Aromatic Solvents Market Overview:-
Global aromatic solvents market size is positively influenced by growing application of it in automobiles, textiles, electronics paints & coatings, adhesive & sealants, pharmaceuticals and industry. The excellent physical and chemical property of it along with solvency nature has popularised its demand in the application industry. Among the application segment, paints and coating accounted for largest market share across the globe due to growing use of it in speeding up the drying process of paints and coatings. Moreover, these aromatic solvents are extensively used in dissolution of additives, binders and other organic components to make a uniform (homogeneous) solution. As a result, it is mostly preferred by manufacturers of paints and coating which is the main factor that drive the segment to a fastest CAGR.
Top Key Players:
Royal Dutch Shell plc (U.K), Eastman Chemical Company (U.S.), LyondellBasell Industries Holdings B.V (Netherland), Sasol Ltd and Ineos AG, Exxon Mobil Corporation (U.S.), Chevron Phillips Chemical Company LLC (U.S), Celanese Corporation (U.S.), Honeywell International Inc (U.S.), BASF SE (Germany), among others are some of the main market players who are in competition in the Aromatic Solvents market and are profiled in MRFR Analysis.
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There is a growing opportunity of aromatic solvents observed among the application segments like oilfield and pharmaceutical. In pharmaceutical segment aromatic solvents like xylene is used to synthesise various ingredients. In addition to these aromatic solvents are also used to clean the pharmaceutical equipment in healthcare industry which are expected to positively impact the market in the segment. In case of oilfield industry, the aromatic solvents are used as corrosion inhibitors as most of the oil process has to face harsh conditions which further offers growing opportunity for aromatic solvents in the segment.
Industry/ Innovation/ Related News:
March 2017– Haltermann Carless planned to invest into its sites and technologies to broaden its aromatics and chemicals offerings for customers. The hydrogenation unit, is expected to help Haltermann Carless to process huge amount of feedstock in terms of volume due to growing demand for light aromatic and oils which are eco-friendly in nature along with hydrocarbon chemicals.With this investment, the company is expected to widen the product portfolio to the consumers.
May 2017– The Malaysia based gaint, Petron Carporation planned to invest more in its refinery capacity and expected to double its own capacity in the existing site to produce petrochemicals and aromatics due to growing demand of aromatic solvents in end use industry. In addition to this, the company has also shown its interest in expansion of the the capacity of refinery in Bataan.
May 2017– ExxonMobil Chemical has recent done the capacity expansions at its global sites in Singapore, Jurong, Texas, Baytown, Antwerp and Belgium
Application of the aromatic solvents market includes adhesive & sealants, paints & coatings, automobiles, electronics, pharmaceuticals and textiles among others. The paints and coating industry is expected to increase across the globe due to growing urbanization, rising disposable income, rising population rising construction activities and rapid industrialisation across the globe. Furthermore, a number of ambitious programs launched by the government of the developing countries in Asia to increase the industrial activities to increase the individual country’s GDP is expected to spur the demand of aromatic solvents market across the globe.
Aromatic Solvents Regional Analysis:-
The Aromatic Solvents Market is segmented across five regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major share of the market and is expected to grow at an exponential CAGR. The growing population and the increasing personal disposable income in the developing nations are the major factors driving the growth of the Aromatic Solvents market. Moreover, the growing inter-country trade in the region has augmented the use of Aromatic Solvents in packaging and corrugated boxes which is further adding to the growth of the market. Furthermore, with the increasing working population, the demand for processed and on-the-go food products are propelling in the region which in turn is adding to the market growth owing to the use of Aromatic Solvents in label and stickers in the food and beverage industry.
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North America is another dominant region for the market of Aromatic Solvents exhibiting a growing CAGR. The presence of well-developed end-user industries coupled with the growing adoption rate are the major factors adding to this growth. Moreover, the fast-paced lifestyle has augmented the demand for on the go food and beverages which is further expected to propel the growth in this region. In addition to this, the regulations by the FDA to display product information in packaging and labels is also contributing to the growth of the market.
The report covers brief analysis of the major geographic regions namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
- Aromatic Solvents market manufacturers
- Traders and Distributors of Aromatic Solvents market
- Production process industries
- Potential investors
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