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Aromatic Solvents Market to Reach USD 7.76 Billion by 2023: TMR

Published on 2015-08-27. Author : SpecialChem

According to a new market research report, titled ‘Aromatic Solvents Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023’, solvents such as toluene, ethylbenzene, benzene, and mixed xylenes (BTEX) have high solvency rates, due to which they are used in several end-use industries. Increasing consumption of aromatic solvents in various end-use industries is expected to drive the global aromatic solvents market over the 2015-2023 forecast period. The report states that the global aromatic solvents market is likely to reach US$7.76 billion by 2023, from a market value of US$6.18 billion in 2014. Overall, the market is expanding at a 4.2% CAGR between 2015 and 2023.

Fig. 1:TMR

Aromatic solvents are produced through fractional distillation of petroleum. However, they are also produced through several other manufacturing processes such as steam cracking, coal carbonization, hydro dealkylation, catalytic refining, and pyroforming. Of these methods, steam cracking and catalytic reforming are the two broadly accepted methods in the oil and gas industry. Demand for aromatic solvents as corrosion inhibitors in the oil and gas industry is likely to fuel the growing aromatic solvents market during the forecast period. Based on end user, the report segments the global aromatic solvents market into paints and coatings, oilfield chemicals, automotive, pharmaceuticals, and others.

Aromatic solvents are widely used as constituents in the paints and coatings industry. Solvents are the integral component of inks as well as paints and coatings. They dissolve the binding agent and pigment and homogenize them to form a solution. Thus, increasing consumption of aromatic solvents in the paints and coatings industry is expected to drive the global aromatic solvents market until 2020. In 2014, the demand for paints and coatings was extremely high in many regions. This segment accounted for over 50% of the global aromatic solvents market by volume. Adhesives and sealants are one of the major applications of aromatic solvents. While these solvents help in maintaining the best evaporation rate of adhesives, they also maintain the optimal setting of the adhesive polymers on the base surfaces.

Moreover, aromatic solvents are also used in the pharmaceuticals industry during the drug formulation process and the synthesis of active excipients and substances, as well as in the automotive industry, which offers significant opportunities to the aromatic solvents market. The study report also provides a decisive view of the aromatic solvents market by dividing the market into product segments such as xylene, benzene, toluene, and others. Toluene is expected to grow at the fastest rate compared to the other three segments during the forecast period. In 2014, this segment accounted for over 45% of the global aromatic solvents market by volume. On the other hand, growth of the benzene aromatic solvents segment will be hampered due to its toxicity and consequent health-related issues.

The report evaluates the Porter’s five forces model of the aromatic solvents market to gauge the degree of competition. Some of the major players listed in the report are Chevron Phillips Chemical Company, UOP LLC (Honeywell International, Inc.), LyondellBasell Industries N.V., Royal Dutch Shell plc, Exxon Mobil Corporation, and BASF SE, among others.

Aromatic Solvents Market – Product Segment Analysis

• Benzene
• Toluene
• Xylene
• Others (Including solvent naphtha such as aromatic 100, aromatic 150, aromatic 200, etc.)

Aromatic Solvents Market – End-user Analysis

• Pharmaceuticals
• Oilfield Chemicals
• Automotive
• Paints & Coatings
• Others (Including pesticide, textiles, cleaners, chemical intermediates, electronics, adhesive & sealants, perfumes, cosmetics, etc.)

Aromatic Solvents Market – Regional Analysis

North America
• U.S.
• Rest of North America

• France
• UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific
• China
• Japan
• Rest of Asia Pacific

Latin America
• Brazil
• Rest of Latin America

Middle East and Africa (MEA)
• South Africa
• Rest of Middle East and Africa

About Transparency Market Research

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, TMR employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

Source: Transparency Market Research

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