The report “Aromatic Solvents Market by Type (Toluene Solvents, Xylene Solvents and Ethylbenzene Solvents), Application (Paints & Coatings, Printing Inks, Adhesives, Cleaning & Degreasing) and Region (APAC, North America, Europe) – Global Forecast to 2023″ The aromatic solvents market is projected to reach USD 8.29 billion by 2023, at a CAGR of 2.66% from an estimated USD 7.27 billion in 2018. The growing demand for automobiles and increasing construction activities are projected to drive the demand for aromatic solvents across regions. Automobile and construction are major end users of paints & coatings, which in turn, are expected to drive the demand for aromatic solvents, globally
Aromatic solvents are in high demand in the automotive sector due to their outstanding solubility and compatibility with a variety of resins and polymers, which makes them appropriate for use in the production of various automotive components.
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Different businesses in the chemicals and materials industries differ in size, geography, business style, and end-market focus. These businesses are part of a larger ecosystem that includes oil, gas, coal, minerals, and bio-based products as raw materials on one hand and a wide range of application industries on the other. It is traditional to divide the chemical industry into three major categories: petrochemicals, diversified manufacturers, and specialized industries.
While the wider patterns discussed in the previous section apply to the entire sector, the complexities of the distinctions among the various players indicate the need to analyze trends by segment of the industry. As part of its multiverse series, Deloitte classified chemical sector stakeholders into three groups: natural owners, distinctive commodities, and solution providers. Each of these groups usually has its own strategic imperatives. It is common for vertically integrated natural owners to prioritize continuous improvement over innovation when operating their businesses. By focusing on supply chain efficiency, market innovation, and cost optimization, differentiated commodities flourish in a highly fragmented and complex industry. This is exactly what solution providers do: they focus on maximizing the value of their unique products, as well as their application expertise and services.
It also provides insight into how the Aromatic Solvent Market will develop during the forecast period 2023-2032. According to the report, companies operating in the Aromatic Solvent Market are able to make strategic development decisions based on an intricate understanding of the various market aspects. Additionally, this study describes the significant changes that are expected to shape the growth of the market during the forecast period, which is expected to be significant.
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Aromatic Solvent Market growth prospects are also featured, including an assessment of key indicators and estimates of market volume (thousand units) and value (USD Million).
The xylene solvents type segment of the aromatic solvents market is projected to register the highest CAGR during the forecast period, in terms of value
Based on type, the xylene solvents segment of the aromatic solvents market is projected to register the highest CAGR from 2018 to 2023, in terms of value and volume. This is due to its high solvency power and increasing capacity expansion of xylene, globally. In addition, its usage in various applications such as paints & coatings, adhesives, cleaning & degreasing, polymer manufacturing, printing inks, pharmaceuticals, and agricultural chemicals are expected to drive the market during the forecast period.
The printing inks application segment of the aromatic solvents market is projected to register the highest CAGR during the forecast period, in terms of value
Based on application, the printing inks segment is projected to register the highest CAGR between 2018 and 2023, in terms of value. The rapid expansion of the printing markets in countries, including India and the strong demand from key end users such as package printing, newsprint, and publishing are driving the demand for printing inks, which in turn, is expected to drive the demand for aromatic solvents. In addition, the increasing investments by major printing ink manufacturers in the Middle East region are projected to drive the market during the forecast period.
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Asia Pacific aromatic solvents market is projected to register the highest CAGR during the forecast period, in terms of value
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 estimated to account for the largest share of the aromatic solvents market and is also projected to register the highest CAGR during the forecast period, in terms of value. The growth of the aromatic solvents market in the region is attributed to the increasing industrialization and rising demand for aromatic solvents from the end-use industries. In addition, the availability of cheaper raw materials in the region and the absence of stringent regulations regarding the use of aromatic solvents is expected to drive the market.
The key players in the aromatic solvents market include China Petroleum and Chemical Corporation (China), Royal Dutch Shell Plc (Netherlands), ExxonMobil Corporation (US), LyondellBasell Industries Holdings B.V. (Netherlands), BASF SE (Germany), SK Global Chemical Co., Ltd. (South Korea), China National Petroleum Corporation (China), Reliance Industries Limited (India), Chinese Petroleum Corporation (Taiwan), and Total S.A. (France).