Aromatic Solvents Market by Type, Application (Paints & Coatings, Printing Inks, Adhesives, Cleaning & Degreasing) and Region - Global Forecast to 2027

The aromatic solvent market is expected to witness robust growth by 2027, registering a prominent CAGR through the forecast period, driven by the mounting product demand across diverse end-use applications.

Aromatic solvents include an aromatic hydrocarbon, such as toluene, naptha, or xylene. They are widely utilized as diluents and solvents in various industries. Aromatic solvents like toluene are typically used in adhesives, paints, varnishes, and as chemical intermediates.

Following the COVID-19 outbreak, an upsurge has been witnessed in home renovations worldwide. This rising focus on home remodeling and renovations, coupled with increasing disposable incomes of consumers in key regions, has further bolstered the need for architectural paint and coatings. As a result, soaring demand for paints and coatings has favorably impacted industry outlook across the globe.

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Moreover, growing emphasis on the use of eco-friendly chemicals is anticipated to create massive growth potential in the market over the forecast period. Green solvents are biosolvents or environment-friendly solvents that are derived through the processing of agricultural crops. Recently, increasing climate consciousness has been pushing manufacturers to develop greener solutions in efforts to reduce their carbon footprint, which has positively influenced the product landscape.

For in-depth analysis, the aromatic solvent market has been segmented based on product, application, and region. In terms of product, the market has been bifurcated into xylene, benzene, toluene, and others.

In 2020, the benzene sub-segment generated a revenue of over USD 108 million and is projected to exhibit notable growth by 2027. Prevalent usage of benzene as solvents in paints is expected to promote segmental adoption over the assessment timeframe.

From the application perspective, the market has further been segregated into oilfield chemicals, pharmaceuticals, paints & coatings, automotive, and others. The oilfield chemicals sub-segment accounted for over 7% of the aromatic solvent market in 2020 and is estimated to amass profitable gains by 2027, expanding at a considerable CAGR through the forecast timeline.

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The aromatic solvent market from the automotive application segment is calculated to grow at a robust pace through the analysis time period. The automotive industry is a major end-user in the market. Thus, extensive utilization of aromatic solvents in automotive applications is set to fuel segmental adoption through the forthcoming years.

With respect to region, the North America aromatic solvent market is anticipated to showcase substantial growth by 2027, progressing at a CAGR of around 3.5% over the projected timeline. Escalating investments towards construction activities are likely to support the growth of the regional market in the future.

Meanwhile, Middle East & Africa is also calculated to garner a significant share in the aromatic solvent market by the end of 2027, delivering a stable CAGR through the assessment period. The Middle East region contributed to approximately 7% of the overall market revenue in 2020 and is slated to see sizable growth over the following years.

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