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Aromatic Solvents Market Share - Global Industry Size Report 2018-2024 | Global Players Are ExxonMobil, Shell, BASF, Eastman Chemical Company, LyondellBasell, INEOS, Chevron Phillips Chemical Company, Celanese, Huntsman Corporation
Global Market Insights
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Aromatic solvents market finds extensive application in varied sectors such as automotive, oilfield chemical, pharmaceutical, and paints & coatings. Pharmaceutical application will exhibit a CAGR of more than 2% over 2016- 2024, owing to its significant usage in drug formulation. Paints & coating is another lucrative application segment of aromatic solvents industry and is predicted to grow considerably over the coming seven years. The growth can be attributed to the surging product demand for decorative and interior paints & coatings. Moreover, it is prominently used as diluents and thinner in the various paints & coatings formulations.
Automotive application in 2015 generated a revenue of USD 540 million and is slated to record substantial growth rate over the coming seven years. For sealing, gasketing, and bonding of the various automotive parts sealants and adhesives are used, which are made up of aromatic solvents mainly.
In terms of products, aromatic solvents market is segmented into Benzene, xylene, and toluene. Toluene market is anticipated to register the highest annual growth rate of more than 3.5% over the period of 2016 to 2024., due to its prominent usage as adhesives owing to its high evaporation rate. Moreover, to increase the octane number of the fuels like gasoline, blending operation is carried out, in which toluene is being widely used.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. ExxonMobil
2. Shell
3. BASF
4. Eastman Chemical Company
5. UOP LIMITED
6. LyondellBasell
7. Chevron Phillips Chemical Company
8. Celanese
9. Huntsman Corporation
10. BAZAN Group Oil Refineries Ltd
11. Petrochem
12. INEOS
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Benzene-based aromatic solvents industry generated a revenue of over USD 100 million in 2015 and will grow noticeably over the coming seven years. The key features of the benzene-based solvents such as superior solubility along with the ability to produce homogenous mixture will augment the industry growth. Due to the aforementioned benefits, it is extensively used in the paints & coatings.
China and India aromatic solvents market will exhibit highest growth rate in the Asia Pacific region over the coming seven years, owing to its increasing demand from automobiles and paints & coatings sectors. Additionally, escalating infrastructure development across the Japan, China, and India will boost the aromatic solvents industry outlook.
U.S. aromatic solvents industry collected a revenue of USD 650 million in 2015 and is anticipated to record a CAGR of more than 3% over the period of 2016 to 2024, primarily driven by the product’s surging need across the pharmaceutical and oil & gas sector.
The industry is highly fragmented with key market players such as UOP LLC, Exxon Mobil Corporation, Eastman Chemical Company, and Royal Dutch Shell plc sharing the business space.
Aromatic Solvents Application Analysis (Volume, Kilo Tons & Revenue, USD Million; 2013 - 2024)
o Pharmaceuticals
o Oilfield Chemicals
o Automotive
o Paints & coatings
o Others
Browse key industry insights spread across 103 pages with 139 market data tables & 11 figures & charts from the report, “Aromatic Solvents Market” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/aromatic-solvents-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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