De-aromatic Solvents Market

De-aromatic Solvents Market Analysis and Forecast by Flash Point, Boiling Point, Application, Region, and Country, 2023 to 2033

De-aromatic Solvents Market Analysis and Forecast by Flash Point, Boiling Point, Application, Region, and Country, 2023 to 2033

Category: Chemicals & Materials Published Date : Oct-23 ID: CVC01105 Format: PDF Pages: 300


The de-aromatic solvents market is undergoing significant changes, propelled by technological advancements and evolving industrial demands. These solvents are primarily used in various applications such as paints and coatings, metalworking, and industrial cleaning. The market is marked by a focus on quality and environmental sustainability, offering a favorable landscape for both existing and new market players.

Key Findings: De-aromatic Solvents Industry Outlook and Trends

  • Market value in 2022 is estimated at $ 1894.3 Mn, with a projection to reach $ 1985.2 Mn in 2023.
  • The market is anticipated to grow to $ 3172.7 Mn by 2033, with a CAGR of 4.8%.
  • Paints and coatings emerge as the largest segment by application, accounting for 31.6% of the market.
  • The largest region in terms of revenue share is unspecified but holds 18.6% of the market.
  • Drivers of de-aromatic solvents market Growth
  • The primary driver for the industry growth is the increasing demand in the paint and coatings industry. As industries seek environmentally friendly and high-quality solvents, de-aromatic solvents are becoming increasingly popular.

Key Growth Factors in the De-aromatic Solvents Industry

Technological advancements in solvent formulation and processing are significantly influencing the de-aromatic solvents market. These advancements are attracting a wide range of industries, thereby positively impacting business growth.

How Big is the De-aromatic Solvents Business in 2023: Role of Regulations

Regulatory frameworks, particularly those concerning environmental sustainability and safety, are crucial in shaping the market landscape. Stricter regulations are pushing industries to opt for high-quality, compliant de-aromatic solvent solutions.

Key Challenge in the De-aromatic Solvents Industry

The main challenge facing the market is the environmental concerns associated with solvent use. The need for eco-friendly solutions is pushing companies to invest in R&D, which can be a significant investment for industries.

Opportunities in the De-aromatic Solvents Market Landscape

Emerging economies offer numerous opportunities, particularly in industries like paints and coatings and metalworking. The demand for high-quality, sustainable de-aromatic solvents is expected to rise, providing ample room for market growth.

Category-wise Insights

Dominant Application Segment: Paints and Coatings

In 2023, the paints and coatings segment emerged as the dominant application area, accounting for a substantial 31.6% market share in terms of value. This dominance is expected to continue, driven by the global expansion of various sectors such as automotive OEM, machinery, and appliances. Additionally, the surge in building and construction activities is anticipated to further fuel demand for de-aromatic solvents in this application segment over the projection period.

Fastest-Growing Application Segment: Industrial Cleaning

The industrial cleaning segment is projected to experience the fastest year-over-year growth rate during the forecast period. This de-aromatic solvents market growth is indicative of the increasing focus on cleanliness and maintenance across various industries, which in turn is expected to boost the demand for de-aromatic solvents in industrial cleaning applications.

Most Appealing Incremental Opportunity: Electronics

Over the forecast period, the electronics application segment is poised to be the most appealing in terms of incremental opportunity. This suggests that the electronics sector could offer significant new avenues for the application of de-aromatic solvents, potentially driving market growth in this segment.

Region-wise Insights

De-Aromatic Solvents Market in North America

North America holds a significant position in the industry, characterized by stringent regulatory frameworks and a focus on technological innovation. The market in this region is mature, driven by demand from key sectors like automotive and industrial cleaning. Regulatory standards in the United States and Canada emphasize the need for high-quality, environmentally friendly de-aromatic solvent solutions, encouraging companies to invest in R&D for safer and more efficient products.

De-Aromatic Solvents Industry in Europe

Europe is another crucial market for de-aromatic solvents, led by industrial powerhouses like Germany, the United Kingdom, and France. The European Union’s strict regulations on chemical safety and environmental sustainability are significant drivers for the adoption of high-quality de-aromatic solvents. Companies in the region are aligning their products with the EU’s sustainability goals, finding applications in diverse industries such as automotive, paints and coatings, and industrial cleaning.

De-Aromatic Solvents Market in Asia Pacific Excluding Japan

The Asia Pacific region, excluding Japan, is an emerging market with rapid industrial growth. Countries like China and India are driving the demand for de-aromatic solvents, especially in the paints and coatings and automotive sectors. The focus is on high-quality, efficient, and environmentally friendly chemical solutions that align with the sustainability goals of these developing economies. Local companies are collaborating with international players to meet growing industrial needs.

