Global Aromatic Solvents Market is segmented By Type (Toluene Solvents, Xylene Solvents, Ethylbenzene Solvents), By Application (Paints & Coatings, Printing Inks, Adhesives, Transportation, Cleaning & Degreasing), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Aromatic Solvents Market Overview
The global aromatic solvents market reached USD 5.1 billion in 2022 and is expected to reach USD 6.2 billion by 2031, exhibiting a CAGR of 2.4% during the forecast period (2024-2031). Aromatic solvents are widely used in the chemical industry as raw materials, intermediates, and solvents in various manufacturing processes.
The growth of the chemical industry, particularly in emerging economies, has increased the demand for aromatic solvents. Aromatic solvents possess desirable properties such as high solvency power, low volatility, and excellent compatibility with a wide range of substances. These characteristics make them suitable for various industrial processes, driving their demand.
China's strong presence in the global aromatic solvents market can be attributed to several factors. Firstly, the country has a large manufacturing sector, which creates a substantial demand for solvents, including aromatic solvents, in various industries such as paints and coatings, adhesives, and pharmaceuticals.
China accounted for over 45% of the Asia-Pacific market shares and is expected to grow at the highest CAGR during the forecast period. North America holds 1/3rd of the global aromatic solvents market value and is expected to grow at a significant CAGR during the forecast period.
Aromatic Solvents Market Scope and Summary
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Metrics |
Details |
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CAGR |
2.4% |
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Size Available for Years |
2022-2031 |
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Forecast Period |
2024-2031 |
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Data Availability |
Value (USD ) |
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Segments Covered |
Type, Application and Region |
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Regions Covered |
North America, Europe, Asia-Pacific, South America and Middle East & Africa |
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Fastest Growing Region |
Asia-Pacific |
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Largest Region |
Asia-Pacific |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Type Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Aromatic Solvents Market Dynamics and Trends
Favorable Properties of Aromatic Solvents
Aromatic solvents have excellent solvency power, meaning they can dissolve a wide range of substances making them highly effective for various industrial applications, such as paints, coatings, adhesives and printing inks. The ability of aromatic solvents to dissolve different materials efficiently makes them preferred choices for many industries, thus driving the market growth.
Therefore, the favorable properties of aromatic solvents, including solvency power, high purity, low volatility, a wide range of boiling points and chemical stability, make them highly desirable for numerous industrial applications. As a result, the global aromatics solvents market continues to grow as industries across sectors recognize and leverage the benefits provided by these solvents.
Shift Toward Water-based and Solvent-less Systems
Water-based systems and solvent-less technologies offer advantages such as lower VOC emissions, improved safety, and easier disposal compared to solvent-based systems. As industries increasingly prioritize environmental sustainability and regulatory compliance, they are adopting these alternatives to minimize their impact on the environment and reduce health and safety risks. This reduced demand for aromatic solvents in favor of water-based and solvent-less systems can hinder the growth of the aromatic solvents market.
Aromatic Solvents Market Segmentation
The global aromatic solvents market is segmented based on type, application and region.
The Impact of Urbanization on the Demand for Aromatic Solvents in the Paints and Coatings Industry
Urbanization drives the need for new buildings, infrastructure projects, and urban development. This surge in construction activities leads to a higher demand for paints and coatings, which, in turn, increases the demand for aromatic solvents. Aromatic solvents play a crucial role in paint formulations by dissolving pigments and binding agents, enabling smooth application and enhancing the durability of coatings.
The increasing construction activities, expanding housing sector, growth of consumer goods and automotive industries, and evolving consumer preferences influence the demand for aromatic solvents in this specific application. Furthermore, the paints & coatings application segment contributes approximately 38.2% of the global segmental share and is expected to hold the majority of the market shares in the forecasted period as well.
Aromatic Solvents Market Geographical Share
Increasing Industrialization in Emerging Economies Drives Asia-Pacific Market Growth
Industrialization in emerging economies like China, India, and Southeast Asian countries has led to significant growth in the manufacturing sector. Industries such as paints and coatings, adhesives, chemicals, automotive, and pharmaceuticals, which are major consumers of aromatic solvents, have witnessed substantial expansion. The increasing manufacturing activities and the corresponding demand for solvents drive the growth of the aromatic solvents market in the Asia-Pacific.
The growing middle class in emerging economies has led to increased consumer demand for various products such as automobiles, electronics, and household goods. Aromatic solvents play a crucial role in the production of these goods, including their coatings, adhesives and cleaning agents. Therefore, the Asia-Pacific accounted for over 48.3% of the market share in the global aromatic solvents market
Aromatic Solvents Companies and Competitive Landscape
The major global players include Royal Dutch Shell Plc, SK Chemical Co., Ltd, Exxon Mobil Corporation, Celanese Corporation, Eastman Chemical Company, LyondellBasell, Chevron Phillips Chemical Company, BASF SE, Total S.A. and Pon Pure Chemicals.
COVID-19 Impact on Aromatic Solvents Market
COVID Impact
The demand for aromatic solvents varied across different industries during the pandemic. Industries such as automotive, construction and manufacturing experienced significant disruptions and reduced demand, directly impacting the demand for aromatic solvents. On the other hand, sectors like pharmaceuticals and healthcare saw increased demand for certain products, including pharmaceutical formulations and sanitizers, which utilize aromatic solvents.
AI Impact
Artificial intelligence (AI) has been increasingly used in recent years to address optimization issues in the petroleum exploration and production industry. In particular, the analysis indicates that AI approaches optimize key objective functions required for industrial decision-making, such as minimum miscibility pressure, oil production rate, and CO2 sequestration volume. Furthermore, it is possible to solve significant optimization challenges and produce superior solutions by combining and/or combining a variety of AI techniques. Therefore, AI is playing a significant role in the petrochemical industry.
Russia-Ukraine War Impact
The Russia-Ukraine war caused price volatility, and trade patterns can change as a result of international conflicts when nations review their relations and look for alternate sources of supply. If the war affects economics between Russia and Ukraine, it might force governments to seek for new suppliers or change the way they source aromatic solvents, which could impact the dynamics of international trade.
Key Developments
- On April 25, 2022, Rhodiasolv IRIS, a new generation solvent, was produced by Solvay, which has significant eco-friendly characteristics. The production of this solvent, which was previously done in China, will now begin in 2023 at the Solvay facility in Melle, France.
- On February 25, 2021, Hengyi Industries utilized the innovative reforming and aromatics technology from Honeywell UOP at its integrated petrochemical facility in Pulau Muara Besar, Brunei. Every day, the plant will process 200,000 barrels. Companies are now investing more heavily in petrochemical conversion technology as a result of the rise in paraxylene demand in Asia.
- On March 6, 2019, Fortrec, a company with its headquarters in Singapore, completed acquiring the Ulsan, Korea, refinery for aromatic solvents and restarted it. The factory, which Fortrec acquired in nine months, can produce the aromatic solvents FSol100, FSol150, FSol200, and Washoil at a rate of sixty thousand (60,000) tonnes annually.
Why Purchase the Report?
- To visualize the global aromatic solvents market segmentation based on type, application and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of aromatic solvents market level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The global aromatic solvents market report would provide approximately 53 tables, 52 figures and 167 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
