Aromatic Solvents Market Research Report- Forecast till 2030

Aromatic Solvents Market Research: Information by Product Type (Benzene, Toluene, Xylene, Solvent Naphtha), by Application (Automobiles, Paints & Coatings, Pharmaceuticals, Textiles, Electronics, Adhesive & Sealants, and Others) - Forecast till 2030

ID: MRFR/CnM/3969-HCR | August 2022 | Region: Global | 137 Pages         

TABLE OF CONTENTS

1 Executive Summary

2 Scope of the Report

2.1 Market Definition

2.2 Scope of the Study

2.2.1 Research Objectives

2.2.2 Assumptions & Limitations

2.3 Markets Structure

3 Market Research Methodology

3.1 Research Process

3.2 Secondary Research

3.3 Primary Research

3.4 Forecast Model

4 Market Landscape

4.1 Porter’s Five Forces Analysis

4.1.1 Threat of New Entrants

4.1.2 Bargaining power of buyers

4.1.3 Threat of substitutes

4.1.4 Segment rivalry

4.2 Value Chain/Supply Chain of Global Aromatic Solvents Market

5 Industry Overview of Global Aromatic Solvents Market

5.1 Introduction

5.2 Growth Drivers

5.3 Impact analysis

5.4 Market Challenges

6 Market Trends

6.1 Introduction

6.2 Growth Trends

6.3 Impact analysis

7. Global Aromatic Solvents Market by Product Type

7.1 Introduction

7.2 Benzene

7.2.1 Market Estimates & Forecast, 2020-2027

7.2.2 Market Estimates & Forecast by Region, 2020-2027

7.3 Toluene

7.3.1 Market Estimates & Forecast, 2020-2027

7.3.2 Market Estimates & Forecast by Region, 2020-2027

7.4 Xylene

7.4.1 Market Estimates & Forecast, 2020-2027

7.4.2 Market Estimates & Forecast by Region, 2020-2027

7.5 Solvent Naptha

7.5.1 Market Estimates & Forecast, 2020-2027

7.5.2 Market Estimates & Forecast by Region, 2020-2027

8. Global Aromatic Solvents Market by Application

8.1 Introduction

8.2 Pharmaceuticals

8.2.1 Market Estimates & Forecast, 2020-2027

8.2.2 Market Estimates & Forecast by Region, 2020-2027

8.3 Oilfiled Chemicals

8.3.1 Market Estimates & Forecast, 2020-2027

8.3.2 Market Estimates & Forecast by Region, 2020-2027

8.4 Automotive

8.4.1 Market Estimates & Forecast, 2020-2027

8.4.2 Market Estimates & Forecast by Region, 2020-2027

8.5 Paints and coatings

8.5.1 Market Estimates & Forecast, 2020-2027

8.5.2 Market Estimates & Forecast by Region, 2020-2027

8.6 Pesticides

8.6.1 Market Estimates & Forecast, 2020-2027

8.6.2 Market Estimates & Forecast by Region, 2020-2027

8.7 Electronics

8.7.1 Market Estimates & Forecast, 2020-2027

8.7.2 Market Estimates & Forecast by Region, 2020-2027

8.8 Textiles

8.8.1 Market Estimates & Forecast, 2020-2027

8.8.2 Market Estimates & Forecast by Region, 2020-2027

8.9 Adhesive and Sealants

8.9.1 Market Estimates & Forecast, 2020-2027

8.9.2 Market Estimates & Forecast by Region, 2020-2027

8.10 Cosmetics

8.10.1 Market Estimates & Forecast, 2020-2027

8.10.2 Market Estimates & Forecast by Region, 2020-2027

8.11 Others

