Electronics Boom Necessitating Chip Cleaning where Halogenated Solvent Cleaners Are Most Popularly Used: Fact.MR Report
ROCKVILLE, MD, UNITED STATES, July 8, 2024 /
EINPresswire.com/ -- According to a detailed study by skilled analysts at Fact.MR, the global
halogenated solvent cleaner market is estimated at US$ 916.5 million in 2024 and is forecasted to expand at a CAGR of 3.4% from 2024 to 2034.
Halogenated solvent cleaners are commonly used in different industrial equipment and processes to provide thermal insulation. They help protect against high temperatures, thereby reducing heat loss and improving energy efficiency in boilers, kilns, furnaces, and ovens.
Electronics manufacturers rely heavily on halogenated solvents to clean printed circuit boards and electronic components to remove effluent residue, dust, and dirt from the assembly process as well as metals. The aerospace industry uses halogenated solvent cleaners to clean and degrease aircraft parts, engines, and aircraft equipment, thereby removing rust, oil, and other contaminants during all maintenance and storage processes, These cleaners are also used in industrial cleaning products, industrial facilities, and for cleaning products to loosen the deposits of soil, oil, and other solids.
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Key Takeaways from Market Study
The global halogenated solvent cleaner market is projected to expand at a CAGR of 3.4% and reach US$ 1.28 billion by 2034-end. East Asia is estimated to hold a market share of 25.6% in 2024 and create an absolute opportunity of US$ 80.3 million from 2024 to 2034.
North America is calculated to account for 24.8% share of the global market in 2024. The market in China is forecasted to reach a size of US$ 175.1 million by 2034.
Methylene chloride is projected to account for over 40% share of overall sales by the end of 2034. Leading market players include Royal Dutch Shell Plc, Eastman Chemical Co, ExxonMobil Corporation, LyondellBasell, and Ashland Inc.
"Asia Pacific will be a key regional market for hydrogenated solvent cleaners owing to rapid technological development and increasing environmental regulations in countries such as China and India," says a Fact.MR analyst.
Regional wise Insights
The US market is expected to grow at a compound annual growth rate (CAGR) of 7.2% through 2034, with a 2024 valuation of US$ 163 million.
In the United States, halogenated solvent cleaners are becoming more and more popular due to a few major variables. Effective cleaning solutions that can support the maintenance of both product quality and operational efficiency are becoming more and more necessary as production across sectors such as automotive, aerospace, electronics, and precision engineering revives. Furthermore, halogenated solvents are imperative in high-tech industries like semiconductors, electronics, and optics that demand stringent cleaning protocols because of their special ability to remove stubborn contaminants and particles from intricate components.
Market Development
Manufacturers of hydrogenated solvent cleaners are focusing on expanding their product range and introducing new products to meet the growing demand.
For Instance, in 2022, leading companies such as The Dow Chemical Company and BASF SE announced investments to increase their production capacity of halogenated solvent cleaning solutions in key regional markets.
In addition, companies are actively developing new preservatives with improved environmental profiles.
Dow has introduced a range of bio-based halogenated solvents under its 'EcoSurf' brand, targeting businesses seeking more sustainable cleaning technologies.
Exxon Mobil has partnered with equipment manufacturers to optimize the use of its halogenated solvents.
Key market drivers are growing demand for environment-friendly and effective cleaning solutions and stringent regulations on the volatile organic compounds (VOC) they disperse.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global halogenated solvent cleaner market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights based on product (methylene chloride, methylene chloride, trichloroethylene) and end-use industry (paint & coatings, printing inks, cosmetics & toiletries, others), across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and the Middle East & Africa).
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