H1 2023: In H1 2023, the Asia Pacific region accounted for the biggest consumer of Heavy Aromatic Naphtha Solvent. In the initial two months of 2023, the Heavy Aromatic Naphtha Solvent price exhibited a declining trend before experiencing a modest increase in March 2023. Traders noted a surplus of inventory from various Asian countries, leading to the importation of cost-effective cargo for the Indian market. Asian market participants reported a consistent to weak demand, with limited instances of end customers seeking new orders, contributing to a pessimistic outlook on pricing. However, come March, a turnaround occurred as prices began to ascend due to the increase in Heavy Aromatic naphtha solvent by the downstream paints & coating sector. The Heavy Aromatic Naphtha Solvent prices sustained a predominantly bearish trajectory in the period of April-June 2023 attributed to the devaluation of crude oil and sluggish demand from downstream paint and coatings industries. The continual decrease in crude oil prices, coupled with plants operating at optimum rates in Asia, indicated ample production of Heavy Aromatic Naphtha Solvent in the region. Optimal downstream production rates, subsidized energy costs, and supply chain enhancements resulted in abundant supply. However, demand remained subdued in the downstream sectors. These overall market dynamics fostered a hazy outlook on product purchasing in the APAC.
The global Heavy Aromatic Naphtha Solvent market stood at approximately 128 million tonnes in 2022 and is anticipated to grow at a CAGR of 4.05% during the forecast period until 2032. The production of heavy aromatic naphtha solvent is integral to the refining process of crude oil. Extracted through distillation, this solvent stands out for its elevated aromatic hydrocarbon content. Following distillation, additional refining steps, such as hydrotreating, may be employed to enhance its properties. In hydrotreating, the naphtha undergoes a reaction with hydrogen, mitigating impurities like sulphur and nitrogen, thereby improving colour and odour characteristics. Widely utilized across diverse industries such as petrochemicals, paints, coatings, adhesives, and specialty chemicals, the solvent's proficiency lies in its ability to dissolve and carry various substances.
Heavy aromatic naphtha (HAN) solvent, a versatile hydrocarbon mixture. Notably, its role in the formulation of paints, varnishes, and coatings underscores its significance in the paint industry, where it serves as a solvent capable of dissolving resins and pigments. In the realm of industrial cleaning, HAN proves valuable, leveraging its solvency to effectively remove grease, oil, and other contaminants. Additionally, its utility extends to the manufacturing of adhesives and sealants, where its solvent properties contribute to the formulation process. Within the rubber and polymer industries, heavy aromatic naphtha finds application as both a processing aid and a solvent for various materials. As a byproduct of petroleum refining, it plays a pivotal role in the petroleum industry, either as a feedstock for further refining operations or as a source for obtaining valuable chemicals. The solvent's versatility extends to the realm of printing inks, where it facilitates the dissolution of colorants and binders. In industrial maintenance and metal cleaning, heavy aromatic naphtha serves as an effective degreasing agent due to its solvency.
The utilization of heavy aromatic naphtha (HAN) solvent as a key ingredient in paints, varnishes, and coatings serves as a significant market driver. Its effectiveness as a solvent, enabling the dissolution of diverse resins and pigments, is pivotal in the formulation of high-quality paints and coatings. The demand for superior paint products in construction, automotive, and other industries propel the market forward, as HAN solvent plays a crucial role in achieving desired formulations and performance characteristics. As the global construction and manufacturing sectors continue to expand, the reliance on HAN solvent for its essential role in paint and coating formulations is expected to drive sustained growth in the market. The versatility of HAN solvent in enhancing the properties of surface coatings further positions it as an indispensable component, contributing to the overall advancement of the heavy aromatic naphtha solvent market. Heavy Aromatic Naphtha Solvent (HANS) emerges as a linchpin, particularly in the petrochemical industry where it stands as an indispensable feedstock for the synthesis of a diverse range of chemicals. As the petrochemical sector experiences robust expansion, the demand for HANS rises proportionally. The paints and coatings industry, reliant on HANS for its exceptional solvency properties, witnesses heightened demand, propelled by the concurrent growth of the construction and automotive sectors. These multifaceted market drivers underscore the pivotal role of Heavy Aromatic Naphtha Solvent across various industries and the global Heavy Aromatic Naphtha Solvent market is anticipated to reach nearly 184 million tonnes by 2032.
