Aromatic Solvents Market Size

Global Aromatic Solvents Market Overview

The Aromatic Solvents Market Size was valued at USD 5,45 Billion in 2022. The Aromatic Solvents industry is projected to grow from USD 6.2 Billion in 2023 to USD 8.10 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.8% during the forecast period (2023 - 2030). Aromatic solvents are a class of solvents that have a fragrant hydrocarbon including naphtha, toluene, or xylene. These solvents are fundamentally utilized as diluents in different modern verticals. Sweet-smelling solvents, primarily toluene, are generally utilized in paints, cement, stains, and as synthetic intermediates. These classes of solvents scatter various folios, colors, added substances, and extenders utilized in the plan of coatings and paints. Fragrant solvents, like benzene, ethylbenzene, toluene, and blended xylenes (BTEX), have high paces of dissolvability that guide the development of an effective homogenous arrangement. Also, these solvents are known for their high dissipation rates, which help in accelerating the relieving and drying processes.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Aromatic Solvents Market Trends

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  The demand from the end-use industries is a major factor driving the growth.

  
  

The interest from the end-use ventures is a main consideration driving the development of the Aromatic Solvents Market forecast. The developing industrialization and urbanization in the creating areas all through the globe are supposed to support the market during the figure years. Additionally, the developing energy request has expanded the oil and gas exercises which thus is adding to the development of the market attributable to its applications as consumption inhibitors in the oil and gas industry. The Aromatic Solvents Market is a rewarding business sector and is supposed to grow at a sound CAGR during the figure years. This development is mostly ascribed to the rising utilization of fragrant solvents in the paints and coatings industry among others.

Additionally, Aromatic solvents are utilized in different modern applications. Paints and coatings are the significant businesses where these solvents are generally utilized as thinners. Different uses of fragrant solvents incorporate modern cleaners, pesticides, foundry pitches, oilfield synthetic compounds, and so forth. The developing interest for paints and coatings across the globe combined with their rising application in the car business is expected to significantly add to the generally fragrant solvents piece of the pie all through the evaluation period.

Aromatic Solvents Market Segment Insights

Aromatic Solvents Product Insights

The Aromatic Solvents market segmentation, based on Product, includes benzene, xylene, toluene, and others. Toluene accounted to hold most of the revenue share of approximately 50% in the year 2020 and is expected to seek significant growth over the forecast period. Toluene-based aromatic solvent increases viscosity in adhesive films and are largely used in adhesive applications because of their high evaporation rates. Moreover, toluene-based products are prominently used in the production process of paint thinners for cosmetics, inks, correction fluids, and many others. Hence, the outstanding growth in the cosmetic sector is anticipated to propel the market growth for the toluene segment. 

Aromatic Solvents Application Insights

Based on Application, the Aromatic Solvents market segmentation includes Pharmaceuticals, Automotive, Oilfield Chemicals, Paints & Coatings, and Others. The paints & coatings segment dominated the aromatic solvents market in terms of revenue in the year 2020 and is anticipated to exhibit a similar trend during the forthcoming period. The paints & coatings segment captured nearly half of the total market revenue in 2020. This is mainly attributed to the prominent growth in the paints & coatings market ly because of increasing product consumption in various sectors such as automotive, construction, and general industries.

Figure 2:  Aromatic Solvents Market, by Product, 2023 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Aromatic Solvents Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia Pacific holds a significant portion of the market and is supposed to be a prevailing business sector with a remarkable CAGR during the gauge time frame. The quick development of enterprises and urbanization are fuelling the development of aromatic solvents in the emerging nations of Asia Pacific.

In addition, the ideal unofficial law in the area has drawn in numerous industry players to enter the worthwhile market of Asia Pacific which thusly is fuelling the market development. Besides, the presence of the most populated nations, for example, India and China have expanded the development and auto-area which is further adding to the market development. China, India, and Japan are the biggest shoppers of aromatic solvents around here. North America is one more predominant area on the lookout for fragrant solvents.

