Asia Pacific aromatic solvents market, which gathered a revenue of more than USD 2.5 billion in 2015, is projected to register a cumulative growth of more than 4.5% during 2016-2024. Escalated product demand across the paints & coatings and automotive sectors along with the rise in the number of construction activities will boost the business development. India, China, and Japan are likely to be the key regional revenue contributors of APAC aromatic solvents industry.
Aromatic solvents market is projected to witness a notable surge over the coming years, subject to escalated product demand across the paint & coatings, pharmaceuticals, ink, oilfield chemicals, and automotive sectors. Sealants & adhesives market size from the thriving automotive sector, which was more than 340 kilotons in 2013, is predicted to hit 530 kilotons by 2024. Escalated use of sealants & adhesives in automobiles is thus, expected to generate lucrative avenues for aromatic solvents industry trends. According to Global Market Insights, Inc., “Aromatic solvents market revenue, which was estimated at USD 5.41 billion in 2015, is predicted to hit USD 7.84 billion by 2024.”
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The corrosion resistance feature of aromatic solvents has enhanced its demand across the oil & gas sector. In addition, these solvents also possess the ability to protect the internal surface of pipes from rusting during the process of fractional crude oil distillation. Oil based corrosion inhibitors, which was estimated at nearly 1000 kilotons in 2013, are projected to touch 1500 kilotons in terms of volume by 2024, thereby influencing aromatic solvents market size. Growing consumer preferences for eco-friendly solvents along with the mounting popularity of green chemicals across various end-use sectors is anticipated to favorably impact the business.
Taking into consideration the geographical trends, U.S. aromatic solvents market, worth USD 650 million in 2015, is forecast to register notable gains of more than 3% over the coming timeframe. The growth can be credited to the enhanced product usage across the thriving oil & gas and pharmaceuticals sectors. An increase in the shale gas exploration and extraction activities exclusively carried out in the country will further boost the revenue.
Xylene, benzene, and toluene are the major products of aromatic solvents. Xylene aromatic solvents market, which produced a revenue of more than USD 2 billion in 2015, is foreseen to witness a profitable growth over the coming years. The growth can be ascribed to the extensive use of the product across the printing, leather, rubber, and paint sectors, due to its sweet-smelling and colorless properties.
Toluene aromatic solvents industry size is forecast to grow at a CAGR of 3.5% over 2016-2024, driven by the high product usage in adhesives as a result of its exceptional evaporation property. Benzene aromatic solvents market value, which was assessed at USD 100 million in 2015, is expected to expand notably over the span of the coming years. The growth can be credited to the high product preference across the paint & coatings sector due to its highly soluble features coupled with its ability to form a strong homogeneous solution.
Aromatic solvents find extensive applications across paint & coatings, pharmaceuticals, automotive, and oilfield chemicals sectors. Aromatic solvents industry size in the pharmaceuticals sector is projected to grow at a CAGR of more than 2% over 2016-2024, driven by the ability of the product to synthesize active excipients & substances during the medicine preparation process.
Oilfield chemical applications, which contributed more than USD 400 million toward aromatic solvents market revenue in 2015, are expected to witness a substantial surge over the years to come. Widespread usage of the product for periodic oil & gas extraction activities on account of its corrosion prevention property will push the growth of aromatic solvents market.
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Paint & coatings sector, which accounted for over 50% of aromatic solvents industry share in 2015, is predicted to expand at a rate of 4% over the coming seven years. The growth can be attributed to the escalated use of the product as a thinners & a diluent in the interior as well as exterior painting projects. Popular product application in lacquer paints due to its ability to speed up the drying and curing process will further spur the industry revenue.
Aromatic solvents industry size in the automotive sector, which was evaluated at USD 540 million in 2015, is anticipated to experience a massive expansion over the span of few years. Increase in the vehicle sales along with the high demand for sealants & adhesives in the automobiles will push the aromatic solvents industry revenue.
Exxon Mobil Corporation, BASF SE, Celanese Corporation, Oil Refineries Limited, Royal Dutch Shell plc, LyondellBasell Industries N.V., Honeywell UOP, INEOS Group AG, Petrochem Carless Limited, Eastman Chemical Company, Huntsman Corporation, and Chevron Phillips Chemical Company LLC are the key participants of aromatic solvents industry.
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