De-Aromatic Solvents Industry in Japan

Japan stands out in the market for its focus on quality and technological innovation. Japanese companies are at the forefront of developing safer and more efficient forms of de-aromatic solvents. The market is driven by high-tech industries, including electronics and advanced manufacturing, where the quality of chemicals used is a critical factor. Regulatory standards are stringent, pushing companies to invest in quality and safety.

De-Aromatic Solvents Market in Latin America

Latin America is an emerging market with significant growth potential in the de-aromatic solvents sector. Countries like Brazil and Argentina are contributing to market growth, primarily driven by the paints and coatings and automotive industries. However, the market faces challenges such as economic instability and regulatory hurdles. Despite these challenges, there is a growing awareness of the need for high-quality and environmentally friendly de-aromatic solvents.

De-Aromatic Solvents Industry in the Middle East and Africa

The Middle East and Africa region offers untapped potential in the marketplace. Countries like Saudi Arabia and the UAE are focusing on industrial expansion, thereby driving the demand for de-aromatic solvents. Investments in sectors like oil and gas, automotive, and industrial cleaning are expected to fuel market growth. The focus is on high-quality, safe, and efficient chemical solutions to meet the industrial needs of this emerging market.

Key Players and Strategies in the De-aromatic Solvents Industry

Prominent players in the market landscape are adopting various strategies such as business expansion, mergers and acquisitions, and collaborations to strengthen their market position. These strategies are often accompanied by robust RandD activities, aimed at developing high-quality and sustainable products.

Key players operating in the global de-aromatic solvents market include Exxon Mobil Corporation, Royal Dutch Shell plc, Total S.A., Idemitsu Kosan Co., Ltd., Neste Oyj, Calumet Specialty Products Partners, L.P., CEPSA, Gandhar Oil Refinery India Ltd., SK Global Chemical Co., Ltd., and DHC Solvent Chemie GmbH. These companies are at the forefront of the market, driving innovation and quality standards. They have been profiled based on various parameters such as company overview, financial performance, business strategies, and recent developments.

Key Developments

In January 2021, data published by ExpoNova and Conference, a joint venture between Colour Publications Pvt Ltd, Vincentz Network, and NürnbergMesse Group, revealed significant insights into the Indian paint industry. According to the report, the Indian paint industry was valued at over US$ 8 billion in 2021. The industry is experiencing rapid growth across various categories, including architectural, power, automotive, and coil among others.

This development is particularly noteworthy for the de-aromatic solvents industry, as paints and coatings are one of the largest application segments for de-aromatic solvents. The rapid expansion of the paint industry in emerging markets like India offers promising opportunities for key players in the de-aromatic solvents sector.


The de-aromatic solvents market is a dynamic and evolving sector, marked by technological advancements and a focus on sustainability. The market is set for steady growth, influenced by an increasing demand for high-quality, eco-friendly solvents in various industrial applications.

