Aromatic Solvent Market

Global Aromatic Solvent Market Size Analysis

According to a research survey conducted by ChemView Consulting, in 2022, the Global Aromatic Solvent Market was worth US$ 6,174 Mn and is expected to grow at a CAGR of 3.8% over the forecast period. The market has shown extensive growth compared to the CAGR of 2.9% during the period 2017-2021The market is expected to hit US$ 8,964.8Mn by 2032 end.

An aromatic solvent comprises aromatic hydrocarbons, namely toluene, xylene, and naptha. Hence, they act as excellent diluents and solvents in different industrial processes. Aromatic solvents such as toluene are commonly used in varnishes, paints, and adhesives. They find applications as chemical intermediates. And as corrosion inhibitors in the oil and gas industry.

Market Dynamic

PAINT & COATING INDUSTRIES’ DEMAND IS DRIVING THE MARKET

Aromatic solvents are generally used to dilute any liquid substance. For this reason, the paint and coating industries depend fully on these solvents. Due to the rise of population, construction works are on hype construction is directly linked with the painting. That’s why; they need these solvents for their work.

STRINGENT GOVERNMENTAL REGULATIONS HAMPER THE MARKET GROWTH

As these solvents are, to some extent, deadly against our nature, Government regulations in some countries are not so friendly toward them. Moreover, demands for eco-familiar substances are on the hype. So consumers’ inclination toward eco-friendly substances is affecting the market growth

COVID-19 Impact

The ongoing COVID-19 pandemic is having a significant impact on the demand for aromatic solvents worldwide. Aromatic solvents are produced in refinery complexes; thus, they are widely affected by the overall downturn in the oil and gas industry due to the ongoing pandemic. Exploration and production activities have recently been halted, negatively impacting overall market demand.

Market Segments Covered in Report

By Type:

• Toluene solvents
• Xylene Solvents
• Ethylbenzene Solvents

By End-User:

• Paints and Coatings
• Adhesives
• Printing Inks
• Cleaning & degreasing
• Others

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

Why is the toluene Aromatic solvent type expected to lead the market during the forecast period?

Toluene is expected to have the highest revenue in the market during the forecast period. The cause of the hype is the paints and coating industries, as the solvents play a crucial role in diluting the paint. Moreover, pharmaceuticals, adhesives, and other chemical industries also need these solvents.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, the Middle East, and Africa.

• In 2021, The Asia Pacific region held a markets share of 6.0%. The Asia-Pacific aromatic solvents market currently has the leading share in terms of volume. The market in the area is mainly driven by the chemical industry, which is experiencing phenomenal growth.
• The booming construction industry is thanks to economic development, especially in China and India. Rising automobile production and sales in the Asia Pacific also boosted growth in the region for the same reason.

Competition Analysis

The global Aromatic Solvent market for food applications is highly fragmented, with numerous multinational corporations and regional players. Market participants are concentrating on cooperating for tactics such as collaborations, product launches, mergers and acquisitions, and acquisitions for applications such as Paints and coatings feed.

A list of some of the key suppliers present in the market is:

• Celanese Corporation,
• Eastman Chemical Company,
• Lyondell Basell
• Chevron Phillips Chemical Company,
• BASF SE,
• Exxon Mobil Corporation,
• Royal Dutch Shell plc.
• Honeywell UOP.

Global Aromatic Solvent Market 2022-2032: Report Coverage and Highlights

• Assessment of the historical and current market size (2017-2021), market projections (2022-2032), and its contribution to the parent market
• Key drivers, restraints, opportunities, and key emerging trends impacting market growth
• Predictions on critical supply, demand, and technological trends and changes in consumer behavior
• Value chain analysis (list of manufacturers, distributors, end-users, average profitability margins, etc.)
• Segment-wise, country-wise, and region-wise market analysis
• Competition mapping, market share analysis, key strategies adopted by top players, and competitive tactical intelligence
• Key product innovations and regulatory framework
• Covid-19 impact on the market and how to navigate
• Strategic market analysis and recommendations on crucial winning strategies