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Aromatic Compounds: Introduction

  • Aromatic compounds consist of one or more rings and contain alternating single and double bonds in their chemical structure. These are cyclic and conjugated compounds, wherein all ring atoms are in a network of bonds, resulting in unusual stability.
  • Aromatic compounds are produced from petroleum and coal tar. These compounds are less reactive than alkenes, making them useful industrial solvents for nonpolar compounds.
  • Aromatic compounds are named so because of their fragrant properties and unsaturated hydrocarbon ring structures that exhibit special properties, including unusual stability
  • Aromatic compounds are used to make plastics, synthetic fabrics such as nylon, packaging materials such as styrene, and explosives

Key Drivers and Restraints of Aromatic Compounds Market

  • Aromatic compounds are primarily used in the paints & coatings sector industry due to their high solvency ability. These compounds are majorly used as thinners and diluents in paints & coatings, cleaners, adhesives, etc. Aromatic compounds are used in paints & coatings, which have major application in the construction industry. Thus, rise in population and expansion of the construction industry in developing economies such as China and India are key factors likely to drive the aromatic compounds market in the next few years.
  • Growth in urbanization, rise in disposable income of consumers, and increase in preference of diverse culinary lifestyles have contributed to the rise in sales of automobiles. Aromatic compound benzene is an important compound used in automobile manufacturing units such as polyurethane based foam-seating, nylon tires, injection-molded vehicle parts, and paints. Rise in demand for automobiles is driving the aromatic compounds market across the globe.
  • Increase in stringent government regulations for replacement of harmful chemicals with bio-based chemicals and availability of alternatives for aromatic compounds in the market are expected to hamper the aromatic compounds market in the near future

Aromatic Compounds Market: Type Segment

  • Based on type, the global market can be divided into benzene, toluene, xylene, and others
  • The benzene segment is projected to hold major share of the global market during the forecast period. Benzene is further segmented into ethylbenzene, cumene, chlorobenzene, nitrobenzene, alkylbenzene, cyclohexane, and other derivatives. Benzene is a major component of gasoline and is used in the manufacture of rubber, plastics, drugs, pesticides, textile, packaging, and building & construction and many other commonly used products.
  • Xylene can be further segmented into p-xylene, m-xylene, and o-xylene, while toluene can be further segmented into solvents, toluene diisocyanate, and others. Toluene is widely used in drugs, dyes, blending, cosmetic nail products, pesticides, fertilizers, etc. Thus, the toluene segment is projected to follow the benzene segment during the forecast period.

COVID-19 Impact on Aromatic Compounds Market

  • On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 214 countries and territories around the world.
  • Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
  • Manufacture of various consumer goods and other products across the globe came to a halt due to the unavailability of raw materials, shortage of labor, etc. This is expected to hamper the aromatic compounds market.

North America to Hold Leading Share of Aromatic Compounds Market

  • In terms of region, the aromatic compounds market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • North America is expected to hold major share of the global aromatic compounds market, followed by Asia Pacific and Europe, during the forecast period. Rise in demand for paints and coatings and increase in demand for the automotive coatings are anticipated to create lucrative opportunities for the market in North America during the forecast period.
  • The aromatic compounds market in Asia Pacific is driven by the rise in application of paints & coatings in the construction industry in the region. Growth in population and expansion of the construction industry are also driving the aromatic compounds market in the region.
  • Rise in demand for aromatic compounds in the pharmaceutical sector in Europe is likely to drive the market in the region during the forecast period
  • The market in Latin America and Middle East & Africa is projected to expand at a moderate pace in the near future

Key Manufacturers Operating in Aromatic Compounds Market

The aromatic compounds market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the aromatic compounds market include:

  • Exxon Mobil Corporation
  • Shell Chemicals
  • Sinopec
  • LyondellBasell
  • Reliance Industries
  • China National Petroleum
  • INEOS Group
  • Koch Industries
  • The Dow Chemical Company
  • Caltex Corporation
  • Honeywell International Inc
  • Chevron Phillips Chemical Company
  • Formosa Plastics Corporation
  • JX Nippon Oil & Energy

Aromatic Compounds Market: Research Scope

Aromatic Compounds Market, by Type

  • Benzene
  • Toluene
  • Xylene
  • Others

Aromatic Compounds Market, by Application

  • Solvent
  • Additive
  • Others

Aromatic Compounds Market, by End-use

  • Paints & Coatings
  • Pharmaceuticals
  • Chemicals
  • Others

Global Aromatic Compounds Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Aromatic Compounds Market