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:

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:

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

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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

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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

Aromatic Solvent Market, by Application

Aromatic Solvent Market, by Region

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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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