Global Aromatic Solvents Market to Grow at 3% CAGR Till 2024: ExxonMobil, Shell, BASF, Eastman Chemical Company, UOP LIMITED, LyondellBasell, Chevron Phillips Chemical
Xylene aromatic solvents market generated revenue over USD 2 billion in 2015. It is a colorless and sweet-smelling liquid, which finds widespread application in leather, paint, rubber, printing industries.
Sellbyville, DE -- (SBWire) -- 02/27/2019 --In Asia Pacific region, the product market generated more than 2.5 billion revenues in 2015. Robust development in regional automotive and construction industries coupled with increasing consumer expenditure will encourage the Aromatic Solvents market growth in the forecast period. The region is probable to have gains around 4.5% CAGR by 2024. U.S aromatic solvents market was valued at above USD 650 million in 2015 and is anticipated to grow with 3% CAGR in the forecast period.
Aromatic Solvents Market is projected to exceed USD 7.84 billion according to this new research report. The aromatic solvents market will be primarily propelled by significant product demand in ink, paints and coatings industry. In 2015, paints & coatings sector contributed to 50% share of the overall aromatic solvents market is expected to grow with 4% CAGR by 2024. This will have a positive impact on the product market in the coming years.
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Mounting automotive industry will also drive the sealants & adhesive demand in the forecast period. In 2015, the global automotive sales had crossed 90 million units. The demand for adhesives and sealants will be majorly attributed to their ability to impart structural strength to the automotive structure. The adhesives & sealants demand in automotive application is anticipated to reach 530 kilo tons in the forecast period.
4. Eastman Chemical Company
5. UOP LIMITED
7. Chevron Phillips Chemical Company
9. Huntsman Corporation
10. BAZAN Group Oil Refineries Ltd
Natural gas & crude oil carry impurities and corrosive products such as, carbon dioxide, free water and hydrogen sulfide which lead to weakening of inner walls of pipelines and wells. Aromatic solvents are broadly preferred as corrosion inhibitors for the internal safety of pipes during the fractional distillation in oil & gas industry. Solvent based corrosion inhibitors are projected to grow up to 1,500 kilo tons in 2024. Growing demand for corrosion inhibitors in the oil & gas industry will significantly boost the product market in the near future.
The aromatic solvents industry involves volatile organic compound (VOC) which may cause outdoor and indoor pollution of the surroundings. Owing to the threat of health hazards possessed by them, the product market is directed by severe government regulations. This is likely to have negative impact on aromatic solvent industry in the forecast period. However, the emergence of eco-friendly chemicals, for instance, light aromatic fluids will likely propel the product market by 2024.
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In 2015, xylene segment was valued over USD 2 billion and will observe steady demand in printing, rubber, leather and paint industries in the forecast period. Benzene aromatic solvents generated over USD 100 million revenue in 2015. Their ability to form homogenous solutions and high solubility make them desirable in paint & coatings industry. However, they bear a possibility to cause headache, dizziness, drowsiness and irritation to skin, respiratory tract and eyes on getting inhaled. This may hinder the Aromatic Solvents market growth to some extent by 2024.
The oilfield chemical applications generated revenue exceeding USD 400 million in 2015. They will witness high demand for oil & gas extraction and will drive the aromatic solvents market in the forecast timespan. Pharmaceutical applications will observe growth trends of CAGR over 2% by 2024 for their use in the synthesis of active excipients and for drug preparation.
Key Aromatic Solvents market players are Exxon Mobil Corporation, INEOS AG, Oil Refineries Ltd., BASF SE, Royal Dutch Shell plc, UOP LLC, Chevron Phillips Chemical Company LLC, Eastman Chemical Company, Petrochem Carless, Celanese Corporation, Huntsman Corporation and Lyondellbasell Industries N.V
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