The aromatic solvents market is growing with a considerable rate due to high demand for aromatic solvents from the end users such as ink industry, and paint and coating industry. Development of light aromatic fluids is expected to reduce potential hazards caused by aromatic solvents, resulting in a great opportunity for the aromatics solvent market to grow with a more significant rate in the coming years.
A solvent dissolves a solute in a specific volume depending on temperature, to produce a solution. Mixture of solvent and solute, consisting single phase as all the solute molecules occurs as solvates in it, opposes to split continuous phases in emulsions, suspensions and other types of non solution mixtures. On the basis of nature of solvents, solvents can be categorized as polar and non-polar. Dielectric constant is used to measure the polarity of solvents, the solvents with dielectric constant less than 15 are known as non polar solvents and rest are known as polar solvents. Benzene, hexane, toluene, chloroform and pentane lie under non polar solvents category, whereas acetone, formic acid, ethyl acetate, propylene carbonate, ethanol, methanol, acetic acid and water lies under polar solvents category. Boiling point is an important property of solvent, which determines the speed of evaporation.
The aromatic solvents are composed of xylene, naphtha, toluene, benzene and other aromatic solvents. Solvents are essential components of inks, paints and coatings. The aromatic solvents are engaged during the fusion of active excipients and substances, and during the drug manufacturing procedure in the pharmaceutical industry. The aromatic solvents are also used broadly in the manufacture of chemicals such as cumene, ethylbenzene, maleic anhydride and phthalic anhydride. Aromatic solvents are mostly produced in petroleum refining industry during fractional distillation of petroleum stocks. The chemicals produced during fractional distillation dissolve binding agent and pigment together to form a solution. Hydro dealkylation, steam cracking, pyroforming, catalytic refining, and coal carbonization are also used to manufacture the aromatic solvents. Under oil and gas industry, steam cracking and catalytic reforming are general manufacturing processes for the aromatic solvents.
The aromatic solvents market can be categorized on the basis of product type as toluene, benzene, aromatic 150, xylene, aromatic 200 and aromatic 100. On the basis of applications, the aromatic solvents market can be categorized as oilfield chemicals, pharmaceuticals, paints and coatings, perfumes, automotive, adhesives and sealants, cosmetics textiles, electronics, and pesticide.
Some of the factors driving the growth of the aromatics solvent market are strong growth in oil and gas industry, and rising crude oil prices. As the automotive industry is rising globally, it is increasing the demand for adhesives and sealants, which in turn is resulting in the growth of the aromatic solvents market. However, due to toxicity issue, industries are shifting towards bio based, non aromatic and water based solvents, creating hindrance in the growth of the aromatic solvents market to some extent. Stringent environmental regulations due to volatile organic compound (voc) emissions from aromatic solvents are also a major factor creating hindrance in the growth of aromatic solvents market.
Some of the competitors in the aromatic solvents market are BASF SE, Royal Dutch Shell plc, Haltermann Carless UK Limited, INEOS AG, LyondellBasell Industries N.V., Celanese Corporation, Honeywell International Inc., Exxon Mobil Corporation, Ashland Inc., Huntsman International LLC, Eastman Chemical Company, DEZA a. s., and Oil Refineries Ltd.