Figure 3:  AROMATIC SOLVENTS MARKET SHARE BY REGION 2023 (%)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

The created end-client enterprises like development, transportation, and gadgets among others are essentially driving the market development. Besides, the recently chosen government has gotten another flood of interest being developed and remodeling of private and business foundations as most would consider being normal to help the interest in paint and coatings, thus, adding to the development of the Aromatic Solvents Market.

The European market is a rewarding business sector for the most part determined by the created electrical and gadgets, development, and vehicle area. Also, the developing application in the oil and gas area combined with the expanding infrastructural improvement is the main consideration ascribed to the development of the Aromatic Solvents Market. What's more, the interest from the created drug area has additionally expanded the utilization of fragrant solvents in the district.

Aromatic Solvents Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Aromatic Solvents market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Aromatic Solvents industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Aromatic Solvents. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Aromatic Solvents industry must offer affordable products.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Aromatic Solvents industry to benefit customers and expand the market sector. The Low-Profile Additives market has recently given medicine some of the most important advantages. Major Aromatic Solvents market players, including Exxon Mobil Corporation (U.S.), Celanese Corporation (U.S.), Royal Dutch Shell plc (U.K), Eastman Chemical Company (U.S.), and others, are attempting to increase market demand by funding R&D initiatives.

ExxonMobil is an oil and gas company and energy provider. It operates through three business divisions: Upstream, Downstream, and Chemical. The company engages in the exploration, production, trade, transport, and sale of crude oil, natural gas, petroleum products, petrochemicals, etc. ExxonMobil markets fuels, lubricants, and chemicals under four brands: Esso, Exxon, Mobil, and ExxonMobil Chemical.

Also, Celanese is a chemical and specialty materials company. It operates through the following segments: engineered materials, acetyl chain, cellulose acetate, and food ingredients. The engineered materials segment develops, produces, and supplies a portfolio of high-performance specialty polymers for automotive and medical applications, as well as industrial products and consumer electronics.

Key Companies in the Aromatic Solvents market include

• Exxon Mobil Corporation (U.S.)


• Celanese Corporation (U.S.)


• Royal Dutch Shell plc (U.K)


• Eastman Chemical Company (U.S.)


• BASF SE (Germany)


• LyondellBasell Industries Holdings B.V (Netherland)


• Chevron Phillips Chemical Company LLC (U.S)


• Honeywell International Inc (U.S)

Aromatic Solvents Industry Developments

Clariter and TotalEnergies Fluids, a TotalEnergies division, in January 2023 launched the world's first sustainable and ultra-pure solvent in January 2023. It is obtained from plastic waste and is used for pharmaceuticals, cosmetics and other high-end markets. The products within these markets demand solvents that are safe to use, colorless, odorless and tasteless, meeting the criteria of purity as defined by the highest pharmacopoeia standards. This makes their production significantly more environmentally friendly than their production from plastics’ waste stream, reduces its environmental impacts and addresses end-of-life plastics.

Honeywell International Inc. announced that Hengyi Industries brought state-of-the-art aromatics derived from Honeywell UOP to Pulau Muara Besar petrochemical complex located in Brunei islands in February 2021. The plant can process approximately two hundred thousand bbl/day. The escalating requirement for paraxylene in Asia necessitates vast amounts of money being invested into innovative technologies transforming crude oil into chemicals.

Lasa Supergenerics Limited acquired Harishree Aromatics, who are producers of Active Pharmaceutical Ingredients (API), in February 2020. Furthermore, the company’s market share will go up, its product and service diversity will rise, and so will its assets.

In April 2022, Solvay came up with Rhodiasolv IRIS, Next Generation Solvent, which has very strong eco-friendly credentials. Formerly made in China, this solvent will now be manufactured at the Melle site of Solvay in France starting next year.

In January 2021 BP plc sold its global Aromatics & Acetyls business to UK chemical maker Neos Group Ltd. at about USD 5 billion cost. This deal will help Ineos consolidate its position globally, enhance petrochemical business, and expand abroad.

Aromatic Solvents Market Segmentation

Aromatic Solvents Product Outlook

• Benzene


• Xylene


• Toluene


• Others

Aromatic Solvents Application Outlook

• Pharmaceuticals


• Automotive


• Oilfield Chemicals


• Paints & Coatings


• Others

Aromatic Solvents Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America