USD 4.73 billion
Report ID:
SQMIG15E2133 |
Region:
Global |
Published Date: November, 2024
Pages:
242
|Tables:
66
|Figures:
75
Global Aromatic Solvents Market size was valued at USD 7.92 billion in 2022 and is poised to grow from USD 8.14 billion in 2023 to USD 10.12 billion by 2031, growing at a CAGR of 2.76% during 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.
Global Market Size
USD 4.73 billion
Largest Segment
Toluene
Fastest Growth
Toluene
Growth Rate
3.4% CAGR
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Global Aromatic Solvents Market is segmented into Type, Application, and region. By Type, the market is classified into Toluene, Xylene, and Ethylbenzene. Depending on the Application, it is categorized into Paints & Coatings, Adhesives, Cleaning & Degreasing, and Others, Based on End User, the market is segmented into Pharmaceuticals, Food, Fuel Additives, and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
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.
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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.
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Aromatic Solvents Market Driver
Aromatic Solvents Market Restraint
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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
Aromatic Solvents Market Recent Developments
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 2022 | USD 7.92 billion |
Market size value in 2031 | USD 10.12 billion |
Growth Rate | 2.76% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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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 |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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.
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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Report ID: SQMIG15E2133
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