The global isoparaffin solvents market size is likely to grow astronomically in the forthcoming years. Swift advancements in the oil and mining industry are escalating the demand for isoparaffin solvents worldwide. Additionally, isoparaffin solvents provide better fuel characteristics than paraffin solvents. This is a crucial growth propellant. Fortune Business Insights™ has presented this information in an upcoming report titled, “Isoparaffin Solvents Market, 2021-2028”.
As per the report, the market is gaining steep momentum due to several reasons. The increasing application of paraffin solvents in producing odor-free paints for interior work can propel the market growth.
Isoparaffin solvents are widely utilized by the personal care industry. The global pandemic has positively impacted the personal care industry and expanded the industry’s growth. This is primarily attributable to the striking surge in the sales of personal care products during the lockdown. However, the diminished sales were reported as the online sales of essential commodities were permitted in economies such as India. The market is expected to observe striking growth post-pandemic.
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On the basis of product type, the market segments into C15 and above, C13-C14, C12, C9-C11, C4-C8, etc. On the basis of application, the market divides into personal care, agrochemical formulation, paints & coatings, polymers, metalworking, etc. Geographically, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The report provides insights into the political and economic scenarios of the market.
The report provides a detailed assessment of the growth potential, demographics, and capabilities of the market.
The report analyses the current and upcoming investment opportunities in the market.
The report highlights strategies for growth in the upcoming years.
The report also analyzes the impact of the COVID-19 pandemic
Drivers & Restraints-
Mounting Product Application Across Various Industries to Fuel Market Growth
Increasing demand for quality synthetic solvents is anticipated to augment market growth. Isoparaffin solvents are costlier than paraffin solvents. Thus, manufacturers are developing high-value solvents to fulfill consumer requirements. This is likely to create lucrative growth opportunities for the market. Additionally, they offer more technical advantages over paraffin solvents. This is likely to augment the product demand and amplify market growth. Increasing advancements in the oil and mining sector propel the product demand and are likely to augment the global isoparaffin solvents market growth. Mounting product application in the paints & coating industry for producing odorless paints for building interiors and wood is expected to boost the market growth. The demand is expected to be further bolstered by the enhanced safety, high flash point, and reduced pouring point properties of the product.
However, the market is expected to be hindered by the soaring manufacturing costs of the product.
North America to Hold the Lion’s Share
North America is likely to gain the largest portion of the global isoparaffin solvents market share. The rapidly expanding personal care sector, swift urbanization, and the presence of a sturdy automotive industry are expected to support the market growth in North America.
Asia Pacific is likely to observe substantial growth in the forthcoming years. Rapid urbanization and growing construction activities in countries like India and China are expected to support market growth. The propelling demand for premium coatings and paints is anticipated to boost the market growth. Additionally, the swiftly expanding agrochemical and agricultural industries are expected to contribute significantly to market growth.
The growing end-use sector in emerging economies like Brazil is expected to help Latin America witness considerable growth in the forthcoming years.
Major Players Emphasize on Innovation & Development
The global market is fairly fragmented and comprises numerous players operating at regional and global levels. Major players are emphasizing development and innovation to expand their product portfolio and ultimately increase their revenues. These players are also focusing on improving geographical outreach, collaborations, partnerships, etc.
Key Players in the Global Isoparaffin Solvents Market are:
Royal Dutch Shell Chemicals
Idemitsu Kosan Co. Ltd.
Chevron Phillips Chemical Company
Mehta Petro Refineries Limited
Maruzen Petrochemical Co. Ltd
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