The global de-aromatic solvent market is set to reach US$ 2.2 billion in 2023 and is projected to grow at a strong CAGR of 6.2% from 2023 to 2033. By 2033, the market is expected to be valued at US$ 4.0 billion.

A key driver for this growth is the paints and coatings industry. The rising demand for water-borne paints and coatings, which use fewer volatile organic compounds (VOCs), is anticipated to fuel the demand for de-aromatic solvents over the forecast period. Currently, the paints and coatings formulation segment accounts for approximately 27.2% of the global market share.

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Key Takeaways:

The medium flash point de-aromatic solvent segment currently holds around 42.5% of the global market share.
In terms of boiling point, the demand for type 1 (150-200°C) de-aromatic solvents is expected to grow at a CAGR of 5.7% through 2033.
The de-aromatic solvent market in East Asia is projected to expand at a CAGR of 6.4% during the forecast period, while the U.S. market is set to grow at 5.5% CAGR from 2023 to 2033.
Driven by a booming construction sector, sales of de-aromatic solvents in China are expected to rise significantly throughout the assessment period.
Growth Drivers:

The increasing use of de-aromatic solvents in the paints and coatings sector is expected to drive demand throughout the assessment period.
Rising awareness about the advantages of de-aromatic solvents is anticipated to boost sales through 2033.
Strict regulations limiting the use of hazardous substances, including aromatic solvents, will continue to create growth opportunities for the de-aromatic solvent industry.
Global growth in construction and building activities, along with the development of customized de-aromatic solvents featuring high and medium flash points and low toxicity, is likely to present new opportunities for manufacturers.
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Key Market Strategies

Leading companies in the de-aromatic solvent market prioritize strong relationships with key distributors and secure long-term contracts with clients. To meet growing demand across various applications, businesses are increasing production capacity and focusing on creating high-utility products.

For example:

In March 2019, Hindustan Petroleum Corporation Limited's Green Research & Development Center (HP GRDC) developed a new technique for manufacturing low-aromatic solvents, which are in high demand in the paint, drilling, and solvent industries.
In November 2019, Archer Daniels Midland Company acquired Florida Chemical Company (FCC), a division of Flotek Industries.
Key Companies Profiled by Fact.MR

Exxon Mobil Corporation
Shell plc
Idemitsu Kosan Co.,Ltd.
Neste
Raj Petro Specialties Pvt. Ltd.
DHC Solvent Chemie GmbH
Avani Petrochem Pvt. Ltd.
Calumet Specialty Products Partner, L.P.
Read More: https://www.factmr.com/report/de-aromatic-solvent-market

More Valuable Insights on De-Aromatic Solvent Market

In the latest study, Fact.MR offers a detailed study on global de-aromatic solvent market for the forecast period of 2023 to 2033. This study also highlights key drivers influencing the sales of de-aromatic solvents through detailed segmentation as follows:

By Flash Point:

Low
Medium
High
By Boiling Point:

Type 1 (150-200 °C)
Type 2 (200-240 °C)
Type 3 (>240 °C)
By Application:

Paint & Coating Formulation
Printing Inks Formulation
Varnishes Formulation
Wood Preservatives Formulation
Adhesives and Sealants Formulation
Cleaning Solvents Formulation
Drilling Fluids
Other
By Region:

North America
Latin America
Europe
East Asia
South Asia & Oceania
Middle East & Africa
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