8.11.1 Market Estimates & Forecast, 2020-2027

8.11.2 Market Estimates & Forecast by Region, 2020-2027

9. Global Aromatic Solvents Market by Region

9.1 Introduction

9.2 North America

9.2.1 Market Estimates & Forecast, 2020-2027

9.2.2 Market Estimates & Forecast by Product Type, 2020-2027

9.2.3 Market Estimates & Forecast by Application, 2020-2027

9.2.4 U.S.

9.2.4.1 Market Estimates & Forecast, 2020-2027

9.2.4.2 Market Estimates & Forecast by Product Type, 2020-2027

9.2.4.3 Market Estimates & Forecast by Application, 2020-2027

9.2.5 Mexico

9.2.5.1 Market Estimates & Forecast, 2020-2027

9.2.5.2 Market Estimates & Forecast by Product Type, 2020-2027

9.2.5.3 Market Estimates & Forecast by Application, 2020-2027

9.2.6 Canada

9.2.6.1 Market Estimates & Forecast, 2020-2027

9.2.6.2 Market Estimates & Forecast by Product Type, 2020-2027

9.2.6.3 Market Estimates & Forecast by Application, 2020-2027

9.3 Europe

9.3.1 Market Estimates & Forecast, 2020-2027

9.3.2 Market Estimates & Forecast by Product Type, 2020-2027

9.3.3 Market Estimates & Forecast by Application, 2020-2027

9.3.4 Germany

9.3.4.1 Market Estimates & Forecast, 2020-2027

9.3.4.2 Market Estimates & Forecast by Product Type, 2020-2027

9.3.4.3 Market Estimates & Forecast by Application, 2020-2027

9.3.5 France

9.3.5.1 Market Estimates & Forecast, 2020-2027

9.3.5.2 Market Estimates & Forecast by Product Type, 2020-2027

9.3.5.3 Market Estimates & Forecast by Application, 2020-2027

9.3.6 Italy

9.3.6.1 Market Estimates & Forecast, 2020-2027

9.3.6.2 Market Estimates & Forecast by Product Type, 2020-2027

9.3.6.3 Market Estimates & Forecast by Application, 2020-2027

9.3.7 Spain

9.3.7.1 Market Estimates & Forecast, 2020-2027

9.3.7.2 Market Estimates & Forecast by Product Type, 2020-2027

9.3.7.3 Market Estimates & Forecast by Application, 2020-2027

9.3.8 U.K

9.3.8.1 Market Estimates & Forecast, 2020-2027

9.3.8.2 Market Estimates & Forecast by Product Type, 2020-2027

9.3.8.3 Market Estimates & Forecast by Application, 2020-2027

9.3.9 Rest of Europe

9.3.9.1 Market Estimates & Forecast, 2020-2027

9.3.9.2 Market Estimates & Forecast by Product Type, 2020-2027

9.3.9.3 Market Estimates & Forecast by Application, 2020-2027

9.4 Asia Pacific

9.4.1 Market Estimates & Forecast, 2020-2027

9.4.2 Market Estimates & Forecast by Product Type, 2020-2027

9.4.3 Market Estimates & Forecast by Application, 2020-2027

9.4.4 China

9.4.4.1 Market Estimates & Forecast, 2020-2027

9.4.4.2 Market Estimates & Forecast by Product Type, 2020-2027

9.4.4.3 Market Estimates & Forecast by Application, 2020-2027

9.4.5 India

9.4.5.1 Market Estimates & Forecast, 2020-2027

9.4.5.2 Market Estimates & Forecast by Product Type, 2020-2027

9.4.5.3 Market Estimates & Forecast by Application, 2020-2027

9.4.6 Japan

9.4.6.1 Market Estimates & Forecast, 2020-2027

