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Aromatic Solvents Market to witness significant growth till 2024, Regional Demand, And Forecasts Report
Aromatic Solvents Market
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Aromatic Solvents Market is moving at a fast pace with the focused approach of the market players to sustain in the competitive scenario. The widespread usage of this solvents in paints & coating across the various industrial and transportation applications is majorly influencing the industry growth noticeably.
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% till 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 corrosion resistance feature of aromatic solvents has enhanced its demand across the oil & gas sector. In addition, these solvents also possess the ability to protect the internal surface of pipes from rusting during the process of fractional crude oil distillation. Oil based corrosion inhibitors, which was estimated at nearly 1000 kilotons in 2013, are projected to touch 1500 kilotons in terms of volume by 2024, thereby influencing aromatic solvents market size. Growing consumer preferences for eco-friendly solvents along with the mounting popularity of green chemicals across various end-use sectors is anticipated to favorably impact the business.
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Benzene-based aromatic solvents market 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 market 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 market is divided with respect to the product type, end-use, and regional reach. Also, the report compares the growth rate and production value of the XXX market spanning different geographies.
The aromatic solvents market is highly fragmented with key market players such as Exxon Mobil Corporation, UOP LLC, Royal Dutch Shell plc, Eastman Chemical Company, BASF SE, Lyondellbasell Industries N.V, Chevron Phillips Chemical Company LLC, Celanese Corporation, Huntsman Corporation, Oil Refineries Ltd., Petrochem Carless, and INEOS AG.
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Main Features of the Global Market Research Report:
The report delivers the market valuation as well as the projected growth rate of the market spanning all years till 2025.
-The report also describes the major drivers of the market by considering as well as taking calculated risks, in tandem with identifying and testing new strategies.
-The research report endorses a detailed industry chain analysis. Also, it covers the production process of the market, upstream raw material supplier information, raw material costs, labor costs, manufacturing costs, marketing channels, as well as the downstream buyers of the market.
-The report provides detailed knowledge about the competitive scenario of the global market and also discusses the numerous marketing strategies adopted by companies to stay ahead in the competition.
-The report analyses the various market segments and also provides their contribution to the development of the global industry.
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