What is the global market size of the Aromatic Solvents Market?

Global Aromatic Solvents Market size was valued at USD 4.73 billion in 2021 and is poised to grow from USD 4.96 billion in 2022 to USD 6.75 billion by 2030, growing at a CAGR of 3.4% in the forecast period (2023-2030).

Aromatic Solvents Market Size, Share, Growth Analysis, By Type(Benzene, toluene, xylene, and others), By Application (Paints, adhesives, corrosion resistance coatings, cleaning-degreasing), By Region - Industry Forecast 2024-2031

Report ID: SQMIG15E2133 | Region: Global | Published Date: February, 2024
Pages: 242 | Tables: 66 | Figures: 75

Aromatic Solvents Market Regional Insights

The Asia Pacific region is anticipated to hold the largest market share in the global aromatic solvents market followed by North America, and Europe, during the forecast period owing to the availability of emerging economies such as India, China, and others; increasing adoption of these solvents in the construction and automotive sectors in this region; as well as the emergence of various industries in the region.

North America, on the other hand, is expected to grow significantly over the forecast period. The region has the largest paint and pigments manufacturing industry and is the second largest automobile manufacturer by volume. Environmental regulations are more stringent, but the market has the infrastructure and technology to support the various innovation.

Aromatic Solvents Market Report Snapshots

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Aromatic Solvents Market size was valued at USD 4.73 billion in 2019 and is poised to grow from USD 4.96 billion in 2023 to USD 6.75 billion by 2031, growing at a CAGR of 3.4% in the forecast period (2024-2031).

Global aromatic solvents market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'ExxonMobil Corporation', 'Bharat Petroleum Corporation', ' Royal Dutch Shell ', ' BASF SE ', ' LyondellBasell Industries N.V. ', ' Eastman Chemical Company ', ' Dow Chemical Company ', ' Huntsman Corporation ', ' Celanese Corporation ', ' INEOS Group AG ', ' Chevron Phillips Chemical Company LLC ', ' PetroChina Company Limited ', ' SABIC ', ' Reliance Industries Limited ', ' Total S.A. ', ' China Petroleum & Chemical Corporation (Sinopec) ', ' Evonik Industries AG ', ' Arkema S.A. ', ' Flint Hills Resources, LP ', ' Solvay SA '

The growing demand for aromatic solvents in the oil and gas industry for their corrosion resistance, the widespread use of solvents such as xylene in the synthesis of many active pharmaceutical ingredients as well as the cleaning of pharmaceutical equipment, and the increase in product use as adhesives and sealants to bond vehicle parts all contribute to the market growth, resulting in increasing the aromatic solvents market share during the forecast timeframe.

Benzene is a popular industrial chemical that has found an increasing number of applications over the last few decades. Polymers, synthetic fibres, synthetic lubricants, dyes, resins, detergents, pharmaceuticals, and a variety of other products are all made from them. Benzene is widely used as a solvent in a broad array of industries, commercial settings, and academic settings. Industrial producers use benzene-containing products as solvents during the manufacturing process.

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Aromatic Solvents Market Size, Share, Growth Analysis, By Type(Benzene, toluene, xylene, and others), By Application (Paints, adhesives, corrosion resistance coatings, cleaning-degreasing), By Region - Industry Forecast 2024-2031

Aromatic Solvents Market Regional Insights

Aromatic Solvents Market Report Snapshots

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