Transparency Market Research has published a new report titled “Aromatic Solvents (Benzene, Toluene, Xylene, and Others) Market for Pharmaceuticals, Oilfield Chemicals, Automotive, Paints & Coatings, and Other End-Users – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015–2023.” According to the report, the global aromatic solvents market was valued at US$ 6.18 Bn in 2014 and is anticipated to reach US$ 7.76 Bn by 2023, expanding at a CAGR of 4.2% between 2015 and 2023.
Aromatic solvents are organic chemicals primarily used as thinners and diluents in several end-user industries such as paints & coatings, automotive, textiles, and cleaners. These solvents are manufactured from the distillation of petroleum stock in the petroleum refining industry. Other chemical conversion processes include catalytic hydrogenation and alkylation. Aromatic solvents are also obtained from light hydrocarbons such as ethane, butane, and propane. Steam cracking of straight-chain alkanes and catalytic reforming are widely accepted manufacturing processes of aromatic solvents in the oil & gas industry. The value chain of the aromatic solvents market is highly integrated at the first stage, where mostly suppliers of petroleum feedstock are involved in the manufacture of solvents. For instance, companies such as Royal Dutch Shell plc, Chevron Phillips Chemical Company, and Exxon Mobil Corporation manufacture aromatics and their derivatives.
In terms of volume, Asia Pacific accounted for more than 50% share of the aromatic solvents market in 2014. High growth in the chemical industry is the one of the major factors driving the market in Asia Pacific. China leads the aromatic solvents market in Asia Pacific through the installation of new capacities for the production of these solvents. Japan is a comparatively mature market; however, shift toward non-aromatic solvents is hampering the aromatic solvents market in the country. China, India, Thailand, South Korea, and Indonesia are projected to drive the aromatic solvents market in Asia Pacific.
North America and Europe are likely to witness sluggish growth in the global aromatic solvents market. Shale gas revolution in the U.S. is anticipated to create unfavorable grounds for manufacturers of crude oil. As a result, the aromatic solvents market is estimated to contract in the region. Similarly, enactment of stringent regulations in Europe is boosting the usage of water and biobased solvents for industrial uses.
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Brazil is likely to lead the growth of aromatic solvents in Latin America. Venezuela and Argentina are the other countries that are expected to drive the aromatic solvents market in the region due to growth of chemical and oilfield industries. Middle East and Africa (MEA) is anticipated to witness below average growth rate during the forecast period. However, demand for aromatic solvents in oilfield chemicals is projected to be higher in MEA as compared to other regions. This is ascribed to the presence of extensive network of oil and gas recovery companies which uses aromatic solvents for corrosion inhibition in pipelines.
The global aromatic solvents market is highly fragmented; the top five players accounted for more than 25% share in 2014. Key players in the aromatic solvents market include UOP LLC (Honeywell International Inc.), Royal Dutch Shell plc, Eastman Chemical Company, Chevron Phillips Chemical Company, LyondellBasell Industries N.V., Exxon Mobil Corporation, BASF SE, and Celanese Corporation.
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