Aromatic Solvents Market Size By Product (Benzene, Toluene, Xylene), By Application (Pharmaceuticals, Oilfield Chemicals, Automotive, Paint & Coatings), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
Published Date: Sep 2016 | Report ID: GMI761 | Authors: Kiran Pulidindi, Hemant Pandey Report Format: PDF
Aromatic Solvents Market size was valued over USD 5.41 billion in 2015 and is forecast to experience gains exceeding 3% CAGR up to 2024.
U.S. aromatic solvents market size, 2013-2024 (USD million)
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These solvents are mainly used as constituents in paints & coatings, dispersing or dissolving different components such as binders, additives, pigment, and extenders used in the formulation of paints and coatings. Benzene, toluene, ethylbenzene, and mixed xylenes (BTEX) have high solvency rates which help in forming a better homogenous solution as compared to other compounds. Hence, these are largely used in lacquer-based paints which require stronger solvents to speed the drying process. In addition, these are also used as thinners in transport and industrial spray-type synthetic enamels. It modifies the viscosity related to the rate of curing, thereby improving the functionality and aesthetics of the final layer painting. Owing to its enhanced physical & chemical properties over other solvents, widespread application in paints & coatings is likely to drive global aromatic solvents market size.
Growing automotive industry has driven adhesive and sealants demand which is one of the major application avenues of aromatic solvents market. Automotive sales were roughly 90 million units in 2015. Adhesives and sealants are used in vehicles for bonding and sealing the parts together for structural strength to the body, thus preventing it from collapsing. Global adhesives and sealants demand for automotive application was over 340 kilo tons in 2013 and is projected to reach 530 kilo tons by 2024.
Crude oil & natural gas carries high impurity and corrosive products such as hydrogen sulfide, carbon dioxide, and free water, which causes deterioration of the inner walls of wells and pipelines. Continual oil & gas extraction can cause the internal surface of pipelines to corrode. Aromatic solvents are extensively used as corrosion inhibitors in the internal protection of pipes while performing fractional distillation in the oil & gas industry. Oil/solvent based corrosion inhibitors stood around 1,000 kilo tons in 2013 and is estimated to reach 1,500 kilo tons by 2024. Increasing corrosion inhibitors across oil & gas demand is one of the major factors driving the global aromatic solvents market size.
Benzene toluene xylene (BTX) is considered as a man-made source of volatile organic compound (VOCs). VOCs have compounding long term adverse health effects and hence, are strictly regulated by various legislations. For instance, VOC content in the U.S. and Canada has been mandated to be in the range of 50 – 250 grams per liter for flat coating. Stringent VOC regulations may negatively influence aromatic solvents market growth over the forecast timeframe. However, ongoing trend for eco-friendly chemicals among various end-user industries and many large industrial users are switching to more environmentally friendly solvents such as light fluids, which positively impact industry growth.
Aromatic Solvents Market, By Product
Benzene aromatic solvents market size was valued more than USD 100 million in 2015. It offers excellent solubility and forms homogenous solution which makes them desirable to find applications in paint & coatings. However, benzene inhalation exposure causes cause dizziness, headaches, drowsiness, as well as skin, eye, and respiratory tract irritation which may hamper industry growth over the forecast timeframe.
Toluene will witness higher growth over 3.5%. The product based aromatic solvents are largely used in the adhesives market due to their high evaporation rates which causes an increase in the viscosity of adhesive film to rise. In addition, as a compound it finds the largest application in blending to increase the octane number of premium fuels such as gasoline.
Aromatic Solvents Market, By Application
Automotive applications were valued more than USD 540 million in 2015. Growing automotive sales and increasing adhesives and sealants demand in the vehicles for gasketing the parts together will drive aromatic solvents market size over the forecast timeframe.
Paint & Coatings market is projected to expand at over 4% CAGR from 2016 to 2024. Aromatic solvents are mainly used in interior and decorative paints & coatings. They are used as thinner and diluents in paints & coatings. Also, these are used to dissolve pigments, resins, and binding agents in paints and coatings to provide an optimal curing and drying time.
Aromatic Solvents Market, By Region
U.S. aromatic solvents market size was valued at over USD 650 million in 2015. Regional growth is chiefly driven by escalating pharmaceuticals and oil & gas sector. In addition, shale gas exploration in the U.S. will further boost regional industry growth.
Asia Pacific, China and India aromatic solvents market in particular, will witness highest gains at over 4.5% CAGR over the forecast timeframe. Increasing consumer spending in the region has propelled end user industries such as automotive, paints & coatings. Furthermore, growing construction sector particularly in China, India, and Japan will drive regional aromatic solvents demand for paint & coatings application.
Competitive Market Share
Global aromatic solvents market share is highly fragmented. Key industry participants are Exxon Mobil Corporation, UOP LLC, Royal Dutch Shell plc, and Eastman Chemical Company. Other notable players include BASF SE, Lyondellbasell Industries N.V., and Chevron Phillips Chemical Company LLC.
Hydrocarbons steam cracking and catalytic reforming are the widely used processes for manufacturing aromatic solvents. For instance, UOP LLC, a subsidiary of Honeywell, holds licenses for over 100 complexes and more than 700 individual process units for the production of aromatics.
Aromatic Solvents Industry Background
Solvents are a routinely used term in organic chemistry. These are organic chemicals which are used to dissolve solid materials. Aromatic solvents, on the other hand, are the category of solvents that constitute a benzene ring structure. It includes benzene, xylene, toluene, and other aromatic solvents such as C9-C12 hydrocarbons. They are manufactured in the petroleum refining industry from the distillation of petroleum stock and other chemical conversion processes such as catalytic hydrogenation and alkylation. Aromatic solvents possess a strong odor and have high solvency rates as compared to the other groups of solvents.
Raw materials such as heavy naphtha, light oil, propane, butane, and ethane which are used to manufacture aromatic solvents. These raw materials are popularly known as feedstock in industrial terminology. Raw materials used in the production of aromatic solvents are petroleum-based chemicals and thus, are obtained through the fractional distillation of crude oil.
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