Precedence Research recently published a report titled “Aromatic Solvents Market – Global Industry Analysis, Trends, Regional Outlook, and Forecast 2021 – 2030”
The global aromatic solvents market size is projected to hit USD 8.10 billion by 2030 and is anticipated to grow with a healthy CAGR of 4.8% over the forecast period 2021-2030.
The report contains 150+ pages with detailed analysis. The base year for the study has been considered 2021, the historic year 2017 to 2020, the forecast period considered is from 2021 to 2030.
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An Aromatic solvent are a class of solvent that comprises of aromatic hydrocarbons such as naptha, xylene, and toluene that makes them a perfect solvent for usage in various end-use industries. Aromatic solvents such as toluene are usually used in adhesives, varnishes, paints, and other chemical half ways. Their favorable properties such as excellent solvency rate and high resistance to corrosion makes them used in different industry verticals that includes textiles, paints & coatings, oil & gas, adhesives & sealants, and many other industries.
Additionally, the ability of the solvent to modify the viscosity according to the curing rate intensifies the functionality and aesthetics of the outer layer of paints applied in various paints & coatings applications. Aromatic solvents are those solvents that substitute the single and double bonds formed in the hydrocarbons.
Strong bonding and dissolving property of aromatic solvents escalates their application in various end-use industries such as nail polish remover, paints, cleaners, varnishes, dyes, and many others, hence significantly drives the market growth for aromatic solvents. The trend for apparel customization is prominently boosting the demand for aromatic solvents in textile industries particularly in China and India.
Other than textile, packaging industry also plays a significant role in driving the market growth of aromatic solvents owing to rapid escalation in demand for food & beverage packaging. Hence, enhanced physical and chemical properties of specialty solvents and its increased application in food & beverage industry are likely to propel the market growth for aromatic solvents in the coming years. As per Smithers Pira, the global packaging industry was valued at US$ 839 billion in the year 2015 and anticipated to be approach trillion-dollar threshold by 2020.
Moreover, their application as corrosion inhibitor mainly in the oil & gas industry as well as thinner and diluents in various other industry verticals expected to escalate the market growth in the forthcoming years. Further, increasing application of chemicals and solvents in oil & gas, construction, and packaging industry is the other major factor that boosts the market for aromatic solvents.
Because of rapid urbanization especially in developing nations flourishes the growth of construction sector. As per a study conducted by PwC, the construction sector witnessed an annual growth rate of 4.5% between 2015 to 2020 in the Asia Pacific region. Further, the construction industry of China expected to overtake the USA market that is one of the most important construction markets globally.
|Market Size||USD 8.10 Billion by 2030|
|Growth Rate||CAGR of 4.8% from 2021 to 2030|
|Historic Data||2017 to 2020|
|Forecast Period||2021 to 2030|
|Segments Covered||Product, Application|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
- The Asia Pacific is the largest revenue share holder in the global aromatic solvent market and also exhibits the fastest growth rate in the coming years
- By Product, toluene leads the global aromatic solvent market in the year 2020 owing to its significant application in adhesives sector
- Based on application, paints & coatings industry captured nearly half of the revenue share in the global aromatic solvent market in 2020 and estimated to continue same trend over the forecast timeframe
Among all geographic regions, the Asia Pacific emerged as the front-runner in the global aromatic solvents market both in terms of revenue share as well as growth rate. The prime factors attributed to the prominent growth of the region are rapid growth in urbanization and industrialization. This has significantly escalated various sectors such as construction, packaging, oil & gas, paints & coatings, and many other industries.
Packaging industry is one of the significant revenue contributors to the Asian aromatic solvents market as the Asia Pacific accounted to hold 40% of global share in packaging industry. As per Canadian Research Institute, Asian Packaging industry holds significant potential for future growth owing to largest consumer base across the world. In emerging nations, such as Brazil, India, and China, the affluent middle-class population is growing rapidly, and thus consumption is also growing along with prosperity. As per statistics, population in the Asia Pacific was accounted for only 28.46% of world in the year 2013 that was less compared to Europe, whereas the regions jumped to a share of 53.55% in 2020 that is more than half of the overall world’s population.
The aromatic solvents market report provides an understanding of the market composition and explains the role of established players and regional contributors. It is essential for the market players to make calculative moves and focus on client acquisition and retention. The detailed company profiles will provide the necessary intelligence to the reader. In order to maintain their share, the market players are focusing on strategies such as cross-border expansion, product differentiation, and so on.
Some of the key players in the global aromatic solvents market include:
- Exxon Mobil Corporation
- China Petroleum & Chemical Corporation
- SK Global Chemical Co., Ltd.
- BASF SE
- Royal Dutch Shell PLC
- Lyondellbasell Industries Holdings B.V.
- Reliance Industries Limited (RIL)
- China National Petroleum Corporation (CNPC)
- Chinese Petroleum Corporation (CPC)
- Total S.A.
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Precedence Research has segmented the global Aromatic Solvents Market report on the basis of product, application, and region:
By Product Type
By Application Type
- Oilfield Chemicals
- Paints & Coatings
By Regional Outlook
- North America
- Asia Pacific
- South Korea
- Rest of the World
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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