Press release
Aromatic Solvent Market Overview, Growth & Advancement from 2020-2030
Aromatic solvent comes under hydrocarbon solvents category, is an organic compound which serves multiple industrial applications due to its chemical properties. There are three major properties of aromatic solvents for which they are employed in the industry, high solvency or its ability to mix- combine substances, corrosion resistance and its ability to generate desired optimum viscosity. A combination of these three properties serves as a wide variety of end use domains like automobile, paints, coating oil and gas industries, industrial cleaners, degreasers and more. Aromatic solvent consists of a number of types depending on their chemical combination. Each types has varied chemical and physical capabilities which are enhanced to suit a particular application. Benzene,toluene and xylene are most commonly used aromatic solvents which are used for paint thinners, tyre additives, varnish, ink, corrosion coatings in pipelines and more.
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The chemicals and materials vertical is slated to witness emphasis shifting towards new-fangled value streams as well as applications driving it. One amongst them would be feedstock volatility, which is bound to influence the export competitiveness throughout. Plus, decarbonisation is making inroads, wherein renewable and recycled feedstock-based polymers are inevitable with regards to product offerings.
Digital sales and remote sales channels are already there to join the bandwagon. The "go green" initiative is bound to go a long way, as things like global warming would never be taken casually again. Persistence Market Research has its team of knowledge and research experts in the form of consultants and analysts to cater to the needs of the key stakeholders.
Aromatic Solvent Market: Dynamics
Use aromatic solvents in end user industry in continuously growing and new business segments are developing as the market is getting more versatile . Considering end user dynamics, aromatic solvents are extensively being used in paint manufacturing. Their ability to mix pigment and resin, generating paint layer of desired viscosity and then evaporating isn't been replaced yet. Hence aromatic solvents have become an indivisible part of paint industry and hence accounts for most market share. The quality of corrosion resistance is being used for coatings, lubricants and cleaning purposes. Oil and gas industries use these coatings for in lining of pipes which carry liquid substances in order to resist corrosion.
In manufacturing industry for purpose of lubricating, cleaning, degreasing mechanical components without corrosion aromatic solvents are being used. Whereas as additives aromatic solvents have made way in automobile industry additives for securing and joining parts and it is also used for proper binding or rubber and tyres used in automobiles
However, with aromatic solvents being hazardous chemicals which affect human health and environment drastically, the same has led to respective regional authorities to impose strict norms on usage of aromatic solvents. Keeping in lieu of mandated regulations, the aromatic solvent manufacturers are focus towards development of reduced VOC based variants into the market with complete safety and content declarations as well as to earn to clearance from the regulatory bodies.
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Aromatic Solvent Market: Segmentation
On the basis of type
Benzene
Toluene
Xylene
Others
On the basis of end use application
Paints
Adhesives
Corrosion resistance coatings
Cleaning-degreasing.
Others.
Aromatic Solvent Market: Regional Outlook
As far regional outlook in concerned, Asia is the strongest aromatic solvent market considering end user industries, technological advancements and developing countries. Out of the top 5 automobile manufacturers of the world four are present in Asia namely China, Japan, India, and South Korea.
Asian market for paints and pigments ranks 3rd in world and having lot of developing countries environmental norms implementation time is more compared to rest of the world. In Americas, North America is the second biggest market. It's second most automobile manufacturer by volume and has the biggest paint and pigments manufacturing industry. Environmental norms are stricter but there's infrastructure and technology for innovation in this market. South American market is yet to develop in aromatic solvents.
Europe is known for its automobile manufacturers and has an established paint market. However European Union in 2016, launched regulation 1907/2006/EC which restricts the use of toluene in multiple sectors. However required alternatives have been generated. In Middle East, aromatic solvent market is predicated to grow as more oil and gas industries are getting familiar with its advantages and its future market. Aromatic solvent market in the rest of the world is still developing. End user segments are less cause of which demand and supply for aromatic solvent market is less.
Aromatic Solvent Market: Key Players
List of prominent market participants in aromatic solvent market
Total S.A. (France)
ExxonMobil Corporation (USA)
Bharat Petroleum Corporation (India)
Reliance Industries Ltd (India)
SK Global Chemical Co Ltd (South Korea)
China National Petroleum Corporation (China)
BASF SE (Germany)
Royal Dutch Shell PlC (USA)
Lyondell Industries Holding B.V (Netherlands)
China Petroleum Chemical Corporation (China)
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