Aromatic Solvents Market Demand Analysis
Aromatic solvents are defined as a class of solvents that contains an aromatic hydrocarbon such as naphtha, toluene, or xylene. A new report on the global aromatic solvents market, published by Market Research Future (MRFR), predicts that this market can see growth during the forecast period (2022–2030).
The most important market driver for the global aromatic solvents market growth is demand from the end-use industries. The surging industrialization and urbanization in developing countries can enhance market growth. Other factors aiding the global Aromatic Solvents Market growth include increasing infrastructural development, the subsequent increase in the construction sector, growing energy demand, the subsequent increase in the oil & gas activities, favorable regulations from governments in many countries, increasing investment from market players, increasing use of corrosion inhibitors in the oil & gas industry, and lastly, increasing application of aromatic solvents in the paints & coatings industry.
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Big players in the global aromatic solvents market are BASF SE (Germany), Celanese Corporation (USA), Chevron Phillips Chemical Company LLC (USA), Eastman Chemical Company (USA), Exxon Mobil Corporation (USA), Honeywell International Inc. (USA), Ineos AG (UK), LyondellBasell Industries Holdings B.V (Netherland), Royal Dutch Shell PLC (UK), and Sasol Ltd. (South Africa).
The global aromatic solvents market segmentation encompasses application and product type. MRFR’s research on the market highlights many factors of the market in-depth.
The application-based segmentation of this market can cover adhesives & sealants, automotive, cosmetics, electronics, oilfield chemicals, paints & coatings, pesticides, pharmaceuticals, textiles, and others. The paints & coatings segment occupies the maximum market share among all segments.
Based on product type, the market can be segmented into benzene, solvent naphtha, toluene, and xylene. Benzene is the leading market segment among all segments.
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A geographical outlining of the global aromatic solvents market covers Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa (MEA).
The Asia Pacific region holds the biggest share in the global market, and during the forecast period, it has been anticipated to emerge as the fastest-growing market due to the rapid growth of industries and urbanization. Other factors fuelling the market growth in this region include favorable government regulations, an increase in investment by major market players, and the high population in countries like China & India. China, India, and Japan are the biggest consumers of aromatic solvents in this region. Other major markets in this region are Australia and New Zealand. A cognition of the remaining countries in the Asia Pacific region featured in this report adds the extra market revenue to the market from these countries.
North America is another important regional market as the market in this region is being driven by developed end-user industries like construction, electronics, transportation, and others. Due to the presence of many significant market players in the USA and the initiative by the government to increase investment in the development and renovation of residential as well as commercial infrastructure, there is a huge scope for market growth in North America. The shale gas boom has augmented the oil & gas activities in the region, which is contributing to the market growth due to its use in wells and pipelines. Canada and Mexico contribute maximum market revenue to the regional market after the USA.
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The market in Europe is lucrative, and its growth is being driven by developed sectors like automobile, construction, and electrical & electronics. The growth of the oil & gas sector, along with the increasing infrastructural development, is also boosting the European market. The demand (and use) for aromatic solvents from the developed pharmaceutical sector cement the aspects of market growth in this region. The primary markets in this region are France, Germany, Italy, Spain, and the UK. The survey of the remaining countries in Europe featured in this report calculates the inclusion of market revenue from those countries.
Latin America, the market is decent as many key market players based in North America are investing in the oil fields of Latin America for many oil & gas activities. The significant markets in this region are Argentina and Brazil. An estimation of the remaining countries in Latin America listed in this report foresees a decent contribution to market revenue from these countries.
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In the MEA region, the market is limited due to the limited availability of technology, but the scope for growth can be huge due to many oil & gas activities. The most important markets in this region. The most crucial markets in this region are Bahrain, Kuwait, Israel, North Africa, Oman, Qatar, Saudi Arabia, and Turkey. An appraisal of the remaining countries in the MEA region featured in this report anticipates a decent contribution to market revenue from these countries.
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