Aromatic Market Research Report Information By Type (P-Xylene, O-Xylene, Toluene, Benzene, and Others), By Application (Additive and Solvent), By Industry (Paint & Coatings, Adhesives, Pharmaceuticals, Chemicals, and Others), and By Region (North America, Europe, Asia-Pacific, and Rest Of The World) – Market Forecast Till 2032

Global Aromatic Market Overview

Aromatic Market Size was valued at USD 200.9 Billion in 2022. The Aromatic market industry is projected to grow from USD 212.2 Billion in 2023 to USD 328.1 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.60% during the forecast period (2023 - 2032). Growing use in paint and coatings and demand from polyester producers, are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Aromatic Market Trends

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  Rise in demand for aromatic compounds by the paints & coatings industry is driving the market growth

  
  

The increase in demand for aromatic compounds by the paint and coatings industry in both developed and emerging countries is the main driver driving the market growth rate. The market's growth rate will be directly and favourably impacted by the development and expansion of several end user industries, particularly in emerging countries, as well as by the expanding applications for aromatic compounds, such as in medicines and medical devices. The market will grow as a result of rising consumer preference for a range of culinary lifestyles, increased major company investment in research and development capabilities, rapid urbanisation of developing countries and regions, increased focus on technological advancements, and modernization of production techniques.

Over the course of the predicted year, market revenue growth is anticipated to be driven by the increased demand for aromatics from the automotive industry to manufacture vehicle parts. Because aromatic products are lighter, they require less fuel. For instance, it can save automakers and owners of vehicles money by reducing fuel usage by 750 litres over a car's lifetime of 150,000 miles. The consumer desire for svelte, powerful, lightweight, and fuel-efficient vehicles is met by products made of aromatic compounds. Increased dependability, safety, competitive pricing, and environmental assurance are all benefits of this. Additionally, synthetic rubbers, which are also derived from aromatics, give tyres improved driving characteristics, perform well on wet roads, and help to increase tyre life. It is projected that the usage of bio-based aromatics and technological advancements to reduce aromatics waste would provide the aromatics industry with strong growth opportunities. Thus, driving the Aromatic market revenue.

Aromatic Market Segment Insights

Aromatic Type Insights

The  Aromatic market segmentation, based on Type, includes P-Xylene, O-Xylene, Toluene, Benzene, and Others. Benzene segment dominated the market in 2022. Petrol, crude oil, volcanoes, cigarette smoke, and forest fires are some examples of benzene's natural sources. One of the top 20 chemicals produced in the US is benzene, which is employed as a solvent in the manufacture of plastics and other chemical goods such as lubricants, nylon, synthetic fibres, dyes, and others.

Aromatic Application Insights

The  Aromatic market segmentation, based on Application, includes Additive and Solvent. Solvent segment dominated the market in 2022. This is because they are beneficial in numerous industrial uses, including as paints, adhesives, dyes, pharmaceuticals, clothing, and packaging, and are colourless, transparent, and highly flammable.

Figure 1:  Aromatic Market, by Application, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Aromatic Industry Insights

The  Aromatic market segmentation, based on Industry, includes Paint & Coatings, Adhesives, Pharmaceuticals, Chemicals, and Others. Pharmaceuticals segment dominated the  Aromatic market in 2022. Resins and other aromatic compounds are frequently employed in the synthesis of antibiotics, medications for diseases like cancer, arthritis, and AIDS, as well as pharmaceutical purification. Another advantage of orthopaedic devices made of plastics and resins—which are also less expensive than those made of other materials—is their mobility. Disposable syringes, equipment, and storage containers for medications and vaccinations are made from aromatic compounds.

Aromatic Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Aromatic Market dominated this market in 2022 (45.80%). This is as a result of a rise in the demand for aromatics from numerous end-use industries, including the automotive, paint & coatings, construction, and personal care goods sectors, among others. Additionally, it is anticipated that the strong demand for both new and used cars in many countries, particularly in the US, will increase the market for automotive coating refinishing. Additionally, the market in this region is expanding its investments in research activities for the creation of cutting-edge, innovative, and durable products, particularly in the United States and Canada. This is causing the market to experience revenue growth. Further, the U.S. Aromatic market held the largest market share, and the Canada Aromatic market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2:  AROMATIC MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Aromatic market accounted for a healthy market share in 2022. Consumer demand for fuel-efficient vehicles and increased disposable income are two key factors impacting market revenue growth in this region. Further, the German Aromatic market held the largest market share, and the U.K Aromatic market was the fastest growing market in the European region

The Asia Pacific Aromatic market is expected to register significant growth from 2023 to 2032. This is a result of the increasing usage of products made from aromatics in the manufacture of automobiles by the automotive industry. Aromatics are used in the construction industry for a number of applications, including pipelines, insulation, window frames, and interior design, which can enhance quality of life and develop enduring infrastructure. Additionally, a large number of new businesses entering this region's market are investing in the creation and distribution of a range of aromatic items, which is projected to aid in the revenue expansion of the sector. Moreover, China’s Aromatic market held the largest market share and the Indian Aromatic market was the fastest growing market in the Asia-Pacific region.

