Aromatic Solvents Market Size & Growth Analysis to 2030

The global aromatic solvents market size has been projected to grow at the CAGR of 4.5% during 2017-2025 and expected to reach $ 8 billion by 2025. An aromatic solvent is an organic chemical meant to dissolve solid materials to form a homogenous solution. It is produced through the distillation of crude petroleum stock in the oil refining industry and applied as thinners and diluents in coatings, paints, adhesives, and cleaners to speed up the drying process. An aromatic solvent is also used to prevent corrosion in the oil and gas industry. These aromatic solvents are used in the production of other intermediate chemicals such as cumene, ethylbenzene, phthalic anhydride, naphthalene, and maleic anhydride.

Market Insights:

Aromatic solvents are extensively used in the paints & coatings industry. Rising demand for aromatic solvents from the paints and coatings industry is driving the market for aromatic solvents in the market. Increasing constructional activities in emerging economies such as the Asia Pacific has led to high demand for paints & coatings, thus contributing to the growth of aromatic solvents in the market. Pharmaceutical is another industry driving the demand for aromatic solvents in the market. Europe is expected to boost market growth for aromatic solvent due to high demand from the pharmaceutical industry. The Adhesive & sealant industry is also projected to boost market demand as aromatic solvents are used in the adhesives & sealant industry.

Market Segment Insights:

Aromatic solvents are segmented on the basis of product type into benzene, toluene, xylene, and others. Toluene is used primarily in the paints & coatings and adhesive industry. It accounted to be the fastest-growing product segment of the aromatic solvent in 2016. High demand for toluene from the paints and coatings industry has led to the growth of the global aromatic solvent market. Xylene is another product segment that is anticipated to fuel market demand for aromatic solvents. It is used as an industrial paint especially for the automotive industry. On the basis of application, the global aromatic solvents market is segmented into pharmaceuticals, oilfield chemicals, paints & coatings, adhesives & sealants, automotive, and others including textile, pesticides, etc. Among these application paints & coatings accounted as the major application segment of the global aromatic solvents market in 2016. Solvents are the vibrant component of the paints & coatings industry, driving the growth of aromatic solvents in the market.

Global Aromatic Solvents Market Segmentation:

By Product, 2018–2027 (US$ Mn)

• Toluene
• Benzene
• Xylene
• Others (Solvent Naphtha, etc.)

By End-User, 2018–2027 (US$ Mn)

• Pharmaceuticals
• Oilfield Chemicals
• Paints & Coatings
• Adhesives & Sealants
• Automotive
• Others (Textiles, Pesticides, etc.)

By Geography, 2018-2027 (US$ Mn)

• North America
• Europe
• Asia Pacific
• Latin America (LATAM)
• Middle East and Africa (MEA)

Regional Insights:

The Asia Pacific had a major share of the global aromatic solvents market in 2019. Increasing constructional activities in emerging countries such as China and India has led to high demand for paints and coatings in the region. Consequently, high demand for paints & coatings in the market has led to the growth of the global aromatic solvents market. Europe accounted for the second-largest market for the global aromatic solvent market and is expected to retain its position in the near future. North America is anticipated to boost market demand for aromatic solvents due to rising demand from adhesives and sealant industries in the region.

Market Competition Assessment:

The major players currently operating in the global aromatic solvents market include Ashland Inc., BASF SE, Celanese Corporation, Chevron Phillips Chemical Company, Eastman Chemical Company, Exxon Mobil Corporation, Haltermann Carless UK, Huntsman International LLC., INEOS AG, LyondellBasell Industries NV, and Royal Dutch Shell PLC.

List of Key Companies:

• Ashland Inc.
• BASF SE
• Celanese Corporation
• Chevron Phillips Chemical Company
• Eastman Chemical Company
• Exxon Mobil Corporation
• Haltermann Carless UK
• Huntsman International LLC.
• INEOS AG
• LyondellBasell Industries NV
• Royal Dutch Shell PLC.

Key Questions Answered by Aromatic Solvents Market Report

• Global aromatic solvents market forecasts from 2020-2027
• Regional aromatic solvents market forecasts from 2020-2027 covering Asia-Pacific, North America, Europe, Middle East, and Africa, and Latin America
• Country-level forecasts from 2020-2027 covering 15 major countries from the aforementioned regions
• Aromatic Solvents submarket forecasts from 2020-2027 covering submarket 1, submarket 2 submarket 3
• Various industry models such as SWOT analysis, Pestle Analysis, Porter’s Five Force model, Value Chain Analysis pertaining to aromatic solvents market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level aromatic solvents markets from 2020-2027
• Competitive Landscape and market positioning of top 10 players operating in the aromatic solvents market

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