AROMATIC SOLVENTS MARKET TO REACH USD 10.8 BILLION BY 2027 | CAGR 4.1% – FORENCIS RESEARCH

Aromatic Solvent Market - Global Industry Analysis and Forecast 2020 to 2027

Global Aromatic Solvents Market: Key Highlights

  • According to the new market research report Aromatic Solvents Market by Type (Toluen, Xylene, Ethylbenzene), by Application (Paints & Coating, Adhesives, Printing Inks, Cleaning & Degreasing, Others), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2020 to 2027)”, the global aromatic solvents market is estimated to reach USD 10.8 Billion by 2027 at a CAGR of around 4.1% during the review period.
  • Aromatic solvent is a solvent which contains aromatic hydrocarbons such as toluene, xylene or naptha. Corrosion resistant and higher rate of solvency are some of the properties of aromatic solvent
  • Aromatic solvents has higher rate of solvency and resist corrosion owing to which it paves its usage in various end-use sectors
  • Its ability to modify the viscosity as per the curing rate helps to improve functionally and aesthetics of the outer layer painting in paint & coating application.

Aromatic Solvents Market

Global Aromatic Solvents Market: Key Market Dynamics

  • Increasing demand for higher flash point de-aromatic solvents from the metal working industry is expected to drive the growth of the de-aromatic solvents market during the forecasted period
  • Use of aromatic solvents as corrosion inhibitors in oil & gas industry has expected to boost the demand for the product market
  • Increasing Awareness of harmful effects of volatile organic compound (VOC), has inclined consumers to shift towards green solvents, which may hinder the growth of product market.

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Global Aromatic Solvents Market: Regional Overview

  • North America

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

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:

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.:

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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Rep Id : CM 089

Published : 2020-07-13

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