29 November 2019
Visiongain’s new report Europe Hydrocarbon Solvents Market Report: Forecasts by Type (Aromatic hydrocarbon solvents, Hexane, White Spirits, Others), Applications (Aerosols, Adhesives, Agriculture Chemicals, Metal Cleaning, Paints & Coatings, Pharmaceuticals, Printing Inks, Rubbers & Polymers), by region and analysis of leading companies operating in this industry.
Europe hydrocarbon solvent market was valued at over USD 1.5 billion in 2018 and is anticipated to grow at a CAGR of over 5% during the forecast period from 2020 to 2030. Abundant supply of key petrochemical raw materials, relatively lower solvent-derived petroleum prices compared to their counterparts, and continued use in various end-use industries are some of the primary market driving factors. Due to an increase in use in architectural applications and end-user industries such as aerospace, oil and gas, steel, and marine, demand for solvent-based paint and coatings is growing steadily. As a result of increasing disposable income, product development, and market penetration, demand for paints and coatings is also rising.
White spirit has a major share in the European paint industry and over 50% of this material is being used in the manufacturing of varnishes, lacquers, and paints. Several other products aligned with the regulatory compliances have been introduced on the European market. Due to their high volatile organic compound (VOC) content, several companies have developed naphthenic and cycloparaffinic solvents as direct alternatives to xylene and toluene that are aromatic but strictly regulated.
One of the most important added values of hydrocarbon solvent production is the promotion of goods with minimal to no impact on the environment. The solvents with the least concentrations of VOCs are gaining a lot of attraction. These developments are expected to contribute significantly towards rapid demand and product innovation by major participants in the Europe hydrocarbon solvent industry.
In the year 2018, Germany held the majority of the European hydrocarbon solvent market share. The welcoming attitude of the country towards Foreign Direct Investment (FDI) and business free from confining day-to-day business regulations has opened up the German market to invest in virtually all sectors of the industry. Some of the growing petrochemical end-use industries are automotive adhesive, pharmaceutical, and paint industries. Moreover, in terms of moving from commodities to specialty products, the country has grown rapidly.
France has also demonstrated wide-ranging growth prospects for the chemical industry, from specialty chemicals to fine chemicals. The country's industry is strong in terms of consumer chemicals, including cosmetics, detergents, and soaps. As a result, the country's hydrocarbon solvent industry is also rising at an optimal rate. Some of the geographical advantages, such as the strategic location that makes it a brilliant destination for trade with other countries of the European Union. This is further helped by excellent domestic and international transport infrastructure as well as friendly relations with Italy, Switzerland, and Germany.
In the competitive regulatory environment, the top players on the regional market have adopted sustainable solutions coupled with the protection of long-term profits and compliance with production standards. Many businesses are now focusing on green solutions to produce very low volatile organic content (VOC) chemical intermediates to prevent serious environmental impact.
Some of the key market name market players include Ashland, Inc., Banner Chemicals Limited, BP Plc, Chevron Corporation, DowDuPont, Inc, Eastman Chemical Company, Engen Petroleum Ltd, Exxon Mobil Corporation, Formosa Petrochemical Corporation, Gadiv Petrochemical Industries Ltd., Honeywell International, Inc., Huntsman International LLC, Kandla Energy & Chemicals Ltd., Kemetyl Group, Leading Solvents, Lyondellbasell Industries Holdings B.V., Reliance Industries Limited, Royal Dutch Shell plc, Sasol Solvents, Sinopec among other prominent players.
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