Aromatic Solvents Market Insights
Aromatic Solvents are widely used in the applications such as automobile, paints and coatings, electronics, textiles, and adhesive & sealants among others. The global aromatic solvents market is spanned across five regions of the world namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major share of the global market and is projected to continue leading, owing to the growing urbanization and industrialization in the developing countries of the region. The major countries attributing to this growth are India and China. The presence of the most populated countries has augmented the construction and automotive sector which in turn is expected to boost the market growth during the forecast years. In addition to this, the growing energy demand in the region has surged oil and gas related activities which in turn has augmented the use of aromatic solvents in pipelines and wells due to its excellent corrosion resisting properties.
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The global aromatic solvents market is segmented into product type and application. On the basis of the product type, the market is segmented into benzene, toluene, xylene, solvent naptha. On the basis of the application, the global aromatic solvents market is segmented into pharmaceuticals, oilfield chemicals, automotive, paints and coatings, pesticides, textiles, electronics, adhesives and sealants, cosmetics, and others.
• Exxon Mobil Corporation
• Celanese Corporation
• Royal Dutch Shell plc
• Eastman Chemical Company
• BASF SE
• LyondellBasell Industries Holdings B.V
• Chevron Phillips Chemical Company LLC
• Honeywell International Inc
• Sasol Ltd
• Ineos AG
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North America is a dominant region in the market of aromatic solvents and is expected to retain its dominance during the forecast years. The developed end-user industry coupled with the increasing adoption rate are the major factors driving the market growth. The growing investment in the construction sector mainly in the U.S and Canada is further expected to surge the market growth during the forecast years. Furthermore, the growing oil and gas activities coupled with the presence of the ‘big three’ automobile companies namely General Motors, Ford, and Fiat Chrysler is also expected to substantially add to the market growth.
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European market of aromatic solvents is set to grow at a steady pace during the forecast period. The presence of the developed automobile sector and the electronics industry are the major factors driving the market growth. Furthermore, the developed pharmaceutical and personal care industry in Europe is also contributing substantially to the growth of the market. The Middle Eastern market of aromatic solvents is expected to grow during the forecast years. The growing demand for paints and coatings in the construction of stadia, hotels, and other public infrastructure mainly in Qatar and Saudi Arabia owing to the FIFA world cup 2022 is expected to boost the market of aromatic solvents in the region.
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