Global Aromatic Solvents Market: Snapshot
The global aromatic solvents market is fragmented to a degree. To thrive in such a landscape, manufacturers are carrying out backward integration in the first stage of the value chain. Overall, the global aromatic solvents market is rising at a steady pace owing to demand from the paints and coatings industry. This is because of the exploding construction and automobile industries.
An aromatic solvent is essentially comprised of aromatic hydrocarbons, namely toluene, xylene, and naptha. Hence, they act as excellent diluents and solvents in different industrial processes. For example, aromatic solvents such as toluene are commonly used in varnishes, paints, and adhesives. They also find application as chemical intermediates. Further, aromatic solvents also find usage as corrosion inhibitors in the oil and gas industry.
Owing to such myriad applications, the global aromatic solvents market is predicted to rise at steady CAGR of 4.2% between 2015 and 2023, finds a report by Transparency Market Research. At this pace, the market’s projected valuation is set to become US$7.76 bn by 2023-end.
Toluene Leads Sales in Market Owing to its Widespread Usage in Paints and Coatings
The different types of products available in the global aromatic solvents market are toluene, solvent naphtha, benzene, and xylene. Currently, toluene is grossing most of the revenue in the market. Hence, it accounts for a substantial share in the global aromatic solvents market. The product segment’s leading position is a result of its usage in wide ranging paints and coatings, pharmaceuticals, adhesives, and other chemical formulations.
In the upcoming years, the product segment of xylene is predicted see maximum growth in sales in the global aromatic solvents market owing to its extensive usage in development of pharmaceutical products. Further, with the upswing in glue and leather manufacturing industries, the product segment of benzene is also set to see surging sales. Benzene acts as a crucial aromatic solvent in the production process in the aforementioned industries.
Some of the key end use industries in the global aromatic solvents market are oilfield chemicals, pharmaceuticals, paints and coatings, automotive, and others such as textiles, pesticides, chemical intermediates, cleaners, adhesives and sealants, perfumes, electronics, and cosmetics.
Large Chemical Industry in Asia Pacific Makes it Leader in Aromatic Solvents Market
Geographically, the global aromatic solvents market is stretches across North America, South America, Europe, Asia Pacific, and the Middle East and Africa. Among them, the Asia Pacific aromatic solvents market currently accounts for a leading share with respect to volume. The region’s market is mainly being propelled by the chemical industry which has been witnessing phenomenal growth. Apart from that, the burgeoning construction sector owing to the economic development, particularly in China and India. The increasing manufacture and sales of automobiles in Asia Pacific for the same reason has also served to push up growth in the region.
Meanwhile, the aromatic solvents market in North America and Europe are predicted to see limited rise because of the strict rules regarding their usage. This is because of their toxicity since they are made from crude oil.
Some of the prominent participants in the global aromatic solvents market are Celanese Corporation, Eastman Chemical Company, LyondellBasell, Chevron Phillips Chemical Company, BASF SE, Exxon Mobil Corporation, Royal Dutch Shell plc., and Honeywell UOP.
Solvents is a routinely used term in organic chemistry. Solvents are used to dissolve or disperse solid materials. Aromatic solvents constitute benzene, xylene, toluene, and other aromatic solvents such as solvent naphtha. These are widely produced organic chemicals in the petroleum refining industry through fractional distillation of petroleum stocks (also known as feedstock). Several other manufacturing processes such as coal carbonization, steam cracking, catalytic refining, hydro dealkylation, and pyroforming are employed to produce aromatic solvents. However, catalytic reforming and steam cracking are widely accepted methods in the oil and gas industry. Solvents are the integral component of paints & coatings, and inks. These petroleum-based chemicals dissolve the pigment and binding agent together to form a solution. Aromatic solvents are also employed during the drug formulation process and the synthesis of active excipients and substances in the pharmaceuticals end-user industry. These solvents are also used extensively in the manufacture of other intermediate chemicals such as ethylbenzene, cumene, phthalic anhydride, and maleic anhydride.
This report provides estimate and forecast for the aromatic solvents market on the global, regional and country level. The study provides forecast from 2015 to 2023 based on volume (Kilo Tons) and revenue (US$ Mn).
The study provides a decisive view of the aromatic solvents market by dividing it into product segments such as benzene, toluene, xylene, and others. In terms of end-users, the global aromatic solvents market is segmented into pharmaceuticals, oilfield chemicals, automotive, paints & coatings, and others. End-user segments have been analyzed based on historic, present, and future trends, and the market has been estimated between 2015 and 2023 in terms of volume (Kilo Tons) and revenue (US$ Mn). Regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa (MEA). Furthermore, country level analysis has been provided in the report. Major regions such as the U.S., France, UK, Spain, Germany, Italy, China, Japan, ASEAN, Brazil, GCC, and South Africa are included in the study. Segmentation includes demand for individual products and end-users in all the regions.
The report includes a detailed value chain analysis, which provides a comprehensive view of the market. Value chain analysis also provides detailed information about value addition at each stage of the value chain. The report comprises drivers and restraints for the aromatic solvents market, along with their impact on demand during the forecast period. Additionally, the report comprises the study of opportunities in the aromatic solvents market on the global level.
The report evaluates Porter’s Five Forces model to gauge the degree of competition in the aromatic solvents market. The report comprises a qualitative write-up on market attractiveness analysis, wherein end-users have been analyzed based on their attractiveness. Growth rate, market size, raw material, profit margin, toxicity, technology, competition and other factors (such as environmental and legal) have been evaluated in order to derive general attractiveness of the market. The report includes raw material and price trend analysis for raw materials and aromatic solvents from 2013 to 2023. A brief qualitative description about manufacturing process to produce aromatic solvents is also included in the report.
Secondary research sources that were typically referred to include, but were not limited to company websites, annual reports, investor presentations, broker reports, financial reports, and SEC filings. Other sources such as internal and external proprietary databases, statistical databases and market reports, national government documents, news articles, and webcasts specific to companies operating in the market have also been referred for the report.
In-depth interviews and discussions with a wide range of key industry participants and opinion leaders were conducted to compile this research report. Primary research represents bulk of the research efforts, supplemented by an extensive secondary research. Key players’ product literature, annual reports, press releases, and relevant documents were reviewed for competitive analysis and market understanding. This helped in validating and strengthening the secondary research findings. Primary research further developed the analysis team’s expertise and market understanding.
The report covers a detailed competitive outlook that includes market share and profiles of key participants operating in the global market. Key players profiled in the report include Ashland Inc., BASF SE, Celanese Corporation, DEZA a. s., Exxon Mobil Corporation, Eastman Chemical Company, INEOS AG, Huntsman Corporation, LyondellBasell Industries N.V., Oil Refineries Ltd., Petrochem Carless, Royal Dutch Shell plc, and UOP LLC (Honeywell International Inc.). Company profiles include attributes such as company overview, business overview, brand overview, key competitors, business strategies, financial overview (financial year), and recent/key developments and acquisitions.
This report segments the global aromatic solvents market as follows:
Aromatic Solvents Market – Product Segment Analysis
- Others (Including solvent naphtha such as aromatic 100, aromatic 150, aromatic 200, etc.)
Aromatic Solvents Market – End-user Analysis
- Oilfield Chemicals
- Paints & Coatings
- Others (Including pesticide, textiles, cleaners, chemical intermediates, electronics, adhesive & sealants, perfumes, cosmetics, etc.)
Aromatic Solvents Market – Regional Analysis
- Rest of North America
- Rest of Europe
- Rest of Asia Pacific
- Rest of Latin America
Middle East and Africa (MEA)
- South Africa
- Rest of Middle East and Africa