According to a new market report published by Acute Market Reports “Aromatic Solvents Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2020 - 2021,” the aromatic solvents market was valued is expected to reach over US$ 8.32 Bn by 2029, expanding at a CAGR of more than 4.0% from 2021 to 2029.
Browse the full Aromatic Solvents (Toluene, Xylene, Benzene, and Others) Market for Pharmaceuticals, Oilfield Chemicals, Paints & Coatings, Adhesives & Sealants, Automotive and Other Applications- Growth, Share, Opportunities, Competitive Analysis, and Forecast 2020 – 2021 report at https://www.acutemarketreports.com/report/aromatic-solvents-market
Market Insights
Solvent is a substance which is dissolved in any other solute which can be solid, gas or liquid. Solvent is usually a liquid but can also be a solid or gas. Solvents are generally used to dissolve, carry or suspend particles for forming solution. Aromatic solvents are organic chemicals which are made from fractional distillation of petroleum. In addition, they are also produced through other methods such as steam cracking, catalytic refining and coal carbonization among others. Among these, catalytic refining and steam cracking methods are preferably used on a large scale in the oil & gas industry.
Based on products, aromatic solvents are segmented into toluene, xylene, benzene and others. Toluene accounted for the major share of global aromatic solvents market and is expected to retain its position in the near future. It is also accounted to be the fastest growing product segment. Toluene is expected to experience high demand in the market as it is widely used in the paints & coatings industry. It also has application in the adhesive and sealants industry. Therefore, high demand from the paints & coatings and adhesive & sealants industry is anticipated to boost growth of global aromatic solvents market. Other products such as xylene and solvent naphtha are used in various end-user industries thereby creating high demand for aromatic solvents in the market. Benzene is anticipated to experience steady demand in the market due to health hazards and its toxic nature. However, rising developments to manufacture light aromatic solvents is expected to reduce the risk of health issues thereby boosting market demand for aromatic solvents.
Competitive Insights:
Paints & coatings accounted as the largest application segment of global aromatic solvents in 2021. Growing number of building & construction activities in developing economy such as Asia Pacific has created high demand for paints & coatings in the market. Therefore, paints & coatings industry is expected to experience high demand in the market. Toluene is a aromatic solvent which is used on a large scale in the paints & coatings industry. Hence, growing demand for toluene from the paints & coatings industry is expected to fuel growth of global aromatic solvents market. Pharmaceuticals followed paints & coatings industry in terms of growth of aromatic solvents in the market. Aromatic solvents are used during the manufacturing process of pharmaceuticals. Growing demand from the pharmaceutical industry is also anticipated to boost market demand for aromatic solvents in the near future. Aromatic solvents are also used for various other applications in a number of end-user industries. Rising demand for aromatic solvents from various end-user industries is also projected to contribute to the growth of global aromatic solvents in the market during the forecast period from 2021 to 2029.
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