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Aromatic Solvents Market Size to witness heavy growth prospects via paints & coatings sectors

Author : Ronak Bora | Published Date : 2019-08-09 

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.

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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.

Volatile organic compound (VOC) content is one of the most commonly used terms in the solvent industry and poses a threat to many products due to rising health concerns. This organic chemical has high vapor pressure at room temperature and easily evaporates into the air. As a result, it causes indoor and outdoor pollution of the environment. BTX is classified as an artificial VOC source, which have harmful health disorder and are strictly directed by stringent government regulations. This may negatively impact on aromatic solvent market share by 2024. However, enduring trend towards environmental friendly chemicals, for example light aromatic fluids will boost aromatic solvents market size by 2024.

Pharmaceutical applications are forecast to grow at over 2% by 2024. These solvents are usually employed during the drug formulation process and the synthesis of active excipients and substances. However, the aromatic solvents use in pharmaceuticals is limited due to toxicity, poor odor and taste.

Xylene aromatic solvents market generated revenue over USD 2 billion in 2015. It is a colorless and sweet-smelling liquid, which finds widespread application in leather, paint, rubber, printing industries.

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 market outlook.

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 @ https://www.gminsights.com/industry-analysis/aromatic-solvents-market

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.

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

Glimpse of Table of Content (ToC)

Chapter 3. Aromatic Solvents Industry Insights

3.1. Industry segmentation

3.2. Industry Size and forecast, 2013 - 2024

3.3. Industry ecosystem analysis

3.4. Industry Impact forces

3.4.1. Growth drivers

3.4.1.1. High aromatic solvents demand in paints & coatings

3.4.1.2. Growing automotive industry

3.4.1.3. Increasing aromatic solvents application in oil & gas sector

3.4.2. Industry pitfalls & challenges

3.4.2.1. Stringent government regulations

3.4.2.2. Drift towards non-aromatic and bio-based solvents

3.5. Growth potential analysis

3.6. Porter's analysis

3.7 Company market share analysis, 2015

3.8. PESTEL analysis

3.9 Pricing trends

Chapter 4. Aromatic Solvents Industry Product Insights

4.1. Global aromatic solvents market share by product, 2015 & 2024

4.2. Benzene

4.2.1. Market estimates and forecast, 2013 - 2024

4.2.2. Market estimates and forecast, by region, 2013 – 2024

4.3. Toluene

4.3.1. Market estimates and forecast, 2013 - 2024

4.3.2. Market estimates and forecast, by region, 2013 - 2024

4.4. Xylene

4.4.1. Market estimates and forecast, 2013 - 2024

4.4.2. Market estimates and forecast, by region, 2013 – 2024

4.5. Others

4.5.1. Market estimates and forecast, 2013 - 2024

4.5.2. Market estimates and forecast, by region, 2013 – 2024

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/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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