The Globa "Aromatic Solvents Market" is expected to grow at a CAGR of 2.4% during the forecasting period (2022-2029).
Aromatic solvents, also known as Aromatic solvent C10, Solvesso 150, aromatic 150, A150, and kocosol 15 is a colourless, transparent liquid with a mild aromatic odour. It is a member of the petroleum hydrocarbon family consists of C9-C11 aromatic hydrocarbons.
Aromatic Solvents Market is segmented by type, application and geography. By type market is segmented into toluene solvents, xylene solvents and ethyl benzene solvents. By application the market is further segmented by paints & coatings, printing inks, adhesives, cleaning & degreasing. Whereas by geography the market is divided into North America, South America, Europe, Asia Pacific and Rest of the World.
Aromatics are widely used in paints, adhesives and printing inks. Other applications include rare earth elements extraction, degreasing, as components in Pest control products that includes insecticides, pesticides, and as chemical intermediates.
The global Aromatic Solvents Market is anticipated to witness significant growth with the range of building constructions, renovation and refurbishing activities in fast growing economies such as China, India, and Southeast Asia.
Construction industry in India is in full swing, some of the projects includes development of palava industrial township worth USD 4.18 bn, Construction of EWS, LIG and MIG houses and development of infrastructure work under PMAY Package C in Jabalpur worth USD 1.78 bn, Construction of EWS, LIG and MIG houses and development of infrastructure work under PMAY package worth USD 1.76 bn are a few projects.
When it comes to South East region rolling out its 2016-2020 infrastructure plan, Thailand is set to benefit from the stability of the current government along with the public and private sector. The country is likely to witness an increase in its infrastructure spending over the medium term.
Vietnam plans to increase urbanization from its current 27% to a 45.2% by 2020 with increased spending on infrastructure projects through foreign and private investment. The country is taking help from public-private partnerships to maintain its manufacturing hub status in the region.
Indonesia is likely to spend heavily in infrastructure till 2025. The spend matches the government spending of nearly 7% per year, and many infrastructure-related firms in the country are said to have received capital from the government. This trend comes with the Indonesian jurisdiction protecting local suppliers, Mainly because it comes under earthquake affected zone, and where local survival is important.
Therefore the range of construction activity and scope for new construction projects in the region followed by lower VOC regulations in the region to drive the aromatic solvents market.
Aromatic solvents are volatile organic compounds, there are strictly regulations in developed countries for use of VOC compounds in paints and coatings, owing to their potential impacts on health and environment. As VOC they contribute to ozone production in the troposphere by photochemical reaction with NOx. This factor act as a potential barrier the aromatic solvents market growth.
Based on type, Aromatic Solvents Market is classified into Honeycomb, Balsa, and Foam. Currently, construction films is the dominant by foam segment and it accounts for approximately XX% of the market.
Pure aromatic such as toluene is a pure aromatic which has narrow boiling range, medium evaporating solvent used where high solvency is required. Toluene alternative names include methylbenzene, toluol, anisen, phenyl methane. Toluene is produced during the process of making gasoline and other fuels from crude oil, in making coke from coal, and as a by-product in the manufacture of styrene.
Toluene has numerous commercial and industrial applications and is a solvent in paints, lacquers, thinners, glues, correction fluid and nail polish remover, and is used in the printing and leather tanning processes.
Moreover toluene can be used as an octane booster in gasoline fuels used in internal combustion engines. Absolute toluene can be used as a fuel for both two stroke and four stroke engines.
Based on application, Aromatic Solvents market is classified into paints & coatings, printing inks, adhesives, cleaning & degreasing. currently paints & coatings application is the dominant segment and it accounts for approximately XX% of the market.
Solvents are one of the three components of paints. They are petroleum-based chemicals which dissolve the pigment and binding agent for application. Most enamel-based paints use a mild petroleum-based solvent with an alkyd vehicle, and have a long drying and curing time. Conversely, lacquer based paints require stronger solvents to speed the drying time. The most widely used aromatic hydrocarbons solvents in paint are benzene, toluene, mixed xylenes, ethylbenzene (BTEX), and high flash aromatic napthas; aliphatic hydrocarbons include hexanes, heptane, VM&P naphtha.
With urbanization, The paints and coatings industry has been benefitting due to these developments in personal and non-personal spaces. The increasing global population and the growing number of nuclear families escalate the demand for new houses every year, which in turn creates demand for paints and coatings. The increasing market for consumer goods and automobiles is also propelling the growth of the paints and coatings sector and hence aromatic solvents demand.
The Asia Pacific Aromatic Solvents Market size was worth USD XX million in 2018 and is estimated to reach USD XX million by 2026, at a CAGR of XX% during the forecast period. Asia Pacific region is expected to grow with high CAGR during the forecast period owing to the strong growth in the end user industry in this region.
Due to the rapid urbanization in the region and this trend is projected to continue in coming years and thereby to bring unprecedented demographic, economic and social shifts.
Urban development in the region will have an important positive impact on the aromatic end user sectors such as paints and coatings, adhesives and chemical intermediates sectors. Currently, the construction sector in the region is showcasing decent growth on the globe during the last decade. Also moving forward construction sector in the region to showcase health growth for instance one of the fast growing economies in the region such as India have witnessed immense demand in commercial space such as office spaces, hotels, retail, entertainment units. Annual absorption of office space in India crossed 42 mn sq ft in 2017.
Furthermore, new construction activities, housing projects are expected to drive the demand of paints and coatings, adhesives and chemical intermediates and hence aromatic solvents to witness strong demand when compared with other parts of the globe.
Some of the major players in the global Aromatic Solvents Market includes Royal Dutch Shell Plc, SK Global Chemical Co., Ltd, ExxonMobil Corporation, Celanese Corporation, Eastman Chemical Company, LyondellBasell, Chevron Phillips Chemical Company, BASF SE, Total S.A., Pon Pure Chemicals
The aromatic solvents market is a consolidated market with major players holding large production capacities. A few players in the aromatic solvents market have integrated both backward and forward to obtain cost advantages. The overall cost of production incurred by the manufacturers of solvents. High capital costs, coupled with the licensing of proprietary technology, restrict the entry of new players into the market.
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