9.4.6.2 Market Estimates & Forecast by Product Type, 2020-2027

9.4.6.3 Market Estimates & Forecast by Application, 2020-2027

9.4.7 Australia

9.4.7.1 Market Estimates & Forecast, 2020-2027

9.4.7.2 Market Estimates & Forecast by Product Type, 2020-2027

9.4.7.3 Market Estimates & Forecast by Application, 2020-2027

9.4.8 New Zealand

9.4.8.1 Market Estimates & Forecast, 2020-2027

9.4.8.2 Market Estimates & Forecast by Product Type, 2020-2027

9.4.8.3 Market Estimates & Forecast by Application, 2020-2027

9.4.9 Rest of Asia Pacific

9.4.9.1 Market Estimates & Forecast, 2020-2027

9.4.9.2 Market Estimates & Forecast by Product Type, 2020-2027

9.4.9.3 Market Estimates & Forecast by Application, 2020-2027

9.5 The Middle East & Africa

9.5.1 Market Estimates & Forecast, 2020-2027

9.5.2 Market Estimates & Forecast by Product Type, 2020-2027

9.5.3 Market Estimates & Forecast by Application, 2020-2027

9.5.4 Turkey

9.5.4.1 Market Estimates & Forecast, 2020-2027

9.5.4.2 Market Estimates & Forecast by Product Type, 2020-2027

9.5.4.3 Market Estimates & Forecast by Application, 2020-2027

9.5.5 Israel

9.5.5.1 Market Estimates & Forecast, 2020-2027

9.5.5.2 Market Estimates & Forecast by Product Type, 2020-2027

9.5.5.3 Market Estimates & Forecast by Application, 2020-2027

9.5.6 North Africa

9.5.6.1 Market Estimates & Forecast, 2020-2027

9.5.6.2 Market Estimates & Forecast by Product Type, 2020-2027

9.5.6.3 Market Estimates & Forecast by Application, 2020-2027

9.5.7 GCC

9.5.7.1 Market Estimates & Forecast, 2020-2027

9.5.7.2 Market Estimates & Forecast by Product Type, 2020-2027

9.5.7.3 Market Estimates & Forecast by Application, 2020-2027

9.5.8 Rest of the The Middle East & Africa

9.5.8.1 Market Estimates & Forecast, 2020-2027

9.5.8.2 Market Estimates & Forecast by Product Type, 2020-2027

9.5.8.3 Market Estimates & Forecast by Application, 2020-2027

9.6 Latin America

9.6.1 Market Estimates & Forecast, 2020-2027

9.6.2 Market Estimates & Forecast by Product Type, 2020-2027

9.6.3 Market Estimates & Forecast by Application, 2020-2027

9.6.4 Brazil

9.6.4.1 Market Estimates & Forecast, 2020-2027

9.6.4.2 Market Estimates & Forecast by Product Type, 2020-2027

9.6.4.3 Market Estimates & Forecast by Application, 2020-2027

9.6.5 Argentina

9.6.5.1 Market Estimates & Forecast, 2020-2027

9.6.5.2 Market Estimates & Forecast by Product Type, 2020-2027

9.6.5.3 Market Estimates & Forecast by Application, 2020-2027

9.6.6 Rest of Latin America

9.6.6.1 Market Estimates & Forecast, 2020-2027

9.6.6.2 Market Estimates & Forecast by Product Type, 2020-2027

9.6.6.3 Market Estimates & Forecast by Application, 2020-2027

10. Company Landscape

11. Company Profiles

11.1 Exxon Mobil Corporation

11.1.1 Company Overview

11.1.2 Product Type/Business Segment Overview

11.1.3 Financial Updates

11.1.4 Key Developments

11.2 Celanese Corporation

