Petroleum Solvent Market was valued at USD 8.5 Billion in 2022 and is projected to reach USD 12.3 Billion by 2030, growing at a CAGR of 5.1% from 2024 to 2030.
The global petroleum solvent market was valued at approximately USD 10.2 billion in 2022, reflecting a steady growth trajectory. The market is projected to expand at a Compound Annual Growth Rate (CAGR) of 4.5% from 2023 to 2030. This growth is driven by the increasing demand for petroleum solvents in various end-use industries, including automotive, paint and coatings, and industrial cleaning. Key factors contributing to this upward trend include advancements in solvent technologies and rising industrial activities in emerging economies. The market's expansion is also fueled by the growing preference for high-performance solvents that offer enhanced efficiency and reduced environmental impact.
Opportunities in the petroleum solvent market are notably abundant in emerging markets such as Asia-Pacific and Latin America, where industrialization and urbanization are accelerating. These regions are experiencing heightened demand for petroleum solvents due to the expansion of manufacturing sectors and infrastructure development. Additionally, there is a growing trend towards the adoption of environmentally friendly and low-VOC (volatile organic compound) solvents, which presents significant growth prospects for market players. Innovations in solvent formulations and the increasing focus on sustainability are expected to create new avenues for market expansion and diversification.
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Sinopec
PetroChina
Gwangju Energy
British Petroleum
Royal Dutch Shell
Chevron
Exxon Mobil
KPC
Devon Energy
Sonatrach
Equinor
ConocoPhillips
Total
CNOOC
Rosneft Oil
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Petroleum Solvent Market
Industrial Solvent
Chemical Reagent
Thinner for Paints and Pigments
Extractant for Active Ingredient
Detergent for Parts
Other
Based on Types the Market is categorized into Below types that held the largest Petroleum Solvent market share In 2023.
Solvent Oil No.70
Solvent Oil No.90 (Petroleum Ether)
Solvent Oil No.120 (Rubber Solvent Oil)
Solvent Oil No.180 (Aviation Washing Oil)
Solvent Oil No.190 (Industrial Gasoline)
Solvent Oil No.200 (Pine Perfume)
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Petroleum Solvent Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Petroleum Solvent Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Petroleum Solvent Market, By Type
6. Global Petroleum Solvent Market, By Application
7. Global Petroleum Solvent Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Petroleum Solvent Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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