Aromatic Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Aromatic market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Aromatic industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the  Aromatic industry to benefit clients and increase the market sector. In recent years, the Aromatic industry has offered some of the most significant advantages to medicine. Major players in the Aromatic market, including Canada Colors and Chemicals Limited, BP PLC, Dow, Reliance Industries Ltd., LyondellBasell, Shell Chemicals, SABIC, and Exxon Mobil Corporation, are attempting to increase market demand by investing in research and development Types.

Indian company S H Kelkar and Company Limited produces flavours and fragrances. The company produces, distributes, and exports scents as well as chemical ingredients for both organic and inorganic chemical-based smells. The business divisions that make it up are flavours and smells. The company offers a wide range of products, including luxury fragrances, fabric care, personal care, hair care, home goods, skincare, and cosmetics, among others. The company offers flavours for a wide range of items, including beverages, sweets, dairy, salty foods, and medications. Through its wholly-owned subsidiary Keva Europe B.V., SH Kelkar and Company Ltd. (SHK) entered into a contract to purchase a 100% stake in Holland Aromatics B.V. on December 14, 2021. The transaction is being closed through the purchase of a 100% stake in Provider Beheer B.V., the holding company for the Dutch business Holland Aromatics. The Agreement provides that 62% of the Stock shall be purchased immediately upon the Closing and the other 38% shall be acquired over the course of the next two years in two equal instalments of 19% each.

The cannabis research firm Abstrax Tech is in charge of creating flavourings and aromas that come from plants and cannabis. The business possesses the greatest terpene library of the most well-liked strains, botanically generated terpene mixes, and native isolates of cannabis utilised in vapes, concentrates, edibles, beer, essential oils, fragrances, cosmetics, topicals, tinctures, alcohol, food and beverage, personal care, and more. The Trichome Institute and ABSTRAX have partnered to produce the first cannabis aromatic training kit, Interpening, which will be available in December 2021. The Trichome Institute and ABSTRAX are pleased to collaborate, according to Max Koby, co-founder and CEO of ABSTRAX, because this cutting-edge scent kit will help both customers and the industry. The software employs an excellent but simple methodology. The business will train a new generation of cannabis sommeliers because it is confident that doing so will help them comprehend the range of cannabis strains and how to best serve each customer.

Key Companies in the Aromatic market include

• Canada Colors and Chemicals Limited


• BP PLC


• Dow


• Reliance Industries Ltd.


• LyondellBasell


• Shell Chemicals


• SABIC


• Exxon Mobil Corporation

Aromatic Industry Developments

July 2019: Hyundai Oilbank has set aside a sizeable sum of money—nearly USD 220 million—for the development of the pharmaceutical industry in order to increase the ability to produce xylene.

April 2019: Fortrec, a Singaporean chemical company, has acquired an aromatic solvent refinery in Ulsan, Korea, increasing its production capacity there by 60,000 tonnes.

Aromatic Market Segmentation

Aromatic Type Outlook

• P-Xylene


• O-Xylene


• Toluene


• Benzene


• Others

Aromatic Application Outlook

• Additive


• Solvent

Aromatic Industry Outlook

• Paint & Coatings


• Adhesives


• Pharmaceuticals


• Chemicals


• Others

Aromatic Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America
  
  
  
  

Report Scope:

Report Attribute/Metric	Details
Market Size 2022	USD 200.9 Billion
Market Size 2023	USD 212.2 Billion
Market Size 2032	USD 328.1 Billion
Compound Annual Growth Rate (CAGR)	5.60% (2023-2032)
Base Year	2022
Market Forecast Period	2023-2032
Historical Data	2018- 2022
Market Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered	Type, Application, Industry, and Region
Geographies Covered	North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered	The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled	Canada Colors and Chemicals Limited, BP PLC, Dow, Reliance Industries Ltd., LyondellBasell, Shell Chemicals, SABIC, and Exxon Mobil Corporation
Key Market Opportunities	Industrialization backed with the schemes and initiatives
Key Market Dynamics	Increased use in paint and coatings and rise in demand from polyester manufacturers

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