TOKYO, JAPAN, April 12, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Aromatic Solvents Market By Flash Point (Low Flash Point De-aromatic Solvents, Medium Flash Point De-aromatic Solvents, High Flash Point De-aromatic Solvents). By Boiling Point (Type 1 De-aromatic Solvents, Type 2 De-aromatic Solvents, Type 3 De-aromatic Solvents). By Application (Paints, Coatings and Inks, Metal Working, Industrial Cleaning, Adhesives and Sealants, Drilling Fluids, Consumer Products, Others), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand for global Aromatic Solvents Market size & share was worth around USD 5,921.7 million in 2021 and is estimated to grow to about USD 7,579.7 million by 2028, with a compound annual growth rate (CAGR) of approximately 4.2% over the forecast period 2022 to 2028.”
What are Aromatic Solvents? How big is the Aromatic Solvents Market?
Market Overview:
Aromatic solvents are a type of solvent that is widely utilized in a variety of sectors because they contain aromatic hydrocarbons such as xylene, naptha, or toluene, making them extremely appropriate. Due to its properties such as corrosion resistance and high solvency rate, it finds extensive uses in various end-user sectors such as oil and gas, vehicles, adhesives and sealants, textiles and paints, and coatings. The increase in demand for these solvents from the paint and coating industries due to their high solvency property, as well as their growing popularity, are the primary factors driving the aromatic solvents market over the forecast period.
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- Facts and Factors research methodology
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Report Scope
| Report Attribute | Details |
| Market Size in 2021 | USD 5,921.7 Million |
| Projected Market Size in 2028 | USD 7,579.7 Million |
| CAGR Growth Rate | 4.2% CAGR |
| Base Year | 2021 |
| Forecast Years | 2022-2028 |
| Key Market Players | ExxonMobil Corporation, Royal Dutch Shell Plc, Total S.A., Idemitsu Kosan Co., Ltd., Neste Oyj, Raj Petro Specialties P. Ltd., Avani Petrochem Private Limited, Neste Oyj., Isu Exachem Co. Ltd., DHC Solvent Chemie GmbH, Calumet Specialty Products Partners, L.P., SK Global Chemical Co., Ltd., CEPSA., and Others |
| Key Segment | By Flash Point, Boiling Point, Application, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
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Global Aromatic Solvents Market: Growth Factors
Aromatic solvents are effective organic liquid solvents. These solvents dissolve or disperse a wide range of components to produce high-quality pigments, extenders, additives, and binders, increasing their demand in the future. The increased usage of aromatic solvents in many end-user sectors, including oilfield chemicals, pharmaceuticals, and automotive, will have a positive impact on the aromatic solvents market in the coming years.
Additionally, the increase in the consumption of aromatic solvents for medication formulation in the pharmaceutical sector has a beneficial impact on the aromatic solvents market. The increase in demand from the oil and gas sector for their corrosion resistance property, the high usage of solvents such as xylene for the synthesis of several active pharmaceutical ingredients as well as cleaning of pharmaceutical equipment, and the rise in product use as adhesives and sealants to bond vehicle parts all contribute to the growth of the aromatic solvents market. Furthermore, technological developments and fast urbanization in emerging nations provide lucrative prospects to aromatic solvents market players during the forecast period.
However, the implementation of severe regulatory rules promoting the investigation of replacements due to concerns about the emission of volatile organic compounds (VOCs) and the trend toward non-aromatic solvents are factors projected to stymie the aromatic solvents market. The aromatic solvents market is expected to face challenges due to concerns about the adverse impacts of the products during the forecast period.
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Aromatic Solvents Market: Segmentation Analysis
The Aromatic Solvents Market is segregated based on Flash Point, Boiling Point, and Application. Based on Flash Point, the global market is distinguished into Low Flash Point De-aromatic Solvents, Medium Flash Point De-aromatic Solvents, and High Flash Point De-aromatic Solvents. Based on Boiling Point, the global market is distinguished into Type 1 De-aromatic Solvents, Type 2 De-aromatic Solvents, and Type 3 De-aromatic Solvents. Based on Application, the global market is distinguished into Paints, Coatings and Inks, Metal Working, Industrial Cleaning, Adhesives and Sealants, Drilling Fluids, Consumer Products, and Others.
