Global Aromatic Solvents Market Insights Forecasts to 2030
- The Global Aromatic Solvents Market Size was valued at USD 5.00 Billion in 2021.
- The Market is growing at a CAGR of 3.4% from 2022 to 2030
- The Global Aromatic Solvents Market Size is expected to reach USD 6.75 Billion by 2030
- Asia Pacific is expected to grow the fastest during the forecast period.
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The Global Aromatic Solvents Market Size is expected to reach USD 6.75 Billion by 2030, at a CAGR of 3.4% during the forecast period 2022 to 2030. In developing nations like India and China, the market for aromatic solvents has experienced tremendous expansion, mostly as a result of an increase in building activity and the demand for vehicles. Additionally, the world's growing urbanisation and industrialisation have significantly driven Aromatic Solvents market expansion.
The class of solvents such as Naphtha, toluene, and xylene are examples of the aromatic hydrocarbons found in Aromatic solvents. In a variety of industrial sectors, these solvents are generally employed as diluents. Toluene in particular, an aromatic solvent, is frequently employed as a chemical intermediary as well as in paints, adhesives, and varnishes. Different binders, pigments, additives, and extenders used in the creation of coatings and paints are dispersed by these groups of solvents. The development of an effective homogeneous solution is aided by the high rates of solvency seen in aromatic solvents including benzene, ethylbenzene, toluene, and mixed xylenes (BTEX). Additionally, these solvents are renowned for having fast rates of evaporation, which aid in accelerating the curing and drying processes.
The market for aromatic solvents is expanding as a result of the rising demand for these chemicals in the packaging, oil and gas, automotive, construction, and automotive sectors. These solvents are primarily used as carriers in paints and varnishes for surface coating applications in the construction sector. Thus, it is anticipated that demand for these solvents will increase as a result of the fast urbanisation and development taking place in several nations across the world. The market for aromatic solvents is expanding as a result of the expanding demand for these chemicals in the packaging, automotive, oil and gas, construction, and automobile industries. In the construction sector, these solvents are mostly applied as carriers in paints and varnishes for surface coating applications. Therefore, it is anticipated that demand for these solvents will increase as a result of the fast urbanisation and development taking place in many different nations throughout the world.
The increasing emphasis on green solvents, which are sourced from agricultural crops, is impeding the market growth for aromatic solvents. Green solvents are entirely biodegradable, don't corrode, and don't cause cancer. In addition, businesses are concentrating more on adopting greener goods in their industrial operations due to the strict laws and restrictions enforced by various governments throughout the world. This is done in order to promote sustainable development. Nearly every nation in the globe was affected by the epidemic. The epidemic caused some kind of loss in most industry. The pandemic also caused a slowdown in the production of aromatic solvents.
Global Aromatic Solvents Market Report Coverage
|Market Size in 2021:||USD 5.00 Billion|
|Forecast Period 2022-2030 CAGR:||3.4 %|
|2030 Value Projection:||USD 6.75 Billion|
|Historical Data for:||2019-2020|
|No. of Pages:||255|
|Tables, Charts & Figures:||110|
|Segments covered:||By Product, By Application, By region|
|Companies Covered:||China Petroleum & Chemical Corportaion, Exxonmobil, Total, BASF, Shell, Chevron Phillips Chemical, Formosa Chemicals & Fibre Corporation, Lyondellbasell Industries Holdings, China National Petroleum Corporation (CNPC), Reliance Industries, Chinese Petroleum Corporation (CPC), Bharat Petroleum Corporation, Gotham Industries, Haltermann Carless, Indian Oil Corporation, Pon Pure Chemicals Group, Recochem, and W.M. Barr & Company.|
|Growth Drivers:||Rising demand for aromatics from the automotive sector is expected to drive the market growth over the forecast period.|
|Pitfalls & Challenges:||Covid-19 Impact Analysis|
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This research report categorizes the Market for global Aromatic Solvents based on various segments and regions, forecasts revenue growth, and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Global Aromatic Solvents Market. Recent Market developments and competitive strategies such as expansion, Product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the Market. The report strategically identifies and profiles the key Market players and analyses their core competencies in each global Aromatic Solvents Market sub-segments.
- In 2021, the Toluene segment accounted for the largest share of the Market, with 30.6% and a Market revenue of 1.53 Billion.
Based on the Type, the Aromatic Solvents Market is categorized into Benzene, Toluene, Xylene and Others. In 2021, the Toluene segment accounted for the largest share of the Market, with 30.6% and a Market revenue of 1.53 Billion. Throughout the forecast period, the Toluene segment is anticipated to maintain its leading position because of a number of causes, including as Due to their rapid evaporation, toluene-based aromatic solvents are frequently utilised in adhesive applications and improve the viscosity of an adhesive layer. The creation of paint thinners for cosmetics, correction fluids, inks, and other products using toluene will also increase the market income for aromatic solvents in the upcoming years.
