Aromatics Market is to grow at a CAGR of 20% by Forecast to 2027

Market Research Future Published a Half Cooked Research Report on “Global Aromatics Market Research Report - Forecast to 2027”– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2027.

Eastman Chemical, Ashland, BASF SE, Huntsman Corporation, Celanese Corporation, Petrochem Carless, INEOS AG, ExxonMobil, Royal Dutch Shell and Honeywell among others are some of the prominent players at the forefront of competition in the Global Aromatics Market and are profiled in MRFR Analysis.

Aromatics Market – Overview

The Global Aromatics Market is expected to grow at moderate annual increment, driven by demand from application industries like automotive, petrochemical and chemical industries. The aromatics manufacturers are increasingly shifting towards Asia Pacific region in line with the shift of consumer demands in rubbers, lubricants, dyes, detergents, drugs, and pesticides sectors. As a result of this shift, China is the largest contributor and accounted for nearly half of the global production of Aromatics. Significant refining and cracker capacity of the petrochemical has been added in China to address rapidly growing car fleet sales as well as the diverse needs of a growing Chinese middle class. Overall, the rate of aromatics capacity addition has been very high in Asia Pacific region while global consumption is expected to slow down, due to economic slowdown of many developing and developed countries. As a result of this, aromatics operating rates is expected to decline, leading to lower margins and pressure on the higher-cost producers.

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Competitive Landscape:

The report analyses the degree of competition among the industry players as well as industry growth and market scenario in India and the world. The Global Aromatics Market is at a growing stage, which represents moderate stats in terms of market value and overall volume. Over the past few years, Aromatics Market has witnessed healthy demand from end use industries such as pharmaceuticals textiles automobiles, paints, papers, soaps, detergents. Globally market for aromatics is fragmented and it is moving towards growth expansion by specifically adopting partnership, expansion and joint-venture strategies and product launch strategies.

Aromatics Market India

Indian Aromatics Market is estimated to grow with incremental growth rate of the world market. Globally, India ranks at significant level in exports of Aromatics. Regionally, western India has been the dominant region contributing approx. 50% to the Gross Value Added (GVA) for the Aromatics sector.

Several initiatives taken by Government of India will support the growth of Chemical Industry in India. One of such initiative is 'Make in India'. This initiative is expected to foster growth in Indian Aromatics market by allowing duty rationalization for skill development, feedstock, improving infrastructure and tax incentives for R&D investments. Approval of the GST bill is another key reform which is expected to lower logistics cost by 10-15% and create a unified market across the country. The launch of Single Window Interface for Facilitating Trade (SWIFT) by government would help importers or exporters to file a common integrated declaration, instead of 9 forms across 6 agencies.

The R&D investment and facility of Indian companies have been limited traditionally, but the situation is changing slowly with more and more companies looking at R&D as a key source of staying in competitive environment of Aromatics market in India. The investment in R&D for Indian companies is expected to grow above 2% of the total revenue, thereby help to innovate them the product in the market. The industry is also observing increasing tie-ups with academia which will facilitate the technology applied research further.

Industry/ Innovation/ Related News:

June 2017 – Vinati Organics planned to expand its isobutyl Aromatics capacity to 25,000 tonne at its Mahad facility to meet the strong demand outlook for the product. This expansion would help the Vinati Organics to increase its market share in the region.

February 2017 – Kuwait’s state petrochemicals firm PIC made contract for the Third Olefins and Second Aromatics projects in Kuwait to UK’s Amec Foster Wheeler. The plants are decided to build at Al-Zour in the Kuwaiti part of the Partitioned Neutral Zone between Kuwait and Saudi Arabia to be integrated with a refinery that is being built by state refiner KNPC. As per the prediction, the start-up of the olefins and aromatics projects are scheduled for 2022 due to growing demand of aromatics in the region.

May 2017 – ExxonMobil Chemical Company’s Singapore affiliate has agreed to acquire a 1.4 million-tonnes per year aromatics plant on Jurong Island in Singapore from Jurong Aromatics Corp. Pte. Ltd. The acquisition and expansion strategy of Singapore is driven by the expected increase in global demand for chemical products over the next decade of nearly 45%, and about 4% per year, which is a faster pace than energy demand and economic growth in the world.

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October 2016 – Due to growing demand petrochemicals and aromatics like benzene and xylene. The Hungarian integrated oil firm Mol planned a new long-term business strategy to 2030, diversifying away from producing motor fuels to focus more on high-yield petrochemicals.

November 2017 – Indian Oil Corporation, Indian largest oil firm, planned to invest rupees 18,000 crore to raise capacity of its Panipat refinery in Haryana to 25 million tons by 2020, larger than previously planned. The investment would include MEG (monoethylene glycol) and Aromatics expansion unit modifications at Panipat. The expansion decision comes in to picture due to growing demand of aromatics in the extraction process.

May 2017 – ExxonMobil Corporation recently announced the acquiring a massive petrochemical plant in Singapore from Jurong Aromatics Corporation Pte Ltd. The aromatics chemical plant to be acquired by ExxonMobil was opened in 2014. Jurong Aromatics is struggling financially at present and is going through the U.S. equivalent of bankruptcy proceedings. The plant has been shut for the majority of its existence, only resuming operations in July.

May 2014 – ONGC Mangalore Petrochemicals Ltd. planned to build an aromatics complex in the Mangalore special economic zone (SEZ). OMPL is promoted by ONGC and Mangalore Refinery and Petrochemicals Ltd. (MRPL; Mangalore), a subsidiary of ONGC. The aromatics complex will produce 900,000 m.t./year of p -xylene and about 300,000 m.t./year of Aromatics. MRPL is separately building a 450,000-m.t./year PP plant at the Mangalore SEZ, which is also expected to be on-stream in the fiscal year ending March 2015.

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