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1.1. Global Market Outlook

1.2. Technology Roadmap

1.3. Supply and Demand Side Trends

1.4. Strategic Success Factors

1.5. Analysis and Recommendation

2.1. Market Taxonomy

2.2. Market Definitions

2.3. Inclusions and Limitations

3.1. Supply Side Overview

3.2. Demand Side Overview

4.1. Macroeconomic Factors

4.2. Forecast Factors

4.3. PEST Analysis

4.4. Porter’s Five Forces

4.5. Value Chain Analysis

4.6. Market Dynamics

4.6.1. Drivers

4.6.2. Restraints

4.6.3. Opportunities

4.7. Patent Analysis

4.8. Trade Analysis

4.9. Investment Feasibility Matrix

4.10. Challenges for New Entrants

4.11. Regulations Overview

4.12. Covid-19 Impact Assessment

4.12.1. Economy/Cluster Projections

4.12.2. Covid-19 Economic Assessment

4.12.3. Potential Impact on Target Market

4.12.4. Recovery Scenario

5.1. Historical Value ($ Mn) and Future Market Value ($ Mn) Projection Analysis

5.2. Demand Y-o-Y Growth Rate Analysis

5.3. Total $ Opportunity Analysis

5.4. Historical Volume (Tons) and Future Market Volume (Tons) Projection Analysis

6.1. Regional Pricing Analysis by Source

6.2. Regional Price Forecast

6.3. Profit Margin Analysis

6.4. Future Price Impact Factors

7.1. Introduction

7.2. Market Trends

7.3. Historical Market Analysis and Market Forecast Analysis

7.3.1. Low Flash Point

7.3.2. Medium Flash Point

7.3.3. High Flash Point

7.4. Market Attractiveness Analysis

8.1. Introduction

8.2. Market Trends

8.3. Historical Market Analysis and Market Forecast Analysis

8.3.1. Type 1

8.3.2. Type 2

8.3.3. Type 3

8.4. Market Attractiveness Analysis

9.1. Introduction

9.2. Market Trends

9.3. Historical Market Analysis and Market Forecast Analysis

9.3.1. Paints, coatings, and Inks

9.3.2. Metal Working

9.3.3. Industrial Cleaning

9.3.4. Drilling Fluids

9.3.5. Consumer Products

9.3.6. Adhesives and Sealants

9.3.7. Others

9.4. Market Attractiveness Analysis

10.1. Introduction

10.2. Market Trends

10.3. Historical Market Analysis and Market Forecast Analysis

10.3.1. North America

10.3.2. Latin America

10.3.3. Western Europe

10.3.4. Eastern Europe

10.3.5. East Asia

10.3.6. South Asia Pacific

10.3.7. Middle East and Africa

10.4. Market Attractiveness Analysis by Region

11.1. Introduction

11.2. Key Market Trends

11.3. Pricing Analysis

11.4. Historical Market Analysis and Market Forecast Analysis

11.4.1. By Country The U.S. Canada

11.4.2. By Application

11.4.3. By Flash Point

11.4.4. By Boiling Point

11.5. Market Attractiveness Analysis

11.5.1. By Country

11.5.2. By Application

11.5.3. By Boiling Point

11.5.4. By Flash Point

11.6. Market Participants Presence Mapping

12.1. Introduction

12.2. Key Market Trends

12.3. Pricing Analysis

12.4. Historical Market Analysis and Market Forecast Analysis

12.4.1. By Country Brazil Mexico Rest of L.A.

12.4.2. By Application

12.4.3. By Flash Point

12.4.4. By Boiling Point

12.5. Market Attractiveness Analysis

12.5.1. By Country

12.5.2. By Application

12.5.3. By Flash Point

12.5.4. By Boiling Point

12.6. Market Participants Presence Mapping

13.1. Introduction

13.2. Key Market Trends

13.3. Pricing Analysis

13.4. Historical Market Analysis and Market Forecast Analysis

13.4.1. By Country Germany Italy France U.K. Spain BENELUX Nordics Rest of Western Europe

13.4.2. By Application

13.4.3. By Flash Point

13.4.4. By Boiling Point

13.5. Market Attractiveness Analysis

13.5.1. By Application

13.5.2. By Flash Point

13.5.3. By Boiling Point

13.6. Market Participants Presence Mapping

14.1. Introduction

14.2. Key Market Trends

14.3. Pricing Analysis

14.4. Historical Market Analysis and Market Forecast Analysis

14.4.1. By Country Poland Russia Baltics Balkans Rest of Eastern Europe

14.4.2. By Application

14.4.3. By Flash Point

14.4.4. By Boiling Point

14.5. Market Attractiveness Analysis

14.5.1. By Country

14.5.2. By Application

14.5.3. By Flash Point

14.5.4. By Boiling Point

14.6. Market Participants Presence Mapping

15.1. Introduction

15.2. Key Market Trends

15.3. Pricing Analysis

15.4. Historical Market Analysis and Market Forecast Analysis

15.4.1. By Country China Japan South Korea

15.4.2. By Application

15.4.3. By Flash Point

15.4.4. By Boiling Point

15.5. Market Attractiveness Analysis

15.5.1. By Country

15.5.2. By Application

15.5.3. By Flash Point

15.5.4. By Boiling Point

15.6. Market Participants Presence Mapping

16.1. Introduction

16.2. Key Market Trends

16.3. Pricing Analysis

16.4. Historical Market Analysis and Market Forecast Analysis

16.4.1. By Country India ASEAN ANZ Rest of SAP

16.4.2. By Application

16.4.3. By Flash Point

16.4.4. By Boiling Point

16.5. Market Attractiveness Analysis

16.5.1. By Country

16.5.2. By Application

16.5.3. By Flash Point

16.5.4. By Boiling Point

16.6. Market Participants Presence Mapping

17.1. Introduction

17.2. Key Market Trends

17.3. Pricing Analysis

17.4. Historical Market Analysis and Market Forecast Analysis

17.4.1. By Country GCC Countries Turkey South Africa Rest of MEA

17.4.2. By Application

17.4.3. By Flash Point

17.4.4. By Boiling Point

17.5. Market Attractiveness Analysis

17.5.1. By Country

17.5.2. By Application

17.5.3. By Flash Point

17.5.4. By Boiling Point

17.6. Market Participants Presence Mapping

18.1. Market Concentration Analysis

18.2. Tier Structure Breakdown

18.3. Market Share Analysis

18.4. Production Capacity Analysis

18.5. Key Strategies Adopted by Top Players

18.6. Start-up Ecosystem

18.6.1. New Player Entry

18.6.2. Strategies Adopted by New Players

18.7. Company Footprint Analysis

18.8. Competitive Dashboard

19.1. ExxonMobil

19.2. Shell Chemicals

19.3. TotalEnergies

19.4. Eastman Chemical Company

19.5. LyondellBasell

19.6. Cepsa

19.7. Phillips 66

19.8. Huntsman Corporation

19.9. Idemitsu Kosan Co., Ltd.:

19.10. PetroChina