The scope of our recent study on the “Special Boiling Point Solvents Market to 2027 – COVID-19 Impact and Global Analysis – Solvent Base (Petroleum Ether, Rubber Solvent, Others) and Application (Paints and Coatings, Rubbers and Tires, Inks, Adhesives, Resins, Cleaning Agents, Others)” includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.
The special boiling point solvents market was valued at US$ 1,209.57 million in 2019 and is projected to reach US$ 1,537.68 million by 2027; it is expected to grow at a CAGR of 3.2% from 2020 to 2027. Special boiling-point solvents, are mixtures of group of fast to medium evaporating aliphatic hydrocarbon fluids, consisting of paraffins and cycloparaffins in the C6-C10 range with a boiling-range of 30–160ºC. These products group are derived from naphtha feed-stocks. The products are widely used in adhesives, rubber, cleaning purposed, pharmaceuticals and surface coating industries, also for edible oil extraction.
Based on application, the special boiling point solvents market is categorized into paints & coatings, rubbers & tires, inks, adhesives, resins, cleaning agents, and others. In 2019, the paints & coatings segment held the largest share of the global special boiling point solvents market. Special boiling point solvents are used in paint and coating formulations to dissolve other compounds, such as pigments, binders, and additives. These solvents evaporate when the paint is applied to the surface, allowing the resin and pigment to form a film of paint on the surface and dry quickly. These solvents are essential for coating formulations since they control the viscosity of the paints and have a substantial effect on the film quality, which is mainly dependent on the evaporation rate of the solvents during the drying period. Solvent-borne paints, also known as oil-based paints, may contain a variety of solvent combinations including aliphatic, aromatic, alcohol, ketone, and white spirit. These include organic solvents, such as petroleum distillates, esters, and glycol ethers. Solvent-borne coatings are less susceptible to environmental conditions, such as temperature and humidity, during the curing phase compared to water-based coatings. This is one of the reasons for the increasing preference for solvent-based coatings. These factors further propel the growth of the special boiling point solvents market.
The global special boiling point solvents market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), Middle East &Africa (MEA), and South America. In 2019, Asia Pacific contributed to the largest share in the global special boiling point solvents market. The Asia Pacific region comprises several developed and developing economies, including Australia, India, China, Japan, and South Korea. Further, these emerging countries are witnessing an increase in urbanization and rapid expansion of various industries, which further offers ample opportunities for key market players in special boiling point solvents. Special boiling point solvents are mainly used to provide long-lasting protection and excellent performance in extreme weather conditions for paints and coatings. Asia Pacific is one of the fastest-growing markets for paints and coatings due to the rapid growth of decorative and industrial coatings. Further, the booming construction and automotive industries are likely to boost the market for paints and coatings, which, in turn, are expected to drive special boiling point solvents during the anticipated period.
Impact of COVID-19 Pandemic on Special Boiling Point Solvents Market
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. As of March 2021, the US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global chemical and materials industry is one of the major industries that is suffering serious disruptions such as supply chain breaks, technology events cancellations, office shutdowns etc. because of this outbreak. Although China is the global hub of manufacturing and largest raw material supplier for various industries, it is also one of the worst affected countries. The lockdown of various plants and factories in China is affecting the global supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various chemicals and materials. Various companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia, and North America are affecting the business collaborations and partnerships opportunities. All these factors are anticipated to affect the chemical and materials industry in a negative manner, thus act as restraining factor for the growth of various markets related to this industry in the coming months.
Special Boiling Point Solvents Market Breakdown –by Region, 2019
Global Special Boiling Point Solvents Market, by Solvent Base
- Petroleum Ether
- Rubber Solvent
Global Special Boiling Point Solvents Market, by Application
- Paints and Coatings
- Rubbers and Tires
- Cleaning Agents
Global Special Boiling Point Solvents Market, by Geography
- North America
- Rest of Europe
- Asia Pacific (APAC)
- South Korea
- Rest of Asia Pacific
- Middle East &Africa (MEA)
- South Africa
- Saudi Arabia
- Rest of Middle East &Africa
- South America
- Rest of South America