Competitive Landscape
Some of the main competitors dominating the global aromatic solvents market include -
- ExxonMobil Corporation
- Royal Dutch Shell Plc
- Total S.A.
- Idemitsu Kosan Co.Ltd.
- Neste Oyj
- Raj Petro Specialties P. Ltd.
- Avani Petrochem Private Limited
- Neste Oyj.
- Isu Exachem Co. Ltd.
- DHC Solvent Chemie GmbH
- Calumet Specialty Products Partners
- L.P.
- SK Global Chemical Co.Ltd.
- CEPSA
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Key Insights from Primary Research:
- According to our research analyst's analysis, the Aromatic Solvents market is expected to develop at a CAGR of over 4.2% during the forecast period 2022-2028.
- In 2021, the Aromatic Solvents market was worth roughly USD 5,921.7 million, and by 2028, it is expected to reach USD 7,579.7 million.
- Based on flash point segment, rising demand for greener, eco-friendly alternatives such as powder coatings and solvent-free coatings is likely to stymie the expansion of medium flash point solvents throughout the forecast period.
- By Boiling Point, Type 2 (200-2400C) is expected to expand the fastest and will be increasingly employed in metalworking, inks, water treatment, and industrial applications.
- During the projection period, APAC is expected to have the greatest market share. The APAC construction sector is expanding as a result of rising population, fast urbanization, and industrialization.
Key questions answered in this report:
- Which are the top five worldwide Aromatic Solvents market players?
- What will develop to the market in the next five years?
- What are the Aromatic Solvents market's drivers and restraints?
- Which regional market is expected to expand the most?
- What will be the Aromatic Solvents market's CAGR and size during the forecast period?
- Which area provides the greatest benefit to the global market?
- What are the business risks, and how does the current situation affect growth and market perception?
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COVID-19 Impact on Aromatic Solvents Market:
The ongoing COVID-19 pandemic has had a significant impact on the demand for aromatic solvents as it caused disturbances in the supply chain across the globe. Since aromatic solvents are manufactured in refinery complexes, they are impacted by the overall downturn in the oil and gas industry as a result of the current pandemic. The market for paints and coatings has fallen as a response to COVID-19, and as an outcome, the demand for solvent has decreased as well. China is the largest producer of solvents; however, due to the COVID-19 pandemic, the lack of supply of raw material was caused, which affected the production of solvents in the country.
As a result of the cancellation of building projects, demand for paints and coatings has declined, which has reduced the demand for aromatic solvents. The automobile production facilities were closed during the initial months of 2020 in the majority of the countries, which hindered the demand for aromatic solvents. Exploration and production efforts have recently come to a standstill, significantly impacting total market demand.
Regional Dominance:
During the projection period, APAC is expected to have the greatest market share. This is primarily due to rising industrialization in countries such as India and China, where items such as paints and inks are widely used for a variety of purposes. Moreover, the cost of raw materials in this region is lower, which contributes to market growth. Furthermore, government laws in APAC countries are favorable, encouraging market participants to expand in the region.
North America is another important area in the aromatic solvents market. Construction, transportation, and electronics, among other developed end-user industries, are considerably driving market expansion. Furthermore, the newly elected administration has initiated a new wave of investment in the building and restoration of residential and commercial infrastructure, which is likely to increase demand for paint and coatings, hence contributing to the expansion of the Aromatic Solvents Market.
Recent Developments
- In 2021, Honeywell, one of the world's major chemical producers, announced that Hengyi Industries would use cutting-edge aromatics technology from the Honeywell UOP at its petrochemical operation in Pulau Muara Besar, Brunei. The production unit will process about 200,000 barrels per day. The rising demand for paraxylene across Asia is driving corporations to invest heavily in technology that converts crude oil to petrochemicals.
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The global aromatic solvents market is segmented as follows:
By Flash Point
- Low Flash Point De-aromatic Solvents
- Medium Flash Point De-aromatic Solvents
- High Flash Point De-aromatic Solvents
By Boiling Point
- Type 1 De-aromatic Solvents
- Type 2 De-aromatic Solvents
- Type 3 De-aromatic Solvents
By Application
- Paints, Coatings and Inks
- Metal Working
- Industrial Cleaning
- Adhesives and Sealants
- Drilling Fluids
- Consumer Products
- Others
By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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