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Isoparaffin Solvents Market Segmented By Paints and Coating, Metal Working Fluids, Industrial Cleaning, Adhesives and Sealant, Polymerization, Pharma and Personal Care Product,
Isoparaffin solvents are branched-chain aliphatic hydrocarbons (molecular formula CnH2n+2) obtained through crude oil distillation. Generally, paraffin compounds are arranged in two forms, i.e. straight-chain (n-paraffin) or branched chain (isoparaffin). Isoparaffin solvents are frequently produced through the distillation of crude oil during the refinery process. To obtain the pure grade of isoparaffin solvents, few processes are carried out, such as distillation, catalytic cracking, etc. However, these solvents have better fuel characteristic properties as compared to normal paraffin solvents. Moreover, isoparaffin solvents find various applications in metalworking, industrial cleaning, chemical, paints & coating, adhesive & sealant and polymers industries. They are also used as an intermediate, cleaner and solvent in other industries.
Moreover, isoparaffin solvents are also applied in various application areas, such as water treatment, chemical synthesis, electronics appliances, wax cleaners, printing inks, etc. These solvents have better solvency, high flash point and boiling point and high flammability. They are costlier than paraffin components and this may prove to be a challenge to their adoption among consumers.
The incremental $ opportunity created by the market during the forecast period is pegged at nearly US$ 51.9 Mn. The isoparaffin solvents market is expected to expand at a CAGR of 3.7% during the forecast period.
Key vendors in the market are opting to offer isoparaffin solvents that are tailored to cater to specific end-use requirements. The market participants prefer to offer high value-added solvents to gain share in the market.
Product specifications and wide application areas will drive the growth of the global isoparaffin solvents market in the coming years.
The number of consolidation and expansion activities in the market has risen over the past few years. This can primarily be attributed to the efforts being made by companies to meet the rising demand for synthetic solvents and gain access to the high-growth markets of Asia Pacific as well as strengthen their foothold in China, India and ASEAN countries
The global market can be segmented on the basis of application, product type and region. On the basis of product type, the global market have been segmented into five segments: C4-C8, C9-C11, C12, C13-C14 and C15<. On the basis of applications, the global market has been segmented into seven key segments: paints & coating, industrial, adhesive & sealant, pharma & personal care product, agrochemical, polymerization and others.
On the basis of geography, the global market has been segmented into seven regions: North America, Latin America, Europe, Middle East & Africa, China, Japan, and South East Asia & Pacific. Isoparaffin solvents market players have medium to good presence across the globe.
Generally, isoparaffin solvents are utilized in industrial applications for cleaning, metalworking and degreasing. Rapidly increasing industrialization in emerging markets of China, India and ASEAN countries across the SEAP region will create high demand for isoparaffin solvents over the forecast period. Moreover, high growth in end-use industries, such as automotive, adhesive & sealant, agrochemical, polymer and other industries, will also push the growth of the global market.
The initial phase of the research involved the formulation of preliminary hypothesis, which was followed by the data collection stage that comprised of both primary and secondary approaches.
The subsequent stages involved triangulation of data gathered from the two approaches. Initially, the basic data collected from various sources, such as annual reports_bk_01_01_2020 of manufactures, end-users, distributors, government directives, public data sources, among others, was evaluated. Historical data in terms of solvent production and consumption from 2013 -2017 was considered as basic data for further analysis. Next, both supply side and demand side drivers and trends were studied to forecast the isoparaffin solvents market.
Some of the players covered in this study on the global isoparaffin solvents market are ExxonMobil Chemical, Royal Dutch Shell Chemicals, Idemitsu Kosan Co. Ltd, RB Products, Braskem, Chevron Phillips Chemical Company, Total S.A., Mehta Petro Refineries Limited and Maruzen Petrochemical CO., LTD.