11.2.1 Company Overview

11.2.2 Product Type/Business Segment Overview

11.2.3 Financial Updates

11.2.4 Key Developments

11.3 Royal Dutch Shell plc

11.3.1 Company Overview

11.3.2 Product Type/Business Segment Overview

11.3.3 Financial Updates

11.3.4 Key Developments

11.4 Eastman Chemical Company

11.4.1 Company Overview

11.4.2 Product Type/Business Segment Overview

11.4.3 Financial Updates

11.4.4 Key Developments

11.5 BASF SE

11.5.1 Company Overview

11.5.2 Product Type/Business Segment Overview

11.5.3 Financial Updates

11.5.4 Key Developments

11.6 LyondellBasell Industries Holdings B.V.

11.6.1 Company Overview

11.6.2 Product Type/Business Segment Overview

11.6.3 Financial Updates

11.6.4 Key Developments

11.7 Chevron Phillips Chemical Company LLC

11.7.1 Company Overview

11.7.2 Product Type/Business Segment Overview

11.7.3 Financial Updates

11.7.4 Key Developments

11.8 Honeywell International Inc

11.8.1 Company Overview

11.8.2 Product Type/Business Segment Overview

11.8.3 Financial Updates

11.8.4 Key Developments

11.9 Sasol Ltd

11.9.1 Company Overview

11.9.2 Product Type/Business Segment Overview

11.9.3 Financial Updates

11.9.4 Key Developments

11.10 Ineos AG

11.10.1 Company Overview

11.10.2 Product Type/Business Segment Overview

11.10.3 Financial Updates

11.10.4 Key Developments

12 Conclusion

LIST OF TABLES

Table 1 World Population by Major Regions (2020 To 2027)

Table 2 Global Aromatic Solvents Market: By Region, 2020-2027

Table 3 North America Aromatic Solvents Market: By Country, 2020-2027

Table 4 Europe Aromatic Solvents Market: By Country, 2020-2027

Table 5 Asia Pacific Aromatic Solvents Market: By Country, 2020-2027

Table 6 The Middle East & Africa Aromatic Solvents Market: By Country, 2020-2027

Table 7 Latin America Aromatic Solvents Market: By Country, 2020-2027

Table 8 Global Aromatic Solvents by Product Type Market: By Regions, 2020-2027

Table 9 North America Aromatic Solvents by Product Type Market: By Country, 2020-2027

Table10 Europe Aromatic Solvents by Product Type Market: By Country, 2020-2027

Table11 Asia Pacific Aromatic Solvents by Product Type Market: By Country, 2020-2027

Table12 The Middle East & Africa Aromatic Solvents by Product Type Market: By Country, 2020-2027

Table13 Latin America Aromatic Solvents by Product Type Market: By Country, 2020-2027

Table14 Global Aromatic Solvents by Application Market: By Regions, 2020-2027

Table15 North America Aromatic Solvents by Application Market: By Country, 2020-2027

Table16 Europe Aromatic Solvents by Application Market: By Country, 2020-2027

Table17 Asia Pacific Aromatic Solvents by Application Market: By Country, 2020-2027

Table18 The Middle East & Africa Aromatic Solvents by Application Market: By Country, 2020-2027

Table19 Latin America Aromatic Solvents by Application Market: By Country, 2020-2027