- In 2021, the Paints & Coatings segment accounted for the largest share of the Market, with 25.5% and a Market revenue of 1.27 Billion.
Based on the application, the Aromatic Solvents Market is categorized Pharmaceuticals, Oilfield Chemicals, Automotive, Paints & Coatings and Others. In 2021, the Paints & Coatings segment accounted for the largest share of the Market, with 25.5% and a Market revenue of 1.27 Billion. Throughout the forecast period, the Paints & Coatings segment is anticipated to maintain its leading position while expanding at the fastest CAGR due to as in many end-user industries, such as paints and coatings, aromatic solvents are primarily used as diluents and thinners. In the near future, there will likely be a significant increase in demand for paints and coatings due to the expanding worldwide building industry.
Regional Segment Analysis of the Aromatic Solvents Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
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North America emerged as the largest Market for the global Aromatic Solvents Market, with a Market share of around 32.9% and 1.64 Billion of the Market revenue in 2021.
- North America emerged as the largest Market for the global Aromatic Solvents Market, with a Market share of around 32.9% and 1.64 Billion of the Market revenue in 2021. The demand for Aromatic Solvents is being driven by the rising acceptance by the market. The market for Aromatic Solvents was dominated by the North America region this is explained by the increase in amine demand in the painting and coating sectors. The resurgence of the American construction sector is anticipated to result in significant market revenue increases. Additionally, it is projected that the presence of significant construction in the area would increase demand for aromatic solvents.
- Asia Pacific Market is expected to grow at the fastest CAGR between 2021 and 2030, APAC's construction market is expanding as a result of the region's expanding population, fast urbanisation, and industrialisation. The region's rising need for building has led to a boom in the paints and coatings sector, which has contributed to the expansion of the aromatic solvents market as a whole. Additionally, throughout the course of the evaluation period, the industrial sector's expanding development, particularly in China, India, and Japan, will fuel market expansion.
The report offers the appropriate analysis of the key organizations/companies involved within the global Aromatic Solvents Market along with a comparative evaluation primarily based on their Product offering, business overviews, geographic presence, enterprise strategies, segment Market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the companies' current news and developments, including Product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the Market.
List of Key Market Players:
- China Petroleum & Chemical Corportaion
- Chevron Phillips Chemical
- Formosa Chemicals & Fibre Corporation
- Lyondellbasell Industries Holdings
- China National Petroleum Corporation (CNPC)
- Reliance Industries
- Chinese Petroleum Corporation (CPC)
- Bharat Petroleum Corporation
- Gotham Industries
- Haltermann Carless
- Indian Oil Corporation
- Pon Pure Chemicals Group
- W.M. Barr & Company
Key Target Audience
- Market Players
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Some of the Key Developments:
- In January 2021, Neos Group Ltd., a UK-based manufacturer of chemicals, paid BP plc USD 5 billion to purchase its global Aromatics & Acetyls division. This purchase will strengthen Ineos's position in the worldwide market, advance its petrochemical business, and broaden its reach internationally.
- In February 2020, Harishree Aromatics was purchased by Lasa Supergenerics Limited, a producer of Active Pharmaceutical Ingredients (API). The company's market share, product and service diversification, and assets will all rise as a result of this transaction.
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Aromatic Solvents Market based on the below-mentioned segments:
Global Aromatic Solvents Market, By Type
Global Aromatic Solvents Market, By Application
- Oilfield Chemicals
- Paints & Coatings
Global Aromatic Solvents Market, Regional Analysis
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Rest of South America
Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions (FAQ)
What is the market size of the Aromatic Solvents market?As per Spherical Insights, the size of the Aromatic Solvents market was valued at USD 5.00 billion in 2022 to USD 6.75 billion by 2030.
What is the market growth rate of the Aromatic Solvents market?The Aromatic Solvents market is growing at a CAGR of 3.4% from 2022 to 2030.
Which country dominates the Aromatic Solvents market?North America emerged as the largest market for Aromatic Solvents.
Who are the key players in the Aromatic Solvents market?Key players in the Aromatic Solvents market are China Petroleum & Chemical Corportaion, Exxonmobil, Total, BASF, Shell, Chevron Phillips Chemical, Formosa Chemicals & Fibre Corporation, Lyondellbasell Industries Holdings, China National Petroleum Corporation (CNPC), Reliance Industries, Chinese Petroleum Corporation (CPC), Bharat Petroleum Corporation, Gotham Industries, Haltermann Carless, Indian Oil Corporation, Pon Pure Chemicals Group, Recochem, and W.M. Barr & Company.
Which factor drives the growth of the Aromatic Solvents market?Rising demand for aromatics from the automotive sector is expected to drives the market's growth over the forecast period.
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