The aromatic solvents market is fairly fragmented with few manufacturers exhibiting a marked degree of integration in the first stage of the industry value chain, observes Transparency Market Research (TMR). Key players operating in the aromatic solvents market include Eastman Chemical Company, Celanese Corporation, LyondellBasell, BASF SE, Chevron Phillips Chemical Company, Exxon Mobil Corporation, Honeywell UOP, and Royal Dutch Shell plc.
The global aromatic solvents market was valued at US$6.18 billion in 2014 and is projected to expand at a 4.2% CAGR from 2015 to 2023. Growing at this pace, the valuation of the market is anticipated to reach US$7.76 billion by the end of the forecast period.
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Asia Pacific to Offer Abundant Opportunities for Manufacturers to Capitalize on
Geographically, the aromatic solvents market is segmented into Europe, North America, Asia Pacific, the Middle East and Africa (MEA), and Latin America. Of these, Asia Pacific accounted for the major share in 2014, in terms of volume, and the regional market is projected to rise at a spectacular CAGR during the forecast period. The dominance of the regional market is attributed to the rapid growth of the chemicals industry.
The major product segments are benzene, toluene, xylene, and solvent naphtha. Of these, the toluene segment accounted for the major market share in 2014. The demand for toluene is primarily driven by its substantial applications in various industries such as adhesives, paints and coatings, inks, and pharmaceuticals.
Extensive Application of Aromatic Compounds in Paints and Coatings Industry
The aromatic solvents market is primarily driven by the extensive applications of various product segments in the paints and coating industry. The significant rate of solvency of aromatic solvents has popularized their applications in a number of end-use industries such as automotive, pharmaceuticals, and oilfield chemicals. The extensive application of various aromatic compounds in the paints and coatings industry to speed up the drying process. In addition, these compounds dissolve or disperse a variety of components such as additives, binders, extenders, and pigments, and help in the formation of a homogeneous solution. Hence, they are used by manufacturers in the formulation of paints and coatings, which is a crucial factor boosting the uptake of aromatic solvents.
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The growing number of use of aromatic compounds in the pharmaceutical and oilfield industries is anticipated to accentuate the market in the coming years. The substantial use of xylene in synthesis of several active pharmaceutical ingredients and in the cleaning of pharmaceutical equipment is anticipated to boost the market. In addition, the use of aromatic solvents in various drug formulation process is expected to catalyze the market growth.
The extensive application of aromatic solvents as excellent corrosion inhibitors in the oil and gas industry is further expected to boost the market. However, stringent environmental norms and regulations related to VOC (volatile organic compounds emission) and a gradual industrial shift toward the adoption of non-aromatic solvents are crucial factors likely to hinder the market to an extent. Nevertheless, the burgeoning demand for adhesives and sealants in the automotive sector has boosted the use of aromatic compounds is expected to catalyze the market world over.