Global Aromatic Solvents Market Opportunities and Forecast 2023-2030

Aromatic Solvents Market Overview

The need for aromatic solvents has risen in recent years as results of their increasing use within the automotive industry, which drives up demand for adhesives and sealants to connect car parts and provides mechanical stiffness, preventing the vehicle from failing. These solvents are widely used as corrosion inhibitors in oil and gas pipelines to perform fractionation, which prevents deterioration of inner walls pipelines thanks to high contents of CO2, sulfide, and other corrosive products produced during crude petroleum distillation within the oil industry.

These factors are predicted to boost the demand of the Aromatic Solvents Market. Aromatic solvents assist within the dissolution or dispersion of various components like extenders, binders, pigments, and additives, leading to a rise in demand for Aromatic Solvents within the paint and coatings industry. This aspect is projected to fuel significant expansion within the global Aromatic Solvents Market.

Albeit its many key drivers but there are few restraints which will affect the expansion of this market. However, a key factor projected to hinder worldwide market growth is that the shifting trend of companies towards bio-based and water-based solvents.
 
Covid-19 Impact on Aromatic Solvents Market:

The ongoing COVID-19 pandemic condition has severely affected every sector around the world. Whereas, the chemicals and materials sectors moderately affected during the pandemic. This is primarily due to uncut demand of chemicals for healthcare, life science and cleaning agents. However, other elements of chemical and material sectors such as paints, industrial oil, and construction materials are facing diminution in demand. Strict lockdown resulted in nearly 50-60% reduction in supply for raw materials, which directly affected the manufacturing process. Further, halt on many end use industries directly affected the chemical demand all around the world.
 
Aromatic Solvents Market Segment Overview

 Based on Type, the market is bifurcated into Ethylbenzene Solvents, Toluene Solvents, and Xylene Solvents. Toluene Solvents is that the dominant segment for the Aromatic Solvents Market by Type. Toluene solvents’ high solvency power and low toxicity are predicted to reinforce their use during a sort of applications, including paints and coatings, printing inks, adhesives, and cleaning and degreasing.
 
Based on Application, the market is bifurcated into Printing Inks, Paints and Coatings, Cleaning and Degreasing, Adhesives, et al.Paintings and Coatings is that the dominant segments because of the increase in demand for these solvents from the paint and coatings industry as these solvents have high solvency property and their gaining popularity.

Market Analysis, Insights and Forecast – By Type
·       Benzene
·       Toluene
·       Xylene
·       Others

Market Analysis, Insights and Forecast – By Application
·       Pharmaceuticals
·       Oilfield Chemicals
·       Automotive
·       Paints & Coatings
·       Others

Aromatic Solvents Market Regional Overview

Region-wise, in terms of regions, the revival of the U.S. construction industry is probably going to generate huge revenue gains to the general market. Moreover, the presence of major automobile manufacturers within the region is additionally anticipated to propel the demand for aromatic solvents within the region. Stringent government regulations on the utilization of harmful chemicals within the paints & coatings industry are projected to be a serious downside to the market growth.

The APAC construction industry is on the increase due to the growing population followed by rapid urbanization and industrialization. The growing demand for construction within the region has resulted during a surge within the paints & coatings industry, in turn, adding to the general aromatic solvents market growth. Moreover, the rising development within the industrial sector, mainly in China, India, and Japan, will further propel the market growth throughout the assessment period.

Aromatic Solvents Market, By Geography
 
·       North America (US & Canada)
·       Europe (UK, Germany, France, Italy, Spain, & Rest of Europe)
·       Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
·       LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
 
Aromatic Solvents Market Competitor overview

Some key developments and strategies adopted by manufacturers in the Aromatic Solvents are highlighted below.

·       In 2017, Exxon Mobil Corporation acquired Singapore-based Jurong Aromatics Corporation, one among the most important aromatic producers within the Asia Pacific region. The acquisition was in line with its strategy to achieve a larger market share within the Asia Pacific region.

Aromatic Solvents Market, Key Players

·        Exxon Mobil Corporation
·        Royal Dutch Shell plc
·        UOP LLC
·        Eastman Chemical Company
·        Lyondellbasell Industries N.V.
·        BASF SE
·       Chevron Phillips Chemical Company LLC.