The rising demand from various end-use industries such as paints and coatings, automotive, electronics, cleaning products, and construction is significantly propelling the demand for hydrocarbon solvents. These sectors rely extensively on hydrocarbon solvents for a range of critical applications, including degreasing, cleaning, coating, and thinning. The rising demand for hydrocarbon solvents is being driven by their widespread use in various end-use industries, including paints and coatings, automotive, electronics, cleaning products, and construction. In the paints and coatings industry, these solvents are essential for thinning paints and ensuring smooth application, quick drying, and optimal finishes. In the automotive sector, hydrocarbon solvents are used for cleaning, degreasing, and preparing parts before assembly or repair. Finally, in the construction industry, these solvents are used to thin adhesives, paints, and sealants, as well as for cleaning tools and maintaining machinery. As these industries continue to grow, so too does the demand for hydrocarbon solvents, highlighting their crucial role across multiple sectors.
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Data Bridge Market Research analyzes that the Global Hydrocarbon Solvents Market is expected to USD 19.02 billion by 2040 from USD 6.60 billion in 2024, growing with a substantial CAGR of 7.03% in the forecast period of 2025 to 2040.
Key Findings of the Study
Fast Expanding Construction and Automotive Sectors
The construction and automotive sectors are among the fastest-growing industries globally, driving the increased demand for hydrocarbon solvents. These industries rely on solvents for essential applications such as coatings, cleaning, degreasing, and paint formulations, ensuring efficiency, quality, and durability in production processes. As both sectors continue to expand, the need for hydrocarbon solvents is expected to grow proportionally, supporting the production of vehicles, construction materials, and equipment. The rising demand reflects the crucial role of these solvents in enhancing performance and maintaining high standards in manufacturing and maintenance operations.
Report Scope and Market Segmentation
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Report Metric |
Details |
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Forecast Period |
2025 to 2040 |
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Base Year |
2024 |
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Historic Years |
2023 (Customizable to 2016-2022) |
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Quantitative Units |
Revenue in USD Billion |
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Segments Covered |
By Type (Aromatic Solvents, Aliphatic Solvents, Mineral Oils, Cycloaliphatic Solvents, and Others), Application (Paints and Coatings, Adhesives, Pharmaceutical, Cleaning and Degreasing, Printing Inks, Agriculture, Rubber and Polymers, Chemicals, Aerosols, Cosmetics, Drilling Fluids, Fluxes for Bitumen, Metal Extraction, Metal Working Lubricant, Sealants, Explosives, and Others) |
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Countries Covered |
China, India, Japan, South Korea, Singapore , Thailand, Indonesia, Malaysia. Philippines, Australia, New Zealand, Taiwan, rest of Asia-Pacific, U.S., Canada, Mexico, Germany, France, Italy, Netherlands, U.K., Russia, Spain, Turkey, Switzerland, Belgium, Norway, Sweden, Finland, Denmark, Poland, rest of Europe, South Africa, Saudi Arabia, Egypt, U.A.E., Israel, rest of Middle East and Africa, Brazil, Argentina, and rest of South America |
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Market Players Covered |
Exxon Mobil Corporation (U.S.), BASF (Germany), TotalEnergies (France), Shell plc (England), and Chevron Phillips Chemical Company LLC (U.S.), China Petrochemical Corporation (China), ADNOC (UAE), SASOL (South Africa), Eastman Chemical Company (U.S.), Engen Petroleum LTD (South Africa), Ashland (U.S.), Reliance Industries Limited (India), Honeywell International Inc (U.S.), LyondellBasell Industries Holdings B.V. (Netherlands), BP p.l.c. (UK), Calumet, Inc. (U.S.), Braskem (Brazil), Haltermann Carless Group GmbH (Germany), Neste (Finland), LANXESS (Germany), RB Products, Inc. (U.S.), Gulf Chemical & Industrial Oils (U.S.), Jun Yuan Petroleum Group (China), Halton Chemical Inc. Ontario (Canada), Avani Petrochem Pvt. Ltd. (India), and Gotham Industries (U.S.) among others |
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Data Points Covered in the Report |
In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand. |
Segment Analysis
The global hydrocarbon solvents market is segmented into two segments based on type and application.
- On the basis of type, the market is segmented into aromatic solvents, aliphatic solvents, mineral oils, cycloaliphatic solvents, and others
In 2025, the aromatic solvents segment is expected to dominate the market with a market share of 32.17%
In 2025, the aromatic solvents segment is expected to dominate the market with a market share of 32.17% due to their wide applications in industries such as paints, coatings, adhesives, and pharmaceuticals, offering high solvency power, stability, and effective performance in various chemical processes.
- On the basis of application, the market is segmented into paints and coatings, adhesives, pharmaceutical, cleaning and degreasing, printing inks, agriculture, rubber and polymers, chemicals, aerosols, cosmetics, drilling fluids, fluxes for bitumen, metal extraction, metal working lubricant, sealants, explosives, and others
In 2025, the paints and coatings segment is expected to dominate the market with a market share of 21.63%
In 2025, the paints and coatings segment is expected to dominate the market with a market share of 21.63% due to increased demand for decorative and protective coatings in construction, automotive, and industrial applications, driven by urbanization, infrastructure development, and growing awareness of aesthetic appeal.
Major Players
Data Bridge Market Research analyzes Exxon Mobil Corporation (U.S.), BASF (Germany), TotalEnergies (France), Shell plc (England), and Chevron Phillips Chemical Company LLC (U.S.) as major market players in the market.
Market Developments
- In November 2023, Shell Chemicals was honored as a winner in BNSF’s 2023 Sustainability Awards program. Alongside nine other recipients, Shell Chemicals received this recognition from BNSF, a prominent North American freight transportation company, for its advancements in sustainable solutions throughout the year
- In February 2023, Oil and Natural Gas Corporation Limited (ONGC) and BP p.l.c. signed a Memorandum of Understanding (MoU) to explore collaboration in oil and gas exploration and production, trading, and other energy vectors both in India and internationally. The agreement, signed in New Delhi on the eve of India Energy Week, was attended by key dignitaries, including Honourable Minister of Petroleum and Natural Gas, Shri Hardeep Singh Puri, Secretary, Ministry of Petroleum and Natural Gas, Shri Pankaj Jain, ONGC’s Chairman and CEO, Shri Arun Kumar Singh, and bp’s Executive Vice President, William Lin, alongside senior leadership from both organizations
- In July 2024, Calumet Specialty Products Partners, L.P. completed its conversion to a C-Corporation, transforming into Calumet, Inc. This shift enables broader institutional investment, attracting passive indices that typically own large stakes in C-Corps. The change is expected to enhance shareholder growth, capitalize on new capital opportunities, and further drive Calumet's transformation in the specialty products and renewables markets
- In December 2024, China Petrochemical Corporation was honored at the Hong Kong International Finance Week (IFW) and the Golden Bauhinia Awards, receiving the Best Business Contributor to the 75th Anniversary of the Founding of the People’s Republic of China and Excellent Listed Company in Investor Relations Management awards. Chairman Mr. MA Yongsheng was recognized as Economic Figure of the Year, while Mr. HUANG Wensheng, Vice President and Board Secretary, won Excellent Board Secretary
Geographical Analysis
In 2025, the Asia-Pacific region is expected to dominate the market
In 2025, the Asia-Pacific region is expected to dominate the market with a market share of 34.59% due to rapid industrialization, growing demand for solvents in paints, coatings, and automotive sectors, as well as expanding manufacturing capabilities in countries such as China and India.
As per Data Bridge Market Research analysis:
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