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APAC De-aromatic Solvents Market

APAC Market Study on De-aromatic Solvents: Prominence of Eco-friendly & Bio-based Products Increasing Rapidly

APAC De-aromatic Solvents Market

APAC De-aromatic Solvents Market Outlook (2023 to 2033)

As per a new study by Persistence Market Research, the APAC de-aromatic solvents market recorded 4.2% Y-o-Y growth in 2022 and reached a valuation of US$ 577 million in 2023. The market is projected to climb to a size of US$ 1.13 billion by the end of 2033, expanding at 7% CAGR over the next ten years.

De-aromatic solvents, also known as de-aromatized solvents or hydro-treated solvents, undergo a process to remove or reduce the aromatic compounds present in them. Aromatic compounds, such as benzene, toluene, and xylene, have a distinct ring structure and can be harmful to health and the environment. De-aromatization involves subjecting the solvent to a hydro-desulfurization process that converts or removes these aromatic compounds, resulting in a cleaner and less toxic solvent.

  • Top five companies manufacturing de-aromatic solvents in Asia Pacific account for 65% to 70% market share.

De-aromatic solvents find applications in various industries, including paints, coatings, adhesives, and pharmaceuticals, where a lower level of aromatics is desired for safety, regulatory compliance, or performance reasons. They offer similar solvency properties as aromatic solvents but with reduced health and environmental risks.

Attribute Details

APAC De-aromatic Market Size (2022A)

US$ 543.3 Million

Estimated Market Value (2023E)

US$ 577 Million

Projected Market Value (2033F)

US$ 1.13 Billion

Value CAGR (2023 to 2033)

7%

Collective Value Share of Top 3 Countries (2023E)

53%

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Consumption Analysis of De-aromatic Solvents in Asia Pacific (2018 to 2022) vs. Market Forecasts (2023 to 2033)

The APAC de-aromatic solvents market encountered several favorable and unfavorable circumstances between 2018 and 2022 that impacted its expansion. On the plus side, demand for de-aromatic solvents rose across various industries, including paints and coatings, adhesives, and pharmaceuticals, due to rapid industrialization and urbanization in countries like China and India. Use of de-aromatic solvents as an alternative to conventional aromatic solvents was favored by rising environmental concerns and restrictions addressing volatile organic compound (VOC) emissions.

At this time, the market was also affected negatively by various other factors. The pricing of finished products was impacted by fluctuating crude oil prices, which affect the price of feedstock for de-aromatic solvents. Demand for de-aromatic solvents was impacted by the disruption of supply chains and an overall drop in industrial activity due to the COVID-19 pandemic.

From 2023 to 2033, demand for de-aromatic solvents is expected to be driven by several factors. Increasing environmental regulations and a growing focus on sustainability are foreseen to push industries towards adopting de-aromatic solvents as eco-friendly alternatives to traditional aromatic solvents. Their lower toxicity and enhanced safety properties make de-aromatic solvents appealing as industries prioritize health and safety.

Expanding industrial applications, comparable performance, and efficiency of de-aromatic solvents further contribute to their demand. With the growing emphasis on green practices among businesses and consumers, the adoption of de-aromatic solvents aligns well with sustainability goals. Continuous technological advancements and rising demand for specialty chemicals are also expected to fuel market growth.

Sales of de-aromatic solvents increased in APAC at a CAGR of 3.3% from 2018 to 2022. Looking ahead, the market is projected to expand much faster at a CAGR of 7% through 2033.

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Why is the Demand for De-aromatic Solvents Rising Rapidly in Asia Pacific?

“Stringent Environmental Regulations Necessitating Reduced Concentration of Volatile Organic Compounds in Chemical Solutions”

Demand for chemical solutions with lower concentrations of volatile organic compounds is driven by consumers' growing environmental consciousness and strict environmental regulations from developed and emerging nations.

Green practices are being emphasized by governments of various nations as a means of reducing the impact of chemicals on both human health and the environment. In Asia Pacific, the adoption of industrial and institutional cleaning agents is being boosted by the industry's growing interest in eco-friendly and sustainable solutions such as recyclable packaging, and flexible, bio-based, and dispensing equipment.

De-aromatic solvents find applications in various industrial and institutional cleaning products, manufacturing facilities, and metal-cleaning solvents. Consequently, the need for de-aromatic solvents grows in tandem with the demand for industrial cleaning products.

“Growing Demand for High-quality Automotive Finishes and Increasing Focus on Eco-friendly Solutions”

The automotive industry plays a significant role in creating opportunities for manufacturers of de-aromatic solvents. De-aromatic solvents are low-aromatic hydrocarbon-based solvents that have a wide range of applications in the automotive sector. De-aromatic solvents are used extensively in the formulation of automotive paints and coatings. These solvents help in the dispersion of pigments, enhance their flow and leveling properties, and improve the overall performance of the coating.

With the growing demand for high-quality automotive finishes and the increasing focus on eco-friendly solutions, de-aromatic solvents are preferred over aromatic solvents due to their lower toxicity and lower environmental impact. Increasing popularity of electric vehicles (EVs) is boosting demand for de-aromatic solvents in the battery manufacturing industry. These solvents are used in processes such as electrode preparation and electrolyte formulation. De-aromatic solvents ensure better performance, stability, and safety in battery systems.

The automotive industry is subject to stringent environmental regulations aimed at reducing emissions and minimizing the use of hazardous substances. Aromatic solvents, known for their high volatility and toxicity, are being phased out or restricted in many regions. This shift towards greener practices and the adoption of safer solvents create opportunities for de-aromatic solvents in automotive applications.

