Global Aromatic Solvents Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027
“Global Aromatic Solvents Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2027” is a recent report generated by MarketResearch.biz, which offers in-depth insights, revenue details, and other vital information regarding the global aromatic solvents market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions and mergers, and market footprint. The global aromatic solvents market report has been segmented on the basis of product type, application, and region.
This report is based on synthesis, analysis, and interpretation of information gathered regarding the target market from various sources. Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts with the primary objective to provide a holistic view of the market. In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the market historically, as well as the current impact in order to make informed forecasts about the scenarios in future.
Aromatic solvents are organic chemicals that consist of an aromatic hydrocarbon such as toluene, ethane, naptha, or xylene, that dissolve solid materials to form a homogenous solution. Aromatic solvents are primarily produced by means of distillation of crude petroleum stock in oil refining industry. Aromatic solvents are used as thinners and diluents in coatings, adhesives, paints, and cleaners for speeding up the drying process.
Aromatic solvents help in dissolving or dispersing various components such as extenders, binders, pigments, and additives, thus boosting demand for aromatic solvents from paints and coatings industry. This factor is expected to drive growth of the global aromatic solvents market to a significant extent during the forecast period. In addition, growing automotive industry, has further boosted demand for adhesives and sealants that are manufactured using aromatic solvents. This is another factor expected to propel growth of the target market over the next 10 years.
However, shifting trend of industries towards bio-based, and water based solvents is a major factor expected to restrain growth of the global market during the forecast period.
By application, the global aromatic solvents market is segmented into paints & coatings, adhesives, printing inks, cleaning & degreasing, and others. The others segment includes oilfield chemicals, pharmaceuticals, perfumes, automotive, electronics, and pesticides. The paints & coatings segment is expected to witness fastest growth in the global market during the forecast period.
The Asia Pacific market accounts for highest share in the target market in terms of revenue contribution as compared to that of markets in other regions owing to, increasing adoption of aromatic solvents from construction and automotive sectors, in the region. The market in the Europe is projected to register comparatively faster growth in terms of revenue over the next 10 years. This growth can be attributed to rapid growth of chemical industries, in the region. The North America market accounts for second-highest revenue share in the global market and is expected to register a CAGR of XX.X% during the forecast period. The market in Latin America is expected to register moderate growth rate in the global aromatic solvents market over the forecast period.
Segmentation on the basis of product type:
- Toluene solvents
- Xylene solvents
- Ethylbenzene solvents
- Benzene solvents
Segmentation on the basis of application:
- Paints & coatings
- Printing inks
- Cleaning & degreasing
- Others (oilfield chemicals, pharmaceuticals, perfumes, automotive, electronics, pesticides etc.)
Segmentation on the basis of region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- China Petroleum & Chemical Corporation
- Exxon Mobil Corporation
- SK Global Chemical Co., Ltd.
- Royal Dutch Shell Plc.
- BASF SE
- Lyondellbasell Industries Holdings B.V.
- China National Petroleum Corporation
- Reliance Industries Limited
- Total S.A.
- Bharat Petroleum Corporation Limited
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