Aromatic Solvents Market Size, Share, Trends

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Aromatic Solvents Market - By Type (Toluene Solvents, Xylene Solvents And Ethylbenzene Solvents), By Application (Paints & Coatings, Printing Inks, Adhesives, Cleaning & Degreasing), & By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Analysis, Size, Share, Growth, Trends, Trends & Forecast | 2022 to 2027

Published: January, 2022

ID: 8104

Pages: 150

Aromatic Solvents Market Size & Growth 2022-2027:

The Global Aromatic Solvents Market was $9.31 billion in 2021 and is expected to be around $11.36 billion in 2026 with a current CAGR of 5.11%. The Global Aromatic Solvents Market is expected to witness slow growth during the forecast period (2022– 2027).

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 solvents in different end-use segments. Aromatic solvents like toluene usually find use in varnishes, adhesives, paints, and as other chemical halfways. They provide an excellent solvency rate and resist corrosion that paves their 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.

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, 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 generating 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.

AROMATIC SOLVENTS MARKET REPORT COVERAGE

REPORT METRIC	DETAILS
Market Size Available	2021– 2026
Base Year	2021
Forecast Period	2022- 2027
CAGR	5.11%
Segments Covered	By Type, By Application
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
Regions Covered	North America, Europe, APAC, Latin America, Middle East & Africa
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)

Market Segmentation:

Aromatic Solvents Market - By Type:

Toluene solvents xylene solvents
Ethylbenzene solvents

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:

Paints & coatings
Adhesives
Printing inks
Cleaning & degreasing
Others

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
The Middle East and Africa

The Asia Pacific is the fastest-growing market. India, China, and 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 of 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 which 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.

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

Some of the key market players in the Aromatic Solvents Market 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 Aromatic Solvents Market Market By Region, From 2022 - 2027( USD Billion )
Global Aromatic Solvents Market Market By Type , From 2022 - 2027( USD Billion )
Global Toluene Solvents Market By Region, From 2022 - 2027( USD Billion )
Global Xylene Solvents Market By Region, From 2022 - 2027( USD Billion )
Global Ethylbenzene Solvents Market By Region, From 2022 - 2027( USD Billion )
Global Aromatic Solvents Market Market By Application , From 2022 - 2027( USD Billion )
Global Paints & Coatings Market By Region, From 2022 - 2027( USD Billion )
Global Printing Inks Market By Region, From 2022 - 2027( USD Billion )
Global Adhesives Market By Region, From 2022 - 2027( USD Billion )
Global Cleaning & Degreasing Market By Region, From 2022 - 2027( USD Billion )