U.S. Aromatic Solvents Market is anticipated to record a CAGR of more than 3% over the forecast period, primarily driven by the product’s surging need across the pharmaceutical and oil & gas sector.
China and India aromatic solvents market will exhibit highest growth rate in the Asia Pacific region over the coming seven years, owing to its increasing demand from automobiles and paints & coatings sectors. Additionally, escalating infrastructure development across the Japan, China, and India will boost the aromatic solvents industry outlook.
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Aromatic solvents market finds extensive application in varied sectors such as automotive, oilfield chemical, pharmaceutical, and paints & coatings. Pharmaceutical application will exhibit a CAGR of more than 2% till 2024, owing to its significant usage in drug formulation. Paints & coating is another lucrative application segment of aromatic solvents industry and is predicted to grow considerably over the coming seven years.
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.
Benzene-based aromatic solvents market generated a revenue of over USD 100 million in 2015 and will grow noticeably over the coming seven years. The key features of the benzene-based solvents such as superior solubility along with the ability to produce homogenous mixture will augment the industry growth. Due to the aforementioned benefits, it is extensively used in the paints & coatings.
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Aromatic solvents market is moving at a fast pace with the focused approach of the market players to sustain in the competitive scenario. The widespread usage of this solvents in paints & coating across the various industrial and transportation applications is majorly influencing the industry growth noticeably.
The industry is highly fragmented with key market players such as UOP LLC, Exxon Mobil Corporation, Eastman Chemical Company, and Royal Dutch Shell plc sharing the business space. According to Global Market Insights, Inc., “Aromatic solvents market is predicted to hit USD 7.84 billion by 2024.”
Major Point From Table Of Content:
Chapter 4. Aromatic Solvents Industry Product Insights
4.1. Global aromatic solvents market share by product, 2015 & 2024
4.2.1. Aromatic solvents market estimates and forecast, 2013 – 2024
4.2.2. Aromatic solvents market estimates and forecast, by region, 2013 – 2024
4.3.1. Market estimates and forecast, 2013 – 2024
4.3.2. Market estimates and forecast, by region, 2013 – 2024
4.4.1. Market estimates and forecast, 2013 – 2024
4.4.2. Market estimates and forecast, by region, 2013 – 2024
4.5.1. Market estimates and forecast, 2013 – 2024
4.5.2. Market estimates and forecast, by region, 2013 – 2024
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