The global hydrocarbon solvents market is experiencing steady growth, driven by the increasing demand for these solvents in a variety of industries, including automotive, paints and coatings, adhesives, and pharmaceuticals. Hydrocarbon solvents are used for their ability to dissolve oils, resins, and other substances, making them essential in products such as paints, varnishes, cleaning agents, and fuels. The market is benefiting from the growing demand for industrial coatings and paints in construction and automotive sectors, as well as the expansion of the pharmaceutical and personal care industries. Moreover, the shift towards low-VOC (volatile organic compounds) and eco-friendly solvent alternatives is spurring innovation in the market.
Global Hydrocarbon Solvents Market size was valued at USD 6.60 billion in 2024 and is projected to reach USD 19.02 billion by 2040, with a CAGR of 7.03% during the forecast period of 2024 to 2040.
To know more, visit https://www.databridgemarketresearch.com/reports/global-hydrocarbon-solvents-market
Below are the Top Hydrocarbon Solvents Companies with a Significant Market Share:
|
Rank
|
Company
|
Overview
|
Product Portfolio
|
Sales Geographical Coverage
|
Developments
|
|
1.
|
Exxon Mobil Corporation
|
Exxon Mobil Corporation is one of the world's largest publicly traded energy companies, operating across the entire oil and gas value chain. The company is a major player in the hydrocarbon solvents market, producing a range of solvents used in industries such as paint, coatings, adhesives, and automotive.
|
|
North America, South America, Middle East and North-Africa and Sub-Sharan Africa, Asia-Pacific, and Europe
|
|
|
2.
|
BASF
|
BASF is the world’s largest chemical producer, with a diverse portfolio spanning chemicals, plastics, performance products, and hydrocarbon solvents. The company produces a wide range of hydrocarbon-based solvents such as aromatic solvents, aliphatic solvents, and glycol ethers, which serve various industries like automotive, coatings, and cleaning.
|
|
Americas, Middle East and Africa, Asia-Pacific, and Europe
|
In 2023, BASF announced a major sustainability initiative in the hydrocarbon solvents market by launching a new line of bio-based solvents under its "BASF’s Solvents & Intermediates" division.
|
|
3.
|
TotalEnergies
|
TotalEnergies is a global energy company operating in oil, natural gas, and renewable energy sectors. The company produces a wide variety of hydrocarbon solvents, such as alkylates, paraffins, and aromatic solvents, used in the chemical, automotive, and coatings industries.
|
|
North America, South America, Middle East and Africa, Asia-Pacific, and Europe
|
In January 2023, TotalEnergies launched a new line of bio-based and renewable hydrocarbon solvents produced from sustainable feedstocks. This move is part of TotalEnergies' broader strategy to reduce its environmental impact and meet increasing demand for eco-friendly solvents in industries such as paints, coatings, adhesives, and automotive.
|
|
4.
|
Shell plc
|
Shell produces a wide range of hydrocarbon solvents, including aromatic, aliphatic, and specialty solvents used in industrial coatings, adhesives, and cleaning applications. With a focus on energy transition and low-carbon solutions, Shell is enhancing the sustainability of its solvent production processes.
|
|
Americas, Middle East and Africa, Asia-Pacific, and Europe
|
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.
|
|
5.
|
Chevron Phillips Chemical Company LLC
|
Chevron Phillips Chemical is a leading petrochemical manufacturer, specializing in polyolefins, aromatics, and hydrocarbon solvents. The company produces a broad range of hydrocarbon solvents, including paraffins, naphthas, and aromatic solvents. These solvents are widely used in coatings, adhesives, and industrial cleaning products.
|
|
North America, South America, Middle East and Africa, Asia-Pacific, and Europe
|
In July 2024, Chevron Phillips Chemical received 11 safety awards from the Texas Chemical Council (TCC) for excellence in safety and operational performance. The company’s Borger, Pasadena, Port Arthur, Cedar Bayou, and Sweeny, Clemens & Old Ocean facilities were honored with Caring for Texas Awards for their efforts in community awareness, emergency response, security, and pollution prevention.
|
Conclusion
The global hydrocarbon solvents market is poised for steady growth, supported by increasing demand across industries such as automotive, paints and coatings, adhesives, and pharmaceuticals. As the need for efficient, versatile solvents rises, particularly in industrial applications, the market continues to expand, with innovations focused on low-VOC and eco-friendly alternatives. With ongoing advancements in solvent formulations and technologies, the market is set to evolve, ensuring continued demand for hydrocarbon solvents in various applications.
