Aromatic Market Report - Global Forecast till 2027

Global Aromatic Market: Information by Type (Benzene, Toluene, O-Xylene, P-Xylene and others), by Application (Solvent, Additive), by End-use Industry (Paint & Coating, Adhesive, Pharmaceuticals, Chemicals and others), Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Forecast till 2027

ID: MRFR/CnM/0425-HCR | February 2021 | Region: Global | 135 pages

Please note that the assessment period of report has been updated from 2019-2025 to 2020-2027. Cordially fill the sample form for updated data.

Market Synopsis


The Global Aromatic Market is projected to reach USD 290.12 billion in terms of value by 2025, growing with the CAGR of over 5.67% during the review period. The aromatic chemical is a cyclic organic compound which is sweet smelling, obtained from petroleum sources. The aromatic solvent and additive are used for several purposes in end-use industries. It is used as a solvent for removing oil or grease, in paint industry; it used as thinner, and as an aromatic additive, it helps in reducing engines knocking. High demand for aromatic chemical in several end-use industries has increased its production capacity. For instance, in July 2019, Hyundai Oilbank announced to invest USD 220 million towards the expansion of petrochemical products, xylene production capacity to reach 1.4 million tons by June 2020. Further, in April 2019 Fortrec a Singapore-based chemical company has completed the acquisition of Aromatic solvent refinery located in Ulsan, Korea, the facility has 60,000 tonnes of aromatic solvent producing capacity per year, with the aim of sourcing’s its feedstock locally. Such trends exhibit that the global demand for aromatic solvent in end-use industries is growing phenomenally during the forecast period.  


Aromatic solvents are significantly used in paint & coatings, adhesives, pharmaceuticals, and chemicals. The market growth is majorly driven by paints & coatings demand, around 51.23% of aromatic demand is generated from paint & coating industry. The building and construction industry is one of the primary application areas for the paints and coatings, wherein they are used in architectural applications. The rise in population is resulting in high demand for residential and commercial infrastructure. Some of the regions such as North America and Asia-Pacific are considered prominent growth-centric markets for paints & coatings as they are part of the core construction industry. Asia-Pacific is one of the prime markets and has a significant demand for paints & coatings, due to factors such as a growing population, which has increased the number of residential projects. In addition, industrialization and government initiatives such as “Make in India” by the Indian government to support commercial infrastructure has propelled paints & coatings industry. Thus, the high demand for paint & coatings is expected to drive the global aromatic market.


Key Players



  • Exxon Mobil Corporation (US)

  • SABIC (Saudi Arabia)

  • Shell Chemicals (US)

  • LyondellBasell (Netherlands)

  • Reliance Industries Ltd (India)

  • Dow (US)

  • BP PLC (UK)

  • Canada Colors and Chemicals Limited (Canada)


 Global Aromatic Market Share, by End-use Industry, 2018 (%)  Aromatic Market_Image


Source: MRFR Analysis


Regional Analysis


The global aromatic market has been studied across five key regions, namely Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa.


North America aromatic market is growing significantly owing to the high demand for paint & coatings in the region. The US is largest market for a used car. Thus the demand for refinishing automotive coatings is likely to drive the aromatic solvent demand. In addition, the flourishing chemical industry in the region is expected to propel aromatic products demand during the forecast period.


Asia-Pacific is the fastest growing market, increase in a number of the construction projects have positively influenced the paint & coatings industry, thus favoring aromatic market growth. In addition, increasing government funding and investment in the pharmaceutical industry is supporting the market growth of aromatic solvents. Further, the rise in the application of aromatic additive in adhesive and sealants for packaging is fueling market growth.


Europe aromatic market is projected to grow exponentially owing to an increase in the application of aromatic solvents in the synthesis of active excipients & substances in the pharmaceuticals and drug formulation process. Rise in chronic disease in the region has augmented the demand for pharmaceutical products, which is estimated to surge the demand for aromatic products during the review period.


The Middle East & Africa and Latin America region are likely to witness steady growth due to increasing investment in construction and automotive industry which is generating higher demand for paints & coatings, thus supporting the growth of the aromatic market.


Market Segmentation


The global aromatic market has been segmented based on type, application, end use, and region. Based on type, the global market is divided into benzene, toluene, o-xylene, p-xylene, and others. The toluene segment is the fastest growing segment owing to wide application in paint & coatings.  Application segment is divided based on solvent and additive, the solvent segment the dominates the global aromatic market with over 53.1% share. The end-use industry segment includes paints & coating, adhesive, pharmaceuticals, chemicals, and others. The paint & coating segment is estimated to witness a significant growth owing to increasing building and infrastructure activities across the globe, thus demanding greater proportion of Aromatic in the industry.