The automotive industry's pursuit of eco-friendly and sustainable solutions, advancements in automotive technologies, and increasing regulatory requirements are driving the demand for de-aromatic solvents.

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What is Restraining the Demand Growth for De-Aromatic Solvents?

“Environmental and Personnel Safety Hazards Associated with Usage of Metalworking Fluids”

The primary objective of governmental organizations is to ensure the safety of the environment and workers in industrial manufacturing. These organizations are actively working to mitigate the risks posed by metalworking fluids to both the environment and people's health.

Metalworking fluids have numerous detrimental effects on health when exposed via several routes, including cutaneous contact with mists and sprays and the inhalation of aerosols or breathing mists. Fluids used in metalworking have been related to skin rashes, cancer, and respiratory illnesses. Despite proper training, there have been multiple cases of people being exposed who were having issues with their skin, eyes, or respiratory systems.

By using personal protective equipment such as chemical-resistant gloves, safety glasses with face shields, and proper respiratory protection, many end users have procedures in place to reduce operator exposure.

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Country-wise Insights

What is the Growth Outlook for De-aromatic Solvents in India?

“Increased Production of De-aromatic Compounds Driven by Rapid Industrialization”

The Indian market is projected to create a total incremental dollar opportunity of US$ 105.3 million from 2023 to 2033 and is expected to reach US$ 203.3 million by 2033 end.

India is expected to remain a prominent country in the de-aromatic solvents market owing to the presence of key manufacturers along with the higher production volume of the compound. Significant expansion of the end-use sector in East Asia has boosted product demand in the region.

Rising industrialization across ASEAN countries has led to an increase in demand for de-aromatic solvents in various industries, including consumer products, paints and coatings, etc.

How is the Market for De-aromatic Solvents Expected to Perform in China?

Robust Chemical and Manufacturing Sectors and Widespread Utilization of Solvents”

China is predicted to account for a leading share of the market due to its thriving chemical industry, robust manufacturing sector, and rising demand for solvents in a variety of applications. The country's robust economic growth and rising industrial operations contribute to its market dominance.

Category-wise Insights

Which Application is Anticipated to Account for a Dominant Share of the Market?

“Extensive Utilization of De-aromatic Solvents for Manufacturing of Paints, Coatings, Adhesives, and Sealants”

The paints, coatings, and inks segment is poised to exhibit considerable growth owing to increasing demand from key end-use industries such as construction, automotive and transportation, and electronics and electrical. The segment was valued at US$ 145.7 billion in 2021 and is expected to grow 1.6 times by the end of the forecast period.

Extensive use of de-aromatic solvents in the manufacturing of coatings, adhesives, and sealants is expected to bolster sales of aromatic solvents over the forecast period. East Asia accounted for 35.4% share of the global paints and coatings industry, followed by Europe at 21.6%, and North America at 16.5%, in 2022.

What is the Role of De-aromatic Solvents in Metalworking?

“De-aromatic Solvents as Cutting Fluids Enhance Efficiency, Lifespan, and Safety of Machines”

Utilization of de-aromatic solvents in the production of metalworking fluids is projected to create a total incremental dollar opportunity of US$ 125.4 million from 2023 to 2033. The metalworking segment is expected to reach US$ 253.6 million by 2033 end.

In metalworking, de-aromatic solvents find applications as cutting fluids, cleaning agents, and degreasers. They are effective in dissolving grease, oils, and other contaminants from metal surfaces, making them ideal for cleaning and degreasing metal parts.

During metal machining processes, de-aromatic solvents act as excellent cutting fluids, reducing friction and heat generation while enhancing tool life and overall efficiency. Their low odor, low toxicity, and high solvency make them favorable choices in metalworking industries where worker safety and environmental concerns are paramount.

Increase in heavy machinery production is expected to drive the demand for metalworking fluids, as it leads to the growth in manufacturing parts and components that require metalworking fluids during their production process. This, in turn, contributes to the utilization of de-aromatic solvents.

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.

APAC De-aromatic Solvents Industry Report Scope

Attribute Details

Forecast Period

2023 to 2033

Historical Data Available for

2018 to 2022

Market Analysis

  • US$ Million for Value
  • Tons for Volume

Key Countries Covered

  • India
  • China
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Vietnam
  • Singapore
  • Australia and New Zealand
  • Taiwan
  • The Rest of Asia Pacific

Key Market Segments Covered

  • Flash Type
  • Boiling Point
  • Application
  • Country

Key Companies Profiled

  • ExxonMobil Corporation
  • Shell PLC
  • Total S.A.
  • Idemitsu Kosan Co., Ltd.
  • Raj Petro Specialities P. Ltd.
  • Arham Petrochem Private Limited
  • Neste Oyj
  • Avani Petrochem Private Limited
  • Other Key Players

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • Drivers
  • Restraints
  • Opportunity Analysis
  • Challenges
  • Strategic Growth Initiatives

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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

- Companies Covered in This Report -

  • 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

- Frequently Asked Questions -

The APAC de-aromatic solvents market stood at US$ 543.3 million in 2022.

The APAC market for de-aromatic solvents expanded at 3.3% CAGR from 2018 to 2022.

Paints, coatings, and inks account for a significant share of the APAC de-aromatic solvents market.

Sales of de-aromatic solvents in the APAC market are projected to reach US$ 1.13 billion by 2033.

The market in Asia Pacific is predicted to expand at a CAGR of 7% from 2023 to 2033.

ExxonMobil, Shell, Total, Idemitsu, and Raj Petro together account for a 45% to 50% market share.

Demand for de-aromatic solvents in India is projected to increase at 7.6% CAGR through 2033.

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