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Aromatic Solvents Market By Key Players, Growth Potential Analysis and Forecasts Report 2024

Author : Ronak Bora | Published Date : 2019-05-13 

As per the report by Global Market Insights, Inc., “Aromatic Solvents market generated a revenue of USD 5.41 billion in 2015 and is projected to register an annual growth rate of more than 3% over the period of 2016 to 2024.”

Aromatic Solvents Market is moving at a fast pace with the focused approach of the market players to sustain in the competitive scenario. The widespread usage of this solvents in paints & coating across the various industrial and transportation applications is majorly influencing the industry growth noticeably.

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Aromatic solvents market finds extensive application in varied sectors such as automotive, oilfield chemical, pharmaceutical, and paints & coatings. Pharmaceutical application will exhibit a CAGR of more than 2% over 2016- 2024, owing to its significant usage in drug formulation. Paints & coating is another lucrative application segment of aromatic solvents industry and is predicted to grow considerably over the coming seven years. The growth can be attributed to the surging product demand for decorative and interior paints & coatings. Moreover, it is prominently used as diluents and thinner in the various paints & coatings formulations.

Automotive application in 2015 generated a revenue of USD 540 million and is slated to record substantial growth rate over the coming seven years. For sealing, gasketing, and bonding of the various automotive parts sealants and adhesives are used, which are made up of aromatic solvents mainly.

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.

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U.S aromatic solvents market share is projected to expand at over 3% CAGR by 2024.

Asia Pacific, particularly led by China, India and Japan, aromatic solvents market size was dominant and was valued at over 2.5 billion in 2015. Robust growth in construction and automotive industry will boost regional growth.

Aromatic solvents market is fragmented. UOP LLC, Exxon Mobil, Eastman Chemical, Shell, BASF SE and Lyondellbasell are some significant industry share contributors.

About Global Market Insights

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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