Aromatic Solvents Market 2021| Competitive Landscape and Industry Poised for Rapid Growth 2028

Aromatic solvents are those that contain an aromatic hydrocarbon, such as toluene, xylene, or naptha. They are organic chemicals that are widely used in a variety of industries. The corrosion resistance and high solvency rate allow them to be used in a variety of end-user industries, including automobiles, paints and coatings, textiles, oil and gas, adhesives and sealants, and others.

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"Global Aromatic Solvents Market Analysis to 2028" is a specialized and in-depth study of the chemical and materials industry with a special focus on the global market trend analysis. The report aims to provide an overview of the aromatic solvents market with detailed market segmentation by application and geography. The report provides key statistics on the market status of the leading aromatic solvents market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

Based on application, the global aromatic solvents market is segmented into automobiles, paints & coatings, pharmaceuticals, textiles, electronics, adhesive & sealants, and others.

MARKET DYNAMICS

Drivers:

High demand from the construction and automotive industries, is significantly driving the market growth.

The growing industrialization and urbanization in the developing regions throughout the globe is significantly contributing to the expansion of the aromatic solvents market.

The growing energy demand has augmented the oil and gas activities is expected to create lucrative growth opportunities for aromatic solvents manufacturers.

Increasing application of aromatic solvents in the paints and coatings industry among others is also propelling the demand of aromatic solvents.

Restraints:

Industries shifting focus on green solvents

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The aromatic solvents market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the aromatic solvents market in these regions.

IMPACT OF COVID-19 ON AROMATIC SOLVENTS MARKET

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 pandemic has affected major chemicals and material industries, including aromatic solvents. Owing to the current pandemic situation, many companies in the aromatic solvents industry are experiencing limitations in manufacturing and production activities, as well as logistical problems as a result of ongoing trade restrictions. However, with opening several markets across the globe, vaccination development, and initiatives taken by various governments to support economic and industrial growth, the future demand of the aromatic solvents market is anticipated to grow at a positive and steady pace in the coming years.

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MARKET PLAYERS

The report covers key developments in the aromatic solvents market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from aromatic solvents market are anticipated to lucrative growth opportunities in the future with the rising demand for aromatic solvents in the global market.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the aromatic solvents market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

BASF SE
Bharat Petroleum Corporation Limited
China National Petroleum Corporation (CNPC)
Exxonmobil Corporation
Gotham Industries
Lyondellbasell Industries Holdings B.V.
Reliance Industries Limited (RIL)
W.M. Barr & Company Inc.
Indian Oil Corporation Limited
Formosa Chemicals & Fibre Corporation

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This release was published on openPR.