A global Aromatic Solvent market was valued US$ 7.27 Bn in 2017 and is anticipated to reach US$ 8.90 Bn by 2026 at a CAGR of about 2.56 % during a forecast period.
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A global Aromatic Solvent market is segmented by raw material, by application, and by region. An aromatic Solvent market is segmented into Benzene, Toluene, Xylene, and Ethylbenzene solvent. Oilfield chemicals, pharmaceuticals, automotive, paints and coatings, and others are application segment of the Aromatic Solvent market. Geographically into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
An aromatic solvent consists of an aromatic hydrocarbon such as ethane, naphtha, toluene, xylene, or propane. The aromatic solvents are organic chemicals that dissolve the solid materials to form a solution that is homogenous. It is mainly produced by means of distillation of the crude petroleum stock in the oil refining industry. Moreover, these aromatic solvents are used in the manufacturing of other intermediate chemicals such as cumene, phthalic anhydride, ethyl benzene, maleic anhydride, and naphthalene.
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Toluene is used as a raw material for toluene diisocyanate, cement for polystyrene kits, and fullerene indicator and is also used in leather tanning and printing processes. The xylene solvents segment of the aromatic solvents market is projected to register the highest CAGR from 2018 to 2023, in terms of value and volume. This is due to its high solvency power and increasing capacity expansion of xylene, globally.
The paints & coatings segment accounted for the largest market share, in terms of value, in 2017. The growth of the automotive OEM, machinery, and appliances markets, globally accompanied by the rise in building and construction activities are expected to drive the demand in this application during the forecast period.
The Asia Pacific is estimated to be the largest market for aromatic solvents in 2018, and the region is also expected to continue to lead the market till 2023, owing to the growing industries in the region’s emerging economies such China, South Korea, and India. The rising per capita disposable incomes, rapid urbanization, and growing demand for automobiles is projected to fuel the aromatic solvents market.
Exxon Mobil Corporation, LyondellBasell Industries N.V., BASF SE, Eastman Chemical Company, Royal Dutch Shell Plc., Chevron Phillips Chemical Company, Celanese Corporation, W.M. Barr & Company Inc., Total S.A., Top Solvent Co. Ltd, Reliance Industries Limited, Recochem Inc., Pon Pure Chemicals Group., Indian Oil Corporation Limited, Haltermann Carless, Gotham Industries, Global Chemical Co. Ltd, Formosa Chemicals & Fibre Corporation, China National Petroleum Corporation, Bharat Petroleum Corporation Limited are key players included in the Global Aromatic Solvent market.
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The Scope of Global Aromatic Solvent Market:
Global Aromatic Solvent Market by Raw Material:
Benzene
Toluene
Xylene
Ethylbenzene solvent
Global Aromatic Solvent Market by Application:
Oilfield chemicals
Pharmaceuticals
Automotive
Paints and coatings
Others
Global Aromatic Solvent Market by Region:
North America
Europe
Asia Pacific
Middle East & Africa
Latin America
Key Player Analysed in the Global Aromatic Solvent Market Report:
Exxon Mobil Corporation
LyondellBasell Industries N.V.
BASF SE
Eastman Chemical Company
Royal Dutch Shell Plc.
Chevron Phillips Chemical Company
Celanese Corporation
W.M. Barr & Company Inc.
Total S.A.
Top Solvent Co. ltd
Reliance Industries Limited
Recochem Inc.
Pon Pure Chemicals Group.
Indian Oil Corporation Limited
Haltermann Carless
Gotham Industries
Global Chemical Co. Ltd
Formosa Chemicals & Fibre Corporation
China National Petroleum Corporation
Bharat Petroleum Corporation Limited
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Aromatic Solvent Market to Exhibit Rapid Surge in Consumption in the COVID-19 Crisis - 3rd Watch News
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