The aromatic solvents market is expected to grow by USD 954.97 million during 2021-2025, expanding at a CAGR of almost 3%. The report also throws light on the impact of the COVID-19 pandemic on the market and the new opportunities and challenges market players can expect. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
The report offers a detailed analysis of the impact of the COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios.
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Aromatic Solvents Market: Demand and exports from APAC to drive growth
APAC held the largest share in the global aromatic solvents market both in terms of volume and revenue. This can be attributed to the demand and the exports made by this region. The production capacities of APAC, especially for benzene and its derivatives, are increasing. Therefore, the status of APAC in terms of export of benzene is increasing.
In APAC, South Korea is the major exporter of benzene and its derivatives globally. China is the leading producer and consumer of chemicals globally. It is expected that the Chinese downstream market will overtake the US Gulf Coast as the key buyer of benzene. The cheap feedstock value is also an advantage for the aromatic solvents market in APAC. This will drive the growth of the global aromatic solvents market.
Aromatic Solvents Market: Extensive use in the paints and coatings industry
Extensive use in the paints and coatings industry is another key driver boosting the growth of the aromatic solvents market. The solvents are used extensively in the paints and coatings industry. They are the third component of the paints. The role of solvents in paints is to dissolve the pigment and the binding agent for further use. In the case of coatings, the solvents dissolve resins and polymers to form solutions. The aromatic solvents used in the paints are benzene, toluene, mixed xylene, ethylbenzene, and high flash aromatic naphthas. The aromatic solvents have a higher solvency rate than the aliphatic hydrocarbon solvents. Many companies are focused on preparing aromatic solvents, which are suitable for being used specifically in paints and coatings. Thus, the demand from the paints and coatings industry will also drive the aromatic solvents market growth.
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Aromatic Solvents Market: Segmentation Analysis
This market research report segments the aromatic solvents market by End-user (Paints and coatings, Automotive, Pharmaceuticals, Oilfield chemicals, and Others), Type (Toluene, Xylene, Ethylbenzene, Benzene, and Others), and Geography (APAC, North America, Europe, MEA, and South America).
50% of the market's growth will originate from APAC during the forecast period. China and India are the key markets for the aromatic solvents market in APAC. Market growth in this region will be faster than the growth of the market in other regions. The growth of the pharmaceutical industry will facilitate the aromatic solvents market growth in APAC over the forecast period.
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Some of the key topics covered in the report include:
Market Challenges
Market Drivers
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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