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Aromatic Solvents Market Overview
Aromatic solvents find wide application in printing inks, paints, coatings, and adhesives. Besides, they are used in the extraction and degreasing agents for metals and as chemical intermediates, such as toluene diisocynate, in various industrial processes. In recent years, the aromatic solvents market has witnessed significant growth in developing countries, such as India and China, primarily due to the growth in construction activities and the increasing demand for automobiles. Moreover, rapid urbanization and industrialization across the world has contributed considerably to the market growth.
Aromatic solvents are solvents that contain an aromatic ring in their chemical structure. They are primarily used as solvents and diluents in various industries and are mainly manufactured as a by-product after the distillation of crude oil. Besides, they are used as corrosion inhibitors in the oil and gas industry. In the report, the aromatic solvents market is segmented on the basis of type, application, and geography.
On the basis of type, the global aromatic solvents market is categorized into xylene, toluene, and ethyl benzene. Among these, xylene is anticipated to hold the largest share in the market during the forecast period, owing to its high solvency power and wide usage in various applications. For instance, it is a primary component of terephthalic acid, which is used in the manufacturing of polyethylene terephthalate (PET) plastic bottles. Besides, xylene is employed in the leather and rubber industries and also makes for an important raw material for paints and inks.
Based on application, the aromatic solvents market is classified into printing inks, adhesives, paints and coatings, and cleaners and degreasers. Among these, printing inks are expected to be the largest application area of these solvents during the forecast period. This can be mainly attributed to the increasing demand for these solvents in the textile industry of developing countries. The trend of apparel customization is primarily influencing the demand for these solvents in the textile companies of China and India. The packaging industry is also contributing to the growth of the aromatic solvents industry due to the rapid increase in the demand for packaging products for food and beverages.
On the basis of geography, the aromatic solvents market is categorized into North America, Europe, Asia-Pacific (APAC), Latin America, and the Middle East and Africa. Globally, APAC is anticipated to hold the largest share in the market during the forecast period. This can be primarily ascribed to the rapid industrialization in countries such as India and China, where products such as paints and inks are widely employed for various applications. In addition, the cost of raw materials in this region is comparatively less, which continues to boost the market growth. Besides, government regulations in APAC countries are favorable and encourage companies in the market to operate in the region.
Aromatic Solvents Market Dynamics
The growing demand for these chemicals in the construction, automotive, oil and gas, and packaging industries is driving the growth of the aromatic solvents market. In the construction industry, these solvents are majorly used as carriers in paints and varnishes for surface coating applications. Hence, with the rapid development and urbanization in various countries across the globe, the demand for these solvents is expected to rise. Besides, paints are used in the automobile industry, which, according to Moody’s, is projected to grow at 1.3% in 2019, owing to the increasing sale of automobiles in the APAC market.
The oil and gas industry is also contributing to the growth of the aromatic solvents market, globally. According to the Oil & Gas Journal, the oil and gas industry is likely to grow in the near future, thereby fueling the demand for crude oil and its products across the world. In this industry, aromatic solvents are primarily used as corrosion inhibitors for the protection of pipes during the fractional distillation process.
The growth of the aromatic solvents market is being hampered by the growing focus on green solvents, which are derived from agricultural crops. Green solvents are 100% biodegradable, non-corrosive, and non-carcinogenic in nature. Besides, due to the stringent rules and regulations imposed by various governments across the globe, companies are increasingly focusing on employing greener products in their industrial processes for sustainable development.
Aromatic Solvents Market Competitive Landscape
Some of the major companies operating in the global aromatic solvents market are China Petrochemical Corporation, Shell Group of Companies, Exxon Mobil Corporation, BASF SE, LyondellBasell Industries N.V., Reliance Industries Limited, Indian Oil Corporation Limited, Total S.A., Chevron Corporation, and SK Global Chemical Co. Ltd.
The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, and South Africa.