WorldWide Aromatic Solvents Market, Industry / Sector Analysis Report, Regional Outlook & Competitive Market Share & Forecast, 2019 - 2025 (Includes Business Impact of COVID-19)

  • TBI916774
  • September 09, 2019
  • Global
  • 132 pages
  • HCCResearch
                                          

Abstract, Snapshot, Market Analysis & Market Definition: Aromatic Solvents Market

Industry / Sector Trends

Aromatic Solvents Market size was valued over USD 5.41 billion in 2015 and is forecast to experience gains exceeding 3% CAGR up to 2024.   U.S. aromatic solvents market size, 2013-2024 (USD million)   These solvents are mainly used as constituents in paints & coatings, dispersing or dissolving different components such as binders, additives, pigment, and extenders used in the formulation of paints and coatings. Benzene, toluene, ethylbenzene, and mixed xylenes (BTEX) have high solvency rates which help in forming a better homogenous solution as compared to other compounds. Hence, these are largely used in lacquer-based paints which require stronger solvents to speed the drying process. In addition, these are also used as thinners in transport and industrial spray-type synthetic enamels. It modifies the viscosity related to the rate of curing, thereby improving the functionality and aesthetics of the final layer painting. Owing to its enhanced physical & chemical properties over other solvents, widespread application in paints & coatings is likely to drive global aromatic solvents market size.   Growing automotive industry has driven adhesive and sealants demand which is one of the major application avenues of aromatic solvents market. Automotive sales were roughly 90 million units in 2015. Adhesives and sealants are used in vehicles for bonding and sealing the parts together for structural strength to the body, thus preventing it from collapsing. Global adhesives and sealants demand for automotive application was over 340 kilo tons in 2013 and is projected to reach 530 kilo tons by 2024.   Crude oil & natural gas carries high impurity and corrosive products such as hydrogen sulfide, carbon dioxide, and free water, which causes deterioration of the inner walls of wells and pipelines. Continual oil & gas extraction can cause the internal surface of pipelines to corrode. Aromatic solvents are extensively used as corrosion inhibitors in the internal protection of pipes while performing fractional distillation in the oil & gas industry. Oil/solvent based corrosion inhibitors stood around 1,000 kilo tons in 2013 and is estimated to reach 1,500 kilo tons by 2024. Increasing corrosion inhibitors across oil & gas demand is one of the major factors driving the global aromatic solvents market size.   Benzene toluene xylene (BTX) is considered as a man-made source of volatile organic compound (VOCs). VOCs have compounding long term adverse health effects and hence, are strictly regulated by various legislations. For instance, VOC content in the U.S. and Canada has been mandated to be in the range of 50 – 250 grams per liter for flat coating. Stringent VOC regulations may negatively influence aromatic solvents market growth over the forecast timeframe. However, ongoing trend for eco-friendly chemicals among various end-user industries and many large industrial users are switching to more environmentally friendly solvents such as light fluids, which positively impact industry growth.  

Market Segmentation, Outlook & Regional Insights: Aromatic Solvents Market

Aromatic Solvents Market, By Product Benzene aromatic solvents market size was valued more than USD 100 million in 2015. It offers excellent solubility and forms homogenous solution which makes them desirable to find applications in paint & coatings. However, benzene inhalation exposure causes cause dizziness, headaches, drowsiness, as well as skin, eye, and respiratory tract irritation which may hamper industry growth over the forecast timeframe.   Toluene will witness higher growth over 3.5%. The product based aromatic solvents are largely used in the adhesives market due to their high evaporation rates which causes an increase in the viscosity of adhesive film to rise. In addition, as a compound it finds the largest application in blending to increase the octane number of premium fuels such as gasoline.   Aromatic Solvents Market, By Application Automotive applications were valued more than USD 540 million in 2015. Growing automotive sales and increasing adhesives and sealants demand in the vehicles for gasketing the parts together will drive aromatic solvents market size over the forecast timeframe.   Paint & Coatings market is projected to expand at over 4% CAGR from 2016 to 2024. Aromatic solvents are mainly used in interior and decorative paints & coatings. They are used as thinner and diluents in paints & coatings. Also, these are used to dissolve pigments, resins, and binding agents in paints and coatings to provide an optimal curing and drying time.   Aromatic Solvents Market, By Region U.S. aromatic solvents market size was valued at over USD 650 million in 2015. Regional growth is chiefly driven by escalating pharmaceuticals and oil & gas sector. In addition, shale gas exploration in the U.S. will further boost regional industry growth.   Asia Pacific, China and India aromatic solvents market in particular, will witness highest gains at over 4.5% CAGR over the forecast timeframe. Increasing consumer spending in the region has propelled end user industries such as automotive, paints & coatings. Furthermore, growing construction sector particularly in China, India, and Japan will drive regional aromatic solvents demand for paint & coatings application.  

