Selbyville, Delaware, Oct. 01, 2019 (GLOBE NEWSWIRE) -- Global aromatic solvents market trends are anticipated to depict a rapid transformation primarily owing to widespread usage in paints, coatings, and ink industries. Aromatic solvents including ethylbenzene, benzene, and toluene which have outstanding solvency and evaporation properties that help in constituting a better homogenous solution as compared to other compounds.
Increased demand and excessive use of automobiles globally has propelled the demand for sealants and adhesives among automobile manufacturing sector. For various automotive parts, manufacturers are excessively using sealants and adhesives which are made up of aromatic solvents. The worldwide adhesives demand from automotive sector was around 375 kilo tons in 2015 and is expected to proliferate further with increased automobile sales, expanding aromatic solvents market size.
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Robust innovation in paints and coating technologies is yet another driving factor bolstering aromatic solvents market outlook. These solvents are extensively used as diluents and thinners in paints and coatings and also used to dissolve pigments and binding agents to provide the finest drying and curing time for efficient coating applications. The rising urbanization coupled with growing construction and automotive industries is favorably impacting the paints and coatings sector.
Oilfield chemical applications contributed over USD 400 million towards aromatic solvents industry size in 2015. During natural gas processing, corrosive impurities such as carbon dioxide, hydrogen sulfide, and free water are found in substantial quantities which become one of the main causes for deteriorating inner walls of pipelines and wells.
Aromatic solvents are widely used as corrosion inhibitors in the internal protection of pipes because of their effectiveness, sound compatibility with protected materials, and affordability. Rising usage of these solvents for performing fractional distillation in oil and gas industry will certainly fuel aromatic solvents market share. In 2013, oil/ solvent based corrosion inhibitors consumption had amounted to nearly 1,000 kilo tons and is projected to surpass 1,500 kilo tons by 2024.
In terms of the regional landscape, Asia Pacific, particularly led by India, China, and Japan will exhibit significant growth rate over the coming years, owing to the rising demand from paints & coating and automobile sectors. In addition, the region is also witnessing a huge demand for infrastructural and housing projects, which will further flourish the product demand from the construction sector. APAC aromatic solvents market share is expected to register a steady 4.5% CAGR over 2016-2024.
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Aromatic solvents find a wide array of application in pharmaceutical sector as well due to massive deployment in drug formulation process. Rising prevalence of chronic diseases like obesity, cardiovascular, and diabetes diseases along with rising popularity of medicinal dietary supplements for several health benefits will drive the product demand in the industry. Aromatic solvents market share from the pharmaceutical sector will exhibit a CAGR at over 2% by 2024.
The industry is highly segmented with key market players being Exxon Mobil Corporation, Lyondellbasell Industries N.V., Eastman Chemical Company, Chevron Phillips Chemical Company LLC, Royal Dutch Shell plc, and UOP LLC, among others. It has been widely observed that catalytic and hydrocarbons steam cracking are the most popular processes for producing aromatic solvents.
UOP LLC, a subsidiary of Honeywell, owns licenses for more than 100 complexes and over 700 individual process units for the manufacture of aromatics. Such marketing trends and novel developments in various sectors will augment the market size. Global Market Insights, Inc. predicts that aromatic solvents market size will be worth more than USD 7.84 billion by 2024.
Browse key industry insights spread across 103 pages with 139 market data tables & 11 figures & charts from the report, “Aromatic Solvents Market By Product (Benzene, Toluene, Xylene), Application (Pharmaceuticals, Oilfield Chemicals, Automotive, Paint & Coatings), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/aromatic-solvents-market
Table of Contents (ToC) of the report:
Chapter 3. Aromatic Solvents Industry Insights
3.1. Industry segmentation
3.2. Industry Size and forecast, 2013 - 2024
3.3. Industry ecosystem analysis
3.4. Industry Impact forces
3.4.1. Growth drivers
3.4.1.1. High aromatic solvents demand in paints & coatings
3.4.1.2. Growing automotive industry
3.4.1.3. Increasing aromatic solvents application in oil & gas sector
3.4.2. Industry pitfalls & challenges
3.4.2.1. Stringent government regulations
3.4.2.2. Drift towards non-aromatic and bio-based solvents
3.5. Growth potential analysis
3.6. Porter's analysis
3.7 Company market share analysis, 2015
3.8. PESTEL analysis
3.9 Pricing trends
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