The Global Aromatic Solvents Market was $7.31 billion in 2020. It is expected to be around $8.36 billion in 2025 with a current CAGR of 2.84%. The Global Aromatic Solvents Market is expected to witness slow growth during the forecast period (2020 – 2025). Among all the regions the Asia Pacific is expected to grow the fastest.
Aromatic solvents are considered as a kind of solvents that are created from aromatic hydrocarbon like xylene, Naptha, or toluene, making them ideal diluents and solvent in different end-use segments. Aromatic solvents like toluene usually find use in varnishes, adhesives, paints, and as other chemical half ways. They provide excellent solvency rate and resist corrosion that paves its use in different end-use segments like paints & coatings, textiles, adhesive & sealants, oil & gas, and others. Also, the ability to modify the viscosity as per the curing rate enhances the aesthetics and functionality of the outer layer painting in different paints & coatings applications. Aromatic solvent is a kind of hydrocarbon that has to substitute double and single bonds among carbon atoms that form rings.
Recent Developments
SINGAPORE (ICIS)--Indian giant Reliance Industries Limited (RIL) will take its aromatics industry in Hazira offline from the end of the month of September for a scheduled turnaround, sources close to the firm. Some Indian retailers were hopeful that the toluene supply will tighten during this turnaround period, supporting the domestic cost level
Aromatic Solvents Market Drivers & Restraints
Aromatic solvents are powerful solvents for organic liquids. Therefore, they are broadly employed in a range of industries like paints, petrochemicals, nail polish removers, cleaners, dyes, and varnishes. These solvents are a strong bonding and dissolving agent for organic liquids that have escalated their applications to a number of industries, hence driving the industry expansion. The trend of apparel customization is mainly boosting the call for these solvents in the textile firms of China and India. The packaging business is also contributing to the expansion of the aromatic solvents business owing to the fast rise in the call for packaging products for food and beverages.
Improved chemical & physical features of the specialty solvent and its high application in the paints & coatings sector are estimated to boost the aromatic solvents industry in the coming future. Moreover, their use as corrosion inhibitors in the oil and gas industry in addition to diluents and thinners in different end-use businesses will further escalate its call in the coming future. The rising call for these chemicals in the construction, oil, and gas, and packaging industries is driving the expansion of the aromatic solvents industry. In the construction industry, these solvents play a pivotal role as carriers in paints and coating applications. Therefore, with the fast advancement and urbanization in different countries across the world, the call for these solvents is estimated to increase. The expansion of the aromatic solvents industry is being hindered by the rising focus on green solvents that are derived from agricultural crops.
Green solvents are 100% biodegradable, non-corrosive, and not harmful in nature. Apart from these, owing to the strict norms and rules imposed by different governments across the world, firms are increasingly focusing on utilizing greener products in their industrial procedures for sustainable advancement. The call for aromatic solvents in recent years has escalated owing to its rising use in the automotive industry that generates a great call for adhesives & sealants to bond the vehicle parts in order to offer mechanical stiffness to the vehicle hence avoids failing. These solvents produced through crude petroleum distillation in the oil refining industry are widely employed as corrosion inhibitors in oil and gas pipelines to perform fractional distillation that avoids deterioration of inner walls pipelines due to high contents of carbon dioxide, hydrogen sulfide, and other corrosive products. These factors will boost the global aromatic solvents market size during the foreseen timeframe.
REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2019 – 2025 |
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Base Year |
2019 |
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Forecast Period |
2020 - 2025 |
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CAGR |
2.84% |
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Segments Covered |
By Product, Type, Consumption, Distribution Channel and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
yondellBasell Industries Holdings B.V. (Netherlands),BASF SE (Germany),SK Global Chemical Co., Ltd. (South Korea),China National Petroleum Corporation (China),Total S.A. (France),China Petroleum and Chemical Corporation (China),Royal Dutch Shell Plc (Netherlands),ExxonMobil Corporation (United States of America),Reliance Industries Limited (India)Chinese Petroleum Corporation (Taiwan) |
Aromatic Solvents Market is segmented into the following categories as per the research report until 2025.
Aromatic Solvents Market - By Type
The toluene solvents sector accounted for the biggest industry share, on the basis of value, in 2019. The high solvency power and low-toxicity of toluene solvents and xylene solvents are estimated to escalate their use in different applications like paints & coatings, printing inks, and cleaning & degreasing.
