Aromatic Solvents Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

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Aromatic Solvents Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

Status : March, 2020 | Chemical & Materials | PPT format

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Global Aromatic Solvents Market: Snapshot

Aromatic solvents are organic chemicals that are mostly produced by distillation of crude petroleum stock and other chemical conversion processes in the petroleum refining industry. These solvents are also procured from light hydrocarbons such as butane, ethane, and propane. Besides this, catalytic reforming is a commonly used process for the manufacture of aromatic solvents in the oil and gas industry.

Toluene, xylene, and toluene TDI are some of the classical variants of aromatic solvents whereas solvarex 9 and solvarex 10 are some variants of aromatic fractions. Commonly used aromatic solvents in paints and coatings are toluene, benzene, mixed xylenes, ethylbenzene, and high flash aromatic naphthas. Some other applications of aromatic solvents are printing inks, insecticides, pesticides, and agricultural chemicals. Aromatic solvents also find applications as corrosion inhibitors for protecting pipes internally during fractional distillation in the oil and gas industry. Additionally, aromatic compounds are used in the manufacture of a few chemical intermediates such as ethyl benzene, naphthalene, phthalic anhydride, and maleic anhydride.

Mild exposure to aromatic solvents through inhalation can lead to irritation in the eyes and upper respiratory tract, and may also result in fatigue, dizziness, and headaches. On the other hand, long-term effects may result in blood disorders, unconsciousness, cardiovascular and kidney effects, and dysfunction of the central nervous system. Benzene is considered as human carcinogen.

Despite the strong odor of aromatic solvents over aliphatic solvents, their higher solvency rate account for their preference across industries. Toluene, benzene, mixed xylenes, and ethylbenzene have high solvency rates that help form a better homogenous solution over other compounds. 

Global Aromatic Solvents Market: Overview

An aromatic solvent is one that contains an aromatic hydrocarbon such as xylene, naptha, ethane, propane, or toluene. It is an organic chemical meant to dissolve solid materials to form a homogenous solution. It is produced mainly via distillation of crude petroleum stock in the oil refining industry and primarily finds application as thinners and diluents in coatings, paints, adhesives, and cleaners to speed up the drying process. An aromatic solvent is also used to thwart corrosion in the oil and gas industry. Further, these aromatic solvents are used in the production of other intermediate chemicals such as cumene, ethyl benzene, phthalic anhydride, naphthalene, and maleic anhydride. 

Global Aromatic Solvents Market: Key Trends

At the forefront of driving growth in the aromatic solvents market is the booming paints and coatings industry. Aromatic solvents dissolve or disperse various components such as binders, additives, pigments, and extenders that find application in manufacture of paints and coatings. In addition, high solvency rates aid in forming an enhanced homogenous solution in comparison to other solvents.

Another factor driving growth in the market is the continued growth in the automotive industry which has pushed up demand for adhesives and sealants, manufactured from aromatic solvents. These solvents help maintain the right evaporation rate of adhesives, which in turn brings about perfect setting of adhesive polymer on the base surface. Countering the growth in the global aromatic solvents market is the strict environmental regulations imposed on VOC emissions and the preference for non-aromatic and biobased solvents. 

Global Aromatic Solvents Market: Market Potential

Depending upon the types of products, toluene presents maximum opportunity to the manufacturers because of its spike in applications in adhesives, paints and coatings, inks, pharmaceuticals, and other chemical formulations. Xylene is another product that spells profits for savvy companies as those solvents are used in the synthesis of active pharmaceutical ingredients and to clean pharmaceutical equipment. They are mostly used in the rubber, artificial leather, glue, and rotogravure printing industry.

Some of the important end-user industry for aromatic solvents are automotive, pharmaceuticals, paints and coatings, and oilfield chemicals. Crude oil and natural gas, for example, carry a lot of impurities and corrosive products such as carbon dioxide, hydrogen sulfide, and free water that deteriorates the inner walls of wells and pipelines. Continued oil and gas extraction can result in the internal surface of pipelines to corrode. Aromatic solvents can thwart it while performing fractional distillation in the oil and gas industry.

Global Aromatic Solvents Market: Regional Outlook

Geographically, the key segments of the global aromatic solvents market are Asia Pacific, Europe, North America, and the Rest of the World. Among them, Asia Pacific dominates the market in terms of volume on account of the high growth in the chemical industry. Latin America too is expected to witness some degree of growth in the aromatic solvents powered by the demand from Venezuela, Brazil, and Argentina.

The markets in North America and Europe are slated to see lackluster growth in the years to come owing to stringent environmental regulations. Middle East and Africa (MEA) is another region that will see slow growth due to the economic transition in the region at present.

Global Aromatic Solvents Market: Competitive Analysis

The global market for aromatic solvents is fragmented in nature. To assess the competition in the market, the report profiles important market participants such as Exxon Mobil Corporation, Royal Dutch Shell plc, LyondellBasell Industries N.V., Chevron Phillips Chemical Company, BASF SE, Celanese Corporation, and Eastman Chemical Company. 

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.

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