Global Aromatic Solvent Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Aromatic Solvent Market was worth US$ 6,174 Mn and is expected to grow at a CAGR of 3.8% over the forecast period. The market has shown extensive growth compared to the CAGR of 2.9% during the period 2017-2021The market is expected to hit US$ 8,964.8Mn by 2032 end.
An aromatic solvent comprises aromatic hydrocarbons, namely toluene, xylene, and naptha. Hence, they act as excellent diluents and solvents in different industrial processes. Aromatic solvents such as toluene are commonly used in varnishes, paints, and adhesives. They find applications as chemical intermediates. And as corrosion inhibitors in the oil and gas industry.
PAINT & COATING INDUSTRIES’ DEMAND IS DRIVING THE MARKET
Aromatic solvents are generally used to dilute any liquid substance. For this reason, the paint and coating industries depend fully on these solvents. Due to the rise of population, construction works are on hype construction is directly linked with the painting. That’s why; they need these solvents for their work.
STRINGENT GOVERNMENTAL REGULATIONS HAMPER THE MARKET GROWTH
As these solvents are, to some extent, deadly against our nature, Government regulations in some countries are not so friendly toward them. Moreover, demands for eco-familiar substances are on the hype. So consumers’ inclination toward eco-friendly substances is affecting the market growth
The ongoing COVID-19 pandemic is having a significant impact on the demand for aromatic solvents worldwide. Aromatic solvents are produced in refinery complexes; thus, they are widely affected by the overall downturn in the oil and gas industry due to the ongoing pandemic. Exploration and production activities have recently been halted, negatively impacting overall market demand.
Market Segments Covered in Report
By Region and Country:
Why is the toluene Aromatic solvent type expected to lead the market during the forecast period?
Toluene is expected to have the highest revenue in the market during the forecast period. The cause of the hype is the paints and coating industries, as the solvents play a crucial role in diluting the paint. Moreover, pharmaceuticals, adhesives, and other chemical industries also need these solvents.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, the Middle East, and Africa.
The global Aromatic Solvent market for food applications is highly fragmented, with numerous multinational corporations and regional players. Market participants are concentrating on cooperating for tactics such as collaborations, product launches, mergers and acquisitions, and acquisitions for applications such as Paints and coatings feed.
A list of some of the key suppliers present in the market is:
Global Aromatic Solvent Market 2022-2032: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific. Middle East, Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa,|
|Key segments covered||By Type, End-User, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Market Size Data
Value Chain Analysis
North America: U.S., Canada
Latin America: Brazil, Mexico, Argentina, Central America, Rest of Latin America
Western Europe: Germany, Italy, France, UK, Spain, Poland, Romania, Rest of Western Europe
Eastern Europe: Russia & Belarus, Balkan Countries, Baltic Countries, Central Asia, Rest of Eastern Europe
Middle East & Africa: KSA, UAE, Turkey, Israel, Northern Africa, South Africa, Rest of Middle East & Africa
East Asia: China, Japan, South Korea
South Asia & Pacific: India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific
Why Choose CVC Market Research?;
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 3.8%.
The increased construction and people can be related to the growth of the Aromatic Solvent market.
Major global Aromatic Solvent Market players are Celanese Corporation, Eastman Chemical Company, Lyondell Basell, Chevron Phillips Chemical Company, BASF SE, Exxon Mobil Corporation, Royal Dutch Shell plc, and Honeywell UOP.
Stringent government rules and environmental hazards impede market expansion.
The Asia Pacific region is expected to account for the largest market revenue share in the Global Aromatic Solvent market.
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