Aromatic solvents are the solvents which are used on a large scale in wide range of end-user industries. These solvents are soluble in various soluble solvents with a typical aroma. On the basis of products, aromatic solvents are segmented into toluene, xylene, benzene and others. These aromatic solvents are used in a wide range of end-user industries.
Aromatic solvents are also known as organic chemicals which are produced from fractional distillation of petroleum stocks. Other methods of production include steam cracking, catalytic refining and coal carbonization among others. The processes which are used to produce aromatic solvents in the oil & gas industry include steam cracking and catalytic refining processes.
Aromatic solvents are widely used in the paints & coatings industry. Paints & coatings industry accounted for the largest share of global aromatic solvents market. Rising demand for aromatic solvents from the paints and coatings industry is driving the market for aromatic solvents in the market. Growing constructional activities in emerging economies such as Asia Pacific has led to high demand for paints & coatings, thereby contributing to the growth of aromatic solvents in the market. Pharmaceutical is another industry driving the demand for aromatic solvents in the market. Aromatic solvents are used during the manufacturing process of pharmaceuticals. Hence, high demand is reported for aromatic solvents from the pharmaceutical industry. Europe is anticipated to boost market growth for aromatic solvent due to high demand from the pharmaceutical industry. Adhesive & Sealants industry is also projected to boost market demand as aromatic solvents are used in the adhesives & sealants industry. Other regions such as Middle East & Africa and Rest of the World are also anticipated to fuel demand for aromatic solvents market in the near future.
Aromatic solvents market was valued is expected to reach over US$ 6.50 Bn by 2029, growing at a CAGR of more than 4.0% during the forecast period 2016-2029.
Purpose of the Report
The purpose of this strategic research study titled “Global Aromatic Solvents Market - Growth, Share, Opportunities, and Competitive Analysis, 2021 – 2029” is to provide company executives, industry investors, and industry participants with in-depth insights to enable them make informed strategic decisions regarding the opportunities in the global aromatic solvents market.
Target Audience
USP and Key Offerings
The report titled “Global Aromatic Solvents Market - Growth, Share, Opportunities, and Competitive Analysis, 2021 – 2029” offers strategic insights into the global aromatic solvents market along with the market size and estimates for the duration 2021 to 2029. The said research study covers in-depth analysis of multiple market segments based on end-user applications, and cross-sectional study across different geographies. In order to help strategic decision makers, the report also includes competitive profiling of the leading aromatic solvents vendors, their expansion strategies, market positioning, and latest developments. Other in-depth analyses provided in the report include:
Overall, the research study provides a holistic view of the global aromatic solvents market, of growth, offering market size and estimates for the period from 2021 to 2029, keeping in mind the above mentioned factors
A solvent is a substance which has a large number of applications in the chemical industry. It is a substance which dissolves a solute which can be a different liquid, gas or solid. Aromatic solvents are segmented into benzene, toluene, xylene and others. These aromatic solvents are produced in the petroleum refining industry through fractional distillation of feedstocks which are also known as petroleum stocks. Aromatic solvents are made through various methods such as steam cracking, coal carbonization and catalytic refining among others. Toluene is used primarily in the paints & coatings and adhesive industry. It accounted to be the fastest growing product segment of aromatic solvent in 2016. High demand for toluene from the paints and coatings industry has led to the growth of global aromatic solvent market. Xylene is another product segment which is anticipated to fuel market demand for aromatic solvents. It is majorly used as an industrial paint especially for the automotive industry. It is also used for cleaning machines and blankets and for wood treatment among others. Health related issues of benzene along with its toxic nature are the factors hampering the growth of aromatic solvents in the market. However, development of light aromatic solvents in the market is anticipated to boost market and reduce potential hazards for aromatic solvents in the near future.
On the basis of application, global aromatic solvents market is segmented into pharmaceuticals, oilfield chemicals, paints & coatings, adhesives & sealants, automotive and others including textile, pesticides, etc. Among these application paints & coatings accounted as the major application segment of global aromatic solvents market in 2016. Solvents are known to be the vital component of the paints & coatings industry. Hence, high demand from this industry is driving the growth of aromatic solvents in the market. Aromatic solvents are used during the drug manufacturing procedure in the pharmaceutical industry. Hence, increasing demand is observed for aromatic solvents from the pharmaceutical industry. Oilfield chemicals industry is expected to exhibit steady demand for aromatic solvents in the market but is expected to increase during the forecast period from 2016 to 2029. Oil and gas industry is likely to boost market demand for aromatic solvents as these solvents are used to provide corrosion resistance to the inner surface of pipelines. Increase in crude oil production has created high demand for aromatic solvents in oilfield recovery. Other industries such as adhesives & sealants, automotive and textile among others are also anticipated to boost market growth of aromatic solvents in the near future.
Asia Pacific accounted for major share of global aromatic solvents market in 2016. Increasing constructional activities in the emerging countries such as China and India has led to high demand for paints and coatings in the region. Aromatic solvents are used on a large scale in the paints & coatings industry. Therefore, high demand for paints & coatings in the market has led to the growth of global aromatic solvents market. Europe accounted as the second largest market for global aromatic solvent market and is expected to retain its position in the near future. Increasing demand for aromatic solvents from the pharmaceutical industry is one of the driving factors of global aromatic solvents market. North America is anticipated to boost market demand for aromatic solvents due to rising demand from adhesives and sealant industries in the region. Other regions such as Middle East & Africa and Rest of the World are also projected to boost market demand for aromatic solvents due to growing demand from other end-user industries such as textile and pesticides among others.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Aromatic solvents market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
