Aromatics Market: Industry Overview to 2023
Aromatics are organic chemical compounds that are characterized by circular planar conjugated ring structures and are known for their flexible and chemical properties. They are derived during the distillation of crude oil in refineries. Some examples of aromatic compounds include, benzene, toluene, aniline, cumene and others. Global aromatics market is highly dynamic in nature owing to its varied application in several end-use industries such as paints & coating, automotive, pharmaceuticals, oil & gas, chemicals, and others.
Aromatics Market – Competitive Analysis
Aromatics Market is competitive due to its usage in varies end-use industries. The major players involved in the market are adopting strategies such as capacity expansion, and joint venture. For instance, ExxonMobil Chemical based Company in Singapore has acquired aromatics plant on Jurong Island in Singapore from Jurong Aromatics Corp Pte. Ltd
Get exclusive sample research report data @ https://www.marketresearchfuture.com/sample_request/930
Among the various segments in aromatics market, the toluene segment has witnessed a significant growth due to its extensive use as a solvent in paint thinners, nail polish removers, glues, and correction fluids. It is widely used as an industrial feedstock and solvent in end-use industries. Moreover, toluene is also used as an alternative fuel in heavy engines. It is estimated that the benzene segment is set to grow at a higher CAGR owing to its boundless use as intermediates, solvents, and others in oil & gas industries. The growing production of cyclohexane, ethylbenzene, and others in major industries is set to drive the aromatics market over the assessment period. Additionally, its extensive use in the production of synthetic rubber and plastics in end-use industries is set to drive the market in the coming years. 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.
Industry/ Innovation/ Related News:
August 27, 2018–Ruwais Refinery Expansion – Gasoline & Aromatics Plant. The expansion will enable to meet the needs of the evolving and expanding market for refined products, as well as add value to each barrel processed. The new gasoline and aromatics project will add 4.2 metric tonnes per annum of gasoline supply and 1.6 metric tonnes per annum of aromatics. This project plans to boost petrol production to 9.4 mtpa by 2022 which translates to about 217500 barrels per day (bpd).
June 2017 – Vinati Organics planned to expand its isobutyl Aromatics capacity to 25,000 tonne at its Mahad facility to meet the strong demand outlook for the product. This expansion would help the Vinati Organics to increase its market share in the region.
February 2017 – Kuwait’s state petrochemicals firm PIC made contract for the Third Olefins and Second Aromatics projects in Kuwait to UK’s Amec Foster Wheeler. The plants are decided to build at Al-Zour in the Kuwaiti part of the Partitioned Neutral Zone between Kuwait and Saudi Arabia to be integrated with a refinery that is being built by state refiner KNPC. As per the prediction, the start-up of the olefins and aromatics projects are scheduled for 2022 due to growing demand of aromatics in the region
May 2017 – ExxonMobil Chemical based Company in Singapore has agreed to acquire a 1.4 million-tonnes per year aromatics plant on Jurong Island in Singapore from Jurong Aromatics Corp Pte. Ltd. The acquisition and expansion strategy of Singapore is driven by the expected increase in global demand for chemical products over the next decade of nearly 45%, and about 4% per year, which is at faster pace than energy demand and economic growth in the world
Access Complete Report @ https://www.marketresearchfuture.com/reports/aromatics-market-930
Global aromatics market is driven by rapidly growing automotive industry in emerging economies such as India and china, prosperity of the automotive industry as a result of increasing disposable income among the urban population. 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. Moreover, the increasing demand for premium paints among do-it-yourself (DIY) consumers along with increasing extensive consumption of product as intermediates and solvent in end-use applications is expected to drive the market. Increasing demand for end-use specific coating solutions coupled is expected to further drive aromatics market during the forecast period.
Production of aromatic fine chemicals from non-food biomass in bio-refineries linked to the production of biofuels is a fastest growing trend that is picking up recently. The advances in metabolic engineering and bioprocess optimization have helped in enhancing the microbial conversion rate of biomass into aromatic compounds, which was expensive in the past. For instance, Anellotech, a company involved in developing a process to make aromatic chemicals from non-food biomass, has won $9 million in funding from the Japanese beverage maker Suntory.
Media Contact
Company Name: Market Research Future
Contact Person: Abhishek Sawant
Email: Send Email
Phone: +1 646 845 9312
Address:Market Research Future Office No. 528, Amanora Chambers Magarpatta Road, Hadapsar
City: Pune
State: Maharashtra
Country: India
Website: https://www.marketresearchfuture.com/reports/aromatics-market-930