Key Players, Recent Developments & Sector Viewpoints: Aromatic Solvents Market

Global aromatic solvents market share is highly fragmented. Key industry participants are Exxon Mobil Corporation, UOP LLC, Royal Dutch Shell plc, and Eastman Chemical Company. Other notable players include BASF SE, Lyondellbasell Industries N.V., and Chevron Phillips Chemical Company LLC.   Hydrocarbons steam cracking and catalytic reforming are the widely used processes for manufacturing aromatic solvents. For instance, UOP LLC, a subsidiary of Honeywell, holds licenses for over 100 complexes and more than 700 individual process units for the production of aromatics.   Aromatic Solvents Industry Viewpoint Solvents are a routinely used term in organic chemistry. These are organic chemicals which are used to dissolve solid materials. Aromatic solvents, on the other hand, are the category of solvents that constitute a benzene ring structure. It includes benzene, xylene, toluene, and other aromatic solvents such as C9-C12 hydrocarbons. They are manufactured in the petroleum refining industry from the distillation of petroleum stock and other chemical conversion processes such as catalytic hydrogenation and alkylation. Aromatic solvents possess a strong odor and have high solvency rates as compared to the other groups of solvents.   Raw materials such as heavy naphtha, light oil, propane, butane, and ethane which are used to manufacture aromatic solvents. These raw materials are popularly known as feedstock in industrial terminology. Raw materials used in the production of aromatic solvents are petroleum-based chemicals and thus, are obtained through the fractional distillation of crude oil.  

Key Insights Covered: Exhaustive Aromatic Solvents Market

1. Market size (sales, revenue and growth rate) of Aromatic Solvents industry. 2. Global major manufacturers' operating situation (sales, revenue, growth rate and gross margin) of Aromatic Solvents industry. 3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Aromatic Solvents industry. 4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Aromatic Solvents industry.

Research Methodology: Aromatic Solvents Market

  • Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  • Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  • Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.

1 Report Overview
    1.1 Research Scope
    1.2 Major Manufacturers Covered in This Report
    1.3 Market Segment by Type
        1.3.1 Global Aromatic Solvents Market Size Growth Rate by Type (2019-2025)
    1.4 Market Segment by Application
        1.4.1 Global Aromatic Solvents Market Share by Application (2019-2025)
    1.5 Study Objectives
    1.6 Years Considered

2 Global Growth Trends
    2.1 Production and Capacity Analysis
        2.1.1 Global Aromatic Solvents Production Value 2014-2025
        2.1.2 Global Aromatic Solvents Production 2014-2025
        2.1.3 Global Aromatic Solvents Capacity 2014-2025
        2.1.4 Global Aromatic Solvents Marketing Pricing and Trends
    2.2 Key Producers Growth Rate (CAGR) 2019-2025
        2.2.1 Global Aromatic Solvents Market Size CAGR of Key Regions
        2.2.2 Global Aromatic Solvents Market Share of Key Regions
2.3 Industry Trends
        2.3.1 Market Top Trends
        2.3.2 Market Drivers

3 Market Share by Manufacturers
    3.1 Capacity and Production by Manufacturers
        3.1.1 Global Aromatic Solvents Capacity by Manufacturers
        3.1.2 Global Aromatic Solvents Production by Manufacturers
    3.2 Revenue by Manufacturers
        3.2.1 Aromatic Solvents Revenue by Manufacturers (2014-2019)
        3.2.2 Aromatic Solvents Revenue Share by Manufacturers (2014-2019)
        3.2.3 Global Aromatic Solvents Concentration Ratio
    3.3 Aromatic Solvents Price by Manufacturers
    3.4 Key Manufacturers Aromatic Solvents Plants/Factories Distribution and Area Served
    3.5 Date of Key Manufacturers Enter into Aromatic Solvents Market
    3.6 Key Manufacturers Aromatic Solvents Product Offered
    3.7 Mergers & Acquisitions, Expansion Plans

4 Market Size by Type
    4.1 Production and Production Value for Each Type
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