by Market Overview
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 APAC De-aromatic Solvents market is witnessing significant growth. These solvents, with their low aromatic content, are environmentally friendly and find applications in various industries. The increasing demand for paint and coatings, adhesives, and sealants is a key driver, as these solvents are favored for their low toxicity and VOC compliance. With a focus on sustainability and environmental regulations, the APAC region is adopting de-aromatic solvents to meet industry demands, making it a thriving market segment in the region.
Market Growth and Driver
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.
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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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What is Restraining the Demand Growth for De-Aromatic Solvents?
The principal aim of government agencies is to safeguard both the environment and the well-being of workers within the industrial manufacturing sector. These entities are actively engaged in efforts to minimize the risks associated with metalworking fluids, aiming to protect both the environment and human health.
Exposure to metalworking fluids can have various adverse effects on health, occurring through different pathways, including skin contact with mists and sprays, as well as the inhalation of aerosols and mist inhalation. These fluids have been linked to health issues such as skin irritations, cancer, and respiratory ailments. Despite receiving adequate training, numerous cases have been reported where individuals experienced problems related to their skin, eyes, or respiratory systems due to exposure.
To reduce operator exposure, many end users have implemented safety measures such as the use of personal protective equipment, including chemical-resistant gloves, safety glasses with face shields, and appropriate respiratory protection.
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.
Market Competition
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
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.
Market Applications: Here are some examples of specific applications of de-aromatic solvents :
Paints and coatings: De-aromatic solvents are used in a variety of paints and coatings in the APAC region, including automotive paints, architectural paints, and industrial coatings.
Adhesives: De-aromatic solvents are used in a variety of adhesives in the APAC region, including hot melt adhesives, pressure sensitive adhesives, and waterborne adhesives.
Printing inks: De-aromatic solvents are used in a variety of printing inks in the APAC region, including gravure inks, flexographic inks, and offset inks.
Plastics: De-aromatic solvents are used in a variety of plastics in the APAC region, including polyethylene terephthalate (PET), polyvinyl chloride (PVC), and acrylonitrile butadiene styrene (ABS).
Pharmaceuticals: De-aromatic solvents are used in a variety of pharmaceuticals in the APAC region, including antibiotics, analgesics, and anti-inflammatory drugs.
Food and beverage: De-aromatic solvents are used in a variety of food and beverage processing applications in the APAC region, including extraction, distillation, and purification.
The demand for de-aromatic solvents in the APAC region is expected to continue to grow in the coming years, driven by factors such as increasing urbanization, rising disposable incomes, and growing awareness of the environmental benefits of de-aromatic solvents.
APAC De-aromatic Solvents Industry Research Segmentation
By Flash Point:
- Low Flash Point
- Medium Flash Point
- High Flash Point
By Boiling Point:
- Type 1
- Type 2
- Type 3
By Application:
- Paints, Coatings, and Inks
- Metalworking
- Industrial Cleaning
- Adhesives & Sealants
- Drilling Fluids
- Consumer Products
- Others
By Country:
- India
- China
- Japan
- South Korea
- Indonesia
- Malaysia
- Thailand
- Vietnam
- Singapore
- Australia and New Zealand
- Taiwan
- Rest of Asia Pacific
Competitive Landscape
The APAC de-aromatic solvents market is witnessing consolidation as a result of mergers and acquisitions. Large multinational companies are acquiring smaller players to expand their product portfolios and geographic reach. This trend is expected to continue in the future, leading to further consolidation of the market.
Manufacturers are focusing on product differentiation to gain a competitive edge in the market. They are offering customized de-aromatic solvents to meet the specific needs of end users, such as improved fuel efficiency, reduced emissions, and extended equipment life.
Key manufacturers of de-aromatic solvents are engaged in the expansion of their production capacities to cater to the growing demand for solvents and their products across various end-use industries to avoid penetration of new entrants in the market.
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This press release first seen on Brilad
COMTEX_442898862/2840/2023-11-03T13:47:11
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.