Press release
Global Aromatic Solvents Market To Touch US$7.76 bn by 2023 | TMR
The global aromatic solvents market is fragmented to a degree. To thrive in such a landscape, manufacturers are carrying out backward integration in the first stage of the value chain. Overall, the global aromatic solvents market is rising at a steady pace owing to demand from the paints and coatings industry. This is because of the exploding construction and automobile industries.
An aromatic solvent is essentially comprised of aromatic hydrocarbons, namely toluene, xylene, and naptha. Hence, they act as excellent diluents and solvents in different industrial processes. For example, aromatic solvents such as toluene are commonly used in varnishes, paints, and adhesives. They also find application as chemical intermediates. Further, aromatic solvents also find usage as corrosion inhibitors in the oil and gas industry.
Owing to such myriad applications, the global aromatic solvents market is predicted to rise at steady CAGR of 4.2% between 2015 and 2023, finds a report by Transparency Market Research. At this pace, the market’s projected valuation is set to become US$7.76 bn by 2023-end.
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Toluene Leads Sales in Market Owing to its Widespread Usage in Paints and Coatings
The different types of products available in the global aromatic solvents market are toluene, solvent naphtha, benzene, and xylene. Currently, toluene is grossing most of the revenue in the market. Hence, it accounts for a substantial share in the global aromatic solvents market. The product segment’s leading position is a result of its usage in wide ranging paints and coatings, pharmaceuticals, adhesives, and other chemical formulations.
In the upcoming years, the product segment of xylene is predicted see maximum growth in sales in the global aromatic solvents market owing to its extensive usage in development of pharmaceutical products. Further, with the upswing in glue and leather manufacturing industries, the product segment of benzene is also set to see surging sales. Benzene acts as a crucial aromatic solvent in the production process in the aforementioned industries.
Some of the key end use industries in the global aromatic solvents market are oilfield chemicals, pharmaceuticals, paints and coatings, automotive, and others such as textiles, pesticides, chemical intermediates, cleaners, adhesives and sealants, perfumes, electronics, and cosmetics.
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Some of the prominent participants in the global aromatic solvents market are Celanese Corporation, Eastman Chemical Company, LyondellBasell, Chevron Phillips Chemical Company, BASF SE, Exxon Mobil Corporation, Royal Dutch Shell plc., and Honeywell UOP.
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.
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