The Global Aromatic Solvents Market is projected to reach USD 9.15 billion by 2028, growing at a significant CAGR of 3.1% during the forecast period. An increase in construction activities across the globe and the consequent expansion of the paint sector are likely to boost the aromatic solvents market in the coming years. The growing demand from end-use industries is one of the major factors in driving the growth of the global aromatic solvents market.
An increase in energy demand has propelled the growth of the oil & gas industry’s performance, which, in turn, is contributing to the growth of the aromatic solvents market, owing to the applications of aromatic solvents as a corrosion inhibitor across the oil & gas industry. The Aromatic solvents market is also expected to get a push in the future due to increasing industrialization in emerging countries. The aromatic solvents market is a lucrative market and is likely to grow at a decent CAGR over the forecast period, owing to the growing application of aromatic solvents in the coatings and paints industry, among others.
Aromatic solvents such as toluene usually find applications in adhesive, varnishes, paints, and as other chemical intermediates. Aromatic solvents deliver high solvency rate and resist corrosion, which has increased its usage in numerous end-use sectors such as paints & coatings, automobiles, oil & gas, textiles, adhesive & sealants, etc. Further, their ability to adapt the viscosity as per the curing rate increases the functionality and aesthetics of the outer layer painting in a number of paints & coatings applications.
Increasing applications in the paints and coatings industry are estimated to propel the global aromatic solvents industry over the forecast period. Likewise, their applications as corrosion inhibitors across the oil and gas market and numerous end-use industries will further increase their demand in the next few years.
The demand for aromatic solvents in the past few years has increased owing to its rising usage in the automotive industry, as the automotive industry uses adhesives & sealants to bond vehicle parts and thus, give mechanical stiffness to vehicles.
These solvents are produced through crude petroleum distillation in the oil refining industry and are mostly used as corrosion inhibitors in oil and gas pipelines to make fractional distillation, which helps avoid deterioration of the inner wall pipelines due to the high content of hydrogen sulfide, carbon dioxide, and other corrosive products. These factors will increase the aromatic solvents market size over the forecast timeframe.
Global Aromatic Solvents Market, by type
The toluene segment dominated the market by holding a significant market share in 2014. This expansion is attributable to increased demand for toluene from industries such as adhesives, pharmaceuticals, inks, and paints & coatings.
Global Aromatic Solvents Market, by product
The toluene-based aromatic solvent is the leading segment in the market and is likely to continue its dominance over the forecast period due to its increasing application in commercial and industrial sectors, such as solvents in lacquers, correction fluid, paints, thinners, nail polish remover, and glues.
Global Aromatic Solvents Market, by Application
Paints & coatings are one of the leading segments in the target market, and it is expected to continue its dominance during the forecast period. Moreover, these solvents have an exceptional solvency rate, which has increased its usage as diluents and thinners in various end-use industries such as pharmaceuticals, automotive, and oilfield chemicals.
Global Aromatic Solvents Market, by region
Asia Pacific accounts for a major share of the aromatic solvents market and is likely to be a dominant market with a high CAGR over the forecast period. The huge growth of industries and rapid urbanization in the region is fuelling the market growth in the developing countries of Asia Pacific.
Some Key Findings of the Global Aromatic Solvents Market Report Include:
Global Aromatic Solvents Market, by Type,
Global Aromatic Solvents Market, by Application,
Global Aromatic Solvents Market, by End-User,
Global Aromatic Solvents Market, by Geographical Regions,
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