Global Aromatic Solvents Market 2017-2021
About Aromatic Solvents
Solvents are used to dissolve the solute, to form a solution. Water is the most common example of a solvent. The solvents bring out the properties of certain substances. Aromatic solvents are cyclic hydrocarbons containing an aromatic hydrocarbon. These are generally obtained by the distillation of crude petroleum stock in oil refining industries. They have strict regulations because of their impact on health and environment.
Technavio’s analysts forecast the global aromatic solvents market to grow at a CAGR of 3.03% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global aromatic solvents market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Aromatic Solvents Market 2017-2021
Technavio recognizes the following companies as the key players in the global aromatic solvents market: Exxon Mobil, Pampa Energía, Reliance Industries, Shell International, SK global chemical, and Total.
Other Prominent Vendors in the market are: Arham Petrochem, Chevron Phillips Chemicals Company, DEZA, Eastman Chemical Company, Galp Energia, Ganga Rasayanie, Hanwha Group, Jiangsu Hualun, Kandla Energy & Chemicals, Korea Petrochemical Ind, Monument Chemical, S-OIL CORPORATION, and VIRENT
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is environment-friendly solvents. With the ongoing developments across the globe, in various industries, the demand for chemicals and solvents is increasing. Solvents have various applications in industries, and hence they are in demand.”
According to the report, one driver in the market is demand and exports from APAC. APAC held the largest share in the global aromatic solvents market both in terms of volume and revenue. This can be attributed to the demand and the exports made by this region. The production capacities of APAC, especially for benzene and its derivatives, are increasing. Therefore, the status of APAC in terms of export of benzene is increasing. In APAC, South Korea is the major exporter of benzene and its derivatives globally.
Further, the report states that one challenge in the market is VOC and HAP regulations. There are many regulations that may impact the market for solvents, especially for those that are used in paints and coatings. Many solvents are classified as VOCs or hazardous air pollutants (HAPs). As per regulations in different regions, the use of solvents classified as VOC or HAPs are restricted. VOCs are restricted because they undergo photochemical reaction with nitrogen oxides (NOx), resulting in ozone production in the troposphere.
Exxon Mobil, Pampa Energía, Reliance Industries, Shell International, SK global chemical, and Total, Arham Petrochem, Chevron Phillips Chemicals Company, DEZA, Eastman Chemical Company, Galp Energia, Ganga Rasayanie, Hanwha Group, Jiangsu Hualun, Kandla Energy & Chemicals, Korea Petrochemical Ind, Monument Chemical, S-OIL CORPORATION, and VIRENT
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook