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Aromatic Solvents Market in paints & coatings sector to grow at 4% CAGR up to 2024

Author : Ronak Bora | Published Date : 2019-04-03 

The aromatic solvents market will be primarily propelled by significant product demand in ink, paints and coatings industry. In 2015, paints & coatings sector contributed to 50% share of the overall aromatic solvents market is expected to grow with 4% CAGR by 2024. This will have a positive impact on the product market in the coming years.

Mounting automotive industry will also drive the sealants & adhesive demand in the forecast period. In 2015, the global automotive sales had crossed 90 million units. The demand for adhesives and sealants will be majorly attributed to their ability to impart structural strength to the automotive structure. The adhesives & sealants demand in automotive application is anticipated to reach 530 kilo tons in the forecast period.

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Natural gas & crude oil carry impurities and corrosive products such as, carbon dioxide, free water and hydrogen sulfide which lead to weakening of inner walls of pipelines and wells. Aromatic solvents are broadly preferred as corrosion inhibitors for the internal safety of pipes during the fractional distillation in oil & gas industry. Solvent based corrosion inhibitors are projected to grow up to 1,500 kilo tons in 2024. Growing demand for corrosion inhibitors in the oil & gas industry will significantly boost the aromatic solvents market in the near future.

The aromatic solvents market involves volatile organic compound (VOC) which may cause outdoor and indoor pollution of the surroundings. Owing to the threat of health hazards possessed by them, the product market is directed by severe government regulations. This is likely to have negative impact on aromatic solvent industry in the forecast period. However, the emergence of eco-friendly chemicals, for instance, light aromatic fluids will likely propel the product market by 2024.

In 2015, xylene segment was valued over USD 2 billion and will observe steady demand in printing, rubber, leather and paint industries in the forecast period. Benzene aromatic solvents generated over USD 100 million revenue in 2015. Their ability to form homogenous solutions and high solubility make them desirable in paint & coatings industry. However, they bear a possibility to cause headache, dizziness, drowsiness and irritation to skin, respiratory tract and eyes on getting inhaled. This may hinder the market growth to some extent by 2024.

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The oilfield chemical applications generated revenue exceeding USD 400 million in 2015. They will witness high demand for oil & gas extraction and will drive the aromatic solvents market in the forecast timespan. Pharmaceutical applications will observe growth trends of CAGR over 2% by 2024 for their use in the synthesis of active excipients and for drug preparation.

In Asia Pacific region, the aromatic solvents market generated more than 2.5 billion revenues in 2015. Robust development in regional automotive and construction industries coupled with increasing consumer expenditure will encourage the market growth in the forecast period. The region is probable to have gains around 4.5% CAGR by 2024. U.S aromatic solvents market was valued at above USD 650 million in 2015 and is anticipated to grow with 3% CAGR in the forecast period.

Key market players are Exxon Mobil Corporation, INEOS AG, Oil Refineries Ltd., BASF SE, Royal Dutch Shell plc, UOP LLC, Chevron Phillips Chemical Company LLC, Eastman Chemical Company, Petrochem Carless, Celanese Corporation, Huntsman Corporation and Lyondellbasell Industries N.V.

Browse key industry insights spread across 103 pages with 139 market data tables & 11 figures & charts from the report, “Aromatic Solvents Market” in detail along with the table of contents:

www.gminsights.com/industry-analysis/aromatic-solvents-market

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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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