Paint & Coatings Segment to Dominate Aromatics Market During Forecast Period

Growing use of aromatic solvents in the pharmaceutical industry and drug formulation process is expected to drive the growth of global aromatics market

According to TechSci Research report, “Global Aromatics Market By Type, By Application, By End User Industry, By Region, Forecast & Opportunities, 2025”, the global aromatics market is expected to grow at a steady rate during the forecast period on account of the increasing investments in the construction and automotive industries, which in turn is generating high demand for aromatic solvents. However, growing environmental concerns can hamper the growth of market during forecast period. Additionally, volatile prices of raw materials and high production costs can further restrict the market growth during forecast period.

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The global aromatics market is segmented based on type, application, end user industry, company and region. Based on end user industry, the market can be categorized into paint & coatings, adhesives, pharmaceuticals, chemicals and others. The paint & coatings industry dominates the market on account of the increasing population, growing disposable income, rise in urbanization, which in turn is increasing the demand for construction activities and infrastructural developments.

DuPont de Nemours, Inc., Alpek S.A.B de C.V, BP PLC, China National Petroleum Corporation, ExxonMobil Corporation, Indorama Ventures, Reliance Industries Limited, Shell Chemicals Ltd., SABIC, Lyondell Basell and others are some of the leading players operating in global Aromatics market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share.

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“Asia-Pacific is expected to be the fastest growing market for aromatics during the forecast period, owing to the growing population in the region, which has led to the increase in the number of residential projects in the region. Additionally, industrialization and government initiatives in countries like India such as the “Make in India”, which support infrastructural developments, are expected to give a healthy push to the market in the region.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Aromatics Market By Type, By Application, By End User Industry, By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of global aromatics market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global aromatics market.

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Source: TechSci Research