Aromatic solvents are organic chemicals that are used to dissolve solid materials to form a homogenous solution. These solvents constitute a benzene ring structure and include toluene, xylene, benzene, and other heavy aromatics such as heavy naphtha. Aromatic solvents are manufactured in the petroleum refining industry from the distillation of petroleum stock and other chemical conversion processes such as catalytic hydrogenation and alkylation. These solvents are also obtained from light hydrocarbons such as ethane, butane, and propane. Catalytic reforming and steam cracking of straight chain alkanes is a widely accepted manufacturing process of aromatic solvents in the oil & gas industry. Aromatic solvents are largely used in the paints & coatings end-user industry to accelerate the drying process. Benzene, xylene, and toluene solvents are extensively used in paints, adhesives, and inks across the globe. Additionally, these aromatic solvents are employed in the manufacture of other intermediate chemicals such as cumene, ethyl benzene, phthalic anhydride, naphthalene, and maleic anhydride.
Demand for aromatic solvents is largely driven by the paints & coatings industry. Aromatic solvents dissolve or disperse different components such as binders, additives, pigments, and extenders that are used in the formulation of paints & coatings. Furthermore, high solvency rates help form a better homogenous solution as compared to other solvents. Similarly, expansion in the automotive industry is anticipated to boost the demand for adhesives and sealants, which is one of the major applications of aromatic solvents. These solvents maintain an optimal evaporation rate of adhesives. This helps in optimal setting of adhesive polymer on the base surface. Factors such as stringent environmental regulations (due to VOC emission) and industrial shift toward non-aromatic and biobased solvents are likely to hamper the aromatic solvents market during the forecast period.
In terms of volume, toluene segment accounted for more than 45% share of the global aromatic solvents market in 2014. Increase in applications in paints and coatings, adhesives, inks, pharmaceuticals, and other chemical formulations is estimated to drive the toluene segment in the aromatic solvents market from 2015 to 2023. Xylene is another important product segment of the global aromatic solvents market. It constitutes mixture of three isomers: ortho, meta, and para. These solvents are used in the synthesis of active pharmaceutical ingredients and to clean pharmaceutical equipment. Benzene solvents held a small share of the global aromatic solvents market in 2014. These solvents are primarily employed in the rubber industry due to their high solvency rate. Furthermore, benzene solvents are used in the artificial leather industry and glue manufacturing, rotogravure printing, and tin can assembly applications.
Pharmaceuticals, oilfield chemicals, automotive, paints & coatings, and others are major end-user industries in the global aromatic solvents market. Oilfield chemicals end-user segment accounted for above 5% share of the global aromatic solvents market in 2014. Aromatic solvents are used as corrosion inhibitors in oilfields to protect the inner surface of pipelines. Pharmaceuticals, another end-user segment, is likely to witness the slowest growth rate from 2015 to 2023. The others segment is projected to maintain average growth rate during the forecast period. Others end-user segment includes pesticides, textiles, cleaners, chemical intermediates, electronics, adhesive & sealants, perfumes, and cosmetics.
In terms of volume, Asia Pacific dominated the global aromatic solvents market with more than 50% share in 2014. High growth in the chemical industry is one of the major factors driving the market in Asia Pacific. Growth rate of aromatic solvents is estimated to decrease in North America and Europe due to the enactment of stringent regulations. Latin America is projected to witness moderate growth rate, as demand for aromatic solvents is expected to be significant in Brazil, Venezuela, and Argentina. Middle East and Africa (MEA) is anticipated to witness below average growth rate owing to the economic transition in the region; however, the region is anticipated to experience high growth potential in the near future.
The global aromatic solvents market is highly fragmented. Some manufacturers exhibit a high degree of integration in the first stage of the value chain. Key players in the aromatic solvents market include UOP LLC (Honeywell International, Inc.), Royal Dutch Shell plc, Exxon Mobil Corporation, Chevron Phillips Chemical Company, BASF SE, LyondellBasell Industries N.V., Celanese Corporation, and Eastman Chemical Company.
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