Aromatic Solvents Market Growth by Key Players: Exxon Mobil Corporation, UOP LLC, Royal Dutch Shell plc, Eastman Chemical Company, BASF, Lyondellbasell Industries N.V, Chevron Phillips Chemical Company LLC, Celanese Corporation, Oil Refineries Ltd., Petro
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In 2015, xylene segment was valued over USD 2 billion and will observe steady demand in printing, rubber, leather and paint industries in the forecast period. Benzene aromatic solvents generated over USD 100 million revenue in 2015. Their ability to form homogenous solutions and high solubility make them desirable in paint & coatings industry. However, they bear a possibility to cause headache, dizziness, drowsiness and irritation to skin, respiratory tract and eyes on getting inhaled. This may hinder the market growth to some extent by 2024.
The oilfield chemical applications generated revenue exceeding USD 400 million in 2015. They will witness high demand for oil & gas extraction and will drive the aromatic solvents market in the forecast timespan. Pharmaceutical applications will observe growth trends of CAGR over 2% by 2024 for their use in the synthesis of active excipients and for drug preparation.
In 2015, oilfield chemical applications were valued at over USD 400 million. Aromatic solvents are widely used as corrosion and rust inhibitors in the pipe internal protection and also performs fractional distillation in the oil & gas industry. Continuous oil & gas extraction will drive industry growth for oilfield chemicals.
Pharmaceutical applications are forecast to grow at over 2% by 2024. These solvents are usually employed during the drug formulation process and the synthesis of active excipients and substances. However, the aromatic solvents use in pharmaceuticals is limited due to toxicity, poor odor and taste.
Xylene aromatic solvents market generated revenue over USD 2 billion in 2015. It is a colorless and sweet-smelling liquid, which finds widespread application in leather, paint, rubber, printing industries.
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Global Market Insights has segmented the aromatic solvents industry on the basis of product, application, and region:
• Aromatic Solvents Product Analysis (Volume, Kilo Tons & Revenue, USD Million; 2013 - 2024)
• Aromatic Solvents Application Analysis (Volume, Kilo Tons & Revenue, USD Million; 2013 - 2024)
o Oilfield Chemicals
o Paints & coatings
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In Asia Pacific region, the product market generated more than 2.5 billion revenues in 2015. Robust development in regional automotive and construction industries coupled with increasing consumer expenditure will encourage the market growth in the forecast period. The region is probable to have gains around 4.5% CAGR by 2024. U.S aromatic solvents market was valued at above USD 650 million in 2015 and is anticipated to grow with 3% CAGR in the forecast period.
Aromatic solvents market is fragmented. UOP LLC, Exxon Mobil, Eastman Chemical, Shell, BASF SE and Lyondellbasell are some significant industry share contributors.
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