H1 2023: In H1 2023, the key producers of C10 solvent on a global scale were Exxon Mobil Corporation, Phillips 66 Company, Marathon Petroleum Corporation, and Nippon Oil Corporation. Geographically, the Asia Pacific region was the leading consumer of the C10 Solvent in H1 2023. During the first three months of 2023, the C10 Solvent market in Asia experienced significant growth. The price hike was due to the solvent’s constrained market availability and heavy demand from downstream sectors. Factors like expensive imported cargo from the international market and the comparatively strong domestic demand for C10 solvent in India led to the rise in C10 solvent price in the Indian market. Due to limited supply, there was insufficient supply to meet the demand from the downstream industries. India's prices rose in April and then dropped in May – June 2023. The price of crude oil dropped in this period, resulting in poor prices of C10 solvent. Also, hazy demand for C10 Solvent led to poor pricing dynamics in India. Similarly, in the German market, C10 prices spiked in the first three months of 2023. April onwards, prices of C10 solvent went downhill in Europe. The downstream sectors had a hazy demand for the product and there was ample supply in Europe. Low domestic demand and prolonged market stagnation were the main causes of the European C10 Solvent market's bearish scenario. German exports were negatively impacted by the weak economy. Rising inflation rates negatively impact consumer spending was an important driving factor for low purchasing activity. The data showed a consistent downward trend in European C10 Solvent prices over this period, driven by tension about a possible recession amid already unfavorable market conditions.
The global C10 Solvent market stood around 2900 thousand tonnes in 2022 and is expected to grow at a CAGR of 3.64% in the forecast period until 2032. Owing to rising construction and industrialization activities across the globe, there will be a huge demand of paints and coatings which will most likely create a demand for C10 solvent in coming years.
The group of petroleum C9–C11 aromatic hydrocarbons makes up the majority of the C10 aromatic solvent. Aromatic 150, or Type II Heavy Aromatic Solvent or Solvent Naphtha or as you say C10 aromatic solvent, is a transparent, colorless liquid with a mild odor. It is easily flammable and need to be kept in a cool and dry place. Crude oil-derived aromatic streams which have high boiling point and low-sulphur content are distillated to produce C10, C11, and C12 solvents. These aromatic solvents include separation, degreasing, in agrochemicals, PVC, water-processing chemicals.
The major driver of global C10 Solvent is its usage as a solvent in numerous industries such as paints, inks, pigments, and adhesives. C10 imparts greater flow and film formation since it has a higher flash point and evaporation rate than typical Xylene, which is very advantageous for paints and coatings. The dyes and pigments, and the paints and coatings industry all use C10 aromatic solvent extensively based on this reason. Furthermore, C10 finds applications in synthetic resins and oil-modified alkyds where it functions as an additive. Furthermore, C10 finds applications in synthetic resins and oil-modified alkyds as an additive. Additionally, it is valuable in oil fields and manufacturing facilities which another contributing factor to the market. Owing to these reasons, the C10 Solvent demand is estimated to reach around 4150 thousand tonnes by the forecast period till 2032.
Based on region-wise consumption, the Asia Pacific is leading the global C10 Solvent market, followed by North America. In 2022 Asia Pacific consumed approximately 50% of the C10 market. The demand for paints, coatings, and ink is expected to increase over the coming years as new infrastructure projects are executed in developing countries including China and India. Additionally, North America has the largest production capacity of C10 solvent.
Based on the end-user industry, the global C10 Solvent market is segmented into Paints and coatings industry, Agrochemical sector, Printing inks, Oilfield Chemicals, and Others. Among these, the Paints and coatings industry is leading the market followed by the Printing inks industry. In 2022, both these industries cumulatively held 40% of the market demand owing to its employment as a solvent in this sector.
Major players in the production of Global C10 Solvent market are Exxon Mobil Corporation, Nippon Oil Corporation, Phillips 66 Company, Marathon Petroleum Corporation, Flint Hills Resources, Idemitsu Kosan Co., Ltd, Chevron Corporation, GS Caltex Corporation, BP p.l.c., Monroe Energy LLC, VPR Energy, Persian Gulf star Condensate Refining company, Isfahan Oil Refining Company, and Saudi Arabian Oil Co.
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 C10 Solvent which covers production, demand and supply of C10 Solvent market in the globe.
• To analyse and forecast the market size of C10 Solvent
• To classify and forecast Global C10 Solvent market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of C10 Solvent market in the globe.
To extract data for Global C10 Solvent market, primary research surveys were conducted with C10 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 C10 Solvent market over the coming years.
ChemAnalyst calculated C10 Solvent demand in the globe by analyzing the historical data and demand forecast which was carried out considering the historical production, expansion coupled with demand of C10 Solvent across the globe. 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:
• C10 Solvent manufacturers and other stakeholders
• Organizations, forums and alliances related to C10 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 C10 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 C10 Solvent s 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
2900 thousand tonnes
Market size Volume by 2032
4150 thousand tonnes
Growth Rate
CAGR of 3.64% from 2023 to 2032
Base year for estimation
2023
Historic Data
2015 – 2022
Forecast period
2024 – 2032
Quantitative units
Demand in thousand 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 and coatings industry, Agrochemical sector, Printing inks, Oilfield Chemicals, 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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Member - Board of Directors
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What is the expected global market size of C10 Solvent in terms of volume for 2032?
Ans:
The global market size of C10 Solvent is expected to reach approximately 4150 thousand tonnes by 2032 at a CAGR of 3.64%.
Q2.
What are the major end-use industries of C10 Solvent?
Ans:
C10 Solvent is used in a wide range of end use industries including Paints and coatings industry, Agrochemical sector, Printing inks, Oilfield Chemicals, and Others.
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