APAC De-Aromatic Solvent Market to Surpass US$ 1.18 Billion by 2034, Driven by Sustainability & Electronics Boom

APAC De-Aromatic Solvent Industry is expected to reach a value of US$ 1,185.4 million by 2034, Fact.MR Report

By 2024, the De-Aromatic Solvent Industry In APAC is expected to be worth US$ 589.5 million. From 2024 to 2034, the industry is predicted to expand at a CAGR of 7.4%. It is anticipated that the sector would have expanded to an astounding US$ 1,185.4 million by 2034.

The APAC de-aromatic solvent industry is being driven by fast urbanization, a booming electronics sector, and a dedication to strict environmental regulations. These motivating elements support the industry's strong growth throughout the area by igniting demand in applications focused on sustainability, electronics manufacturing, and construction.

The de-aromatic solvent industry in APAC faces difficulties due to a variety of regulatory environments, unstable economies that affect the cost of raw materials, and fierce rivalry among competitors. Obstacles such as compliance concerns, reliance on end-user industries, and changes in important sectors necessitate adaptable methods for long-term success in this competitive and changing environment.

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Leading Players Driving Innovation in the De-aromatic Solvent Industry Analysis in APAC:

The Key Players in the Infant De-aromatic Solvent Industry Analysis in APAC include ExxonMobil Corporation, Shell PLC, Total S.A., Idemitsu Kosan Co. Ltd., Arham Petrochem Private Limited, Neste Oyj, Avani Petrochem Private Limited, Raj Petro Specialities P. Ltd., Calumet Specialty Products Partners L.P, DHC Solvent Chemie GmbH.

De-aromatic Solvent Industry Analysis in APAC News & Trends:

Businesses in the Asia-Pacific de-aromatic solvent sector are using strategic methods to increase their profits. In order to provide high-performing, environmentally friendly solvents that adhere to sustainability trends, many are investing money in research and development.

Moreover, strategic collaborations and alliances with significant businesses in end-user sectors like coatings, paints, and adhesives promote industry growth and increased sales.

Digitalization and Industry 4.0 are being used by some businesses to streamline manufacturing, cut expenses, and enhance supply chain management. Companies want to establish a competitive edge in the APAC de-aromatic solvent industry and satisfy changing industry needs by concentrating on these methods. Some of the key developments in this industry are:

Previously known as the Pennsylvania Chemical project, Shell Chemical Appalachia LLC, a subsidiary of Shell plc, started operations at its Shell Polymers Monaca (SPM) plant in November 2022. This state-of-the-art facility uses inexpensive ethane from shale gas to make polyethylene.

TotalEnergies boosted its ownership from roughly 30% to 100% in 2023 after announcing that it had purchased all of Total Eren's outstanding shares. The integration of Total Eren teams into the Renewables business unit enhances TotalEnergies' standing in the market. Following a strategic agreement executed in 2017, TotalEnergies was granted the right to purchase the entirety of Total Eren (previously EREN RE) after five years.

Key Takeaways from the Industry Study:

In 2019, the de-aromatic solvent industry in APAC was valued at US$ 384.6 million. In 2024, the India industry is projected to be valued at US$ 161.2 million, with a projected growth rate of 13.90%.

Over the projected period, the de-aromatic solvent industry in China is expected to grow at a CAGR of 7.4%. In 2024, the low flash point segment is projected to account for 36.3% of the industry share. The same category is expected to grow at an estimated 8% CAGR during the projected period.

“The de-aromatic solvent ecosystem in APAC is driven by the region's fast urbanization, growing electronics industry, and adherence to strict environmental laws. These dynamics fuel demand for applications driven by sustainability, electronics manufacturing, and construction,” remarks a Fact.MR analyst.

Competitive Landscape:

To increase profitability, key companies and startups in the APAC de-aromatic solvent ecosystem are concentrating on innovation and sustainability. To produce environmentally friendly solvents that abide by environmental regulations, the companies are investing in research and development. Market expansion is made possible by strategic alliances and end-user collaborations.

Industry 4.0 technology and digitization also optimize manufacturing processes, which lowers costs. These organizations set themselves apart by catering to certain market needs.

Developments of the Key Players:

• In 2023, Shell PLC allowed McDermott International Ltd to begin engineering work on its Manatee gas field expansion endeavor off the east coast of Trinidad and Tobago. Trinidad is Latin America's largest LNG exporter, although its flagship Atlantic LNG project and petrochemical units have been working at reduced capacity owing to a natural gas shortage.

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Product Portfolio:

1. The goal of TotalEnergies SE (Total), formerly known as Total SA, has been to digitally change its operations through the use of big data, blockchain, IoT, artificial intelligence, and drones. For 2022, Total was projected to spend US$ 2.9 billion annually on ICT. A significant portion of this money is set aside for purchasing hardware, software, and ICT services from suppliers.
2. The activities of Total, an integrated APAC energy corporation, include the whole oil and gas value chain, from the extraction and production of natural gas and crude oil to the transportation and refinement of these resources, international oil trading, and the industrying of petroleum products. Along with producing power and specialized petrochemicals, the firm also engages in a significant amount of renewable energy activities.

More Valuable Insights Available

Fact.MR offers an unbiased analysis of the APAC de-aromatic solvent industry, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.

To understand opportunities in the de-aromatic solvent industry, the industry is segmented on the basis of flash point (low flash point, medium flash point, high flash point) and across seven major regions (India, China, Japan, South Korea, Indonesia, Malaysia, Rest of the APAC).

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