Covid-19 to Persuade Participants To Go Slow And Steady On De-Aromatic Solvents
Persistence Market research states that the global de-aromatic solvents market is bound to grow at the rate of over 5% in the forecast period.
What Drives the De-Aromatic Solvents Market?
- Conventional solvents have been giving rise to health hazards. As such, the demand for eco-friendly, safer, and effective alternatives is increasing at a substantial rate. This trend is expected to continue in the forecast period as well.
- The household mosquito repellents and insecticides are pressing for use of de-aromatic solvents. This is the other growth driver to this market.
- The inks, coatings, and paints market is witnessing a boom all across. This factor is also contributing to increasing demand for de-aromatic solvents.
- The metal working applications are also asking for de-aromatic solvents. This iss likely to catalyze the market.
What Could Stall the De-Aromatic Solvents Market?
- The availability of water-based paints and powder coatings does act as a hindrance to de-aromatic solvents market.
- There are bio-based offerings being tabled, which is another inhibitor.
What’s on the Anvil?
- The de-aromatic solvents market is bound to witness usage of higher flash point grades to serve specific applications.
- The key players are on to expansion of production capacity for catering to growing demands.
- Availability of alternative raw materials is the latest trend catching up in the de-aromatic solvents market.
How about Delving Deep into the Forecast Period?
By Boiling Point:
As far as boiling point is concerned, the de-aromatic solvents market spans Type 1 (<185 Degree Celsius), Type 2 (185 Degree Celsius), and Type 3 (>240 Degree Celsius). The Type 1 and Type 2 hold close to 44% and 43% of total market share and the scenario is expected to continue till 2030. However, Type 3 is expected to witness the fastest growth in the forecast period.
By Flash Point:
By Flash Point, the de-aromatic solvents market comprises Medium Flash Point, High Flash Point, and Low Flash Point. Medium Flash Point holds more than half of the market share and is expected to continue with its winning streak going forward.
By Application, the de-aromatic solvents market says coatings and inks, adhesives and sealants, metal working, drilling fluids, industrial cleaning, consumer products, and so on. Out of these, paints, coatings, and inks rule the roost. Metal working stands second.
The geographies covered herein include North America, Asia-Pacific (South Korea, India, China, rest of APAC), Latin America, MEA, and Europe. Asia-Pacific leads the market, followed by Europe. North America comes in as the third leading region. The Asia-Pacific is expected to cover more than 40% of the market by 2030.
The key players in the de-aromatic solvents market include Raj Petro Specialities P. Ltd., Calumet Speciality Products Partners, SK Global Chemical Co., Ltd., DHC Solvent Chemie GmbH, Isu Exachem Co. Ltd., Avani Petrochem Private Limited, Royal Dutch Shell Plc, ExxonMobil Corporation, and Neste Oyj.
Covid-19 Effect on Industry
The outbreak of Covid-19 has derailed the supply chain of de-aromatic solvents. In other words, the production has slowed down due to delay in supply and merely 40% of workforce operating from the plants. Though experts across the globe are trying their best to come up with vaccine at the earliest, the positivity’s on this count could be expected at the start of the year 2021.