Aromatic Solvents Market - By Application
The paints & coatings sector accounted for the biggest industry share, on the basis of value, in 2019. The rising investments of the automotive OEM, machinery, and appliances firms, around the world, along with the rise in building & construction activities are determined to drive the urge for this application over the conjecture period.
Aromatic Solvents Market - By Region
Latin America
Asia Pacific
Europe
North America
Middle East and Africa
Among the Asia Pacific is the fastest-growing market. India, China, Japan are some of the fastest-growing countries in the Asia Pacific region. Asia Pacific is growing at a high pace due to the availability of raw materials, cheap labor, LG & area for industrial setup. The Middle East & Africa region is also expected to grow fast due to it being the major producer of raw materials required to manufacture aromatic solvents.
Worldwide, APAC is estimated to hold the highest portion in the global aromatic solvents market during the foreseen period. This can be mainly ascribed to the fast industrialization in countries like India and China, where products like paints and inks are broadly used for different applications. In addition to that, the price of raw materials in this region is comparably less that continues to fuel the industry expansion. Apart from that, government rules in APAC countries are favorable and boost firms in the industry to operate in the area. The European industry is majorly driven by the developed construction, electrical & electronics,and automobile segment. In addition to that, escalating application in the oil & gas industry together with the increasing infrastructural development is the major factor attributing to the product expansion in the region. Apart from this, boosting calls from the pharmaceutical segment in the region will escalate the employment of aromatic solvents for different applications.
Some of the key market players are
LyondellBasell Industries Holdings B.V. (Netherlands)
BASF SE (Germany)
SK Global Chemical Co., Ltd. (South Korea)
China National Petroleum Corporation (China)
Total S.A. (France)
China Petroleum and Chemical Corporation (China)
Royal Dutch Shell Plc (Netherlands)
ExxonMobil Corporation (United States of America)
Reliance Industries Limited (India)
Chinese Petroleum Corporation (Taiwan)
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Type
5.1.1 Introduction
5.1.2 Toluene Solvents
5.1.3 Xylene Solvents
5.1.4 Ethylbenzene Solvents
5.1.5 Y-o-Y Growth Analysis, By Type
5.1.6 Market Attractiveness Analysis, By Type
5.1.7 Market Share Analysis, By Type
5.2 Application
5.2.1 Introduction
5.2.2 Paints & Coatings
5.2.3 Printing Inks
5.2.4 Adhesives
5.2.5 Cleaning & Degreasing
5.2.6 Y-o-Y Growth Analysis, By Application
5.2.7 Market Share Analysis, By Type
5.2.8 Market Attractiveness Analysis, By Application
5.2.9 Market Share Analysis, By Application
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By Type
6.1.3.3 By Application
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By Type
6.1.4.3 By Application
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By Type
6.1.5.3 By Application
6.2 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.3 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.4 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 Australia
6.3.6 South Korea
6.5 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.6 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 LyondellBasell Industries Holdings B.V.
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 BASF SE
8.3 SK Global Chemical Co., Ltd.
8.4 China National Petroleum Corporation
8.5 Total S.A
8.6 China Petroleum and Chemical Corporation
8.7 Royal Dutch Shell Plc
8.8 ExxonMobil Corporation
8.9 ), Reliance Industries Limited
8.10 Chinese Petroleum Corporation
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
The segment-level analysis in terms of By Diagnostic Wearable Devices, and Therapeutic Wearable Devices along with market size forecasts and estimations to detect key areas of industry growth in detail
Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
Study the environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy developmentmicro
A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
Global Aromatic Solvents Market Market By Region, From 2020-2025 ( USD Billion )
Global Aromatic Solvents Market Market By Type , From 2020-2025 ( USD Billion )
Global Toluene Solvents Market By Region, From 2020-2025 ( USD Billion )
Global Xylene Solvents Market By Region, From 2020-2025 ( USD Billion )
Global Ethylbenzene Solvents Market By Region, From 2020-2025 ( USD Billion )
Global Aromatic Solvents Market Market By Application , From 2020-2025 ( USD Billion )
Global Paints & Coatings Market By Region, From 2020-2025 ( USD Billion )
Global Printing Inks Market By Region, From 2020-2025 ( USD Billion )
Global Adhesives Market By Region, From 2020-2025 ( USD Billion )
Global Cleaning & Degreasing Market By Region, From 2020-2025 ( USD Billion )
