Aromatic Solvents Market Size to surpass $7.8bn by 2024
Published Date: September 17, 2019 Authors: Kiran Pulidindi, Hemant Pandey
Aromatic Solvents Market size is set to reach USD 7.84 billion by 2024; according to a new research report by Global Market Insights, Inc.
Escalating automotive sector in the Asia Pacific region due increasing demand for vehicles and hybrid automobiles will drive aromatic solvents market during the anticipated timeframe. The product is widely used as adhesives and sealants in automotive industry to bond and seal vehicle parts together, which improves the vehicle strength and further prevents it from failing. Moreover, its ability to resist corrosion and high solvency rate finds application in various end-use industries such as pharmaceuticals, automotive, oilfield chemicals and other industries such as textiles, adhesive & sealants will create a positive impact to the market.
Growing energy demand globally has increased the oil & gas exploration activities over the recent years. This in turn has enlarged the demand for product in the oil & gas sector to resist corrosion in the internal pipeline during fractional distillation. Growing need for corrosion inhibitors across the sector will propel the demand for product during the estimated period. However, VOCs associated with benzene toluene xylene may cause serious health impacts and stringent regulations resisting VOC content may restrain the aromatic solvents market in the near-term. On the other hand, rapid industrialization and urbanization activities across the world will increase the drive the product market during the projected timespan.
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Based on the product, the market is categorized into toluene, benzene, xylene, etc. Among this, xylene aromatic solvents will capture a fair share of over 40% by 2024 and is projected to grow with the significant CAGR due to its high solubility and extensive usage in numerous applications. For instance, terephthalic acid a primary component of xylene is widely used in the production of polyethylene terephthalate (PET) plastic bottles. Additionally, xylene is also engaged in the production of rubber & leather and also is also used as an important raw material for paints & inks which will increase its demand in the segment.
Browse key industry insights spread across 103 pages with 139 market data tables & 11 figures & charts from the report, “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” in detail along with the table of contents:
On the basis of end-use sector, the product finds application in pharmaceuticals, oilfield chemicals, automotive, paints & coatings and other markets. Here, Oilfield industry will generate revenue over USD 550 million in future and is anticipated to increase with the substantial CAGR during the projected timeframe. Moreover, rising demand from paint & coatings along with other sectors will propel the product demand in the coming years.
The Europe aromatic solvents market is a lucrative and is largely driven by the advanced automotive, construction and electrical & electronics sector. Rising application of product in the oil & gas segment along with growing infrastructural activities in the region will drive the product market in Europe. Moreover, the increasing demand from the developed pharmaceutical industry will further augment the use of product in the region.
The chief industry participants in the product market are UOP LLC, Exxon Mobil Corp., Eastman Chemical Company and Royal Dutch Shell plc. The other important players in the market include, Lyondell Basell N.V., Chevron Phillips LLC and BASF SE.
The aromatic solvents market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2013 to 2024, for the following segments:
- Oilfield Chemicals
- Paints & coatings
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- Latin America
- South Africa