Intended Audience



  • Aromatic manufacturers

  • Traders and distributors of Aromatic chemicals

  • Research and development institutes

  • Potential investors

  • Raw material suppliers

  • Nationalized laboratories



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 Primary Research

3.3 Secondary Research

3.4 Forecast Model

4 Market Landscape

4.1 Supply Chain Analysis

4.1.1 Raw Material Suppliers

4.1.2 Manufacturers/Producers

4.1.3 Distributors/Retailers/Wholesalers/E-Commerce Merchants

4.1.4 End-Use Industry

4.2 Porter’s Five Forces Analysis

4.2.1 Threat of New Entrants

4.2.2 Bargaining Power of Buyers

4.2.3 Bargaining Power of Suppliers

4.2.4 Threat of Substitutes

4.2.5 Intensity of Competitive Rivalry

4.3 Market Price Analysis 2020–2024

5 Industry Overview of the Global Aromatic Market

5.1 Introduction

5.2 Drivers

5.3 Restraints

5.4 Opportunities

5.5 Challenges

6 Market Trends

6.1 Introduction

6.2 Growth Trends

6.3 Impact Analysis

7. Global Aromatic Market, by 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 O-Xylene

7.4.1 Market Estimates & Forecast, 2020–2027

7.4.2 Market Estimates & Forecast, by Region, 2020–2027

7.5 P-Xylene

7.5.1 Market Estimates & Forecast, 2020–2027

7.5.2 Market Estimates & Forecast, by Region, 2020–2027

7.6 Others

7.6.1 Market Estimates & Forecast, 2020–2027

7.6.2 Market Estimates & Forecast, by Region, 2020–2027

8. Global Aromatic Market, by Application

8.1 Introduction

8.2 Solvent

8.2.1 Market Estimates & Forecast, 2020–2027

8.2.2 Market Estimates & Forecast, by Region, 2020–2027

8.3 Additive

8.3.1 Market Estimates & Forecast, 2020–2027

8.3.2 Market Estimates & Forecast, by Region, 2020–2027

9. Global Aromatic Market, by End-Use Industry

9.1 Introduction

9.2 Paints & Coating

9.2.1 Market Estimates & Forecast, 2020–2027

9.2.2 Market Estimates & Forecast, by Region, 2020–2027

9.3 Adhesive

9.3.1 Market Estimates & Forecast, 2020–2027

9.3.2 Market Estimates & Forecast, by Region, 2020–2027

9.4 Pharmaceuticals

9.4.1 Market Estimates & Forecast, 2020–2027

9.4.2 Market Estimates & Forecast, by Region, 2020–2027

9.5 Chemicals

9.5.1 Market Estimates & Forecast, 2020–2027

9.5.2 Market Estimates & Forecast, by Region, 2020–2027

9.6 Others

9.6.1 Market Estimates & Forecast, 2020–2027

9.6.2 Market Estimates & Forecast, by Region, 2020–2027

10. Global Aromatic Market, by Region

10.1 Introduction

10.2 North America

10.2.1 Market Estimates & Forecast, 2020–2027

10.2.2 Market Estimates & Forecast by Type, 2020–2027

10.2.3 Market Estimates & Forecast by Application, 2020–2027

10.2.4 Market Estimates & Forecast by End-Use Industry, 2020–2027

10.2.5 US

10.2.5.1 Market Estimates & Forecast, 2020–2027

10.2.5.2 Market Estimates & Forecast by Type, 2020–2027

10.2.5.3 Market Estimates & Forecast by Application, 2020–2027

10.2.5.4 Market Estimates & Forecast by End-Use Industry, 2020–2027

10.2.6 Canada

10.2.6.1 Market Estimates & Forecast, 2020–2027

10.2.6.2 Market Estimates & Forecast by Type, 2020–2027

10.2.6.3 Market Estimates & Forecast by Application, 2020–2027

10.2.6.4 Market Estimates & Forecast by End-Use Industry, 2020–2027

10.3 Europe

10.3.1 Market Estimates & Forecast, 2020–2027

10.3.2 Market Estimates & Forecast by Type, 2020–2027

10.3.3 Market Estimates & Forecast by Application, 2020–2027

10.3.4 Market Estimates & Forecast by End-Use Industry, 2020–2027

10.3.5 Germany

