Rising demand for various paints and coatings is primarily driving the global aromatic solvents market. This is mainly due to the fact that aromatic solvents form a crucial part of the paints and coatings industry. With increasing construction activities, a surge in demand for these solvents is occurring. In a similar manner, a rapid expansion present in the automobile industry also has been responsible for making the market grow at a thunderous pace in recent times, owing to large-scale utilization of the solvents in this sector.

In terms of statistical analysis, experts peg the global aromatic solvents market to gain revenue worth US$7.76 bn by the end of 2023. This is a decent rise compared to an earlier revenue value of US$6.18 bn registered in 2014. Such steady growth is expected to occur at a decent CAGR of 4.2% during the forecast period from 2015 to 2023.

Toluene Segments Comes out As Winner Owing to High Demand for Paints and Coatings

From a global perspective, the aromatic solvents market is mainly segregated on the basis of various criteria such as product type, end-users, and region. Under product, benzene, toluene, xylene, solvent naphtha, are key segments present in the market. With respect to the end-user, the global aromatic solvents market comprises of pharmaceuticals, oilfield chemicals, automotive, paints & coatings, and others (pesticides, textiles, cleaners, chemical intermediates, electronics, adhesives & sealants, perfumes, and cosmetics), are key segments.

In terms of products, the toluene segment held a leading position in 2014, by amassing about 45% of the total market shares. This mainly occurred due to a rising demand for various paints and coatings, adhesives, pharmaceuticals, and other chemical formulations. However, the xylene segment is expected to garner splendid sales in the near future, mainly due to its extensive employment in the development of pharmaceutical products. In addition, with high progress depicted by the leather and glue manufacturing industries, the benzene segment also has been determined to witness exemplary growth. This is mainly due to the crucial role played by benzene as a key aromatic solvent, especially in terms of manufacturing the relevant products.

Under end-users, the oilfield chemicals segment accounted for more than 5% shares of the global aromatic solvents market in 2014. This is mainly due to a high demand of the solvents existing in the oil industry, in the form of corrosion inhibitors in oilfields for protecting the inner pipeline surfaces. In contrast, during the next few years, the pharmaceuticals end-user segment is likely to witness a slow growth rate from 2015 to 2023. Whereas, the ‘others’ segment is projected to maintain an average growth rate during the forecast period, which includes pesticides, textiles, cleaners, chemical intermediates, electronics, adhesive & sealants, perfumes, and cosmetics.

Asia Pacific Hold Leading Position Thanks to Advancing Chemical Industry

From a geographical perspective, the global aromatic solvents market is spread across Asia Pacific, Europe, the Middle East and Africa, Latin America, and North America. Of these, Asia Pacific dominated the global aromatic solvents market with more than 50% share in terms of volume in 2014. High growth in the chemical industry is one of the major factors driving the market in Asia Pacific. However, growth rate of aromatic solvents is estimated to decrease in North America and Europe mainly due to implementation of stringent regulations against the use of the products.

Ashland Inc., BASF SE, Celanese Corporation, DEZA a. s., UOP LLC (Honeywell International Inc.), Exxon Mobil Corporation, Eastman Chemical Company, INEOS AG, Huntsman Corporation, Lyondell Basell Industries N.V., Oil Refineries Ltd., Petrochem Carless, and Royal Dutch Shell Plc, are key players operating in the global aromatic solvent market.

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

    • 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
    • Europe

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

      • China
      • Japan
      • ASEAN
      • 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