New York, Aug. 07, 2019 (GLOBE NEWSWIRE) -- Expansion, new product launches, growth in various industries like packaging, automotive, oil & gas, increasing strategic developments such as partnerships and agreements, and rise in building and construction activities are the key factors contributing to high CAGR of Aromatic Solvents Market during forecast period.
According to the current analysis of Reports and Data, the global Aromatic Solvents market was valued at USD 7.3 Billion in 2018 and is expected to reach USD 9.06 Billion by year 2026, at a CAGR of 2.60%. Aromatic solvents are characterized by their solvating ability. This type of product is highly refined and completely lacks aliphatic components. Aromatic products generally are manufactured from feedstock rich in aromatics such as the reformate. Extractive distillation and the Udex process are both procedures involving fractional distillation in the presence of a solvent as means of removing aromatic compounds. Aromatic solvents such as toluene are commonly used in paints, varnishes, adhesives and as chemical intermediates.
The rising demand from the end use industries is a major factor driving the growth of the global aromatic solvents market. The rise in the energy demand has amplified the oil & gas sector’s performance which in turn is adding to the growth of the market due to its applications as a corrosion inhibitor in the oil & gas sector. Owing to the evolving industrialization in the developing countries it is expected that the Aromatic solvents market will receive a push in the future. The aromatic solvents market is a money-spinning market. It is predicted to grow at a decent CAGR during the forecast period which is due to the increasing application of aromatic solvents in the paints and coatings industry among others.
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Further key findings from the report suggest
- Aromatic Solvents market is growing at a CAGR of 1% in Asia Pacific followed by Middle East & Africa and South America, with 2.3 % and 2.3% CAGR, respectively. Urbanization and industrial developments across the globe is the key factor to accelerate the market growth during forecast period across all regions
- As of 2018, Toluene is the dominating Aromatic Solvents which holds 21% of the global market. APAC regional market is the chief revenue generating source for this product segment, followed by North America and European regions
- Paints and coatings is expected to be the fastest growing market segment during forecast period 2019-2026 with a CAGR of 3.0%. However, associated costs issues and increasing demand and awareness for green solvents are major challenge for the market growth of this market segment.
- Printing Inks application type segment was valued at USD 1.73 billion and is expected reach USD 2.22 billion by 2026
- Asia Pacific is expected to account for the 45% of the total Aromatic Solvents market. Developing nations such China, South Korea and India are likely to witness high growth
- Associated focus on green solvents and the stringent rules and regulations imposed by various governments is likely to hinder the market growth during the forecast period
- Key participants include Royal Dutch Shell Plc, LyondellBasell Industries Holdings B.V, China Petroleum and Chemical Corporation, BASF SE, SK Global Chemical Co., Ltd, China National Petroleum Corporation, Reliance Industries Limited, ExxonMobil Corporation, Chinese Petroleum Corporation.
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Segments covered in the report:
For the purpose of this report, Reports and Data has segmented the Aromatic Solvents market on the basis of type, applications, and region:
By Types (Revenue, USD Billion; 2016–2026)
- Toluene
- Xylene
- Ethylbenzene solvent
By Applications (Revenue, USD Billion; 2016–2026)
- Cleaning and Degreasing
- Printing Inks
- Adhesives
- Paints and coatings
- Others
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Regional Outlook (Revenue in USD Billion; 2016–2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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