Market Overview:
Aliphatic hydrocarbon is an organic compound and is produced from crude oil by distillation process. They are primarily used as fuels due to their high flammability. These type of hydrocarbons find their applications in day to day products such as perfumes, artificial flavors, room fresheners, and others. The increasing demand for aliphatic hydrocarbon as a thinner and solvent in paints and coatings industry is driving growth of the market. Additionally, the increasing physical and social infrastructural development, along with the growing population is anticipated to fuel the demand for the paints and coatings which will consequently propel the market growth. The product finds its usage in the process of oil extraction and manufacturing of rubber and aerosols. Furthermore, the increased applications of aliphatic hydrocarbons such as refrigerants, dry cleaning, lubricants, and chemical intermediates are the major drivers of the global market.
The demand for aliphatic hydrocarbon in various end-user such as building and construction, and automotive are the factors are favoring the growth of the market. Moreover, replacement of turpentine by mineral spirits is likely to drive the forward in coming years.
However, the harmful long term and short term exposures and government laws concerning environment safety in developed economies may compel the market growth.
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Market Segmentation
The segmentation of global aliphatic hydrocarbon market is carried on the basis of the product type, applications, and region.
Based on the product type, the global market is segmented into varnish makers & painter’s naphtha, mineral spirit, heptane, and others. The painter’s naphtha product segment accounts for a major share due to its various uses such as cleaning fluid, diluting agent, rubber solvent, and in dry cleaning purposes.
On the basis of the applications, the market is segmented into paints & coatings, commercial & domestic cleaning, rubber & polymer, adhesives, aerosols, printing inks, and others.
Regional Analysis
The global aliphatic hydrocarbon market is spanned across five major regions Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Asia Pacific holds a major share of the global market in terms of revenue due to the swift industrialization of emerging countries such as China and India. Rapid growth of urbanization in emerging economies such as China and India may increase the demand from the infrastructure, which contributes positively to the market share. Furthermore, the demand for rubber in automotive has also fuelled the market growth.
Developed regions such as North America and Europe are expected to witness a moderate growth on account of the stringent government regulations for environmental safety. The increased use of bio-based solvents due to the major concern such as emission of Volatile Organic Compounds (VOCs) is likely to hamper the market growth in this region.
In the Middle East region, countries such as Saudi Arabia and UAE are the major drivers of the market due to oil extraction and production industries.
Competitive Analysis
Some of the prominent key players operating in the global aliphatic hydrocarbon market are Exxon Mobil Corporation (the U.S), SK global chemical Co., Ltd. (Korea), Calumet Specialty products partners, L.P (the U.S), Shell Global (the Netherlands), Gotham Industries (Canada), Gulf Chemicals and Industrial Oil Corporation (Saudi Arabia), Kandla Energy and Chemicals Ltd. (India), Ganga Rasaynie (P). Ltd. (India), NOCO Incorporated (the U.S), Gadiv Petrochemical Industries Ltd. (Israel), HCS Group (Germany), MK Aromatics Ltd. (India), Phillips 66 Company (the U.S), Safra Co. Ltd. (Saudi Arabia), and Pure Chemicals CO. (India).
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