Aromatic Solvents Market to Expand at 4.2% CAGR by 2023-end due to Its Excellent Properties
Transparency Market Research (TMR) anticipates that the global aromatic solvents market features fairly fragmented vendor landscape owing to a large number of key players operating in the market. However, few manufacturers are exhibiting a marked degree of integration in the first stage of the industry value chain. Some of the prominent players operating 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.
According to a report by TMR, the global aromatic solvents market stood at a value of US$6.18 bn in 2014 and is estimated to expand by exhibiting a CAGR of 4.2% during the forecast period from 2015 to 2023. With this CAGR, the market is estimated to reach a valuation of US$7.76 bn by the end of the forecast period.
Based on the solvents, the toluene segment dominated the global aromatic solvents market by accounting major market share in 2014. This growth is attributable to the high demand for toluene from the industries including paints and coatings, adhesives, pharmaceuticals, and inks. However, the xylene segment is estimated to witness the most lucrative growth in the coming years owing to extensive usage in the pharmaceutical industries. Based on the region, Asia Pacific accounted for major share in 2014 in terms of volume and is estimated to remain a key factor driving growth of the global aromatic solvents market. this is attributable to the robust growth of the chemical industries in the region owing to less harsh regulations related to environment and emission of gases.
Extensive Applications in End-Use Industries Boost Market Growth
The aromatic solvents market is witnessing growth on the back of extensive applications of aromatic solvents across paints and coating industry. The excellent rate of the solvency of these aromatic solvents has benefited and helped to gain popularity across the several applications in a range of end-use industries. Especially the industries such as pharmaceuticals, automotive, and oilfield chemicals increasingly demand effective solvents in numerous end uses. These factors are primarily benefiting its sales and favoring the growth of the global aromatic solvents market.
In addition, the aromatic solvents dissolve or disperse a variety of components to form excellent additives, extenders, binders, and pigments. Thus, its demand for the formulation of paints and coatings plays a crucial role in driving growth of the aromatic solvents market.
Widening Applications in the Pharmaceuticals Drive Market Growth
The rising usage of aromatic composites in the oilfield industries and pharmaceutical is estimated to favor market growth in the coming years. Additionally, the substantial use of effective aromatic solvents such as xylene mainly for the synthesis of several active pharmaceutical ingredients and for cleaning pharmaceutical equipment is boosting the aromatic solvents market. Furthermore, the widening use of aromatic solvents across a key process of pharmaceuticals such as drug formulation is estimated to catalyze the growth of the global aromatic solvents market.
Rising usage of aromatic solvents in the coating as the material exhibits excellent corrosion inhibitors in the oil and gas industry is providing additional support to the growth of the global aromatic solvents market. However, the implication of the stringent environmental regulations over the emission of volatile organic compounds (VOCs) is encouraging exploration of substitute, which is restraining growth of the global aromatic solvents market. Moreover, a gradual industrial shift toward the selection of the non-aromatic solvents is a key factor posing as a challenge to the market growth to some extent.
This information is encompassed in the report by TMR, 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.”
For the study, the aromatic solvents market has been segmented as follows:
- Solvent Naphtha
- Oilfield Chemicals
- Paints & Coatings
- Chemical Intermediates
- Adhesive & Sealants
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East & Africa
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