Summary
The de-aromatic solvents market in the Asia Pacific (APAC) region is experiencing rapid expansion, driven by stricter environmental regulations, increased industrial demand, and a shift toward more eco-friendly solutions. This trend is part of a global move towards sustainability and health-conscious practices across industries.The de-aromatic solvents market in APAC is set to grow from USD 617.39 million in 2024 to USD 1,016 million by 2031, at a CAGR of 7.40%, driven by stricter environmental regulations and rising demand for eco-friendly solutions.
Market Overview and Growth
The APAC de-aromatic solvents market has shown significant growth recently, with projections suggesting it will nearly double in the next decade. This growth is supported by a strong compound annual growth rate (CAGR), indicating a steady upward trajectory. The rising market valuation highlights a growing adoption and demand for these solvents.
Understanding De-aromatic Solvents
De-aromatic solvents, also known as de-aromatized or hydro-treated solvents, are characterized by their low levels of aromatic compounds. Aromatic compounds, such as benzene, toluene, and xylene, are known to have detrimental effects on health and the environment. De-aromatization, involving hydro-desulfurization, reduces these compounds, resulting in solvents that are safer and more environmentally friendly, while still maintaining effective solvency properties.
Drivers of Market Growth
Several factors are fueling the demand for de-aromatic solvents. The primary driver is the increasing adoption of environmental regulations aimed at lowering volatile organic compounds (VOCs) and their adverse effects. Governments and industries are embracing greener practices, which is steering the market towards de-aromatic solvents as more sustainable alternatives.
The automotive sector is a major contributor to this growth. De-aromatic solvents are widely used in automotive paints and coatings to improve pigment dispersion and overall performance. The demand for high-quality finishes, combined with the push for eco-friendly solutions and the rise of electric vehicles (EVs), is driving the need for these solvents. Furthermore, de-aromatic solvents are gaining traction in battery manufacturing, including electrode preparation and electrolyte formulation, due to their superior performance and stability.
Sectoral Applications and Regional Insights
De-aromatic solvents play a crucial role in various industrial applications such as paints, coatings, adhesives, and sealants. Their importance in these applications is linked to achieving desired performance while meeting environmental standards. The market is particularly robust in East Asia, where rapid industrialization and growing end-use sectors are driving demand.
In India, the market for de-aromatic solvents is seeing substantial growth due to rapid industrialization and increasing production volumes. The expanding industrial base and rising demand in sectors like consumer products and paints are contributing to a positive market outlook. China is also a key player in this market, driven by its strong chemical industry, manufacturing sector, and growing demand for solvents across various applications.
Challenges and Considerations
Despite the positive growth prospects, the market faces challenges. One major concern is the use of metalworking fluids, which can pose environmental and health risks. These fluids are linked to various health issues, including skin rashes, respiratory problems, and even cancer. Addressing these risks with safety measures and personal protective equipment is essential for the continued growth and acceptance of de-aromatic solvents.
