Oct 1, 2020 9:24 PM ET
iCrowd Newswire – Oct 1, 2020
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.
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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.
Based on region, the market is divided into Asia Pacific, Latin America, Europe, North America, and the Middle East and Africa. North America had the most significant share in the aromatic solvents market in terms of value during the year 2017. There is also an increase in growth of pharmaceutical and oil field industries where the aromatic solvents are largely used thereby positively affecting the overall market growth for aromatic solvents in North America.
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.
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
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Keywords: Aromatic Solvents Market