Hydrocarbon Solvents Market Research, Growth Opportunities, Trends and Forecasts Report till 2028

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The global Hydrocarbon Solvents Market was valued at USD 21.73 Billion in 2020 and is expected to reach USD 35.66 Billion by year 2028, at a CAGR of 6.3%.

The global Hydrocarbon Solvents Market was valued at USD 21.73 Billion in 2020 and is expected to reach USD 35.66 Billion by year 2028, at a CAGR of 6.3%. Solvents are substances used to dissolve, extract or suspend other substances to form a solution, usually without chemically changing either the solvents or other materials. Solvents make it possible to clean, apply, process, or separate materials. They work on the principle of “like dissolves like.”  Thus, for a solvent to work, it needs to have similar chemical characteristics. Usually liquid, solvents can exist in the gas or solid form too. The most common solvent is water, aptly called the “universal solvent” as it dissolves more substances than any other solvent.

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Top Players in the Global Hydrocarbon Solvents Market:

Dow Chemical, LyondellBasell, Exxon Mobil, Eastman Chemical, Archer-Daniels-Mildland (ADM), Royal Dutch Shell Plc., BASF SE.

Number of scientists are engaged in the launch of new solvents. For instance, research by scientists from Queen's University Belfast on ionic liquid chemistry has been named the 'Most Important British Innovation of the 21st Century'. A team of nearly 100 scientists are exploring the potential of ionic liquids at Queen's. Popularly known as 'super solvents', they are salts that remain liquid at room temperature and do not form vapours. They can be used as non-polluting alternatives to conventional solvents and are revolutionising chemical processes by offering a much more environmentally friendly solution than traditional methods.The global solvent market is propelled by number of factors such as increasing demand for solvents from emerging economies, favourable government regulations for the use of bio-based solvents.

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Market segmentation based on Type:

  • Oxygenated
  • Hydrocarbon
  • Halogenated


  • Paints Coatings,
  • Printing Inks
  • Polymer Manufacturing,
  • Cosmetics


  • Petrochemical
  • Bio-based

Regional Outlook:

  • North America
    • S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • K.
    • Italy
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East Africa
    • Saudi Arabia
    • A.E.
    • South Africa
    • Rest of MEA

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Frequently Asked Questions Answered in the Report:

  • What is the estimated revenue growth rate of the global Hydrocarbon Solvents Market over the forecast period?
  • What are the major factors driving the global market revenue growth?
  • Which are the leading manufacturers and suppliers in the global Hydrocarbon Solvents Market?
  • Which regional market is expected to lead in terms of revenue share in the global Hydrocarbon Solvents Market over the forecast years?
  • What are the key outcomes of SWOT analysis and Porter’s Five Forces analysis of the market?

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