How big is the Hydrocarbon Solvent Market | Growth Forecast & Industry Analysis 2025

Q: What is the current size of the hydrocarbon solvent market?

The hydrocarbon solvent market was valued at USD 6.7 Billion in 2024 and is projected to reach USD 9.5 Billion by 2031.

Q: What is the CAGR of the hydrocarbon solvent market?

The hydrocarbon solvent market is expected to grow at a CAGR of 5.1% during the forecast period (2025–2031).

Q: Which industries are the major consumers?

Paints and coatings, construction, automotive, adhesives, and cleaning sectors.

Q: What are the key market trends?

Eco-friendly solvents, demand from packaging and cleaning, and regulatory compliance.

Q: What challenges are faced in the market?

Environmental concerns, VOC regulations, and price volatility of crude oil derivatives.

Q: How does 6W market outlook report help businesses in making decisions?

6W monitors the market across 60+ countries Globally, publishing an annual market outlook report that analyses trends, key drivers, Size, Volume, Revenue, opportunities, and market segments. This report offers comprehensive insights, helping businesses understand market dynamics and make informed decisions.

Q: Do you also provide customisation in the market study?

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Code: MTA6691

Publication Date: Jul 2025

How big is the Hydrocarbon Solvent Market?

According to 6Wresearch internal database and industry insights, the Hydrocarbon Solvent Market was valued at USD 6.7 Billion in 2024 and is projected to reach USD 9.5 Billion by 2031, growing at a compound annual growth rate (CAGR) of 5.1% during the forecast period of 2025–2031.

This growth is attributed to increasing demand in paints, coatings, adhesives, and cleaning products across various industries.

Key Growth Drivers of the Hydrocarbon Solvent Market

Growing construction and automotive industries
High demand for paints, coatings, and adhesives
Rising use in industrial and domestic cleaning products
Availability of cost-effective petroleum-based solvents
Increasing use in rubber and polymer manufacturing

Hydrocarbon Solvent Market Trends

The Hydrocarbon Solvent Market is witnessing strong demand from construction and automotive sectors for solvent-based paints and coatings. Environmentally friendly and low-VOC hydrocarbon solvents are gaining popularity. Demand is also driven by applications in printing inks and degreasing agents. Companies are focusing on optimizing solvent formulations to reduce environmental impact while maintaining performance. The market is also benefiting from growth in packaging, industrial cleaning, and pharmaceutical sectors.

Emerging Developments in the Hydrocarbon Solvent Market

Manufacturers invested in bio-based hydrocarbon solvents to achieve the green chemistry standards. Companies are becoming bigger as a result of strategic alliances and merge with other companies to increase the product lines as well as expand their regional coverage. There is pressure on regulatory efforts to make the solvents cleaner, safer, and low emission. Solvent purity and performance are being enhanced by the use of advanced refining technologies. The emphasis is on the manufacture of high- flash point solvent that can easily be handled in different applications particularly in the emerging economies.