Global Aromatic Solvents Market: Key Highlights
Global Aromatic Solvents Market: Key Market Dynamics
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Global Aromatic Solvents Market: Regional Overview
The aromatic solvents market in the North American region is projected to witness high demand due to increase in oil & gas, and pharmaceutical industry. According to Energy Information Administration (EIA), in 2018 the U.S. petroleum and natural gas production was increased by 16% and 12% respectively. U.S. became the largest producer of natural gas by surpassing Russia in 2018. According to the Pharmaceutical Research and Manufacturers Association (PhRMA), U.S. firms conduct over half the world's R&D in pharmaceuticals USD 75 billion and hold the intellectual property rights on most new medicines. Thus, owing to the emerging oil & gas and pharmaceutical industry will further surge the demand for aromatic solvents market in the region.
Europe is expected to witness demand of aromatic solvent with growing automotive industry in countries such as Germany, Italy, France, and Spain. Presence of key players such as BMW Group, DAF Trucks, Daimler, Fiat Chrysler Automobiles, and Ford may propel the demand for product. According to ACEA (European Automobile Manufacturers Association), 19.2 million vehicle where produced in the European Union.
Global Aromatic Solvents Market: Key Players Overview
Exxon Mobil Corporation is one of the largest petrochemical company across the globe. The company operates through upstream, chemical, downstream, and natural gas & power marketing business segments. In May 2017, ExxonMobil Chemical Company acquired Jurong Aromatics Corporation plant in Singapore. This will enable cost – competitive growth of aromatics business, and also will help to strengthen product and logistic synergies.
Honeywell International Inc. is a US-based company engaged in the invention and commercialization of technologies for overcoming the challenges across energy, safety, security, productivity, and global urbanization. It operates through major business segments, i.e., aerospace, Honeywell building technologies, performance materials and technologies, and safety and productivity solutions.
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