ALBANY, New York, Feb. 14, 2019 /PRNewswire/ -- Transparency Market Research (TMR) projects that the global aromatic solvents market has a fragmented competitive scenario. Some of the companies operating in the global aromatic solvents market are Eastman Chemical Company, BASF SE, Celanese Corporation, Chevron Phillips Chemical Company, Royal Dutch Shell plc, and Exxon Mobil Corporation. In order to consolidate their shares in the market, manufacturers are conducting backward integration in the value chain.
According to TMR, the global aromatic solvents market collected revenue of about US$6.18 bn in 2014 and is projected to reach the valuation of US$7.76 bn by the end of the forecast period. The market is expected to expand at a CAGR of 4.2% over the forecast period from 2015 to 2023.
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Based on the product, the toluene segment dominated the global aromatic solvents market in 2014 and is expected to remain dominant over the forecast period from 2015 to 2023. Based on the region, Asia Pacific is expected to account for the largest share in the year 2014, in terms of volume, and is projected to expand at a lucrative CAGR over the forecast period.
Extensive Application in Range of Industries to Propel Market Growth
The aromatic solvents market is gaining traction due to high demand and growing uptake in the numerous end-use industries, mainly from the paints and coating industry. Growing solvency with a substantial rate of aromatic solvents has boosted its popularity in the applications across industries including automotive, oilfield chemicals, and in pharmaceuticals. Extensive application of aromatic compounds mainly in the paints and coatings industry for propelling the drying process is boosting the global aromatic solvents market.
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Additionally, the compound is able to dissolve in a variety of components such as binders, additives, pigments, and extenders for forming homogeneous solution. Thus, numerous manufacturers for binding used in paints and coatings, along with rising demand for aromatic solvents, use it. This is boosting the global aromatic solvents market.
Widening Application across Numerous Industries to Offer Growth Opportunities in the Market
Widening application of aromatic solvents in the pharmaceutical, as well as oilfield industries, is expected to provide a boost to the aromatic solvents market. High demand for xylene for the synthesis of active pharmaceutical ingredients and for cleaning pharmaceutical equipment is boosting the growth of the global aromatic solvents market. Furthermore, uptake of the aromatic solvents in numerous drug formulations is catalyzing the growth of the global aromatic solvents market. Additionally, aromatic solvents are the excellent corrosion inhibitors mainly in the oil and gas industry is further boosting the growth of the aromatic solvents market.
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Despite these factors, stringent environmental regulations pertaining to the use of volatile organic compounds emission (VOC) and shifting preference toward non-aromatic solvents are likely to hinder the growth of the market. Nonetheless, growing demand for adhesives and sealants mainly in the automotive sector and rising demand for aromatic solvents and compounds, which is expected to offer lucrative opportunities for growth over the forecast period.
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This information is encompassed in the report by TMR, titled "Aromatic Solvents - (Product- Benzene, Toluene, Xylene, and Solvent Naphtha; End-User - Pharmaceuticals, Oilfield Chemicals, Automotive, Paints & Coatings, Pesticides, Textiles, Cleaners, Chemical Intermediates, Electronics, Adhesive & Sealants, Perfumes, and Cosmetics) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023."
For the study, the aromatic solvents market has been segmented as follows:
- Solvent Naphtha
- Oilfield Chemicals
- Paints & Coatings
- Chemical Intermediates
- Adhesive & Sealants
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