The aromatic solvents market is projected to register a CAGR of 2.66%
NEW YORK, Jan. 31, 2020 /PRNewswire/ --
The aromatic solvents market is projected to register a CAGR of 2.66%
The aromatic solvents market is projected to grow from USD 7.27 billion in 2018 to USD 8.29 billion by 2023, at a CAGR of 2.66% during the forecast period. The growth in the automotive and construction industries is expected to drive the demand for aromatic solvents during the forecast period. The harmful effects of aromatic solvents act as a challenge for the market growth.
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The paints & coatings application is expected to lead the aromatic solvents market during the forecast period, in terms of both value and volume
By application, the paints & coatings segment is expected to lead the aromatic solvents market during the forecast period.This is due to the demand for construction chemicals in the paints & coatings application.
In addition, the rapid growth in population and the growing automotive industry in the region are expected to boost the aromatic solvents market in the paints & coatings application. In addition, the growth of the automotive, OEM, machinery, and appliances markets, globally are expected to drive demand for aromatic solvents in this application during the forecast period.
Asia Pacific is projected to lead the aromatic solvents market between 2018 and 2023, in terms of both value and volume
The aromatic solvents market has been studied for North America, Europe, Asia Pacific, South America, and the Middle East & Africa.The Asia Pacific region is expected to lead the aromatic solvents market during the forecast period, owing to the increased manufacturing base of aromatic solvents in the economies such as China, India, and South Korea.
In addition, rapid industrialization and urbanization accompanied by the rising demand for automobiles are expected to contribute to the growth of the aromatic solvents market in the region. The rapid growth in building & construction activities is also expected to drive the demand for aromatic solvents in the paints & coatings application.
Breakdown of Primaries:
Primary interviews have been conducted with a number of industry experts to obtain information related to the aromatic solvents market. The breakdown of primary interviews has been depicted below:
• By Company Type: Tier 1 - 31%, Tier 2 - 46%, and Tier 3 - 23%
• By Designation: C-Level Executives - 11%, Directors - 22%, and Others - 67%
• By Region: Asia Pacific - 56%, North America – 22%, Europe - 11%, and RoW - 11%
Key companies supplying aromatic solvents are:
• China Petroleum and Chemical Corporation (China),
• Royal Dutch Shell Plc. (Netherlands)
• BASF SE (Germany)
• ExxonMobil Corporation (US)
• LyondellBasell Industries Holdings B.V. (Netherlands)
• SK Global Chemical Co., Ltd. (South Korea)
• China National Petroleum Corporation (China)
• Reliance Industries Limited (India)
• Chinese Petroleum Corporation (Taiwan)
• Total S.A. (France)
Research Coverage
This report segments the aromatic solvents market on the basis of product type, application, and region.It provides estimations for the overall value of the aromatic solvents market and its subsegments across various regions.
A detailed analysis of the key players in the aromatic solvents market has been conducted to provide insights into their businesses, products & services offered, key growth strategies adopted, and recent developments undertaken by them, such as expansions, acquisitions, and agreements.
Reasons to Buy the Report:
This report is expected to help leaders/new entrants in the aromatic solvents market in the following ways:
• Provide a better understanding of the aromatic solvents market
• Provide information on the drivers, restraints, challenges, and opportunities influencing the growth of the aromatic solvents market
• Gain insights regarding competitors and their positions in the aromatic solvents market
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