Aromatic Market Report - Forecast till 2030

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 2030

ID: MRFR/CnM/0425-HCR | November 2022 | Region: Global | 135 Pages         

Aromatic Market

Aromatics Market Share is expecting to be valued at a global figure of USD 323.88 billion by the end of the forecast period in 2028. The rate of growth at which the market is expected to reach such a valuation stands at 5.6%.

Segmentation

By Type Benzene Toluene O-Xylene P-Xylene others
By Application Solvent Additive
By End-Use Industry Paint & Coating Adhesive Pharmaceuticals Chemicals others

Key Players

  • Canada Colors and Chemicals Limited (Canada)
  • BP PLC (UK)
  • Dow (US)
  • Reliance Industries Ltd. (India)
  • LyondellBasell (Netherlands)
  • Shell Chemicals (US)
  • SABIC (Saudi Arabia)
  • Exxon Mobil Corporation (US)

Drivers

  • Petrochemicals can be recognized as aromatics and hence
  • the opportunities available to petrochemicals will derive a major growth for xylene and benzene
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Market Research Future’s Review on Aromatics Market


Aromatics Market Share is expecting to be valued at a global figure of USD 323.88 billion by the end of the forecast period in 2028. The rate of growth at which the market is expected to reach such a valuation stands at 5.6%.

The rising demand for aromatics in the form of a solvent is like helping the market reach this predicted valuation.


Aromatics can be defined as substances that owe their derivation to both coal products and crude oil. Some aromatics have a wide use like toluene, benzene, alongside xylene. These are mostly used in a huge variety of consumer products owing to major factors like their ability to enhance durability, safety improvisations, and anti-corrosion properties. Also, aromatics are not heavy and have a comfortable use. The main reason for its wide acceptability and demand is the lightweight design that backs it well.


COVID 19 Analysis


The arrival of the pandemic in the form of a healthcare emergency worldwide has accelerated many changes in the functioning of businesses and also has affected the ability of the units to manufacture and produce as per the market demand. This has further brought a disrupted change in the supply chain mechanism and displaced people off their workplace and employment opportunities. Also, people are moving from one place to another to safeguard themselves. Hence, to curb the spread of the pandemic, the government has imposed lockdowns which are worsening the situation. Owing to the adversity of the situation, the lockdown imposed is either permanent or temporary. Also, there are many strict functional restrictions due to which the market is further having issues to meet the standardized demand prevailing in the market. All these are leading to market-facing losses on a large scale.


However, the government is on the path to revive the market operations and establish a smooth flow during the forecast period of 2021-2028. Hence, they are increasing their budget allocated for the research and development of innovative uses of aromatics across various industry vertices. This is an attempt to generate a huge demand from various ends that will help in normalizing the supply chain mechanism of the market. Also, the key market players that are functional across various global regions are working on product variations that will be launched on a global scale for the use of a mass audience.


Market Dynamics


Drivers


The global petrochemical industry is expecting outstanding growth by the end of 2028 by reach a global market valuation worth USD 651.1 billion. Petrochemicals can be recognized as aromatics and hence, the opportunities available to petrochemicals will derive a major growth for xylene and benzene. Also, 51.23% demand for aromatics belongs to the paints and coating industry which will further help the market grow as per the prediction during the forecast period of 2021-2028.


Opportunities


Industrialization backed with the schemes and initiatives rolled by the governments of various economies has many growth opportunities lined up for the market. For instance, the Indian Government has rolled the ‘Make in India’ scheme that will help commercial infrastructure growth in the international market. The paints and coating industry has gained many benefits from this. Also, a wide-scale demand has been initiated that will have a positive impact on the market’s growth rate.


Technology Analysis


The building and construction sector uses aromatics as one of the primary applications for architectural applications. The result of population rise will strive for better commercial and residential infrastructure. Regions like North America and the APAC region are becoming the epicenter for the growth of the paints industry as they are a part of the core industry functioning and this will enhance the demand by the end of 2028.


Market Segmentation


The Aromatics Market has been divided all across the globe based on the Type, Application, End-User, and Region.


Based on the Type


The Aromatics Market has been divided all across the globe based on the type into p-xylene, o-xylene, toluene, benzene, and many others. The largest market share in the type of dividend is held by the toluene market segment as this is the fastest-growing dividend owing to its increasing usage in paint and coatings.


Based on the Application


The Aromatics Market has been divided all across the globe based on the application into additive and solvent. The largest market share is held by the solvent dividend. This segment dominates the market as it has over 53.1% shares.


Based on the End-Users Industry


The Aromatics Market has been divided all across the globe based on the end-users industry into the chemicals industry, pharmaceuticals industry, adhesive industry, paints, and coating industry. The largest market share in the global market is held by the paint and coating industry owing to the increasing demand for building and infrastructure activities in the global market.


Based on the Region


The Aromatics Market has been divided all across the globe based on the region into the European region, North American region, Asia-Pacific region, Latin American region, and the Middle East and African region.


Regional Analysis


The Aromatics Market has been divided all across the globe based on the region into the European region, North American region, Asia-Pacific region, Latin American region, and the Middle East and African region. The largest market share in the global market is held by the North American region owing to the increasing demand for the paint and coating industry. Additionally, the increasing demand for the automotive coating industry drives the market demand.


