Transparency Market Research

Aromatic Solvents Market Is Anticipated to Reach US$ 7.76 Bn by 2023, Expanding at a CAGR of 4.2% Between 2015 and 2023: TMR

Transparency Market Research has published a new report titled “Aromatic Solvents Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015-2023.”


Albany, NY -- (SBWIRE) -- 06/01/2015 -- According to the report, the global aromatic solvents market was valued at US$ 6.18 Bn in 2014 and is anticipated to reach US$ 7.76 Bn by 2023, expanding at a CAGR of 4.2% between 2015 and 2023.

Increasing consumption of aromatic solvents in the paints & coatings end-user industry is likely to drive the global aromatic solvents market over the duration of the forecast period. Solvents such as benzene, toluene, ethylbenzene, and mixed xylenes (BTEX) have high solvency rates. This helps in the formation of a homogenous solution as compared to other solvents. Thus, aromatic solvents are largely used as constituents in the paints & coatings industry. Furthermore, growth in the automotive industry offers significant opportunities to the adhesive and sealants market. Adhesive and sealants is one of the major applications of aromatic solvents. These solvents maintain an optimal evaporation rate of adhesives. This helps in optimal setting of the adhesive polymer on the base surface. Demand for aromatic solvents as corrosion inhibitors in the oil and gas industry is estimated to boost the aromatic solvents market during the forecast period. However, factors such as stringent environmental regulations (owing to VOC emissions) and industrial shift towards non-aromatic and bio-based solvents are projected to hamper the aromatic solvents market between 2015 and 2023.

Solvents is a routinely used term in organic chemistry. Solvents are used to dissolve or disperse solid materials. Aromatic solvents constitute benzene, xylene, toluene, and other aromatic solvents such as solvent naphtha. These are widely produced organic chemicals in the petroleum refining industry through fractional distillation of petroleum stocks (also known as feedstock). Several other manufacturing processes such as coal carbonization, steam cracking, catalytic refining, hydro dealkylation, and pyroforming are employed to produce aromatic solvents. However, catalytic reforming and steam cracking are widely accepted methods in the oil and gas industry. Solvents are the integral component of paints & coatings, and inks. These petroleum-based chemicals dissolve the pigment and binding agent together to form a solution. Aromatic solvents are also employed during the drug formulation process and the synthesis of active excipients and substances in the pharmaceuticals end-user industry. These solvents are also used extensively in the manufacture of other intermediate chemicals such as ethylbenzene, cumene, phthalic anhydride, and maleic anhydride.

This report provides estimate and forecast for the aromatic solvents market on the global, regional and country level. The study provides forecast from 2015 to 2023 based on volume (Kilo Tons) and revenue (US$ Mn).

The study provides a decisive view of the aromatic solvents market by dividing it into product segments such as benzene, toluene, xylene, and others. In terms of end-users, the global aromatic solvents market is segmented into pharmaceuticals, oilfield chemicals, automotive, paints & coatings, and others. End-user segments have been analyzed based on historic, present, and future trends, and the market has been estimated between 2015 and 2023 in terms of volume (Kilo Tons) and revenue (US$ Mn). Regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa (MEA). Furthermore, country level analysis has been provided in the report. Major regions such as the U.S., France, UK, Spain, Germany, Italy, China, Japan, ASEAN, Brazil, GCC, and South Africa are included in the study. Segmentation includes demand for individual products and end-users in all the regions.

The report includes a detailed value chain analysis, which provides a comprehensive view of the market. Value chain analysis also provides detailed information about value addition at each stage of the value chain. The report comprises drivers and restraints for the aromatic solvents market, along with their impact on demand during the forecast period. Additionally, the report comprises the study of opportunities in the aromatic solvents market on the global level.

Browse the full Aromatic Solvents (Benzene, Toluene, Xylene, and Others) Market for Pharmaceuticals, Oilfield Chemicals, Automotive, Paints & Coatings, and Other End-users - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023 report at

The report evaluates Porter's Five Forces model to gauge the degree of competition in the aromatic solvents market. The report comprises a qualitative write-up on market attractiveness analysis, wherein end-users have been analyzed based on their attractiveness. Growth rate, market size, raw material, profit margin, toxicity, technology, competition and other factors (such as environmental and legal) have been evaluated in order to derive general attractiveness of the market. The report includes raw material and price trend analysis for raw materials and aromatic solvents from 2013 to 2023. A brief qualitative description about manufacturing process to produce aromatic solvents is also included in the report.

Secondary research sources that were typically referred to include, but were not limited to company websites, annual reports, investor presentations, broker reports, financial reports, and SEC filings. Other sources such as internal and external proprietary databases, statistical databases and market reports, national government documents, news articles, and webcasts specific to companies operating in the market have also been referred for the report.

In-depth interviews and discussions with a wide range of key industry participants and opinion leaders were conducted to compile this research report. Primary research represents bulk of the research efforts, supplemented by an extensive secondary research. Key players' product literature, annual reports, press releases, and relevant documents were reviewed for competitive analysis and market understanding. This helped in validating and strengthening the secondary research findings. Primary research further developed the analysis team's expertise and market understanding.

The report covers a detailed competitive outlook that includes market share and profiles of key participants operating in the global market. Key players profiled in the report include Ashland Inc., BASF SE, Celanese Corporation, DEZA a. s., Exxon Mobil Corporation, Eastman Chemical Company, INEOS AG, Huntsman Corporation, LyondellBasell Industries N.V., Oil Refineries Ltd., Petrochem Carless, Royal Dutch Shell plc, and UOP LLC (Honeywell International Inc.). Company profiles include attributes such as company overview, business overview, brand overview, key competitors, business strategies, financial overview (financial year), and recent/key developments and acquisitions.

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This report segments the global aromatic solvents market as follows:

Aromatic Solvents Market – Product Segment Analysis
- Benzene
- Toluene
- Xylene
- Others (Including solvent naphtha such as aromatic 100, aromatic 150, aromatic 200, etc.)

Aromatic Solvents Market – End-user Analysis
- Pharmaceuticals
- Oilfield Chemicals
- Automotive
- Paints & Coatings
- Others (Including pesticide, textiles, cleaners, chemical intermediates, electronics, adhesive & sealants, perfumes, cosmetics, etc.)

Aromatic Solvents Market – Regional Analysis
- North America
- U.S.
- Rest of North America

- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe

Asia Pacific
- China
- Japan
- Rest of Asia Pacific

Latin America
- Brazil
- Rest of Latin America

Middle East and Africa (MEA)
- South Africa
- Rest of Middle East and Africa