Table20 Global Aromatic Solvents by Application Market: By Regions, 2020-2027

Table21 Global Product Type Market: By Region, 2020-2027

Table22 Global Application Market: By Region, 2020-2027

Table23 Global End-use Market: By Region, 2020-2027

Table24 North America Aromatic Solvents Market, By Country

Table25 North America Aromatic Solvents Market, By Product Type

Table26 North America Aromatic Solvents Market, By Application

Table27 North America Aromatic Solvents Market, By End-use

Table28 Europe: Aromatic Solvents Market, By Country

Table29 Europe: Aromatic Solvents Market, By Product Type

Table30 Europe: Aromatic Solvents Market, By Application

Table31 Europe: Aromatic Solvents Market, By End-use

Table32 Asia Pacific: Aromatic Solvents Market, By Country

Table33 Asia Pacific: Aromatic Solvents Market, By Product Type

Table34 Asia Pacific: Aromatic Solvents Market, By Application

Table35 Asia Pacific: Aromatic Solvents Market, By End-use

Table36 The Middle East & Africa: Aromatic Solvents Market, By Country

Table37 The Middle East & Africa Aromatic Solvents Market, By Product Type

Table38 The Middle East & Africa Aromatic Solvents Market, By Application

Table39 The Middle East & Africa: Aromatic Solvents Market, By End-use

Table41 Latin America: Aromatic Solvents Market, By Country

Table42 Latin America Aromatic Solvents Market, By Product Type

Table43 Latin America Aromatic Solvents Market, By Application

Table44 Latin America: Aromatic Solvents Market, By End-use

LIST OF FIGURES

FIGURE 1 Global Aromatic Solvents market segmentation

FIGURE 2 Forecast Methodology

FIGURE 3 Five Forces Analysis of Global Aromatic Solvents Market

FIGURE 4 Value Chain of Global Aromatic Solvents Market

FIGURE 5 Share of Global Aromatic Solvents Market in 2020, by country (in %)

FIGURE 6 Global Aromatic Solvents Market, 2020-2027,

FIGURE 7 Sub segments of Product Type

FIGURE 8 Global Aromatic Solvents Market size by Product Type, 2020

FIGURE 9 Share of Global Aromatic Solvents Market by Product Type, 2020-2027

FIGURE 10 Global Aromatic Solvents Market size by Application, 2020

FIGURE 11 Share of Global Aromatic Solvents Market by Application, 2020-2027

Aromatic Solvents Market

The aromatic solvents market size was USD 5.80 billion in 2020 and is projected to reach 8.32 billion by 2027, at a CAGR of 2.70% during the forecast period (2021-2027).

Segmentation

By Product Type Benzene Toluene Xylene Solvent Naphtha
By Application Automobiles Paints & Coatings Pharmaceuticals Textiles Electronics Adhesive & Sealants Others

Key Players

  • Exxon Mobil Corporation (U.S.)
  • Celanese Corporation (U.S.)
  • Royal Dutch Shell plc (U.K)
  • Eastman Chemical Company (U.S.)
  • BASF SE (Germany)
  • LyondellBasell Industries Holdings B.V (Netherland)
  • Chevron Phillips Chemical Company LLC (U.S)
  • Honeywell International Inc (U.S.)
  • Sasol Ltd
  • Ineos AG

Drivers

  • The demand from the end-use industries is a major factor driving the growth
Speak to Analyst Request a Free Sample

Aromatic solvents market overview:


 


The aromatic solvents market size was USD 5.80 billion in 2020 and is projected to reach 8.32 billion by 2027, at a CAGR of 2.70% during the forecast period (2021-2027). The aromatic solvents belong to the solvent class that contains the aromatic hydrocarbon which includes Naphtha, Toluene, and Xylene. The solvents play a vital part in the industries as diluents. For instance, Toluene is used across paints, adhesives, varnishes, and pigments. Due to the higher solvency rate, they are intensively used to achieve the homogenous solution and since they also exhibit higher evaporation rates, they speed up the curing and drying processes thereby reducing the working time. 


 


Due to the varied applications such as industrial cleaners, pesticides, oilfield chemicals, and other coatings, they are used across the automotive industry, chemical industry, and construction sectors intensively. Similarly, the demand for aromatic solvents is higher in the oil and gas industries as they are used as cleaning agents and corrosion resistance agents. They are also used as cleaning agents for pharmaceutical equipment. Due to the growing industrialization and urbanization, they are used intensively in the paints and coatings manufacturing industries. They are also used to protect the pipes in the industries, during the fractional distillation process. However, the changing price of these aromatic solvents due to the varied techniques involved and the change in the raw materials are affecting the overall growth of the aromatic solvents industry.


