Aromatic Solvent Market to exceed $7.7 billion by 2027
Published Date: July 9, 2021 Authors: Kiran Pulidindi, Hemant Pandey
According to a new research report by Global Market Insights Inc., the Aromatic Solvent Market size is estimated to surpass USD 7.7 billion by 2027.
Positive growth indicator in the paints & coatings industry is analyzed to be one of the pivotal factors positively affecting the aromatic solvent market size over the forecast period. Aromatic solvents are widely used in architectural and industrial paint & coating applications due to their excellent solvency and film-forming properties. Heavy aromatic solvents also possess high evaporation rates that help in speeding up the curing & drying processes, thereby are ideal for use in paint & coating applications.
Aromatic solvents are regarded as an essential component in paint formulations. These heavy aromatic-based paints and coatings are considered to have performance benefits over conventional paints, which make them ideal for many residential & industrial applications. The presence of various regulations on the use of petroleum-based solvents is anticipated to be a major factor restraining the overall market.
The growing automotive industry will boost market demand
The automotive segment held a market share of over 10% in 2020 and is projected to generate a revenue of over USD 700 million by 2027. The automobile industry is estimated to be another major application sector in the market during the forecast period. The growing demand for automobiles is expected to generate substantial revenue for the market during the forecast period. Heavy aromatic solvents are extensively used in sealants, adhesives, and coatings used in the automotive industry. The properties of heavy aromatic solvents, such as high flash points, low residue, and controlled evaporation, make them suitable for use in this industry. Moreover, solvents also aid in better film and flow formations; hence, are highly compatible and yield better performance than conventional solvents. These solvents are also employed in ships for applications that require water-resistive properties and enhanced hardness.
Browse key industry insights spread across 155 pages with 139 market data tables & 17 figures & charts from the report, “Aromatic Solvent Market, By Product (Benzene, Toluene, Xylene), By Application (Pharmaceuticals, Oilfield Chemicals, Automotive, Paints & Coatings), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
The xylene aromatic solvent segment held a major share in 2020
The xylene aromatic solvent segment held a market share of over 40% in 2020 and is projected to grow at a CAGR of over 4.3% through 2027. Xylene is widely used in various industrial verticals including paints & coatings, automotive, sealants, adhesives, and others. Xylene is also used as a cleaning agent and as thinner in varnishes & paints. The growing demand for paints & coatings is projected to positively impact the overall xylene demand in the coming years.
Latin America held a 5.5% share in 2020 and is anticipated to generate a revenue of over USD 400 million in 2027. The growing automobile sector and increasing demand for paints & coatings in the region are major factors attributing to this growth. Furthermore, massive construction spending in Brazil, Mexico, and Argentina will positively impact the aromatic solvents market growth for paints & coatings segment.
The Middle East held a market share of over 7 % in 2020 and is projected to exhibit similar trends throughout the assessment period. The presence of huge petrochemical complexes and increasing demand for paints & coatings in the region are major factors driving the demand for aromatic solvents in the Middle East.
Some of the prominent players in the aromatic solvent industry are Exxon Mobil Corporation, Royal Dutch Shell plc, UOP LLC, and Eastman Chemical Company. Other notable players include Lyondellbasell Industries N.V., BASF SE, and Chevron Phillips Chemical Company LLC.
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