In terms of revenue, the Global Isoparaffin Solvents Market is expected to reach USD 961.8 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 3.20% from 2022 to 2028.
The major driving factors for Isoparaffin Solvents Market growths are the increasing demand from the automotive industry and the growing popularity of Isoparaffin Solvents in various end-use industries such as paints & coatings, printing inks, and adhesives & sealants. The automotive industry is the largest consumer of Isoparaffin Solvents and is anticipated to grow at a rapid pace in the next few years. This growth can be attributed to the increasing demand for automobiles in developing countries such as China, India, and Brazil.
The paints & coatings industry is another major consumer of Isoparaffin Solvents and is expected to grow at a steady pace in the coming years. This growth can be attributed to the increasing demand for advanced coating products from various end-use industries such as construction, automotive, and marine. The growing popularity of Isoparaffin Solvents in various end-use industries is another major factor driving the growth of the Global Isoparaffin Solvents Market.
Key Highlights from Report:
● From among the Product Types segmentation, the C9-C11 segment is anticipated to dominate the Isoparaffin Solvents Market with the highest market share during the forecast period. Moreover, it is the top-selling product in the Isoparaffin Solvents space.
● From among the Application segmentation, the Paints & Coatings segment accounted for the highest CAGR (Compound Annual Growth Rate) in the forecast period. This growth is attributed to the surge in product usage in developing low-odor paints & coatings for residential as well as commercial building interiors & wood manufacturing.
● Geographically, North America held the largest market share in 2021 and is likely to be the most profitable market in the forecast period. This surge is because of the rapid suburbanization and the significant presence of the automobile industry in this region.
The Global Isoparaffin Solvents Market growth can be attributable to significant factors such as the increasing demand for enhanced synthetic solvents. In addition, there is high growth in the need for Isoparaffin Solvents in several industrial sectors in developing and developed nations. This will likely fuel the demand and boost the isoparaffin detergents application. Moreover, growth in the usage of isoparaffinic petroleum hydrocarbons used for inks for food contact materials will fuel Isoparaffin Solvents in the food industry.
The Isoparaffin Solvents Market garners extensive increases from rapid strides in oil painting products and industries across the globe. Also, the high demand for these solvents is contributed by manufactured cleaning & metalworking applications in the artificial sector. Furthermore, vendors are gradually looking to provide high-value solvents, meeting the present customization product portfolio requirements. All these factors will probably create profitable prospects for the Isoparaffin Solvents Market in the coming years.
North America Isoparaffin Solvents Market is anticipated to observe significant market growth with the highest CAGR (Compound Annual Growth Rate) in the coming years. The region’s market growth can be attributable to the increasing awareness of maintaining personal care. The United States and Canada are significant contributors to this regional market. Moreover, the increase in regulations to reduce the environmental and health effects caused by using solvents in numerous industries is expected to fuel the market development in North America. In addition, the growing demand for synthetic polyolefin to manufacture textiles, packaging, and consumer goods will also propel the regional market's growth in the future.
The Global Isoparaffin Solvents Market is Segmented as follows:
- Product Types
- C15 <
- Paints & Coating
- Adhesives & Sealant
- Pharma & Personal Care Product
- Other Applications
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Isoparaffin Solvents Market is:
Exxon Mobil Corporation, Royal Dutch Shell PLC, Demits Kosan Co. Ltd, Chevron Phillips Chemical Company, Total S.A., Mehta Petro Refineries Limited, RB Products Inc., Maruzen Petrochemical Co. Ltd., Braskem
The Global Isoparaffin Solvents Market Scope can be Tabulated as below:
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|