Westford USA, Aug. 07, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, the aromatic solvents market is experiencing a positive impact from the growing consumption of these solvents in medication formulation within the pharmaceutical sector. The pharmaceutical industry relies on aromatic solvents for various purposes, including synthesizing active pharmaceutical ingredients and cleaning pharmaceutical equipment, where solvents such as xylene are commonly used.
Browse in-depth TOC on "Aromatic Solvents Market"
- Pages - 242
- Tables - 66
- Figures – 75
Aromatic solvents are organic chemicals of aromatic hydrocarbons such as ethane, naphtha, toluene, xylene, or propane. They can dissolve solid materials, resulting in the formation of homogeneous solutions. The primary production method for aromatic solvents is distilling crude petroleum stock in the oil refining industry. In addition, these solvents play a crucial role in the manufacturing process of various intermediate chemicals, including cumene, phthalic anhydride, ethyl benzene, maleic anhydride, and naphthalene in the aromatic solvents market.
Prominent Players in Aromatic Solvents Market
- ExxonMobil Corporation
- Bharat Petroleum Corporation
- Royal Dutch Shell
- BASF SE
- LyondellBasell Industries N.V.
- Eastman Chemical Company
- Dow Chemical Company
- Huntsman Corporation
- Celanese Corporation
- INEOS Group AG
- Chevron Phillips Chemical Company LLC
- PetroChina Company Limited
- SABIC
- Reliance Industries Limited
- Total S.A.
- China Petroleum & Chemical Corporation (Sinopec)
- Evonik Industries AG
- Arkema S.A.
- Flint Hills Resources, LP
- Solvay SA
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Toluene Segment is Expected to Grow the Market Due to the Rising Viscosity in Adhesive Films
Toluene segment holds a significant market share, accounting for over 50% of the aromatic solvents market. Toluene-based aromatic solvents play a crucial role in adhesive applications, increasing viscosity in adhesive films. Their high evaporation rates make them widely preferred in the adhesive industry.
The markets in North America holds significant importance in the aromatic solvents market. The region is poised for substantial revenue gains, primarily driven by the revival of the construction industry in the United States. The construction sector's resurgence is expected to create a surge in demand for aromatic solvents, as they are extensively used in paints, coatings, adhesives, and sealants for construction applications.
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Paints and Coatings Segment is Expected to Dominate the Market Due to the Increasing Investments by Automotive Original Equipment Manufacturers
Paints and coatings sector emerged as the most significant industry segment in terms of value. This sector witnessed a substantial aromatic solvents market share owing to various factors. One of the key drivers is the increasing investments by automotive original equipment manufacturers (OEMs), machinery manufacturers, and appliance firms worldwide. These investments contribute to the growing demand for paints and coatings, as these industries require high-quality finishes and protective coatings for their products.
Regional markets in the Asia Pacific have been identified as the largest aromatic solvents market, and it is expected to maintain its leading position in the market until 2023. This dominance can be attributed to the thriving industries in emerging economies within the region, such as China, South Korea, and India. In addition, factors such as increasing per capita disposable incomes, rapid urbanization, and growing demand for automobiles are anticipated to drive the need for aromatic solvents in the region.
A comprehensive analysis of the major players in the aromatic solvents market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in Aromatic Solvents Market
- Recently, Thermo Scientific made a significant breakthrough by introducing a state-of-the-art, fully automated preparation system. This innovative system revolutionizes the preparation process by automating various steps and enhancing efficiency, accuracy, and reproducibility in scientific research and laboratory operations.
- Amerigo Scientific, a renowned distributor specializing in critical products and services for the biomedical and life science communities, unveiled a remarkable addition to its product portfolio in 2022. Introducing the new SEPLITE CT10 adsorbent resin offers researchers and scientists an advanced solution for their chromatographic separation needs.
Key Questions Answered in Aromatic Solvents Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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