Aromatics Market Research Report – by Application , by Type and forecast till 2025
Aromatic is an organic compound obtained from petroleum sources. It is a hydrocarbon containing delocalized electrons between carbon atoms and sigma bonds. They are used as a part of several applications such as automotive, paints & coating, oil & gas, pharmaceuticals, chemicals, and others. These are the basic building blocks for a broad array of significant industrial uses such as the production of styrene, polycarbonate, solvents, and polyesters. The most commercially significant aromatics are toluene, benzene, and xylenes(BTX).
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In spite of the high-value chemical uses, much of the aromatics stream such as xylene and toluene are blended into gasoline as octane enhancers. This market has been volatile in both the factors considering demand and price over the past few years. The volatility is principally due to the aromatics being considered as by-products. Benzene sourced from pyrolysis gas is influenced by ethylene production economics. About refinery reformate, the demand for transport fuels is affected by refined product as well as high crude oil prices. Among the different segments in this market, the toluene segment has witnessed a significant growth due to its extensive use as a solvent in nail polish removers, paint thinners, glues, and correction fluids. It is extensively used as a solvent and industrial feedstock in end-use industries.
Several companies are expanding their market owing to its extensive use in the production of synthetic rubber and plastics in end-use industries. These are basically used in lacquer-based paints that need stronger solvents to speed the drying process. Moreover, it modifies the viscosity related to the rate of curing, thereby improving the aesthetics and functionality of the final layer painting.
Abrasion resistance, its sweet smell as well as the rising consumption of the product in major industries are the important factors influencing the market. The increasing production of ethylbenzene, cyclohexane, and others in major industries are driving the market. On the other hand, stringent environmental norms and regulations related to volatile organic compounds emission (VOC) and a gradual industrial shift toward the adoption of non-aromatic solvents are the key factors hindering the growth of the market. Among the various segments in aromatics market, the toluene segment has witnessed a significant growth due to its extensive use as a solvent in nail polish removers, glues, paint thinners, and correction fluids. Furthermore, the automotive industry is anticipated to grow at a higher rate owing to its rising consumption of aromatics in lighting, dashboard, body bumpers, seats, fuel systems, upholstery, and others.
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The global Aromatics Market is segmented on the basis of the region covering North America, Asia Pacific, Europe, and LAMEA. The Asia Pacific region is estimated to hold the major share of the market owing to the rising consumption of aromatics in aerospace, automotive, aviation, and others. The toluene segment is considered to hold a major portion and is anticipated to dominate the market due to unexpected features offered by the product such as superior performance, lightweight, and other characteristics. Countries such as South Korea, China, Japan, and India are the major players in this market.
Europe is anticipated to show a remarkable growth due to stringent rules and regulations implemented by the regional governments to follow lightweight products in end-use industries. The market has been driven by the application of this rule in personal care, pharmaceuticals, lubricants segments. It is anticipated that the increasing innovation and technological development in products such as lithium-ion batteries are anticipated to drive the growth in the countries such as Germany, the U.K, Italy, and France during the forecast period.
The North American region is growing at a considerable rate owing to the rising demand for benzene and toluene products in paints & coatings, automotive, and other industries. The increasing consumption of products in end-use industries has propelled the growth in countries such as the U.S, Canada, and Mexico as they provide distinctive safety, reliable nature, as well as high performance to the product.
Moreover, the Middle East & Africa region is anticipated to witness a significant growth in the market due to the rising consumption of aromatics in automotive, healthcare, and other sectors. Additionally, Latin America is anticipated to witness a higher growth in the market owing to the rising demand for the product in the end-use industries.
Celanese Corporation, a global technology, and specialty materials company, completed the acquisition of the nylon compounding division of Nilit, a major independent producer of high-performance nylon polymers and compounds in May 2017.
Celanese Corporation (U.S.)
BASF SE (Germany)
Petrochem Carless Ltd.(U.K.)
Eastman Chemical Company (U.S.)
Huntsman Corporation (U.S.)
The ExxonMobil Corporation(U.S.)
Royal Dutch Shell plc (the Netherlands)
Honeywell International Inc. (U.S.), and Others.
Aromatics Market Segmentation:
Paints & Coating
Oil & Gas Chemicals, and Others.
Rest of Europe
Rest of Asia Pacific
Rest of LAMEA
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