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 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).

Aromatic solvents are organic chemicals composed of aromatic hydrocarbons such as ethane, toluene, xylene, or naphtha that dissolve solid materials to produce a homogeneous solution. These solvents are produced commercially in the oil refining industry through the distillation of crude petroleum stock. These solvents are largely used as diluents in a wide range of products such as varnishes, paints, and adhesives, as well as chemical intermediates. These are classified into several types based on their chemical composition. Each type has unique chemical and physical properties that are tailored to a specific application. The most familiar aromatic solvents are benzene, toluene, and xylene, which are used in paint thinners, tyre additives, varnish, ink, corrosion coatings in pipelines, and other applications. Increasing demand for these solvents from the paint and coating industry owing to their high solvency property, as well as their increasing popularity, are propelling the growth of the global market size. It dissolves or disperse a wide range of components, resulting in high-quality pigments, extenders, additives, and binders that are in high demand. However, these solvents are hazardous chemicals that have a significant impact on human health and the environment, prompting regional authorities to impose strict restrictions on the use of aromatic solvents.

US Aromatic Solvents Market is poised to grow at a sustainable CAGR for the next forecast year.