Aromatic Solvents Market - Global Market Share, Trends, Analysis and Forecasts, 2023 - 2032

The global Aromatic Solvents market was estimated to be US$ 6.10 Billion in 2022 and is expected to reach US$ 8.43 Billion by 2032 at a CAGR of 3.3%.

An aromatic solvent is a solvent that consists of an aromatic hydrocarbon such as toluene, naptha or xylene. Aromatic solvents are mainly used as solvents and diluents in numerous industrial fields. Aromatic solvents are organic chemicals that helps in dissolving solid materials to form a homogenous solution.

Aromatic solvents are the solvents, which finds application on a large scale in wide range of end-user industries. These solvents are soluble in numerous soluble solvents with a typical aroma. Aromatic solvents contain paraffinic, aromatic constituents and other contents in different proportion. Aromatic solvents are produced by the process of fractional distillation of petroleum stocks. Other methods of production are catalytic refining, steam cracking and coal carbonization. The processes, which are used to yield aromatic. solvents in the oil & gas industry comprise steam cracking and catalytic refining processes.

The key factor driving growth of global aromatic solvent market is the growing automotive industry. Automotive industry is using adhesives and sealants, which is one of the major application paths of aromatic solvents market. Adhesives and sealants are used in vehicles for sealing and bonding the parts together for structural strength to the body, thus stopping it from collapsing. Increasing demand for aromatic solvents from the industry of paints and coatings is driving the market for aromatic solvents. Also growing constructional happenings in emerging economies such as Asia Pacific has led to decent demand for paints & coatings, thereby contributing to the development of aromatic solvents in the market.

The global aromatic solvents market has been segmented based on type, application and geography. Based on types, the global aromatic solvents market has been segmented into benzene, toluene, xylene and others. Based on applications, the global aromatic solvents market has been segmented into pharmaceuticals, oilfield chemicals, automotive, paints & coatings, adhesives and others. Others end-user segment includes cleaners, pesticides, textiles, chemical intermediates, electronics, perfumes and cosmetics.

The market size for benzene aromatic solvents was valued more than US$ 105 Mn in 2016. It provides a good solubility and also forms a homogeneous solution, which makes them appropriate to be used in paint & coatings. Toluene product type is expected to witness high growth of more than 3.5% during the forecast period. Toluene is used in adhesives market because it offers high evaporation rate and thus causes an increase in viscosity of adhesive film to grow. Paints & coatings market is estimated to expand at a CAGR of 4.2% from 2018 to 2024.

Aromatic solvents are used as diluents and thinner in paints & coatings. It also helps in dissolving resins, pigments and others. Other application segments are also expected to showcase significant growth thereby boost the demand for aromatic solvents over the forecast period from 2023 to 2032. Based on geography, the global aromatic solvents market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

North America comprises U.S., Canada and Mexico whereas Europe would primarily cover Germany, France, UK, Italy and Rest of Europe. The key countries included under Asia Pacific are China, Japan, India, Australia, and Rest of Asia Pacific. In Latin America, Brazil, Argentina, and Rest of Latin America are the key segments whereas in Middle East & Africa, South Africa and Rest of MEA are the key segments covered in the report.

Asia Pacific accounted for the largest market share in the global aromatic solvents market and is further anticipated to maintain its leading position. The region accounted for more than 50% market share in 2016. Growing construction sector in India, China, Japan is expected to drive demand for aromatic solvents, which in turn will set market for paints & coatings. High growth in the chemical industry is also one of the major factors driving the market in Asia Pacific.0

The global aromatic solvents market is concentrated with leading manufacturers such as BASF SE, Exxon Mobil Corporation, Royal Dutch Shell plc, Eastman Chemical Company, Ashland Inc., Celanese Corporation, Huntsman International LLC, LyondellBasell Industries Holdings B.V., Haltermann Carless, INEOS AG, DuPont.

Market Segmentation:

By Type

• benzene
• toluene
• xylene
• others

By Application

• pharmaceuticals
• oilfield chemicals
• automotive
• paints & coatings
• adhesives
• others

By End User

• cleaners
• pesticides
• textiles
• chemical intermediates
• electronics
• perfumes
• cosmetics

By Geography

• North America
• Europe
• Asia-Pacific (APAC)
• Middle East & Africa (MEA)
• Latin America