Global Aromatic Solvents Market

Aromatic Solvents Market Size, Share, Growth Analysis, By Type(Benzene, toluene, xylene, and others), By Application (Paints, adhesives, corrosion resistance coatings, cleaning-degreasing), By Region - Industry Forecast 2024-2031


Report ID: SQMIG15E2133 | Region: Global | Published Date: February, 2024
Pages: 242 |Tables: 66 |Figures: 75

Aromatic Solvents Market Insights

Aromatic Solvents Market size was valued at USD 4.73 billion in 2019 and is poised to grow from USD 4.96 billion in 2023 to USD 6.75 billion by 2031, growing at a CAGR of 3.4% in the forecast period (2024-2031).

Aromatic solvents are organic chemicals composed of aromatic hydrocarbons such as ethane, toluene, xylene, or naphtha that dissolve solid materials to produce a homogeneous solution. These solvents are produced commercially in the oil refining industry through the distillation of crude petroleum stock. These solvents are largely used as diluents in a wide range of products such as varnishes, paints, and adhesives, as well as chemical intermediates. These are classified into several types based on their chemical composition. Each type has unique chemical and physical properties that are tailored to a specific application. The most familiar aromatic solvents are benzene, toluene, and xylene, which are used in paint thinners, tyre additives, varnish, ink, corrosion coatings in pipelines, and other applications. Increasing demand for these solvents from the paint and coating industry owing to their high solvency property, as well as their increasing popularity, are propelling the growth of the global market size. It dissolves or disperse a wide range of components, resulting in high-quality pigments, extenders, additives, and binders that are in high demand. However, these solvents are hazardous chemicals that have a significant impact on human health and the environment, prompting regional authorities to impose strict restrictions on the use of aromatic solvents.

US Aromatic Solvents Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 4.73 billion

Largest Segment

Toluene

Fastest Growth

Toluene

Growth Rate

3.4% CAGR

Global Aromatic Solvents Market ($ Bn)
Country Share for North America Region (%)

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Aromatic Solvents Market Segmental Analysis

Aromatic Solvents Market is segmented based on the type, application, and region. Based on type, the Aromatic Solvents Market is segmented into benzene, toluene, xylene, and others. Based on application, the Aromatic Solvents Market is segmented into paints, adhesives, corrosion resistance coatings, cleaning-degreasing, and others. Based on region, Aromatic Solvents Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Aromatic Solvents Market Analysis by Type

Based on type, global aromatic solvents market size is segmented into benzene, toluene, xylene, and others. The market is expected to be dominated by toluene solvents during the prediction period. Toluene solvents' high solvent power and low toxicity are expected to increase their use in a wide range of applications, such as paints and coatings, printing inks, adhesives, and cleaning and degreasing.

The xylene segment is expected to grow significantly in the market during the forecast period due to its high solvency power and widespread use in a variety of applications. Xylene is used in the leather and rubber industries, as well as as a raw material for paints and inks.

Aromatic Solvents Market Analysis by Application

Based on application, the global aromatic solvents market size is segmented into paints, adhesives, corrosion resistance coatings, cleaning-degreasing, and others. Paints are expected to have the largest market share, followed by cleaning-degreasing, during the forecast period, due to increased demand for these solvents from the paint and coatings industries, as these solvents have high solvency properties and are becoming more popular.

Global Aromatic Solvents Market By Type, 2019 (%)

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Aromatic Solvents Market Regional Insights

The Asia Pacific region is anticipated to hold the largest market share in the global aromatic solvents market followed by North America, and Europe, during the forecast period owing to the availability of emerging economies such as India, China, and others; increasing adoption of these solvents in the construction and automotive sectors in this region; as well as the emergence of various industries in the region.

North America, on the other hand, is expected to grow significantly over the forecast period. The region has the largest paint and pigments manufacturing industry and is the second largest automobile manufacturer by volume. Environmental regulations are more stringent, but the market has the infrastructure and technology to support the various innovation.

Global Aromatic Solvents Market By Region, 2024-2031
  • Largest
  • Fastest

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Aromatic Solvents Market Dynamics

Aromatic Solvents Market Driver

  • The growing demand for aromatic solvents in the oil and gas industry for their corrosion resistance, the widespread use of solvents such as xylene in the synthesis of many active pharmaceutical ingredients as well as the cleaning of pharmaceutical equipment, and the increase in product use as adhesives and sealants to bond vehicle parts all contribute to the market growth, resulting in increasing the aromatic solvents market share during the forecast timeframe.
  • Aromatic solvents are being used to support new, innovative crop protection products that are practical, cost-effective, and environmentally friendly, as well as user and customer safe and easy to apply. The consumption of these solvents is expected to increase as the industry continues to grow.

Aromatic Solvents Market Restraint 

  • Growing emphasis on green solvents that come from agricultural crops is hampering the growth of the aromatic solvents market. Green solvents are naturally 100% biodegradable, non-corrosive, and non-carcinogenic. Furthermore, as a result of the stringent guidelines imposed by various governments across the world, businesses are increasingly putting the spotlight on incorporating greener products into their industrial processes in order to achieve long-term development.

