Aromatics Market Strong Growth by Applications, Feasibility Key Players, Consumption Status, Production, Regions, Report 2018-2023

Aromatics Market
Aromatics Market Research Report 2018 to Forecast 2023 | By Type (Benzene, Toluene, O-Xylene, P-Xylene), Application (Paints & Coating, Automotive, Pharmaceuticals, Oil & Gas, Chemicals).

Market Overview:

Aromatics are used in a wide variety of applications, which is capable of offering versatile nature, safety, and high performance to the product. Thus, they are used in various applications such as pharmaceuticals, automotive, paints & coating, oil & gas, chemicals, and others. The global aromatics market is spanned across five regions of the world namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major share of the global market and is projected to continue leading, owing to the increasing consumption of aromatics in automotive, pharmaceuticals, paints & coatings, chemical, and others. It is estimated that the paints & coatings segment is set to observe the highest CAGR in the market due to the growing use of organic compounds to improve the performance and increase the life cycle of the product. Moreover, increasing demand for toluene as a solvent in paint thinners, nail polish removers, glues, and other products is likely to witness a rapid growth during the forecast period. These factors have led to China, India, and Japan to be the major players of this region.

The North American market is expected to grow at a higher CAGR due to extensive consumption of aromatics in paints & coating, oil & gas, chemicals, and others. The U.S., Canada, and Mexico have achieved a significant place in the market due to the growing investments in the end-use industries. Therefore, the growing demand for synthetic rubber and plastics made from aromatics are estimated to drive the market during the forecast period.

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Aromatics Market– Top 10 Global key Players & Their Strategy

Some of the well-known players operating in the global aromatics market are Eastman Chemical Company (U.S.), Ashland (U.S.), BASF SE (Germany), Huntsman Corporation (U.S.), Celanese Corporation (U.S.), Petrochem Carless Ltd.(U.K.), INEOS (Switzerland), The ExxonMobil Corporation (U.S.), Royal Dutch Shell plc(the Netherlands) and Honeywell International Inc. (U.S.) among others.

Aromatics Market – Competitive Analysis

The market by application is segregated into pharmaceuticals, automotive, paints & coating, oil & gas chemicals, and others. The paints & coatings segment is projected to expand at a significant rate due to extensive consumption of product as intermediates and solvent in end-use applications. Moreover, the automotive industry is projected to grow at a higher rate owing to its growing consumption of aromatics in body bumpers, lighting, dashboard, seats, upholstery, fuel systems, and others are projected to drive the aromatics market due to its excellent performance and bio-compatible nature offered by the product.

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Segmentation Analysis

The global aromatics market is segmented into type and application. On the basis of product, the market is segregated into benzene, toluene, o-xylene, p-xylene, and rubber segments. The market by application is further categorized into paints & coating, automotive, pharmaceuticals, oil & gas, chemicals, and others.

Aromatics are used in a wide variety of applications, which is capable of offering versatile nature, safety, and high performance to the product. Thus, they are used in various applications such as pharmaceuticals, automotive, paints & coating, oil & gas, chemicals, and others. The global aromatics market is spanned across five regions of the world namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major share of the global market and is projected to continue leading, owing to the increasing consumption of aromatics in automotive, pharmaceuticals, paints & coatings, chemical, and others. 

Some Major Points from Table of Content

11. Company Profiles

11.1 Eastman Chemical Company

11.1.1 Company Overview

11.1.2 Type/Business Segment Overview

11.1.3 Financial Updates

11.1.4 Key Developments

11.2 Ashland

11.2.1 Company Overview

11.2.2 Type/Business Segment Overview

11.2.3 Financial Updates

11.2.4 Key Developments

11.3 BASF SE

11.3.1 Company Overview

……..to be continue……

The North American region is growing significantly due to growing demand for toluene and benzene products in automotive, paints & coatings, and other industries. It is predicted that growing investments in the end-use industries is likely to drive the market during the forecast period. The growing consumption of products in end-use industries has propelled the growth in countries such as the U.S, Canada, and Mexico to achieve a stunning growth in the market because they provide unique reliable nature, safety, and high performance to the product.

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