Ottawa, Sept. 01, 2021 (GLOBE NEWSWIRE) -- According to Precedence Research, the global aromatic solvents market size was valued at US$ 5.50 billion in 2020. An Aromatic solvent are a class of solvent that comprises of aromatic hydrocarbons such as naptha, xylene, and toluene that makes them a perfect solvent for usage in various end-use industries. Aromatic solvents such as toluene are usually used in adhesives, varnishes, paints, and other chemical half ways. Their favorable properties such as excellent solvency rate and high resistance to corrosion makes them used in different industry verticals that includes textiles, paints & coatings, oil & gas, adhesives & sealants, and many other industries.
Additionally, the ability of the solvent to modify the viscosity according to the curing rate intensifies the functionality and aesthetics of the outer layer of paints applied in various paints & coatings applications. Aromatic solvents are those solvents that substitute the single and double bonds formed in the hydrocarbons.
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Growth Factors
Strong bonding and dissolving property of aromatic solvents escalates their application in various end-use industries such as nail polish remover, paints, cleaners, varnishes, dyes, and many others, hence significantly drives the market growth for aromatic solvents. The trend for apparel customization is prominently boosting the demand for aromatic solvents in textile industries particularly in China and India.
Other than textile, packaging industry also plays a significant role in driving the market growth of aromatic solvents owing to rapid escalation in demand for food & beverage packaging. Hence, enhanced physical and chemical properties of specialty solvents and its increased application in food & beverage industry are likely to propel the market growth for aromatic solvents in the coming years. As per Smithers Pira, the global packaging industry was valued at US$ 839 billion in the year 2015 and anticipated to be approach trillion-dollar threshold by 2020.
Moreover, their application as corrosion inhibitor mainly in the oil & gas industry as well as thinner and diluents in various other industry verticals expected to escalate the market growth in the forthcoming years. Further, increasing application of chemicals and solvents in oil & gas, construction, and packaging industry is the other major factor that boosts the market for aromatic solvents.
Because of rapid urbanization especially in developing nations flourishes the growth of construction sector. As per a study conducted by PwC, the construction sector witnessed an annual growth rate of 4.5% between 2015 to 2020 in the Asia Pacific region. Further, the construction industry of China expected to overtake the USA market that is one of the most important construction markets globally.
Report Highlights
- The Asia Pacific is the largest revenue share holder in the global aromatic solvent market and also exhibits the fastest growth rate in the coming years
- By Product, toluene leads the global aromatic solvent market in the year 2020 owing to its significant application in adhesives sector
- Based on application, paints & coatings industry captured nearly half of the revenue share in the global aromatic solvent market in 2020 and estimated to continue same trend over the forecast timeframe
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Regional Snapshots
Among all geographic regions, the Asia Pacific emerged as the front-runner in the global aromatic solvents market both in terms of revenue share as well as growth rate. The prime factors attributed to the prominent growth of the region are rapid growth in urbanization and industrialization. This has significantly escalated various sectors such as construction, packaging, oil & gas, paints & coatings, and many other industries.
Packaging industry is one of the significant revenue contributors to the Asian aromatic solvents market as the Asia Pacific accounted to hold 40% of global share in packaging industry. As per Canadian Research Institute, Asian Packaging industry holds significant potential for future growth owing to largest consumer base across the world. In emerging nations, such as Brazil, India, and China, the affluent middle-class population is growing rapidly, and thus consumption is also growing along with prosperity. As per statistics, population in the Asia Pacific was accounted for only 28.46% of world in the year 2013 that was less compared to Europe, whereas the regions jumped to a share of 53.55% in 2020 that is more than half of the overall world’s population.
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Key Players & Strategies
The aromatic solvents market is highly consolidated in nature owing to large market players having large production capacities. Few market players focus on forward and backward integration for obtaining cost advantage. Product differentiation is less possible in the global aromatic solvents market thus product quality has less impact on the market value. Further, owing to high consolidation market competition is less among industry participants.
Moreover, the industry players also adopted inorganic growth strategies such as merger & acquisition, collaboration, strategic alliance, and geographic expansion. For instance, in 2017, Exxon Mobil Corporation announced to acquire Jurong Aromatics Corporation, Singapore-based aromatic solvent manufacturer. Jurong was the Asia’s largest aromatic solvent manufacturer and the acquisition will help Exxon Mobil Corp. to enhance its market share in the Asia Pacific region.
Some of the key players in the global aromatic solvents market are Exxon Mobil Corporation, China Petroleum & Chemical Corporation, SK Global Chemical Co., Ltd., BASF SE, Royal Dutch Shell PLC, Lyondellbasell Industries Holdings B.V., Reliance Industries Limited (RIL), China National Petroleum Corporation (CNPC), Chinese Petroleum Corporation (CPC), and Total S.A. among others.
Market Segmentation
By Product Type
- Benzene
- Xylene
- Toluene
- Others
By Application Type
- Pharmaceuticals
- Automotive
- Oilfield Chemicals
- Paints & Coatings
- Others
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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