10.3.5.1 Market Estimates & Forecast, 2020–2027

10.3.5.2 Market Estimates & Forecast by Type, 2020–2027

10.3.5.3 Market Estimates & Forecast by Application, 2020–2027

10.3.5.4 Market Estimates & Forecast by End-Use Industry, 2020–2027

10.3.6. France

10.3.6.1 Market Estimates & Forecast, 2020–2027

10.3.6.2 Market Estimates & Forecast by Type, 2020–2027

10.3.6.3 Market Estimates & Forecast by Application, 2020–2027

10.3.6.4 Market Estimates & Forecast by End-Use Industry, 2020–2027

10.3.7 Italy

10.3.7.1 Market Estimates & Forecast, 2020–2027

10.3.7.2 Market Estimates & Forecast by Type, 2020–2027

10.3.7.3 Market Estimates & Forecast by Application, 2020–2027

10.3.7.4 Market Estimates & Forecast by End-Use Industry, 2020–2027

10.3.8 Spain

10.3.8.1 Market Estimates & Forecast, 2020–2027

10.3.8.2 Market Estimates & Forecast by Type, 2020–2027

10.3.8.3 Market Estimates & Forecast by Application, 2020–2027

10.3.8.4 Market Estimates & Forecast by End-Use Industry, 2020–2027

10.3.9 UK

10.3.9.1 Market Estimates & Forecast, 2020–2027

10.3.9.2 Market Estimates & Forecast by Type, 2020–2027

10.3.9.3 Market Estimates & Forecast by Application, 2020–2027

10.3.9.4 Market Estimates & Forecast by End-Use Industry, 2020–2027

10.3.10 Russia

10.3.10.1 Market Estimates & Forecast, 2020–2027

10.3.10.2 Market Estimates & Forecast by Type, 2020–2027

10.3.10.3 Market Estimates & Forecast by Application, 2020–2027

10.3.10.4 Market Estimates & Forecast by End-Use Industry, 2020–2027

10.3.11 Netherlands

10.3.11.1 Market Estimates & Forecast, 2020–2027

10.3.11.2 Market Estimates & Forecast by Type, 2020–2027

10.3.11.3 Market Estimates & Forecast by Application, 2020–2027

10.3.11.4 Market Estimates & Forecast by End-Use Industry, 2020–2027

10.3.12 Rest of Europe

10.3.12.1 Market Estimates & Forecast, 2020–2027

10.3.12.2 Market Estimates & Forecast by Type, 2020–2027

10.3.12.3 Market Estimates & Forecast by Application, 2020–2027

10.3.12.4 Market Estimates & Forecast by End-Use Industry, 2020–2027

10.4 Asia-Pacific

10.4.1 Market Estimates & Forecast, 2020–2027

10.4.2 Market Estimates & Forecast by Type, 2020–2027

10.4.3 Market Estimates & Forecast by Application, 2020–2027

10.4.4 Market Estimates & Forecast by End-Use Industry, 2020–2027

10.4.5 China

10.4.5.1 Market Estimates & Forecast, 2020–2027

10.4.5.2 Market Estimates & Forecast by Type, 2020–2027

10.4.5.3 Market Estimates & Forecast by Application, 2020–2027

10.4.5.4 Market Estimates & Forecast by End-Use Industry, 2020–2027

10.4.6 India

10.4.6.1 Market Estimates & Forecast, 2020–2027

10.4.6.2 Market Estimates & Forecast by Type, 2020–2027

10.4.6.3 Market Estimates & Forecast by Application, 2020–2027

10.4.6.4 Market Estimates & Forecast by End-Use Industry, 2020–2027

10.4.7 Japan

10.4.7.1 Market Estimates & Forecast, 2020–2027

10.4.7.2 Market Estimates & Forecast by Type, 2020–2027

10.4.7.3 Market Estimates & Forecast by Application, 2020–2027

10.4.7.4 Market Estimates & Forecast by End-Use Industry, 2020–2027

10.4.8 Thailand

10.4.8.1 Market Estimates & Forecast, 2020–2027

10.4.8.2 Market Estimates & Forecast by Type, 2020–2027

10.4.8.3 Market Estimates & Forecast by Application, 2020–2027

10.4.8.4 Market Estimates & Forecast by End-Use Industry, 2020–2027

10.4.9 Malaysia

10.4.9.1 Market Estimates & Forecast, 2020–2027

10.4.9.2 Market Estimates & Forecast by Type, 2020–2027

