Global Aromatic Solvents Market is Expected to Reach US$ 7.76 Bn in 2023: Transparency Market Research

Transparency Market Research has published a new report titled “Aromatic Solvents (Benzene, Toluene, Xylene, and Others) Market for Pharmaceuticals, Oilfield Chemicals, Automotive, Paints & Coatings, and Other End-users – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2023.” According to the report, the global aromatic solvents market was valued at US$ 6.18 Bn in 2014 and is estimated to reach US$ 7.76 Bn by 2023, expanding at a CAGR of 4.2% between 2015 and 2023.

Browse the full Aromatic Solvents Market Report: 

Aromatic solvents are organic chemicals that are largely used as thinners and diluents in several end-user industries such as paints & coatings, automotive, textiles, and cleaners. These solvents are manufactured from the distillation of petroleum stock in the petroleum refining industry. Other chemical conversion processes include catalytic hydrogenation and alkylation. Aromatic solvents are also obtained from light hydrocarbons such as ethane, butane, and propane. Steam cracking of straight-chain alkanes and catalytic reforming are widely accepted manufacturing processes to produce aromatic solvents in the oil and gas industry. The value chain of the aromatic solvents market is highly integrated at the first stage where mostly suppliers of petroleum feedstock are involved in the manufacturing of solvents. For instance, companies such as Royal Dutch Shell plc, Chevron Phillips Chemical Company, and Exxon Mobil Corporation are integrated up to the manufacture of aromatics and their derivatives.  

In terms of volume, Asia Pacific accounted for more than 50% share of the aromatic solvents market in 2014. High growth in the chemical industry is the one of the major factors driving the market in Asia Pacific. China leads the aromatic solvents market in Asia Pacific through the installation of new capacities for the production of these solvents. Japan is a comparatively mature market; however, shift towards non-aromatic solvents is hampering the aromatic solvents market in Japan. China, India, Thailand, South Korea, and Indonesia are projected to drive the aromatic solvents market in Asia Pacific.

North America and Europe are likely to witness sluggish growth in the global aromatic solvents market. Shale gas revolution in the U.S. is anticipated to create unfavorable grounds for manufacturers of crude oil. As a result, the aromatic solvents market is estimated to contract in the region. Similarly, enactment of stringent regulations in Europe is expanding usage of water and bio-based solvents for industrial uses. 

Browse the full Press Release of Aromatic Solvents Market: 

Brazil is likely to lead the growth of aromatic solvents in Latin America. Venezuela and Argentina are the other countries that are expected to drive the aromatic solvents market in Latin America due to growth of chemical and oilfield industries. The Middle East and Africa (MEA) is anticipated to witness below average growth rate. Furthermore, demand for aromatic solvents in oilfield chemicals is high as compared to that in other regions. This is due to the presence of extensive network of oil and gas recovery. This, in turn, requires aromatic solvents for corrosion inhibition in pipelines.

The global aromatic solvents market is highly fragmented in nature; the top five players accounted for over 20% share in 2014. Key players in the aromatic solvents market include UOP LLC (Honeywell International Inc.), Royal Dutch Shell plc, Eastman Chemical Company, Chevron Phillips Chemical Company, LyondellBasell Industries N.V., Exxon Mobil Corporation, BASF SE, and Celanese Corporation.

This report segments the global aromatic solvents market as follows:

·         Aromatic Solvents Market – Product Segment Analysis

  • Benzene
  • Toluene
  • Xylene
  • Others (Including solvent naphtha such as aromatic 100, aromatic 150, aromatic 200, etc.)

·         Aromatic Solvents Market – End-user Analysis

  • Pharmaceuticals
  • Oilfield Chemicals
  • Automotive
  • Paints & Coatings
  • Others (Including pesticide, textiles, cleaners, chemical intermediates, electronics, adhesive & sealants, perfumes, cosmetics, etc.)

·         Aromatic Solvents Market – Regional Analysis

North America

  • U.S.
  • Rest of North America

  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe

Asia Pacific
  • China
  • Japan
  • Rest of Asia Pacific

Latin America
  • Brazil
  • Rest of Latin America

Middle East and Africa (MEA)
  • GCC
  • South Africa
  • Rest of Middle East and Africa

About Us

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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