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Aromatic Solvents Market Competitive Landscape

Global aromatic solvents market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.

Aromatic Solvents Market Top Player's Company Profiles  

  • Royal Dutch Shell

  • BASF SE

  • LyondellBasell Industries N.V.

  • Eastman Chemical Company

  • Dow Chemical Company

  • Huntsman Corporation

  • Celanese Corporation

  • INEOS Group AG

  • Chevron Phillips Chemical Company LLC

  • PetroChina Company Limited

  • SABIC

  • Reliance Industries Limited

  • Total S.A.

  • China Petroleum & Chemical Corporation (Sinopec)

  • Evonik Industries AG

  • Arkema S.A.

  • Flint Hills Resources, LP

  • Solvay SA

Aromatic Solvents Market Recent Developments

  • In October 2022, Thermo Scientific introduced a completely automated preparation system.
  • In October 2022, Amerigo Scientific, a distributor specialising in critical products and services for the biomedical and life science communities, introduces the new SEPLITE CT10 Adsorbent Resin.

Aromatic Solvents Key Market Trends

  • Benzene is a popular industrial chemical that has found an increasing number of applications over the last few decades. Polymers, synthetic fibres, synthetic lubricants, dyes, resins, detergents, pharmaceuticals, and a variety of other products are all made from them. Benzene is widely used as a solvent in a broad array of industries, commercial settings, and academic settings. Industrial producers use benzene-containing products as solvents during the manufacturing process.
  • The current trend that is primarily influencing the demand for aromatic solvents in Chinese and Indian textile companies is apparel customization.

Aromatic Solvents Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our global aromatic solvents market analysis, advancements in technology and rapid urbanisation in the Asia Pacific region may provide significant ooportunities for market participants over the forecast period. The increase in the consumption of aromatic solvents for drug formulation in the pharmaceutical sector has a positive impact on the market. However, the integration of stringent regulatory norms encouraging the exploration of substitutes due to the growing concern about the emission of volatile organic compounds (VOCs) and also the shift toward non-aromatic solvents may limit the market growth, by declining the market share.

Report Metric Details
Market size value in 2019 USD 4.73 billion
Market size value in 2031 USD 6.75 billion
Growth Rate 3.4%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Benzene, toluene, xylene, and others
  • Application 
    • Paints, adhesives, corrosion resistance coatings, cleaning-degreasing, and others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Royal Dutch Shell

  • BASF SE

  • LyondellBasell Industries N.V.

  • Eastman Chemical Company

  • Dow Chemical Company

  • Huntsman Corporation

  • Celanese Corporation

  • INEOS Group AG

  • Chevron Phillips Chemical Company LLC

  • PetroChina Company Limited

  • SABIC

  • Reliance Industries Limited

  • Total S.A.

  • China Petroleum & Chemical Corporation (Sinopec)

  • Evonik Industries AG

  • Arkema S.A.

  • Flint Hills Resources, LP

  • Solvay SA

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Aromatic Solvents Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Aromatic Solvents Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Aromatic Solvents Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Aromatic Solvents Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Aromatic Solvents Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Aromatic Solvents Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Aromatic Solvents Market size was valued at USD 4.73 billion in 2019 and is poised to grow from USD 4.96 billion in 2023 to USD 6.75 billion by 2031, growing at a CAGR of 3.4% in the forecast period (2024-2031).

Global aromatic solvents market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'ExxonMobil Corporation', 'Bharat Petroleum Corporation', ' Royal Dutch Shell ', ' BASF SE ', ' LyondellBasell Industries N.V. ', ' Eastman Chemical Company ', ' Dow Chemical Company ', ' Huntsman Corporation ', ' Celanese Corporation ', ' INEOS Group AG ', ' Chevron Phillips Chemical Company LLC ', ' PetroChina Company Limited ', ' SABIC ', ' Reliance Industries Limited ', ' Total S.A. ', ' China Petroleum & Chemical Corporation (Sinopec) ', ' Evonik Industries AG ', ' Arkema S.A. ', ' Flint Hills Resources, LP ', ' Solvay SA '

The growing demand for aromatic solvents in the oil and gas industry for their corrosion resistance, the widespread use of solvents such as xylene in the synthesis of many active pharmaceutical ingredients as well as the cleaning of pharmaceutical equipment, and the increase in product use as adhesives and sealants to bond vehicle parts all contribute to the market growth, resulting in increasing the aromatic solvents market share during the forecast timeframe.

Benzene is a popular industrial chemical that has found an increasing number of applications over the last few decades. Polymers, synthetic fibres, synthetic lubricants, dyes, resins, detergents, pharmaceuticals, and a variety of other products are all made from them. Benzene is widely used as a solvent in a broad array of industries, commercial settings, and academic settings. Industrial producers use benzene-containing products as solvents during the manufacturing process.

The Asia Pacific region is anticipated to hold the largest market share in the global aromatic solvents market followed by North America, and Europe, during the forecast period owing to the availability of emerging economies such as India, China, and others; increasing adoption of these solvents in the construction and automotive sectors in this region; as well as the emergence of various industries in the region.

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