10.4.9.3 Market Estimates & Forecast by Application, 2020–2027

10.4.9.4 Market Estimates & Forecast by End-Use Industry, 2020–2027

10.4.10 Vietnam

10.4.10.1 Market Estimates & Forecast, 2020–2027

10.4.10.2 Market Estimates & Forecast by Type, 2020–2027

10.4.10.3 Market Estimates & Forecast by Application, 2020–2027

10.4.10.4 Market Estimates & Forecast by End-Use Industry, 2020–2027

10.4.11 Rest of Asia-Pacific

10.4.11.1 Market Estimates & Forecast, 2020–2027

10.4.11.2 Market Estimates & Forecast by Type, 2020–2027

10.4.11.3 Market Estimates & Forecast by Application, 2020–2027

10.4.11.4 Market Estimates & Forecast by End-Use Industry, 2020–2027

10.5 Middle East & Africa

10.5.1 Market Estimates & Forecast, 2020–2027

10.5.2 Market Estimates & Forecast by Type, 2020–2027

10.5.3 Market Estimates & Forecast by Application, 2020–2027

10.5.4 Market Estimates & Forecast by End-Use Industry, 2020–2027

10.5.5 Saudi Arabia

10.5.5.1 Market Estimates & Forecast, 2020–2027

10.5.5.2 Market Estimates & Forecast by Type, 2020–2027

10.5.5.3 Market Estimates & Forecast by Application, 2020–2027

10.5.5.4 Market Estimates & Forecast by End-Use Industry, 2020–2027

10.5.6 UAE

10.5.6.1 Market Estimates & Forecast, 2020–2027

10.5.6.2 Market Estimates & Forecast by Type, 2020–2027

10.5.6.3 Market Estimates & Forecast by Application, 2020–2027

10.5.6.4 Market Estimates & Forecast by End-Use Industry, 2020–2027

10.5.7 Africa

10.5.7.1 Market Estimates & Forecast, 2020–2027

10.5.7.2 Market Estimates & Forecast by Type, 2020–2027

10.5.7.3 Market Estimates & Forecast by Application, 2020–2027

10.5.7.4 Market Estimates & Forecast by End-Use Industry, 2020–2027

10.5.8 Rest of the Middle East & Africa

10.5.8.1 Market Estimates & Forecast, 2020–2027

10.5.8.2 Market Estimates & Forecast by Type, 2020–2027

10.5.8.3 Market Estimates & Forecast by Application, 2020–2027

10.5.8.4 Market Estimates & Forecast by End-Use Industry, 2020–2027

10.6 Latin America

10.6.1 Market Estimates & Forecast, 2020–2027

10.6.2 Market Estimates & Forecast by Type, 2020–2027

10.6.3 Market Estimates & Forecast by Application, 2020–2027

10.6.4 Market Estimates & Forecast by End-Use Industry, 2020–2027

10.6.5 Brazil

10.6.5.1 Market Estimates & Forecast, 2020–2027

10.6.5.2 Market Estimates & Forecast by Type, 2020–2027

10.6.5.3 Market Estimates & Forecast by Application, 2020–2027

10.6.5.4 Market Estimates & Forecast by End-Use Industry, 2020–2027

10.6.6 Argentina

10.6.6.1 Market Estimates & Forecast, 2020–2027

10.6.6.2 Market Estimates & Forecast by Type, 2020–2027

10.6.6.3 Market Estimates & Forecast by Application, 2020–2027

10.6.6.4 Market Estimates & Forecast by End-Use Industry, 2020–2027

10.6.7 Mexico

10.6.7.1 Market Estimates & Forecast, 2020–2027

10.6.7.2 Market Estimates & Forecast by Type, 2020–2027

10.6.7.3 Market Estimates & Forecast by Application, 2020–2027

10.6.7.4 Market Estimates & Forecast by End-Use Industry, 2020–2027

10.6.8 Rest of Latin America

10.6.8.1 Market Estimates & Forecast, 2020–2027

10.6.8.2 Market Estimates & Forecast by Type, 2020–2027

10.6.8.3 Market Estimates & Forecast by Application, 2020–2027

10.6.8.4 Market Estimates & Forecast by End-Use Industry, 2020–2027

11. Competitive Landscape

11.1 Introduction

11.2 Market Key Strategies

11.3 Key Development Analysis

(Expansions/Mergers & Acquisitions/Joint Ventures/New

Developments/Agreements/Investments)

