Aromatic solvents are those solvents that usually involve the inclusion of an aromatic hydrocarbon like toluene, xylene, or even naphtha. These solvents are used as diluents, and solvents, in various industries. They also have corrosion inhibiting capabilities which make it more beneficial.
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The Global Aromatic Solvents Market is expected to rise from an initial estimated value of USD 5.97 billion in 2018 to an estimated value of USD 7.24 billion by 2026 while registering a CAGR of 2.45% in the forecast period of 2019-2026. These solvents are a powerful bonding and dissolving agent for organic liquids which has increased their applications to a number of industries, thus driving the market growth. Few of the major market competitors currently working in the Aromatic Solvents Market are
- Royal Dutch Shell
- SK Innovation Co. Ltd.
- Exxon Mobil Corporation
- China Petrochemical Corporation
- BASF SE
- LyondellBasell Industries Holdings B.V.
- Reliance Industries Limited
- CPC Corporation
- Pampa Energía S.A.
- Bharat Petroleum Corporation Limited
- Chevron Phillips Chemical Company
- HCS Group
Others: Indian Oil Corporation Ltd, Pon Pure Chemicals, Recochem Corporation, THAI OIL, W.M. Barr & Co., ARHAM PETROCHEM PRIVATE LIMITED (APPL), Agrofert, Eastman Chemical Company, Galp, Ganga Rasayanie (P) Ltd., Hanwha Group, Jiangsu Hualun Chemical Co. Ltd., Korea Petrochemical Ind. Co., LTD., Monument Chemical, S-OIL CORPORATION, Marathon Petroleum Corporation, Celanese Corporation, Honeywell International Inc., Ashland, and Huntsman International LLC.
The Global Aromatic Solvents Market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of Aromatic Solvents market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
Segmentation: Global Aromatic Solvents Market
Paints & Coatings
Cleaning & Degreasing
Rest of South America
Rest of Europe
Rest of Asia-Pacific
Middle East and Africa
United Arab Emirates
Rest of Middle East and Africa
- Increase in demand by the paints market is driving the growth higher, because these solvents are used to dissolve and bind a number of chemicals in the paint
- High solvency capabilities of these solvents is also one of the major factors for the market growth
- Due to the emissions of volatile organic compounds in the manufacturing of these solvents, the market is expected to be restrained
- The awareness regarding the harmful effects in usage of these aromatic solvents is growing and hence, the consumers are inclined on shifting to environmentally safe solvents. This factor is expected to restrain the market growth
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