The global aromatic solvents market is highly fragmented in nature. In a new study, Transparency Market Research (TMR) observers that several manufacturers are exhibiting a high degree of integration in the first stage of the value chain. Some of the prominent companies operating in the market are Royal Dutch Shell Plc., UOP LLC (Honeywell International, Inc.), Celanese Corporation, Chevron Phillips Chemical Company, Exxon Mobil Corporation, LyondellBasell Industries N.V., BASF SE, and Eastman Chemical Company.
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“The competitive rivalry in the market is anticipated to increase with continuous efforts by enterprises towards business expansion and new product launches,” says TMR’s lead analyst. Besides this, several players are shifting their focus towards the manufacturing of light aromatic solvents in order to stay relevant in the market. The valuation of the global aromatic solvents market is expected to reach US$7.76 bn by the end of 2023, progressing at a CAGR of 4.2% from 2015 to 2023.
Robust Growth of Chemical Industry behind Asia Pacific’s Dominance
On the basis of product, toluene will continue to be the leading segment in terms of volume in the market until 2023. The growing applications in verticals such as paints and coatings, inks, adhesives, and pharmaceuticals is driving the growth of the segment. The segment is also expected to register a CAGR higher than other product segments. In terms of application, the paints and coatings segment is dominating the market in terms of volume. Aromatic solvents help in dissolving the binding agent and pigment and homogenizing them to produce a solution.
Asia Pacific will continue to account for the lion’s share in the overall market volume until 2023. The robust growth of the chemical industry is one of the primary factors driving the growth of the region. The increasing construction activities in emerging countries such as India and China are also fuelling the growth of APAC. The enforcement of stringent regulations is likely to retard the growth of North America and Europe. Latin America is anticipated to post a moderate CAGR, with countries such as Venezuela, Brazil, and Argentina at the forefront of growth.
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Rising Demand for Adhesives and Sealants due to Growing Sales of Automobiles Worldwide Fuels Growth Prospects
The widespread application of aromatic solvents in the paints and coatings industry is providing a fillip to the global market. “Aromatic solvents are highly acknowledged in the industry owing to the fact that they modify the viscosity related to the rate of curing, thereby enhancing the functionality and aesthetics of the final layer painting,” says a TMR analyst. Moreover, the burgeoning demand for automobiles across the globe is boosting the adoption for adhesives and sealants. This, in turn, is highly beneficial for aromatic solvents manufacturers since adhesives and sealants are among the major applications of these solvents. The flourishing growth of the oil and gas industry is also stoking the growth of the market.
Stringent VOC Regulations Restricts Widespread Adoption of Aromatic Solvents
The stringent environmental regulations pertaining to volatile organic compounds (VOCs) emissions is one of the key factors restraining the growth of the global aromatic solvents market. The mandatory range of VOC content in Canada and the U.S. is 50–250 grams per liter for flat floating. VOCs have adverse health effects and most of the aromatic solvents fall under the category of man-made VOCs. Furthermore, a subsequent shift towards bio-based, non-aromatic, and water-based solvents due to issues regarding toxicity is keeping the market from realizing its utmost potential.
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The above data is collated from a research report released by TMR, titled “Aromatic Solvents Market (Product - Benzene, Toluene, Xylene, and Naphtha; End User - Pharmaceuticals, Oilfield Chemicals, Automotive, Paints & Coatings, Pesticides, Textiles, Cleaners, Electronics, Adhesives and Sealants, Cosmetics, Perfumes, and Chemical Intermediates) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015–2023.”
This report segments the global aromatic solvents market as follows:
Global Aromatic Solvents Market, by Product
- Others (Including solvent naphtha such as aromatic 100, aromatic 150, and aromatic 200)
Global Aromatic Solvents Market, by End User
- Oilfield Chemicals
- Paints & Coatings
- Others (Including pesticide, textiles, cleaners, chemical intermediates, electronics, adhesive & sealants, perfumes, and cosmetics)
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