Aromatic Solvents Market | Product & Application, Top Manufacturer, Regional Analysis & Forecasts to 2023
Global aromatic solvents market research: information by product (benzene, toluene, xylene, solvent naphtha), by application (automobiles, paints & coatings, pharmaceuticals, textiles, electronics, adhesive & sealants, and others) – Forecast till 2023
Pune, India – April 12, 2018 /MarketersMedia/ —
Aromatic Solvents Market – Overview
Global Aromatic Solvents Market size is positively influenced by growing application of it in automobiles, textiles, electronics paints & coatings, adhesive & sealants, pharmaceuticals and industry. The excellent physical and chemical property of it along with solvency nature has popularised its demand in the application industry. Among the application segment, paints and coating accounted for largest market share across the globe due to growing use of it in speeding up the drying process of paints and coatings. Moreover, these aromatic solvents are extensively used in dissolution of additives, binders and other organic components to make a uniform (homogeneous) solution. As a result, it is mostly preferred by manufacturers of paints and coating which is the main factor that drive the segment to a fastest CAGR.
There is a growing opportunity of Aromatic Solvents observed among the application segments like oilfield and pharmaceutical. In pharmaceutical segment aromatic solvents like xylene is used to synthesise various ingredients. In addition to these Aromatic Solvents are also used to clean the pharmaceutical equipment in healthcare industry which are expected to positively impact the market in the segment. In case of oilfield industry, the Aromatic Solvents are used as corrosion inhibitors as most of the oil process has to face harsh conditions which further offers growing opportunity for aromatic solvents in the segment.
Aromatic Solvents Manufacturers
The Aromatic Solvents manufacturers in the world comprise of the huge manufacturers, some of them are prominent manufacturers along with many small manufacturers. Usually, the aromatic solvent manufacturers are mostly enter into monthly contracts with end use manufacturers as any sharp rise in aromatics price could impact margins adversely.
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Industry/ Innovation/ Related News:
March 2017- Haltermann Carless planned to invest into its sites and technologies to broaden its aromatics and chemicals offerings for customers. The hydrogenation unit, is expected to help Haltermann Carless to process huge amount of feedstock in terms of volume due to growing demand for light aromatic and oils which are eco-friendly in nature along with hydrocarbon chemicals. With this investment, the company is expected to widen the product portfolio to the consumers.
May 2017- The Malaysia based gaint, Petron Carporation planned to invest more in its refinery capacity and expected to double its own capacity in the existing site to produce petrochemicals and aromatics due to growing demand of aromatic solvents in end use industry. In addition to this, the company has also shown its interest in expansion of the capacity of refinery in Bataan.
May 2017- ExxonMobil Chemical has recent done the capacity expansions at its global sites in Singapore, Jurong, Texas, Baytown, Antwerp and Belgium
Application Industry
Application of the Aromatic Solvents Market includes adhesive & sealants, paints & coatings, automobiles, electronics, pharmaceuticals and textiles among others. The paints and coating industry is expected to increase across the globe due to growing urbanization, rising disposable income, rising population rising construction activities and rapid industrialisation across the globe. Furthermore, a number of ambitious programs launched by the government of the developing countries in Asia to increase the industrial activities to increase the individual country’s GDP is expected to spur the demand of Aromatic Solvents Market across the globe.
India Market Scenario
The Aromatic Solvent Market in India is expected to grow at healthy CAGR due to growing end user industry in the region. Majority of crude oil is being imported in India, however due to drop in oil prices the petrochemical and Aromatic Solvent manufacturers in India are expected to enjoy good profit margin in near future. In addition to this, growing initiative taken by NDA government in the country regarding the rapid industrialization and faster implementation of policies like GST are expected to fuel the aromatic solvent market in near future. India accounted for second largest market share in Asia Pacific region for Aromatic Solvents Market.
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