The aromatic solvents industry size was USD 5.23 billion in 2020 and is predicted to reach 8.81 billion in 2025, with a CAGR of 2.51 % throughout the foreseen period. Aromatic solvents find wide application in printing inks, paints, coatings, and adhesives. In addition, they are employed in the extraction and degreasing of metals and as chemical intermediates, such as toluene diisocyanate, in various industrial processes. In recent years, the aromatic solvents industry has seen significant expansion in developing countries such as India and China, mainly due to the expansion of the construction business and the escalating call for automobiles. Furthermore, rapid urbanization and industrialization around the world have contributed significantly to the expansion of the industry. They are mainly employed as solvents and diluents in various industries and are mainly produced as a by-product after the distillation of crude oil. In addition, they are employed as corrosion inhibitors in the oil and gas industry.
Market drivers and restraints:
The escalating call for these chemicals in the construction, automotive, oil and gas and packaging industries is driving the expansion of the aromatic solvents industry. In the construction industry, these solvents are employed primarily as vehicles in paints and varnishes for surface coating applications. Therefore, with rapid development and urbanization in various countries of the world, the call for these solvents is predicted to increase. In addition, the paints are employed in the automotive industry, which according to Moody’s is predicted to grow 1.7% in 2020, due to the escalating sales of cars in the APAC industry. The oil and gas industry is also contributing to the expansion of the aromatic solvents industry worldwidely. According to the Oil & Gas Journal, the oil and gas industry is likely to expand in the near future, driving call for crude oil and its products around the world. In this industry, aromatic solvents are employed primarily as corrosion inhibitors for pipeline protection during the fractional distillation process. Call from end-use industries is a major factor in the expansion of the worldwide aromatic solvents industry. Escalating industrialization and urbanization in developing regions around the world are predicted to drive the industry for years to come. In addition, the growing call for energy has increased oil and gas activities, which in turn contributes to industry expansion due to their applications as corrosion inhibitors in the oil and gas industry. Worldwide aromatic solvents are a lucrative industry and are predicted to grow at a healthy CAGR over the anticipated years. This expansion is mainly attributed to the escalating application of aromatic solvents in the paint and coatings industry, among others.
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Report segmented as:
Paints & coatings
Cleaning & degreasing
Worldwide, APAC is predicted to have the largest industry share during the foreseen period. This can be mainly attributed to rapid industrialization in countries like India and China, where products such as paints and inks are widely employed for various applications. Also, the cost of raw materials in this region is comparatively lower, which continues to drive industry expansion. Also, government regulations in APAC countries are favorable and encourage industry companies to operate in the region. The European industry is a lucrative industry driven mainly by the developed sectors of electricity and electronics, construction and automotive. Also, the escalating application in the oil and gas industry, together with the escalating development of infrastructure, is the main factor attributable to the expansion of the industry. In addition to this, the call from the developed pharmaceutical sector has further increased the use of aromatic solvents in the region.
Important market players:
Some of the major companies operating in the worldwide aromatic solvents market are China Petrochemical Corporation, Shell Group of Companies, Exxon Mobil Corporation, BASF SE, LyondellBasell Industries N.V., Reliance Industries Limited, Indian Oil Corporation Limited, Total S.A., Chevron Corporation, and SK Global Chemical Co. Ltd.
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