12. Company Profiles

12.1 Exxon Mobil Corporation

12.1.1 Company Overview

12.1.2 Financial Updates

12.1.3 Product/Business Segment Overview

12.1.4 Key Developments

12.1.5 SWOT Analysis

12.1.6 Key Strategies

12.2 SABIC

12.2.1 Company Overview

12.2.2 Financial Updates

12.2.3 Product/Business Segment Overview

12.2.4 Key Developments

12.2.5 SWOT Analysis

12.2.6 Key Strategies

12.3 Shell Chemicals

12.3.1 Company Overview

12.3.2 Financial Updates

12.3.3 Product/Business Segment Overview

12.3.4 Key Developments

12.3.5 SWOT Analysis

12.3.6 Key Strategies

12.4 LyondellBasell

12.4.1 Company Overview

12.4.2 Financial Updates

12.4.3 Product/Business Segment Overview

12.4.4 Key Developments

12.4.5 SWOT Analysis

12.4.6 Key Strategies

12.5 Reliance Industries Ltd

12.5.1 Company Overview

12.5.2 Financial Updates

12.5.3 Product/Business Segment Overview

12.5.4 Key Developments

12.5.5 SWOT Analysis

12.5.6 Key Strategies

12.6 Dow

12.6.1 Company Overview

12.6.2 Financial Updates

12.6.3 Product/Business Segment Overview

12.6.4 Key Developments

12.6.5 SWOT Analysis

12.6.6 Key Strategies

12.7 BP PLC

12.7.1 Company Overview

12.7.2 Financial Updates

12.7.3 Product/Business Segment Overview

12.7.4 Key Developments

12.7.5 SWOT Analysis

12.7.6 Key Strategies

12.8 Canada Colors and Chemicals Limited

12.8.1 Company Overview

12.8.2 Financial Updates

12.8.3 Product/Business Segment Overview

12.8.4 Key Developments

12.8.5 SWOT Analysis

12.8.6 Key Strategies

12.9 Caltex Corporation

12.9.1 Company Overview

12.9.2 Financial Updates

12.9.3 Product/Business Segment Overview

12.9.4 Key Developments

12.9.5 SWOT Analysis

12.9.6 Key Strategies

12.10 Total SA

12.10.1 Company Overview

12.10.2 Financial Updates

12.10.3 Product/Business Segment Overview

12.10.4 Key Developments

12.10.5 SWOT Analysis

12.10.6 Key Strategies

13. Conclusion

LIST OF TABLES

Table 1 Global Aromatic Market, by Region, 2020–2027

Table 2 North America: Aromatic Market, by Country, 2020–2027

Table 3 Europe: Aromatic Market, by Country, 2020–2027

Table 4 Asia-Pacific: Aromatic Market, by Country, 2020–2027

Table 5 Middle East & Africa: Aromatic Market, by Country, 2020–2027

Table 6 Latin America: Aromatic Market, by Country, 2020–2027

Table 7 Aromatic Type Market, by Region, 2020–2027

Table 8 North America: Aromatic Type Market, by Country, 2020–2027

Table 9 Europe: Aromatic Type Market, by Country, 2020–2027

Table 10 Asia-Pacific: Aromatic Product Market, by Country, 2020–2027

Table 11 Middle East & Africa: Aromatic Type Market, by Country, 2020–2027

Table 12 Latin America: Aromatic Type Market, by Country, 2020–2027

Table 13 Aromatic Application Market, by Region, 2020–2027

Table 14 North America: Aromatic Application Market, by Country, 2020–2027

Table 15 Europe: Aromatic Application Market, by Country, 2020–2027

Table 16 Asia-Pacific: Aromatic Application Market, by Country, 2020–2027

Table 17 Middle East & Africa: Aromatic Application Market, by Country, 2020–2027

Table 18 Latin America: Aromatic Application Market, by Country, 2020–2027


LIST OF FIGURES

FIGURE 1 Aromatic Market Segmentation

FIGURE 2 Forecast Methodology

FIGURE 3 Porter’s Five Forces Analysis of Aromatic Market

FIGURE 4 Supply Chain of Aromatic Market

FIGURE 5 Share of Aromatic Market, by Country, 2020 (%)

FIGURE 6 Global Aromatic Market, 2020–2027

FIGURE 7 Sub Segments of Type

FIGURE 8 Aromatic Market size, by Type, 2020 (%)

FIGURE 9 Share of Aromatic Market, by Type, 2020–2027

FIGURE 10 Sub Segments of Application

FIGURE 11 Aromatic Market size, by Application, 2020 (%)

FIGURE 12 Share of Aromatic Market, by Application, 2020–2027

FIGURE 13 Sub Segments of End-Use Industry

FIGURE 14 Aromatic Market size, by End-Use Industry, 2020 (%)

FIGURE 15 Share of Aromatic Market, by End-Use Industry, 2020–2027