Based on region, Asia Pacific region is the biggest consumer of Heavy Aromatic Naphtha Solvent followed by Europe. In the dynamic landscape of industrial solvents, the Asia Pacific region is positioned as the pivotal market and primary consumer hub for Heavy Aromatic Naphtha Solvent (HANS). Fueled by robust growth in key sectors such as petrochemicals, paints and coatings, adhesives, and specialty chemicals, HANS is set to witness heightened demand. The construction boom, spurred by rapid urbanization and infrastructure projects, augments HANS utilization in crucial applications like paints, coatings, and adhesives. The flourishing automotive industry and escalating manufacturing activities further amplify the call for HANS. With its strategic role in the petrochemical sector and supportive regulatory frameworks, the Asia Pacific market for Heavy Aromatic Naphtha Solvent emerges as a dynamic focal point. Factor in rising disposable incomes and a pivotal position in key industries, and the Asia Pacific region underscores its prominence as the leader in the Heavy Aromatic Naphtha Solvent market dynamics.
Based on the end-user industry, the global Heavy Aromatic Naphtha Solvent market is divided into Paints & Coatings, Printing Inks, Cleaning & Degreasing, Adhesives, and Others. However, Paints & Coatings is the major segment and held approximately 35% of the global Heavy Aromatic Naphtha Solvent market in 2022 and is expected to maintain its dominance in the market in the coming years as well.
Major players in the Global Heavy Aromatic Naphtha Solvent market are Braskem, Shell, ExxonMobil, TotalEnergies, Hanwha Total, Flint Hills Resources, Haltermann Carless, DHC Solvent Chemie GmbH, SK Geo Centric, Ganga Rasayanie Pvt Ltd, Sinopec, CNPC, Suzhou Jiutai Group, Jiangsu Hualun, and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Heavy Aromatic Naphtha Solvent which covers production, demand and supply of Heavy Aromatic Naphtha Solvent market in the globe.
• To analyse and forecast the market size of Heavy Aromatic Naphtha Solvent
• To classify and forecast Global Heavy Aromatic Naphtha Solvent market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Heavy Aromatic Naphtha Solvent market in the globe.
To extract data for Global Heavy Aromatic Naphtha Solvent market, primary research surveys were conducted with Heavy Aromatic Naphtha Solvent manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Heavy Aromatic Naphtha Solvent market over the coming years.
ChemAnalyst calculated Heavy Aromatic Naphtha Solvent demand in the globe by analyzing the historical data and demand forecast which was carried out considering the production of raw material to produce Heavy Aromatic Naphtha Solvent. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Heavy Aromatic Naphtha Solvent manufacturers and other stakeholders
• Organizations, forums and alliances related to Heavy Aromatic Naphtha Solvent distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Heavy Aromatic Naphtha Solvent manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Heavy Aromatic Naphtha Solvent market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
128 million tonnes
Market size Volume in 2032
184 million tonnes
Growth Rate
CAGR of 4.05% from 2023 to 2032
Base year for estimation
2023
Historic Data
2015 – 2022
Forecast period
2024 – 2032
Quantitative units
Demand in million tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process.
Segments covered
By End-Use: (Paints & Coatings, Printing Inks, Cleaning & Degreasing, Adhesives, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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What was the net market size of Heavy Aromatic Naphtha Solvent in terms of volume in 2022?
Ans:
The global market size of Heavy Aromatic Naphtha Solvent had reached approximately 128 million tonnes in 2022.
Q2.
Which region is the major consumer of Heavy Aromatic Naphtha Solvent?
Ans:
Asia Pacific region is the leading consumer of Heavy Aromatic Naphtha Solvent globally.
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