Competitive Analysis
•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
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
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Table of Contents
1. Executive Summary
1.1. APAC De-aromatic Solvents Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value and Volume, 2023
1.5. Analyst Recommendations
2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.1. Drivers
2.2.2. Restraints
2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter’s Five Forces Analysis
2.5. COVID-19 Impact Analysis
2.5.1. Supply
2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Economic Overview
2.7.1. World Economic Projections
2.8. PESTLE Analysis
3. Price Analysis, 2019 - 2023
3.1. Global Average Price Analysis by Material Type, US$ Per Tons, 2019 - 2023
3.2. Prominent Factor Affecting Gas Separation Membranes Prices
3.3. Global Average Price Analysis by Region, US$ Per Tons
4. APAC De-aromatic Solvents Market Outlook, 2019 - 2031
4.1. APAC De-aromatic Solvents Market Outlook, by Flash Point, Value (US$ Mn) and Volume (Tons), 2019 - 2031
4.1.1. Key Highlights
4.1.1.1. Low Flash Point
4.1.1.2. Medium Flash Point
4.1.1.3. High Flash Point
4.2. APAC De-aromatic Solvents Market Outlook, by Boiling Point, Value (US$ Mn) and Volume (Tons), 2019 - 2031
4.2.1. Key Highlights
4.2.1.1. Type 1
4.2.1.2. Type 2
4.2.1.3. Type 3
4.3. APAC De-aromatic Solvents Market Outlook, by Application, Value (US$ Mn) and Volume (Tons), 2019 - 2031
4.3.1. Key Highlights
4.3.1.1. Paints, Coatings, and Inks
4.3.1.2. Metalworking
4.3.1.3. Industrial Cleaning
4.3.1.4. Adhesives & Sealants
4.3.1.5. Drilling Fluids
4.3.1.6. Consumer Products
4.3.1.7. Others
4.4. APAC De-aromatic Solvents Market Outlook, by Country, Value (US$ Mn) and Volume (Tons), 2019 - 2031
4.4.1. Key Highlights
4.4.1.1. China
4.4.1.2. India
4.4.1.3. Japan
4.4.1.4. South Korea
4.4.1.5. Indonesia
4.4.1.6. Malaysia
4.4.1.7. Thailand
4.4.1.8. Vietnam
4.4.1.9. Singapore
4.4.1.10. Australia and New Zealand
4.4.1.11. Taiwan
4.4.1.12. Rest of Asia Pacific
5. Competitive Landscape
5.1. By Flash Point vs by Boiling Point Heatmap
5.2. Company Market Share Analysis, 2023
5.3. Competitive Dashboard
5.4. Company Profiles
5.4.1. Idemitsu Kosan Co., Ltd
5.4.1.1. Company Overview
5.4.1.2. Product Portfolio
5.4.1.3. Financial Overview
5.4.1.4. Business Strategies and Development
5.4.2. Raj Petro Specialities P. Ltd.
5.4.2.1. Company Overview
5.4.2.2. Product Portfolio
5.4.2.3. Financial Overview
5.4.2.4. Business Strategies and Development
5.4.3. Arham Petrochem Private Limited
5.4.3.1. Company Overview
5.4.3.2. Product Portfolio
5.4.3.3. Financial Overview
5.4.3.4. Business Strategies and Development
5.4.4. Avant Petrochem Private Limited
5.4.4.1. Company Overview
5.4.4.2. Product Portfolio
5.4.4.3. Financial Overview
5.4.4.4. Business Strategies and Development
5.4.5. ISU EXACHEM
5.4.5.1. Company Overview
5.4.5.2. Product Portfolio
5.4.5.3. Financial Overview
5.4.5.4. Business Strategies and Development
5.4.6. ExxonMobil Corporation
5.4.6.1. Company Overview
5.4.6.2. Product Portfolio
5.4.6.3. Financial Overview
5.4.6.4. Business Strategies and Development
5.4.7. Shell Plc
5.4.7.1. Company Overview
5.4.7.2. Product Portfolio
5.4.7.3. Financial Overview
5.4.7.4. Business Strategies and Development
5.4.8. SK Global Chemical Co, Ltd.
5.4.8.1. Company Overview
5.4.8.2. Product Portfolio
5.4.8.3. Financial Overview
5.4.8.4. Business Strategies and Development
5.4.9. Mehta Petro-Refineries Limited
5.4.9.1. Company Overview
5.4.9.2. Product Portfolio
5.4.9.3. Financial Overview
5.4.9.4. Business Strategies and Development
5.4.10. Gandhar Oil Refinery (India) Ltd.
5.4.10.1. Company Overview
5.4.10.2. Product Portfolio
5.4.10.3. Financial Overview
5.4.10.4. Business Strategies and Development
5.4.11. Bharat Petroleum Corporation Limited
5.4.11.1. Company Overview
5.4.11.2. Product Portfolio
5.4.11.3. Financial Overview
5.4.11.4. Business Strategies and Development
5.4.12. Jun Yuan Petroleum Group
5.4.12.1. Company Overview
5.4.12.2. Product Portfolio
5.4.12.3. Financial Overview
5.4.12.4. Business Strategies and Development
6. Appendix
6.1. Research Methodology
6.2. Report Assumptions
6.3. Acronyms and Abbreviations
