Aromatic Solvents Market to reach USD 9.15 billion by 2028
The Global Aromatic Solvents Market is projected to reach USD 9.15 billion by 2028, growing at a CAGR of 3.1% during the forecast period. The worldwide increase in construction activities & consequent growth of paints industry is expected to propel the aromatic solvents market during the forecast period.
What are aromatic solvents? Aromatic solvents are composed of aromatic hydrocarbons such as xylene, naphthalene, and toluene. The aromatic solvents are used to dissolve solid materials to form homogeneous solutions. Aromatic solvents are produced by fractional distillation of crude oil in oil refineries. Due to their high levels of solvency, the demand for aromatic solvents is on the global rise.
What will cause the growth of Aromatic Solvents Market: o Technological advancements in coating materials. o Tremendous growth of the chemical industry in Europe. o Increasing amount of construction activities around the world. o Low cost of manufacturing. Key Developments in Aromatic Solvents Market: o In August 2017, ExxonMobil Corporation acquired one of the world's largest aromatics facilities on Jurong Island in Singapore, owned by Jurong Aromatics Corporation Singapore.
Market dynamics by QMI- The paints & coating industry is the principal end user of aromatic solvents. Toluene is utilized as a base material for the production of toluene diisocyanate, cement for polystyrene kits, and fullerene indicator. Therefore, it is used extensively in leather tanning & printing processes. In building & construction industry, paints are used for insulating material coatings as well as making the buildings visually appealing. Paints help in isolating the building surfaces from the outside air. In the chemical industry, aromatic solvents are used as chemical intermediaries for the production of chemicals such as phthalic anhydride, cumene, maleic anhydride, cumene, and naphthalene. It is used as an industrial cleaning agent and for degreasing applications such as electroplating & galvanizing. ExxonMobil Corporation is one of the biggest manufacturers of aromatic solvents all around the world and commands its market presence across all segments of aromatic solvents market. The aromatic solvents market is highly consolidated in nature with many big players present in the market with huge production and processing capacities and strong financial base. The final product isn't much differentiated; hence it doesn't affect the final quality of the product.
Asia Pacific is the biggest contributor to the aromatic solvents market accounting for approximately 55% of the global share. The rapid urbanization, rising per capita disposable incomes and growing demand for automobiles are the factors that bolster the aromatic solvents market in the Asia Pacific region. In August 2017, ExxonMobil Corporation acquired one of the world's largest aromatics facilities on Jurong Island in Singapore, owned by Jurong Aromatics Corporation Singapore. The North American & European economies are also showing positive growth in the aromatic solvents market and are projected to grow even further during the next decade owing to increasing chemical manufacturing & processing plants in these regions. The Middle East is an emerging region in the aromatic solvents market.
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