Global Aromatic Solvents Market: Overview
An aromatic solvent is one that contains an aromatic hydrocarbon such as xylene, naptha, ethane, propane, or toluene. It is an organic chemical meant to dissolve solid materials to form a homogenous solution. It is produced mainly via distillation of crude petroleum stock in the oil refining industry and primarily finds application as thinners and diluents in coatings, paints, adhesives, and cleaners to speed up the drying process. An aromatic solvent is also used to thwart corrosion in the oil and gas industry. Further, these aromatic solvents are used in the production of other intermediate chemicals such as cumene, ethyl benzene, phthalic anhydride, naphthalene, and maleic anhydride.
Global Aromatic Solvents Market: Key Trends
At the forefront of driving growth in the aromatic solvents market is the booming paints and coatings industry. Aromatic solvents dissolve or disperse various components such as binders, additives, pigments, and extenders that find application in manufacture of paints and coatings. In addition, high solvency rates aid in forming an enhanced homogenous solution in comparison to other solvents.
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Another factor driving growth in the market is the continued growth in the automotive industry which has pushed up demand for adhesives and sealants, manufactured from aromatic solvents. These solvents help maintain the right evaporation rate of adhesives, which in turn brings about perfect setting of adhesive polymer on the base surface. Countering the growth in the global aromatic solvents market is the strict environmental regulations imposed on VOC emissions and the preference for non-aromatic and biobased solvents.
Global Aromatic Solvents Market: Market Potential
Depending upon the types of products, toluene presents maximum opportunity to the manufacturers because of its spike in applications in adhesives, paints and coatings, inks, pharmaceuticals, and other chemical formulations. Xylene is another product that spells profits for savvy companies as those solvents are used in the synthesis of active pharmaceutical ingredients and to clean pharmaceutical equipment. They are mostly used in the rubber, artificial leather, glue, and rotogravure printing industry.
Some of the important end-user industry for aromatic solvents are automotive, pharmaceuticals, paints and coatings, and oilfield chemicals. Crude oil and natural gas, for example, carry a lot of impurities and corrosive products such as carbon dioxide, hydrogen sulfide, and free water that deteriorates the inner walls of wells and pipelines. Continued oil and gas extraction can result in the internal surface of pipelines to corrode. Aromatic solvents can thwart it while performing fractional distillation in the oil and gas industry.
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Global Aromatic Solvents Market: Regional Outlook
Geographically, the key segments of the global aromatic solvents market are Asia Pacific, Europe, North America, and the Rest of the World. Among them, Asia Pacific dominates the market in terms of volume on account of the high growth in the chemical industry. Latin America too is expected to witness some degree of growth in the aromatic solvents powered by the demand from Venezuela, Brazil, and Argentina.
The markets in North America and Europe are slated to see lackluster growth in the years to come owing to stringent environmental regulations. Middle East and Africa (MEA) is another region that will see slow growth due to the economic transition in the region at present.
Global Aromatic Solvents Market: Competitive Analysis
The global market for aromatic solvents is fragmented in nature. To assess the competition in the market, the report profiles important market participants such as Exxon Mobil Corporation, Royal Dutch Shell plc, LyondellBasell Industries N.V., Chevron Phillips Chemical Company, BASF SE, Celanese Corporation, and Eastman Chemical Company.
The study presents reliable qualitative and quantitative insights into:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand chain of the market
- Market valuation (revenue and/or volume)
- Key trends/opportunities/challenges
- Forces defining present and estimated future state of the competitive landscape
- Technological developments
- Value chain and stakeholder analysis
The regional analysis covers:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
The vast market research data included in the study is the result of extensive primary and secondary research activities. Surveys, personal interviews, and inputs from industry experts form the crux of primary research activities and data collected from trade journals, industry databases, and reputable paid sources form the basis of secondary research. The report also includes a detailed qualitative and quantitative analysis of the market, with the help of information collected from market participants operating across key sectors of the market value chain. A separate analysis of macro- and micro-economic aspects, regulations, and trends influencing the overall development of the market is also included in the report.
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