Aromatic Solvents Market Forecasts to 2028 – Global Analysis By Product Type (Toluene, Benzene, Solvent Naphtha, Xylene and Other Product Types), Application (Pharmaceuticals, Oilfield chemicals, Paints & Coatings, Automobiles, Textiles, Electronics and O

Aromatic Solvents Market Forecasts to 2028 – Global Analysis By Product Type (Toluene, Benzene, Solvent Naphtha, Xylene and Other Product Types), Application (Pharmaceuticals, Oilfield chemicals, Paints & Coatings, Automobiles, Textiles, Electronics and Other Applications) and By Geography

According tStratistics MRC, the Global Aromatic Solvents Market is accounted for $9.9 billion in 2022 and is expected treach $15.1 billion by 2028 growing at a CAGR of 7.2% during the forecast period. Aromatic solvents are a group of solvents that contain a fragrant hydrocarbon, such as naphtha, toluene, or xylene. These solvents are mostly used as diluents in various contemporary disciplines. Paints, cement, stains, and synthetic intermediates frequently use sweet-smelling solvents, usually toluene. These categories of solvents disperse different folios, colours, additives, and extenders used in the design of coatings and paints. These solvents are alswell known for having fast dissipation rates, which aid in quickening the drying and relieving processes.

According tthe IEA, the volume-weighted average crude oil import cost for Germany, France, Spain, Italy, Japan, the UK, the US, and Canada in 2012 was $107.78 per barrel. This average crude oil import cost fell t$40.43 per barrel in 2016 and then rose t$66.16 per barrel in 2018.

Market Dynamics:

Driver:

Increasing demand for aromatic solvents

The demand for adhesives and sealants tjoin automobile parts and provide mechanical stiffness has increased due tthe growing usage in the automotive sector. These solvents are commonly employed as corrosion inhibitors in oil and gas pipelines tcarry out fractional distillation, which stops pipeline inner walls from deteriorating created during crude petroleum distillation in the oil refining sector. Thus, these factors are predicted tboost the demand of the market.

Restraint:

Severe rules and regulations

Due tthe stringent rules and restrictions imposed by governments, businesses are increasingly focused on employing greener products in their industrial operations in order tachieve sustainable development. Green solvents are totally biodegradable, non-corrosive, and non-carcinogenic. Also, a greater emphasis on green solvents derived from agricultural products is hindering market expansion.

Opportunity:

Increasing development and urbanization

With rising development and urbanisation in many countries throughout the world, demand for these solvents is expected trise. In a number of industries, including paints, petrochemicals, nail polish removers, cleansers, dyes, and varnishes, they are frequently utilised. These solvents have a broad range of applications and are effective bonding and dissolving agents for organic liquids, which has accelerated industry expansion.

Threat:

Fluctuation in crude oil price

The market for chemicals and solvents has always been impacted by the price of crude oil because it is a primary source of many of these products, including aromatic solvents. The chemicals and solvent industries were obliged treduce the price at which they were selling their completed goods due tthe drop in the value of crude oil. Therefore, the fluctuations in crude oil prices are expected timpede the growth of the market.

Covid-19 Impact

The COVID-19 pandemic has been devastating. Due tunemployment and the disruption of economic activity, the massive expansion has impacted the ability of customers and businesses tremain solvent. It was difficult enough tmanage and monitor credit, market, liquidity, and operational risk across financial markets given the ongoing geopolitical tensions, international trade conflicts, and sporadic storms and earthquakes. The current pandemic crisis has forced chief risk officers and their teams treconsider obsolete approaches and presumptions used tmanage and monitor risk. The pandemic's worldwide effects have shown how important connectivity is tinternational cooperation.

The toluene segment is expected tbe the largest during the forecast period

The toluene segment is estimated thave a lucrative growth, due tits high solvency solvency power. Toluene-based aromatic solvents boost viscosity in adhesive films and are widely employed in adhesive applications due ttheir high evaporation rates. The manufacture of paint thinners for cosmetics, inks, correction fluids, and many other products alsheavily utilises toluene-based chemicals. So, the remarkable increase in the cosmetics industry is expected tdrive the market expansion for the segment.

The paints and coatings segment is expected thave the highest CAGR during the forecast period

The paints and coatings segment is anticipated twitness the fastest CAGR growth during the forecast period, due tincreasing product consumption. Many contemporary applications use aromatic solvents. The important industries where these solvents are typically used as thinners are paints and coatings. This trend is largely attributed tthe increased use of aromatic solvents, among other things, in the paints and coatings industry.

Region with Largest share:

Asia Pacific is projected thold the largest market share during the forecast period owing trapid urbanization, and growing demand for automobiles. The price of raw materials in this region is comparably less which fuels the growth of the region. Availability of raw materials, cheap labour, area for industrial setup are the factors influencing the growth of the market.

Region with highest CAGR:

North America is projected thave the highest CAGR over the forecast period, owing tthe resurgence of the construction industry. Moreover, the presence of major vehicle manufacturers in the region is expected tdrive demand for aromatic solvents. Construction, transportation, and electronics, among other developed end-user industries, are considerably driving market expansion.

Key players in the market

Some of the key players profiled in the Aromatic Solvents Market include SK Global Chemical Co., Ltd., Exxon Mobil Corporation, Lyondellbasell Industries Holdings B.V., China Petroleum & Chemical Corporation, Global Chemical Co. Ltd, Royal Dutch Shell PLC, Formosa Chemicals & Fibre Corporation, Indian Oil Corporation Limited, Total S.A., BASF SE, Gotham Industries, Haltermann Carless, Bharat Petroleum Corporation Limited, Eastman Chemical Company, Chevron Phillips Chemical Company, Reliance Industries Limited, Celanese Corporation, CPC Corporation, Pon Pure Chemicals Group. and Neos Group Ltd.

Key Developments:

In January 2021, Neos Group Ltd., a UK-based manufacturer of chemicals, paid BP plc USD 5 billion tpurchase its global Aromatics & Acetyls division. This purchase will strengthen Ineos's position in the worldwide market, advance its petrochemical business, and broaden its reach internationally.

In October, 2018 ExxonMobil Catalysts and Licensing LLC along with BASF Corporation jointly developed a new amine- based solvent aimed tmeet the stringent standards of sulfur emission. The amine gas treatment technology was named as OASE sulfexx.

Product Types Covered:
• Toluene
• Benzene
• Solvent Naphtha
• Xylene
• Other Product Types

Applications Covered:
• Pharmaceuticals
• Oilfield chemicals
• Paints & Coatings
• Automobiles
• Textiles
• Electronics
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements