2023. This segment is expected to maintain its market share during the forecast period. Demand for de-aromatic solvents from the paints, coatings, and inks industry accounts for 45.5% of the market in 2023. During the forecast period, the segment is projected to retain its market share above this percentage. Key manufacturers are targeting this segment to boost their revenues.
According to projections, China and India are expected to maintain their market dominance, thanks to the substantial presence of key manufacturers and consistently high production volumes.
Governments and regulatory bodies worldwide have been implementing stricter environmental regulations to limit volatile organic compound (VOC) emissions and encourage the use of less harmful alternatives. These regulations often include setting maximum allowable limits for VOC content in products and promoting the adoption of cleaner technologies and practices.
Increasing focus on environmental sustainability and health concerns has driven the demand for de-aromatic solvents in certain industries. De-aromatic solvents are solvents that have had their aromatic compounds reduced or removed, resulting in lower VOC emissions compared to conventional solvents. These solvents are often used as alternatives to traditional aromatic solvents, such as toluene and xylene, which have higher VOC content.
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Market Growth Factors:
- Industrial Growth: The APAC region is witnessing robust industrial growth across various sectors, including chemicals, automotive, paints and coatings, and electronics. De-aromatic solvents find applications in these industries, driving demand.
- Manufacturing Expansion: The expansion of manufacturing activities, especially in countries like China and India, leads to increased use of de-aromatic solvents in processes such as cleaning, degreasing, and formulation of various products.
- Construction and Infrastructure Development: Rapid urbanization and infrastructure development projects in APAC require coatings, adhesives, and sealants that utilize de-aromatic solvents. This contributes to market growth.
- Automotive Industry: The automotive sector in APAC is one of the largest consumers of de-aromatic solvents for applications like coatings, adhesives, and sealants. As the automotive industry continues to expand, so does the demand for these solvents.
- Environmental Regulations: Stringent environmental regulations in APAC countries promote the use of eco-friendly solvents like de-aromatic solvents, which have lower VOC (Volatile Organic Compounds) content, reducing air pollution.
- Growing Chemical Industry: The chemical manufacturing sector in APAC is thriving, creating opportunities for de-aromatic solvents used in the formulation of various chemicals and chemical products.
- Electronic Manufacturing: The electronics industry is a significant consumer of de-aromatic solvents for cleaning and degreasing electronic components. With the growth of electronics manufacturing in APAC, the demand for these solvents increases.
- Renewable Energy Projects: APAC countries are investing in renewable energy projects such as solar panels and wind turbines. De-aromatic solvents are used in the production and maintenance of these components.
- Increasing Consumer Awareness: Growing awareness among consumers about the environmental and health impacts of chemicals has led to a shift toward safer and eco-friendly solvents, benefiting de-aromatic solvents.
- Research and Development: Ongoing research and development efforts to improve the properties and applications of de-aromatic solvents lead to the discovery of new uses and markets.
- Supply Chain and Infrastructure: Investments in the supply chain and infrastructure for chemicals and solvents facilitate their distribution and availability in the APAC region.
More Valuable Insights Available
Persistence Market Research, a market research and consulting firm, has published a new market research report on the APAC de-aromatic solvents market that contains industry analyses for 2018 to 2022 and an opportunity assessment for 2023 to 2033.
The report provides an in-depth analysis of the market through different segments, namely flash type, boiling point, application, and country. The report also provides supply and demand trends along with an overview of the parent market.
Key Takeaways from Market Study
- The APAC de-aromatic solvents market is forecasted to expand at a CAGR of 7% through 2033.
- The market is estimated to reach a value of US$ 1.13 billion by the end of 2033.
- The paints and coatings segment is projected to expand at a CAGR of 6.9% during the forecast period.
- The market in China is forecasted to increase at 7.8% CAGR through 2033.
“To succeed in the de-aromatic solvents market in APAC, manufacturers are focused on developing sustainable products, establishing strong supply chains, investing in technology and quality improvement, and staying abreast of market trends,” says a Persistence Market Research analyst.
The market for de-aromatic solvents in Asia Pacific presents significant opportunities for manufacturers. Manufacturers are investing in the development of innovative sustainable products to penetrate new markets. Key players are focusing on the development of eco-friendly, bio-based de-aromatic solvents, which are typically cost-effective as compared to synthetic agents, also making them an attractive option for key end users.
Top Key Players are Idemitsu Kosan Co., Ltd,Raj Petro Specialities P. Ltd.,Arham Petrochem Private Limited,Avant Petrochem Private Limited,Isu Exachem Co. Ltd,ExxonMobil Corporation,Shell Plc,to tal S.A.,SK Global Chemical Co, Ltd.,Mehta Petro-Refineries Limited,Gandhar Oil Refinery (India) Ltd.,Bharat Petroleum Corporation Limited,Jun Yuan Petroleum Group
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