Aromatic Solvents Market is Projected to Reach USD 9.15 Bn by 2028, Growing at a CAGR of 3.1% During the Forecast Period.
The market for aromatic solvents market has been segmented in major regions to understand the global development and demand patterns of this market. Asia Pacific is the biggest contributor to the aromatic solvents market accounting for approximately 55% of the global share. The rapid urbanization, rising per capita disposable incomes and growing demand for automobiles are the factors that bolster the aromatic solvents market in the Asia Pacific region. The North American & European economies are also showing positive growth in aromatic solvents market and are projected to grow even further during the next decade owing to increasing chemical manufacturing & processing plants in these regions. The Middle East is an emerging region in aromatic solvents market. Aromatic solvents are composed of aromatic hydrocarbons such as xylene, naphthalene, and toluene. The aromatic solvents are used to dissolve solid materials to form homogeneous solutions. Aromatic solvents are produced by fractional distillation of crude oil in oil refineries.
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This comprehensive market analysis explores market growth potential for aromatic solvents market that can help stakeholders understand key developments and expectations in the market for aromatic solvents market defining opportunities for growth and competitive scenarios. The study also draws on data from multiple primary and secondary sources, and will be analyzed using different methods. It helps gain insight into the growth potential of the market which can enable investors to recognize scope and opportunities. The analysis also gives details of the individual segments in the global aromatic solvents market.
According to the report, transportation application is projected to witness lucrative growth on account of the expansion of automotive, aerospace, and shipbuilding sectors. Fabricators in aerospace, automotive, wind energy, marine, and other industrial sectors are likely to shift to bonding products within the future. Moreover, the utilization of those products in industrial applications is additionally beneficial within the reduction of cost and fast cycle time.
Key Developments in Aromatic Solvents Market:
• In August 2017, ExxonMobil Corporation acquired one of the world's largest aromatics facilities on Jurong Island in Singapore, owned by Jurong Aromatics Corporation Singapore.
Key Factors Impacting the Growth of Aromatic Solvents Market:
• Technological advancements in coating materials.
• Tremendous growth of the chemical industry in Europe.
• Increasing amount of construction activities around the world.
• Low cost of manufacturing.
This report provides:
1) A summary of the global aromatic solvents market and associated technologies.
2) Analysis of global industry dynamics, monthly projections and annual compound growth rate predictions (CAGRs).
3) Identification of new market opportunities and targeted consumer marketing strategies for global aromatic solvents market.
4) Analysis of R&D and demand for new technologies and new applications
5) Extensive company profiles of key players in industry.
The researchers have studied the market in depth and have developed important segments such as product type, application and region. Each and every segment and its sub-segments are analyzed based on their market share, growth prospects and CAGR. Each market segment offers in-depth, both qualitative and quantitative information on market outlook.
With an emphasis on strategies there have been several primary developments done by major companies such as China Petroleum and Chemical Corporation, Royal Dutch Shell Plc, ExxonMobil Corporation, LyondellBasell Industries Holdings B.V., BASF SE, SK Global Chemical Co., Ltd., China National Petroleum Corporation, Reliance Industries Limited, Chinese Petroleum Corporation, and Total S.A.
This Aromatic solvents Market Analysis Research Report Comprises Answers to the following Queries -
• Which Manufacturing Technology is used for Aromatic solvents? What Developments Are Going On in the current market scenario along with new Technologies? Which Trends Are Causing These Developments?
• Who Are the Global Key Players in This Aromatic solvents Market? What are Their Product Information, Their Company Profile, and Contact Information?
• What Was the Global Market Status of Aromatic solvents Market? What Was the Capacity, Production Value, Cost, and PROFIT of the Aromatic solvents Market?
• What Is the Current Market Status of the Aromatic solvents Industry? What's Market Competition Country Wise in This Industry? What's Market Analysis of Aromatic solvents Market by segmentation of Applications and based on product Types?
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