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Aromatic Solvents Market By Product (Toluene, Benzene, Xylene & Others (Solvent Naphtha, etc.)), End User (Pharmaceuticals, Oilfield Chemicals, Paints & Coatings, Adhesives & Sealants, Automotive & Others (Textiles, Pesticides, etc.)) - Growth, Share, Opportunities & Competitive Analysis, 2015 - 2022

Aromatic solvents are used on a large scale in a wide range of end-user industries. These solvents are soluble in various soluble solvents with a typical aroma. Based on 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 produced from the fractional distillation of petroleum stocks. Other production methods include steam cracking, catalytic refining, and coal carbonization. The processes used to produce aromatic solvents in the oil and gas industry include steam cracking and catalytic refining.

Aromatic solvents are widely used in the paints and coatings industry. The paints and coatings industry accounted for the largest share of the global aromatic solvent market. Rising demand for aromatic solvents from the paint and coatings industry is driving the market for aromatic solvents. Growing construction activities in emerging economies such as the Asia Pacific have led to high demand for paints and coatings, thereby contributing to the growth of aromatic solvents in the market. Pharmaceuticals 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. High demand from the pharmaceutical industry is anticipated to boost market growth for aromatic solvents. The Adhesive & Sealants industry is also projected to boost market demand as aromatic solvents are used in the adhesives and sealants industry. Other regions, such as the Middle East & Africa, and the Rest of the World, are also anticipated to fuel demand for the aromatic solvents market in the near future.

The aromatic solvents market was valued at over the U.S. $6.50 billion in 2022 and is expected to grow at a CAGR of more than 4.0% between 2016 and 2022. 

The Purpose of the Report

The purpose of this strategic research study titled "Global Aromatic Solvents Market-Growth, Share, Opportunities, and Competitive Analysis, 2015–2022" is to provide company executives, industry investors, and industry participants with in-depth insights to enable them to make informed strategic decisions regarding the opportunities in the global aromatic solvents market.

Target Audience

  • Industry Investors
  • Aromatic Solvents Providers/Vendors
  • Research Professionals
  • Emerging Companies
  • Raw Material Suppliers/Buyers
  • Product Suppliers and Buyers
  • Research Institutes

Key Offerings and Unique Selling Points

The report titled "Global Aromatic Solvents Market-Growth, Share, Opportunities, and Competitive Analysis, 2015–2022" offers strategic insights into the global aromatic solvents market along with the market size and estimates for the period 2015 to 2022. The research study extensively analyzes multiple market segments based on end-user applications and cross-sectional studies across different geographies. In order to help strategic decision-makers, the report also includes competitive profiling of the leading aromatic solvent vendors, their expansion strategies; market positioning; and latest developments. Other in-depth analyses provided in the report include:

  • Current and future market trends to support the aromatic solvents industry's attractive markets
  • market fuelers, market impediments, and their impact on the market's growth
  • In-depth examination of the competitive environment
  • Trailing 2-year market size data (2013–2014)
  • SRC (Segment-Region-Country) Analysis.

Overall, the research study provides the following:

  • A holistic view of the global aromatic solvents market growth.
  • Offering market size and estimates for the period from 2015 to 2022.
  • Keeping in mind the above-mentioned factors.

On the basis of its product type, the aromatic solvents market is categorized into the following segments:

  • Toluene
  • Benzene
  • Xylene
  • Others (Solvent Naphtha, etc.)

A solvent is a substance that has a large number of applications in the chemical industry. It is a substance that 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, 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 industries. It accounted for the fastest-growing product segment of aromatic solvents in 2016. High demand for toluene from the paints and coatings industry has led to the growth of the global aromatic solvent market. Xylene is another product segment that is anticipated to fuel market demand for aromatic solvents. It is majorly used as an industrial paint, especially for the automotive industry. In addition, 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, the development of light aromatic solvents in the market is anticipated to boost the market and reduce potential hazards for aromatic solvents in the near future.

On the basis of its application, the aromatic solvent market is categorized into the following end-use segments:

  • Pharmaceuticals
  • Oilfield Chemicals
  • Paints & Coatings
  • Adhesives & Sealants
  • Automotive
  • Others (Textiles, pesticides, etc.)

Based on application, the global aromatic solvents market is segmented into pharmaceuticals, oilfield chemicals, paints & coatings, adhesives & sealants, automotive, and others, including textiles, pesticides, etc. Among these applications, paints and coatings accounted for the major application segment of the global aromatic solvents market in 2016. Solvents are a vital component of the paints and coatings industry. Hence, high demand from this industry is driving the growth of aromatic solvents in the market. Furthermore, aromatic solvents are used during the drug manufacturing process in the pharmaceutical industry. Hence, increasing demand for aromatic solvents is observed in the pharmaceutical industry. The 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 2022. The 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. Increased crude oil production has created a high demand for aromatic solvents in oilfield recovery. Other industries, such as adhesives and sealants, automotive, and textiles, among others, are also anticipated to boost the market growth of aromatic solvents in the near future.

On the basis of geography, the global aromatic solvents market is segmented into the following categories:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • Italy
    • U.K.
    • Russia
    • Rest of Europe
  • Asia-Pacific
    • India
    • China
    • Japan
    • Rest of Asia-Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East and Africa

Asia-Pacific accounted for a major share of the global aromatic solvent market in 2016. Increasing construction activities in emerging countries such as China and India have led to high demand for paints and coatings in the region. Aromatic solvents are used on a large scale in the paints and coatings industry. Therefore, the high demand for paints and coatings in the market has led to the growth of the global aromatic solvent market. Europe was the second-largest market for aromatic solvents globally, and it is expected to maintain that position in the near future. Increasing demand for aromatic solvents from the pharmaceutical industry is one of the driving factors of the global aromatic solvent market. North America is anticipated to boost market demand for aromatic solvents due to rising demand from the adhesive and sealant industries in the region. Other regions, such as the Middle East & Africa and the 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 textiles and pesticides.

Frequently asked questions :

The market for Aromatic solvents Market is expected to reach US$ 6.50 Bn in 2022.

The Aromatic solvents Market market is expected to see significant CAGR growth over the coming years, at 4.0%.

The report is forecasted from 2016-2022.

The base year of this report is 2015.

Ashland Inc., BASF SE, Celanese Corporation, Chevron Phillips Chemical Company, Eastman Chemical Company, Exxon Mobil Corporation are some of the major players in the global market.

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Trusted By
Godaddy
Published Date:  Jun 2016
Category:  Chemicals
Report ID:   57892
Report Format:   PDF
Pages:   120
Rating:    4.2 (40)
Delivery Time: 24 Hours to 48 Hours   
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