NEWS:Global Aromatic Solvent Market is projected to reach a value of over USD 10.8 billion by 2027
Aromatic Solvent Market: Summary
The Global Aromatic Solvent Market is projected to reach a value of over USD 10.8 billion by 2027 at a CAGR of around 4.1%.
A solvent which contains aromatic hydrocarbons such as naptha, toluene or xylene are known as aromatic solvents. They are primarily used in various industrial fields such as oil & gas, automotive, pharmaceuticals, and others. Aromatic solvents has higher rate of solvency and resist corrosion owing to which it paves its usage in various end-use sectors. Additionally, its ability to modify the viscosity as per the curing rate helps to improve functionally and aesthetics of the outer layer painting in paint & coating application.
Aromatic Solvent Market: Drivers & Challenges
Market Driver:
- Increasing demand from Paints & Coating Industry
Enhanced physical and chemical properties of specialty solvent and its extensive application in paints and coating industry has expected to surge the demand for aromatic solvent in paints & coating segments. Besides its chemical and physical properties, solvents are highly used as thinners and diluents in paints and coating industry. Increasing demand for the construction and automotive industry coupled with technological advancement has expected to boost the paint and coating market. According to OICA (International Organization of Motor Vehicle Manufacturers), in 2018 the total production of automotive vehicles was 95634593 units. Thus, growth in paints & coating industry has expected to boost the demand for aromatic solvent.
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Market Restraint:
- Growing Awareness of Green Solvents
Various volatile organic compounds (VOC) are emitted into atmosphere during the manufacturing process of aromatic solvents. The awareness regarding harmful effects has inclined consumers shift towards environmental safe solvents. Additionally, the stringent regulations imposed by governments to control the VOC emission such as Carbon Dioxide (cO2), and others. For instance, Environmental Protection Agency (EPA), has introduced national ambient air quality standards (NAAQS) in order to control the VOC emission. Green solvents are environmental friendly solvents or biosolvents which are derived from processing agricultural crops.
Aromatic Solvent Market: Key Segments
- Segmentation based on type: Toluene Solvents, Xylene Solvents, Ethylbenzene Solvents, and Others.
- Segmentation based on application: Paints & Coating, Adhesives, Printing Inks, Cleaning & Degreasing, and Others.
- Segmentation based on region covers: North America, South America, Europe, Asia-Pacific, Middle East & Africa and South America, with individual country-level analysis.
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Aromatic Solvent Market: Report Scope
The report on the aromatic solvent market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Report Features
Specifics
Historical/Estimated/Forecasted Market Size Years
2019–2027
Base Year for Market Calculation
2020
Forecasted Period
2021–2027 (2021 estimated year, forecasted up to 2027)
Measured Units
Value (USD Million), Volume (Kilotons)
Segments Included
Type, Application, and Region
Regional Coverage
North America, Asia-Pacific, Europe, Middle East & Africa, South Africa
Key Companies Covered
- BASF SE (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- Royal Dutch Shell plc
- Exxon Mobil Corporation
- Honeywell International Inc.
- Eastman Chemical Company
- LyondellBasell Industries Holdings B.V.
- Chevron Phillips Chemical Company
- Celanese Corporation
- Huntsman International LLC
- HCS Group
- INEOS AG
- Total S.A.
- Bharat Petroleum Corporation Limited
- Gotham Industries
- TOP SOLVENT CO.,LTD.
- Other Key Companies
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Aromatic Solvent Market: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Aromatic Solvent Market, by Type
- Toluene Solvents
- Xylene Solvents
- Ethylbenzene Solvents
- Others
Aromatic Solvent Market, by Application
- Paints & Coating
- Adhesives
- Printing Inks
- Cleaning & Degeasing
- Others
Aromatic Solvent Market, by Region
- North America
- US
- Canada
- Mexico
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Europe
- Germany
- UK
- France
- Italy
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of Middle East & Africa
- South America
- Brazil
- Argentina
- Rest of South America
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Table of Content
1 Introduction
2 Research Design & Scope
3 Executive Summary
4 Market Dynamics
5 Industry Trends — Porters Five Forces Analysis
6 GLOBAL AROMATIC SOLVENTS MARKET BY TYPE, Market Size in USD Million (2019–2027)
7 GLOBAL AROMATIC SOLVENTS MARKET BY APPLICATION, Market Size in USD Million (2019–2027)
8 GLOBAL AROMATIC SOLVENTS MARKET BY REGION, Market Size in USD Million (2019–2027)
9 Competitive Landscape
10 Company Profiles
11 Appendix
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