Industry News

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

Published on 2015-06-03. Author : SpecialChem

Transparency Market Research has published a new report titled “Aromatic Solvents Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.” According to the report, the global aromatic solvents market was valued at US$ 6.18 Bn in 2014 and is anticipated to reach US$ 7.76 Bn by 2023, expanding at a CAGR of 4.2% between 2015 and 2023.

Increasing consumption of aromatic solvents in the paints & coatings end-user industry is likely to drive the global aromatic solvents market over the duration of the forecast period. Solvents such as benzene, toluene, ethylbenzene, and mixed xylenes (BTEX) have high solvency rates. This helps in the formation of a homogenous solution as compared to other solvents. Thus, aromatic solvents are largely used as constituents in the paints & coatings industry. Furthermore, growth in the automotive industry offers significant opportunities to the adhesive and sealants market. Adhesive and sealants is one of the major applications of aromatic solvents. These solvents maintain an optimal evaporation rate of adhesives. This helps in optimal setting of the adhesive polymer on the base surface. Demand for aromatic solvents as corrosion inhibitors in the oil and gas industry is estimated to boost the aromatic solvents market during the forecast period. However, factors such as stringent environmental regulations (owing to VOC emissions) and industrial shift towards non-aromatic and bio-based solvents are projected to hamper the aromatic solvents market between 2015 and 2023.

Toluene accounted for over 45% of the global aromatic solvents market by volume in 2014. It is projected to expand at the fastest rate compared to the other three segments during the forecast period. Toxicity and health-related issues of benzene are the major factors hampering the growth of benzene aromatic solvents. Furthermore, a sizeable substitution by non-aromatic and bio-based solvents in several end-user industries is adversely affecting the aromatic solvents market. Development of light aromatic fluids is likely to reduce the potential hazards of aromatic solvents. This, in turn, is expected to provide significant growth opportunities to the aromatic solvents market.

Paints& coatings dominated market demand and accounted for over 50% of the of the global aromatic solvents market by volume in 2014. Oilfield chemicals on the other hand are likely to exhibit sluggish growth rates over the duration of the forecast period. Aromatic solvents are used in the oil and gas industry to provide corrosion resistance to the inner surface of pipelines. The current increase in crude oil production is anticipated to create the need for solvents in oilfield recovery. Others end-user segment that includes pesticide, textiles, cleaners, chemical intermediates, electronics, adhesive & sealants, perfumes, and cosmetics is estimated to expand at a moderate rate between 2015 and 2023.

The global aromatic solvents market is highly fragmented in nature; the top five players accounted for over 20% share in 2014. Key players in the aromatic solvents market include UOP LLC (Honeywell International, Inc.), Chevron Phillips Chemical Company, Royal Dutch Shell plc, LyondellBasell Industries N.V., Eastman Chemical Company, Exxon Mobil Corporation, Celanese Corporation, and BASF SE.

About Transparency Market Research

Transparency Market Research (TMR) is one of the 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: TMR

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