The role of dearomatic solvents in the overall development of any nation and its GDP is very important since the uses of dearomatic solvents are in most of the small but critical applications. This has resulted in the global dearomatic solvents market to be growing consistently at a steady pace.
Uses and Reasons for Preferring Dearomatic Solvents
Dearomatic solvent is an organic compound with paraffinic, iso-paraffinic and naphthenic components making it a subliming product. Hence, it is used in many quick-drying applications like paint, varnish, industrial and intrusive cleaning products, drilling fluids, sealants, adhesives and other chemicals like pesticides. Some times dearomatic solvents are also used in flammable products since they also have a low and medium flash point products. But the major reason why dearomatic solvents are used instead of aromatic solvents is the aroma scores less than 2%.
Shift towards Bio-Based Solvents
Dearomatic solvents have huge advantage as they are good alternatives to mineral spirits and turpentine. Being derivatives of fossil fuels, the overall environmental aspect of it and the exhaustion of the resources is a major concern to the global dearomatic solvents market. Hence the environmental factor into consideration, the global dearomatic solvents market is now moving towards bio-based solvents which can solve the issues.
Global Dearomatic Solvents Market Projection
The global dearomatic solvents market figures are a clear indication of steady growth. Global dearomatic solvents market is expected to climb steadily at a CAGR of 5.9% to value US$ 2.19 Billion by 2022. In the same period the bio-based green dearomatic solvents are expected to rise 6-7%. During the forecast period, the demand for bio-based solvents is going to rise a lot more in the global dearomatic solvents market as compared to conventional solvents.
Huge Increase in Consumption Quantity Forecasted
Overall, in the global dearomatic solvents market, consumption of the solvent is touted to jump from 1,718,100 metric tons to 2,230,972 kilotons in the period of 2015 to 2022. That is a CAGR of 3.8%. Increased demand from the Asia-Pacific region is the reason for this which is witnessing a huge infrastructure and industrial boom. The demand for dearomatic solvents in this region is going to be 1.4 times the current figures in the period of 2014 to 2022. Other matured markets will have a slower growth.
Companies like CEPSA, DHC Solvent Chemie GmbH, Exxon Mobil Corporation, Gandhar Oil Refinery India Ltd., Idemitsu Kosan Co. Ltd., Nestle Oyj, Royal Dutch Shell plc., SK Global Chemical Co. Ltd. and Total S.A. are some companies having the share of the Global Dearomatic Solvents Market pie.