Aromatic Solvents Market Mainly Driven by High Product Demand in Paints, Coatings and Ink Industry Over 2019-2024
Aromatic solvents market finds extensive application in varied sectors such as automotive, oilfield chemical, pharmaceutical, and paints & coatings
Selbyville, United States – September 30, 2019 /MarketersMedia/ —
Global aromatic solvents market is primarily driven by high product demand in paints, coatings and ink industry. Aromatic solvents such as benzene, ethylbenzene, mixed xylenes and toluene have excellent evaporation and solvency. It also forms a homogenous solution over other solvents. Paints & coatings accounted more than 50% of the 2015 global aromatic solvents market share, where these are largely used as diluents and thinners.
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Aromatic solvents market finds extensive application in varied sectors such as automotive, oilfield chemical, pharmaceutical, and paints & coatings. Pharmaceutical application will exhibit a CAGR of more than 2% over 2016- 2024, owing to its significant usage in drug formulation. Paints & coating is another lucrative application segment of aromatic solvents industry and is predicted to grow considerably over the coming seven years. The growth can be attributed to the surging product demand for decorative and interior paints & coatings. Moreover, it is prominently used as diluents and thinner in the various paints & coatings formulations.
Robust automotive indicators present significant growth opportunities to adhesive & sealants, which are a prominent aromatic solvents market application. Automotive adhesives & sealants are mainly used for bonding, sealing, and gasketing the vehicle parts together while providing the structural strength. In 2015, global adhesives demand in automotive was more than 375 kilo tons, set to grow in the near future with increased automobiles sales, thus driving aromatic solvents market size.
Benzene-based aromatic solvents industry generated a revenue of over USD 100 million in 2015 and will grow noticeably over the coming seven years. The key features of the benzene-based solvents such as superior solubility along with the ability to produce homogenous mixture will augment the industry growth. Due to the aforementioned benefits, it is extensively used in the paints & coatings.
In terms of products, aromatic solvents market is segmented into Benzene, xylene, and toluene. Toluene market is anticipated to register the highest annual growth rate of more than 3.5% over the period of 2016 to 2024., due to its prominent usage as adhesives owing to its high evaporation rate. Moreover, to increase the octane number of the fuels like gasoline, blending operation is carried out, in which toluene is being widely used.
China and India aromatic solvents market will exhibit highest growth rate in the Asia Pacific region over the coming seven years, owing to its increasing demand from automobiles and paints & coatings sectors. Additionally, escalating infrastructure development across the Japan, China, and India will boost the aromatic solvents industry outlook.
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U.S. aromatic solvents industry collected a revenue of USD 650 million in 2015 and is anticipated to record a CAGR of more than 3% over the period of 2016 to 2024, primarily driven by the product’s surging need across the pharmaceutical and oil & gas sector.
The industry is highly fragmented with key market players such as UOP LLC, Exxon Mobil Corporation, Eastman Chemical Company, and Royal Dutch Shell plc sharing the business space.
Some Points From Table Of Content: –
Chapter 5. Aromatic Solvents Market Application Insights
5.1. Global aromatic solvents industry share by application, 2015 & 2024
5.2. Pharmaceuticals
5.2.1. Market estimates and forecast, 2013 – 2024
5.2.2. Market estimates and forecast, by region, 2013 – 2024
5.3. Oilfield chemicals
5.3.1. Market estimates and forecast, 2013 – 2024
5.3.2. Market estimates and forecast, by region, 2013 – 2024
5.4. Automotive
5.4.1. Market estimates and forecast, 2013 – 2024
5.4.2. Market estimates and forecast, by region, 2013 – 2024
5.5. Paint & Coatings
5.5.1. Market estimates and forecast, 2013 – 2024
5.5.2. Market estimates and forecast, by region, 2013 – 2024
5.6. Others
5.6.1. Market estimates and forecast, 2013 – 2024
5.6.2. Market estimates and forecast, by region, 2013 – 2024
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