The Aromatic Solvents Market Share by Product Type:


Global aromatic solvents market 


Source: MRFR analysis


Regional Analysis 


The Aromatic Solvents Market is segmented across five regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major share of the market and is expected to be a dominant market with an exponential CAGR during the forecast period. The rapid growth of industries and urbanization is fuelling the growth of aromatic solvents in the developing countries of Asia Pacific. Moreover, the favorable government regulation in the region has attracted many industry players to enter the lucrative market of Asia Pacific which in turn is fuelling the market growth. Furthermore, the presence of most populated countries such as India and China has augmented the construction and automobile sector which is further contributing to the market growth.  China, India, and Japan are the largest consumers of aromatic solvents in this region. North America is another dominant region in the market for aromatic solvents. The developed end-user industries such as construction, transportation, and electronics among others are significantly driving the market growth. Moreover, the newly elected government has brought in a new wave of investment in development and renovation of residential and commercial infrastructure which is expected to boost the demand for paint and coatings, in turn, adding to the growth of the Aromatic Solvents Market.


The European market is a lucrative market mainly driven by the developed electrical & electronics, construction, and automobile sector. Moreover, the growing application in the oil and gas sector coupled with the increasing infrastructural development is the major factor attributing to the growth of the Aromatic Solvents Market. In addition to this, the demand from the developed pharmaceutical sector has further augmented the use of aromatic solvents in the region.


Segmental Analysis


The Aromatic Solvents Market is segmented into the Product Type and Application. On the basis of Material, the Aromatic Solvents Market is segmented into benzene, toluene, xylene, and solvent naptha. On the basis of Application, the Aromatic Solvents Market is segmented into pharmaceuticals, oilfield chemicals, automotive, paints and coatings, pesticides, textiles, electronics, adhesives and sealants, cosmetics, and others.


Key Players


Some of the prominent players operating in the Aromatic Solvents Market are Exxon Mobil Corporation (U.S.), Celanese Corporation (U.S.), Royal Dutch Shell plc (U.K) , Eastman Chemical Company (U.S.), BASF SE (Germany), LyondellBasell Industries Holdings B.V (Netherland), Chevron Phillips Chemical Company LLC (U.S), Honeywell International Inc (U.S.), Sasol Ltd and Ineos AG among others.

Recent Development


November 2021:


 


One of the leading Bio-tech companies which is based in San Diego had created a bio-based solvent while replacing the petroleum-based one, which effectively cuts the carbon emissions and other greenhouse gases, and named it Brontide. The bio-based solvent is very stable and requires efficient storage for a long-lasting effect. The product complies with the ISO sustainability guidelines. 


 


February 2021:


 


One of the leading market players, Honeywell, which is known for its quality chemical production had developed cutting-edge technology in its petrochemical unit using which the company is now capable of processing over 200,000 barrels every day. The company had been working on the new technologies which involve the conversion of crude oil into petrochemicals and specifically to meet the rising demand for paraxylene.


Geographical Analysis


The Aromatic Solvents Market Report covers brief analysis of the major geographic regions namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.


Intended Audience



  • Aromatic Solvents Market manufacturers

  • Traders and Distributors of Aromatic Solvents Market

  • Production Process Industries

  • Potential Investors

  • Raw Material Suppliers

  • Nationalized Laboratory 



Report Scope:
Report Attribute/Metric Details
  Market Size   2030: Significant value
  CAGR   (2022-2030): 8.10%
  Base Year   2021
  Forecast Period   2022 to 2030
  Historical Data    2019 & 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   By Product Type, Application and Region
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Exxon Mobil Corporation (U.S.), Celanese Corporation (U.S.), Royal Dutch Shell plc (U.K) , Eastman Chemical Company (U.S.), BASF SE (Germany), LyondellBasell Industries Holdings B.V (Netherland), Chevron Phillips Chemical Company LLC (U.S), Honeywell International Inc (U.S.), Sasol Ltd and Ineos AG among others.
  Key Market Opportunities   The growing industrialization and urbanization in the developing regions throughout the globe
  Key Market Drivers   The demand from the end use industries is a major factor driving the growth


Speak to Analyst Ask for Customization