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Aromatic Solvents Market Size to witness substantial gains over 2019-2024, surging demand from ink industry

Author : Ronak Bora | Published Date : 2019-06-11 

Global aromatic solvents market size is primarily driven by high product demand in paints, coatings and ink industry. Aromatic solvents such as benzene, ethylbenzene, mixed xylenes and toluene have excellent evaporation and solvency. It also forms a homogenous solution over other solvents. Paints & coatings accounted more than 50% of the 2015 global aromatic solvents market share, where these are largely used as diluents and thinners.

As these solvents have high evaporation rate, products containing these solvents exhibit lower drying and curing times. Hence, these solvents are popularly used in lacquer paints which need stronger solvents to speed the drying process.

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Robust automotive indicators present significant growth opportunities to adhesive & sealants, which are a prominent aromatic solvents market application. Automotive adhesives & sealants are mainly used for bonding, sealing, and gasketing the vehicle parts together while providing the structural strength. In 2015, global adhesives demand in automotive was more than 375 kilo tons, set to grow in the near future with increased automobiles sales, thus driving aromatic solvents market size.

In terms of products, aromatic solvents market is segmented into Benzene, xylene, and toluene. Toluene market is anticipated to register the highest annual growth rate of more than 3.5% over the period of 2016 to 2024., due to its prominent usage as adhesives owing to its high evaporation rate. Moreover, to increase the octane number of the fuels like gasoline, blending operation is carried out, in which toluene is being widely used.

Benzene-based aromatic solvents industry generated a revenue of over USD 100 million in 2015 and will grow noticeably over the coming seven years. The key features of the benzene-based solvents such as superior solubility along with the ability to produce homogenous mixture will augment the industry growth. Due to the aforementioned benefits, it is extensively used in the paints & coatings.

China and India aromatic solvents market will exhibit highest growth rate in the Asia Pacific region over the coming seven years, owing to its increasing demand from automobiles and paints & coatings sectors. Additionally, escalating infrastructure development across the Japan, China, and India will boost the aromatic solvents industry outlook.

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U.S. aromatic solvents market collected a revenue of USD 650 million in 2015 and is anticipated to record a CAGR of more than 3% over the period of 2016 to 2024, primarily driven by the product’s surging need across the pharmaceutical and oil & gas sector.

The industry is highly fragmented with key market players such as UOP LLC, Exxon Mobil Corporation, Eastman Chemical Company, and Royal Dutch Shell plc sharing the business space.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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