Special Boiling Points Solvents Market Size, Trends and Growth Analysis by 2027

The market for special boiling point solvents was valued at approximately US$ 1,209.57 million in 2019 and is anticipated to grow to US$ 1,537.68 million by 2027, reflecting a compound annual growth rate (CAGR) of 3.2% from 2020 to 2027.

Special boiling point solvents are a category of solvents that consist of a blend of fast to medium evaporating aliphatic hydrocarbon fluids, primarily made up of paraffins and cycloparaffins within the C6-C10 range, exhibiting boiling points between 30-160?C. These solvents are typically derived from naphtha feedstocks and find extensive applications across various industries, including adhesives, rubber, cleaning, pharmaceuticals, and surface coatings, as well as in the extraction of edible oils.

The market for special boiling point solvents is categorized based on application into several segments: paints and coatings, rubber and tires, inks, adhesives, resins, cleaning agents, and others. Among these, the paints and coatings segment held the largest market share in 2019. Special boiling point solvents play a crucial role in paint and coating formulations by dissolving various components such as pigments, binders, and additives. Upon application, these solvents evaporate, allowing the resin and pigment to form a solid film on the surface, facilitating quick drying. The evaporation rate of these solvents significantly influences the viscosity of the paints and the overall quality of the film formed during the drying process. Solvent-borne paints, often referred to as oil-based paints, may incorporate a variety of solvent types, including aliphatic, aromatic, alcohols, ketones, and white spirit, which encompass organic solvents like petroleum distillates, esters, and glycol ethers.

Geographically, the global market for special boiling point solvents is divided into five key regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America. In 2019, the Asia Pacific region accounted for the largest share of the global market. This region includes both developed and developing nations such as Australia, India, China, Japan, and South Korea. The rapid urbanization and industrial expansion in these emerging economies present significant opportunities for key players in the special boiling point solvents market. These solvents are primarily utilized to ensure long-lasting protection and superior performance of paints and coatings, especially under extreme weather conditions. The Asia Pacific region is experiencing rapid growth in the paints and coatings sector, driven by the booming decorative and industrial coatings markets. Additionally, the expansion of the construction and automotive industries is expected to further propel the demand for paints and coatings, thereby boosting the market for special boiling point solvents during the forecast period.

The COVID-19 pandemic, which was first identified in Wuhan, China, in December 2019, has had a profound impact on global economies and industries. By January 2021, countries such as the US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain were among the hardest hit in terms of confirmed cases and fatalities. The pandemic has led to significant disruptions across various sectors, including the global chemicals and materials industry, due to lockdowns, travel restrictions, and business closures. China, being a major manufacturing hub and a key supplier of raw materials, faced severe disruptions as many factories were forced to shut down, leading to supply chain interruptions and delays in manufacturing and delivery schedules. Numerous companies have reported potential delays in product deliveries and a decline in future sales. Furthermore, international travel bans have hindered business collaborations and partnership opportunities, further constraining the growth of the chemicals and materials sector, including the special boiling point solvents market.

Key players in the global special boiling point solvents market include Royal Dutch Shell Plc, Exxon Mobil Corporation, Total SA, Bharat Petroleum Corporation Limited, Brenntag Holding GMBH, Calumet Specialty Products Partners, L.P., Gulf Chemicals and Industrial Oils Co., HCS Group GMBH, KH Chemicals, and The MGT PetrOil group.

The overall size of the global special boiling point solvents market has been determined through a combination of primary and secondary research methodologies. The research process commenced with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry stakeholders and experts to validate the findings and gain deeper analytical insights. Participants in this research included industry professionals such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants, valuation experts, research analysts, and key opinion leaders specializing in the special boiling point solvents market.