Aromatic Solvents Market Size, Share, Growth Analysis, By Type (Toluene, Xylene), By Application (Paints & Coatings, Adhesives), By End User, By Region -Industry Forecast 2024-2031.

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.

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.

Global Aromatic Solvents Market size was valued at USD 7.92 billion in 2022 and is poised to grow from USD 8.14 billion in 2023 to USD 10.12 billion by 2031, growing at a CAGR of 2.76% during 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. 'China Petroleum & Chemical Corporation', 'Exxonmobil Corporation', 'SK Global Chemical Co., Ltd.', 'BASF SE', 'Lyondellbasell Industries Holdings B.V.', 'China National Petroleum Corporation (CNPC)', 'Reliance Industries Limited (RIL)', 'Total S.A.', 'Chinese Petroleum Corporation (CPC)', 'Bharat Petroleum Corporation Limited', 'Chevron Phillips Chemical Co.', 'Formosa Chemicals & Fibre Corporation', 'Gotham Industries', 'Haltermann Carless', 'Indian Oil Corporation Limited', 'Pon Pure Chemicals Group', 'Recochem Inc.', 'Top Solvent Co., Ltd.', 'W.M. Barr & Company Inc.'

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.

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.