The second-largest market share in the global market is held by the Asia-Pacific region as this is the fastest-growing region. The expansion of the construction industry drives the market demand in this region. Also, positive growth has been observed in the paint and coating industry in this region. The high investment made by the government in the pharmaceutical industry also supports the aromatic market.


The third-largest market share in the global market is held by the European region owing to the increasing use of aromatic solvents in drug and pharmaceuticals formulation. Also, an increase in chronic diseases drives the market in this region.


The Middle East and African region show steady growth owing to increasing investment in the automotive and construction industry. Also, increasing demand for paint and coatings boost the market demand.


Competitive Landscape


The most prominent major key players in the Aromatics Market all across the globe are mentioned below:



  • Canada Colors and Chemicals Limited (Canada)

  • BP PLC (UK)

  • Dow (US)

  • Reliance Industries Ltd. (India)

  • LyondellBasell (Netherlands)

  • Shell Chemicals (US)

  • SABIC (Saudi Arabia)

  • Exxon Mobil Corporation (US)


These major key players use various strategies to sustain their market position in the Aromatics Market in the global market by going for mergers, and acquisitions, by collaborating, setting up a new joint venture, establishing a partnership, developing a new production process, developing a new product line, innovation in the existing product, and many others to expand their customer base in the untapped market of the aromatic all across the globe.


Recent Developments


December 2021- SH Kelkar and Company Ltd (SHK), a Fragrance and Flavours Indian company via its completely owned subsidiary Keva Europe B.V., has signed an agreement on December 14, 2021, for the acquisition of a 100% stake in Holland Aromatics B.V., the transaction is being carried out by the acquisition of 100% stake of Provider Beheer B.V., holding company of Holland Aromatics resided in the Netherlands.
According to the contract and matter of customary closing conditions, 62% of the stake will be acquired after finishing the deal, and the rest, 38%, will be acquired in two parts of 19% each over the coming two years.

December 2021 –
a prominent leader in the study and making of cannabis and botanically derived terpenes, ABSTRAX, has announced the partnership with the Trichome Institute to develop and distribute the first cannabis aromatic training kit, Interpening.
Co-Founder and CEO of ABSTRAX, Max Koby, said that the company is happy to partner with the Trichome Institute, as the consumers and industry will benefit from this groundbreaking aroma kit. The kit uses an easy-to-follow, brilliant methodology. The company believes it will help in a new generation of cannabis sommeliers and better understand the various cannabis strains and how they can best cater to every consumer.

In July 2019
, a huge sum of money of approximately USD 220 million for the expansion of the pharmaceutical industry for increasing xylene production capacity by Hyundai Oilbank.


In April 2019, an aromatic solvent refinery located in Ulsan Korea has been acquired by a Singapore-based chemical company namely, Fortrec for increasing the production capacity of 60,000 tonnes.


Reliance Industries Ltd. (India) has been spending a huge sum of money on research and development to get an upper edge over its competitors. This will help the company by increasing the sales revenue.


The largest market share in the aromatic market is held by the North American region owing to increasing demand for the paint and coating industry.


Report Overview


The Aromatics Market research report consists of the following elements mentioned below:



  • Market Overview

  • COVID 19 Analysis

  • Market Dynamics

  • Technology Analysis

  • Market Segmentation

  • Regional Analysis

  • Competitive Landscape

  • Recent Developments


This market research report contains factors that drive the growth of the Aromatics Market in the global market along with the factors that restrict its growth in the global market. The technical analysis for the growth estimation during the forecasted period is mentioned. The impact of COVID 19 on the sales revenue of the Aromatics Market all across the globe is mentioned. The future growth rate during the forecasted period is estimated and mentioned.


Intended Audience



  • Nationalized laboratories

  • Raw material suppliers

  • Potential investors

  • Research and development institutes

  • Traders and distributors of aromatic chemicals

  • Aromatic manufacturers



Report Scope:

Report Attribute/Metric Details
  Market Size

  • 2028: USD 323.88 Billion
  • 2030: Significant Value
  •   CAGR

  • 5.6%(2019–2028)
  • 2030 : Substantial Value
  •   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 Type, Application, End-Use Industry and Region
      Geographies Covered    North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   Canada Colors and Chemicals Limited (Canada), BP PLC (UK), Dow (US), Reliance Industries Ltd. (India), LyondellBasell (Netherlands), Shell Chemicals (US), SABIC (Saudi Arabia), Exxon Mobil Corporation (US)
      Key Market Opportunities   Industrialization backed with the schemes and initiatives rolled by the governments of various economies has many growth opportunities lined up for the market.
      Key Market Drivers    Petrochemicals can be recognized as aromatics and hence, the opportunities available to petrochemicals will derive a major growth for xylene and benzene.


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    Frequently Asked Questions (FAQ) :

    The aromatic market is expected to grow at a higher CAGR of 5.6% in the global market.

    The aromatic market is expected to account for a higher market value of approximately USD 323.88 billion by the end of the forecasted period.

    The largest market share in the aromatic market is held by the North American region.

    ● Canada Colors and Chemicals Limited (Canada) ● BP PLC (UK) ● Dow (US) ● Reliance Industries Ltd. (India) ● LyondellBasell (Netherlands) ● Shell Chemicals (US) ● SABIC (Saudi Arabia) ● Exxon Mobil Corporation (US)