The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
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Presumably crossing the valuation of US$ 160 million in 2019, the global revenue of isoparaffin solvents landscape is pegged to expand at a 3.8% year on year over 2018. According to the projection presented by a new intelligence study, Persistence Market Research expects the global consumption volume of isoparaffin solvents to cross 120,000 tons towards the end of 2019.
With over 35% market value share, C9-C11 remains the top selling product in isoparaffin solvents space. C12 is projected to be the second best selling product type, whereas C4-C8 continues to register moderate demand in coming years, as indicated by the report.
Decently paced oil industry recovery resulting in the elevating oil production levels, and the subsequently rising oil refining capacity, are likely to sustain the demand for the consistent isoparaffin solvents supply in coming years. Besides industrial sector, personal care products and paints industry also raise decent demand for isoparaffin solvets at a global level.
Applications of Isoparaffin Solvents in Industrial Sector Translate into Maximum Revenue Generation
The PMR report forecasts maximum isoparaffin solvents consumption by the industrial sector for applications in industrial cleaning and metalworking, followed by other industries such as polymer, agrochemicals, and sealants and adhesives manufacturing.
Elaborating on the same further, a senior market research analyst at the company says, “The industrial end use sector represents more than 1/5th share of the total market revenue, and the market is projected for a 4+% year on year revenue growth in 2019, in the industrial domain”. The analyst further adds, “Though industrial consumption of isoparaffin solvents indicate the highest incremental opportunity, the consumption volume registered by the polymerization industry is also significantly high. Polymerization holds more than 15% share in the isoparaffin solvents market value at present, followed by adhesives & sealants, and agrochemicals”.
China Continues to Atop Regional Competition, SEA Countries Emerge Lucrative for Isoparaffin Solvents Suppliers
- China remains the largest consumer market in isoparaffin solvents landscape, with a current share of more than 1/4th of the revenue.
- Riding on the huge incremental opportunity forecast for Chinese market, the report foresees the report foresees the highest year on year revenue growth for the country in 2019, taking the regional market valuation beyond US$ 40 million.
- Along with the neighboring South East Asian countries, Chinese market for isoparaffin solvents is reaping major benefits from the thriving petro-chemicals and automotive industries.
- In addition, shifting of major manufacturing bases to developing Asian countries is likely to shape the consumption patterns of isoparaffin solvents in these markets.
- Europe is also an important market for isoparaffin solvents, followed by North America, says the report.
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Partnerships with Global Brands and End Use Industries Is the Key Expansion Strategy of Regional Isoparaffin Solvents Manufacturers
Exxon Mobil Corporation, Idemitsu Kosan Co Ltd, and a few others constitute the key market players in the isoparaffin solvents marketplace that collectively account for more than 50% share of the total value at present.
Other important companies profiled in the report include
- Exxon Mobil Corporation
- Royal Dutch Shell plc.
- Demits Kosan Co Ltd
- Chevron Phillips Chemical Company
- Total S.A.
- Mehta Petro Refineries Limited
- RB Products, Inc.
- Maruzen Petrochemical CO.,LTD