According to the report, global aromatic solvents market was valued at around USD 5,087 million in 2017 and is expected to reach approximately USD 8,029.0 million by 2024, growing at a CAGR of slightly above 3.2% between 2018 and 2024.
New York, NY, Dec. 04, 2018 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “Aromatic Solvents Market by Type (Toluene, Xylene, and Ethylbenzene), by Application (Paints & Coatings, Adhesives, Printing Inks, and Other Applications): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017-2024’’. According to the report, global aromatic solvents market was valued at around USD 5,087 million in 2017 and is expected to reach approximately USD 8,029.0 million by 2024, growing at a CAGR of slightly above 3.2% between 2018 and 2024.
The aromatic solvents are the organic chemicals which have a benzene ring structure. The aromatic solvents have a higher order than the aliphatic solvents and have a higher rate of solvency. These aromatic solvents are widely used in the manufacturing of paints and coatings. Paints and coatings are used in various industries such as automotive, construction, oilfield coatings, and others.
Browse through 55 Tables & 21 Figures spread over 110 Pages and in-depth TOC on “Global Aromatic Solvents Market: By Type, Size, Share, Industry Segments, Demand, Analysis and Forecast, 2017 – 2024”.
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The increase in the use of aromatic solvents in the pharmaceutical and the oilfield industry is one of the major factors that have augmented the growth of the market. Aromatic solvents are used in the synthesis of various active pharmaceutical ingredients and in the cleaning of pharmaceutical equipment. Moreover, these solvents are also used in various drug formulation processes. In oilfield industry, the aromatic solvents are used as corrosion inhibitors that are used in the internal protection of pipes when the fractional distillation process has been carried out. Increase in the demand for corrosion inhibitors in the oil and gas industry is one of the major factors that have increased the demand for solvents in the market. Such applications of the aromatic solvents in the pharmaceutical and oilfield industry will further help in driving market growth. However, industries shifting focus towards green solvents will be acting as a restraining factor for the market. High demand from the construction and automotive industries is expected to provide many opportunities for the key players working in the global aromatic solvents market.
The global aromatic solvents market can be divided on the basis of type, application, and region. The type of global aromatic solvents market is divided into ethylbenzene, xylene, and toluene. Based on application, the market is classified into adhesives, printing inks, paints & coatings, and others. Paints & coatings are slated to be the most dominating end-user segment for the aromatic solvents market with the highest growth rate over the forecast period. Moreover, thriving automobile sector in regions such as the Asia Pacific is also expected to increase the demand for the market.
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The regional segmentation of aromatic solvents market is divided into Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa. The trends for the aromatic solvents in different regions are explained below.
North America aromatic solvents market is slated to witness a significant growth over the forecast period. The large-scale application of these aromatic solvents in North America is mainly due to the high production rate of the automobiles which uses paints in the production process. It has been observed that the sales of automobiles have increased in the past few years in the region. In 2015, the automotive industry had an annual sale of around 17.3 million in the North American region and is expected to have a growth rate of approximately 3.0% in years to come. This increase in demand has indirectly affected the growth of the aromatic solvents market in the region as the automobile industry widely uses paints and coatings.
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Asia Pacific is likely to witness higher growth rate for aromatic solvents over the estimated timeframe due to increase in the number of construction activities witnessed across the region. Asia Pacific is experiencing a huge development in the construction sector as the government of countries such as China and India are also making various policies for the growth of the industry. In next five years, almost all Asian countries are expected to increase their budget for infrastructure. The construction sector is expected to have a market value of around USD 5.40 trillion by the end of the year 2025. Such an increase in the construction industry is likely to boost the aromatic solvents market as these products are largely used in paints and coatings.
Europe is likely to witness a sluggish growth in the aromatic solvents market during the forecast period. Oilfield and pharmaceutical industries are expected to be the most dominant end-user in Europe which increases the usage of aromatic solvents in the region. The development in the pharmaceutical industry has supported the demand for the aromatic solvents as they are used in the formulation process of drugs.
Browse the full “Aromatic Solvents Market by Type (Toluene, Xylene, and Ethylbenzene), by Application (Paints & Coatings, Adhesives, Printing Inks, and Other Applications): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017-2024” report at https://www.zionmarketresearch.com/report/aromatic-solvents-market
The Middle East and Africa is a major region for the oil & gas industry. The region has large oil & gas reserves in regions such as Libya, Syria, and Egypt among others. The large presence of oil & gas reserves in the region has augmented the growth of the market in the region. The aromatic solvents are used in oilfield industry in the distillation chambers to avoid corrosion of the internal pipes.
Some of the key players operating in the global aromatic solvents market are China Petroleum & Chemical Corporation, Royal Dutch Shell Plc, China National Petroleum Corporation (CNPC), Exxon Mobil Corporation, SK Global Chemical Co., Ltd., BASF SE, LyondellBasell Industries Holdings B.V, Reliance Industries Limited, Total S.A, and Bharat Petroleum Corporation Limited, amongst others.
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The report segments global aromatic solvents market as follows:
Aromatic Solvents Market: Type Segment Analysis
Aromatic Solvents Market: Application Segment Analysis
- Paints & Coatings
- Printing Inks
Aromatic Solvents Market: Regional Segment Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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