Growing Utilization among Various Business Segments will serve as a Game-changer for the Hydrocarbon Solvents Market, Opines TMR

ALBANY, N.Y, April 28, 2021 /PRNewswire/ -- The hydrocarbon solvents market is estimated to garner maximum growth on the back of the growing popularity across a wide range of applications such as paints and coatings, pharmaceuticals, printing inks, agriculture chemicals, cosmetics, cleaning, degreasing, polymer, rubber, and others. The booming construction sector and an increase in the shift toward greener alternatives will bring good growth prospects for the hydrocarbon solvents market.

Hydrocarbon solvents are the type of organic solvents which comprise only carbon and hydrogen atoms. These solvents are obtained in volatile fraction forms consisting of naphthenic, paraffinic, and aromatic constituents in varied proportions. The increasing usage for hydrocarbon solvents will bring profitable growth opportunities.

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According to TMR (Transparency Market Research), the hydrocarbon solvents market will record a CAGR of 4 percent during the assessment period of 2020-2030. The global hydrocarbon solvents market was pegged at US$ 6.2 bn in 2019 and is extrapolated to surpass the US$ 8.1 bn valuation mark by the end of the assessment period that is 2030.

The growing emergence of hydrocarbon solvents as an ideal solvent among various applications will help in increasing the growth rate. The cost-effective quotient etched with hydrocarbon solvents is primarily responsible for driving the growth. The heightening use of biodegradable hydrocarbon solvents will also bring tremendous growth opportunities for the hydrocarbon solvents market. The increasing investment opportunities from various conglomaerates and firms will further invite extensive growth.

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Key Findings of the Report

Exponential Demand for Polymers and Rubbers will Bring Considerable Growth Opportunities

The demand for rubbers and polymers has increased phenomenally over the years. The rising popularity of rubber among a plethora of end-users for various uses is helping in boosting the demand. As hydrocarbon solvents are a prominent component in manufacturing rubbers, the market will observe intensive growth.

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Bio-Based Solvents to Hamper the Growth Prospects

Hydrocarbon solvents are considered toxic due to the harmful VOC emissions. The government bodies of numerous countries have increased their focus on stricter environmental regulations. These environmental regulations have urged many end-users to use bio-based solvents. A lot of advantages help in increasing the demand for bio-based solvents. These solvents are created from biomass sources such as aquatic biomass, energy crops, waste materials, and forest products. Thus, these solvents are safe for use.

This shift to bio-based solvents will prove to be a major restraint for the hydrocarbon solvents market. This aspect will hamper the hydrocarbon solvents market to a certain extent.

COVID-19 Effect on the Hydrocarbon Solvents Market

The COVID-19 pandemic has acted as a curse on the growth projections of the hydrocarbon solvents market. The market has been impacted gravely by the advent of the pandemic. The rising transmission of the virus forced many countries to impose strict lockdowns. These lockdowns resulted in the shutting down of manufacturing units and production facilities. This aspect has led to a decline in the demand of hydrocarbon solvents.

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However, after a brief period, the government bodies of numerous bodies have relaxed the restrictions to a certain extent. This factor will serve as a golden opportunity for the players in the hydrocarbon solvents market to revive their lost growth. Frequent lockdowns due to the second and third wave of COVID-19 across many countries still loom as a threat but the accelerating vaccination programs will provide relief for the long term. 

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