Aromatics Market Overview to 2023
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.
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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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.
Competitive Analysis
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.
- 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
11.3.2 Type/Business Segment Overview
….to be continue….
Segmentation
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.
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.
The European market has observed 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 pharmaceuticals, lubricants, personal care segments. It is estimated that the growing innovation and technological advancement in lithium-ion batteries, and other products are predicted to propel the growth in the countries such as the U.K, Italy, Germany, and France during the forecast period.
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