Aromatic Solvents - Global Market Outlook (2017-2026)
According to Stratistics MRC, the Global Aromatic Solvents Market is accounted for $6.24 billion in 2017 and is expected to reach $29.12 billion by 2026 growing at a CAGR of 18.6% during the forecast period. Some of the key factors propelling the market growth are increasing demand for automobiles and increasing construction activities. However, stringent environmental regulations due to volatile organic compound (VOC) emissions from aromatic solvents are hampering the market growth.
Solvent is a substance which is dissolved in any other solute which can be solid, gas or liquid. Solvent is usually a liquid but can also be a solid or gas. Solvents are generally used to dissolve, carry or suspend particles for forming solution. Aromatic solvents are organic chemicals which are made from fractional distillation of petroleum. In addition, they are also produced through other methods such as steam cracking, catalytic refining and coal carbonization among others. Among these, catalytic refining and steam cracking methods are preferably used on a large scale in the oil & gas industry.
Depending on the application, pharmaceutical segment is estimated to be the significant growing segment because the aromatic solvents are used in the synthesis of various active pharmaceutical ingredients and in the cleaning of pharmaceutical equipment. Moreover, these solvents are also used in various drug formulation processes
By geography, Asia Pacific provides potential growth opportunities owing to the increased manufacturing base of aromatic solvents in the economies such as China, India, and South Korea. In addition, rapid industrialization and urbanization accompanied by the rising demand for automobiles.
Some of the key players in Aromatic Solvents market include BASF SE, Exxonmobil Corporation, Total S.A., Reliance Industries Limited (RIL), China Sinopec, Royal Dutch Shell PLC, SK Global Chemical Co., Ltd., Lyondellbasell Industries Holdings B.V., China National Petroleum Corporation (CNPC), Chinese Petroleum Corporation (CPC), Pampa Energía, Shell International, SK global chemical, Honeywell, Galp Energia, DEZA, and Neste.
• Heavy Aromatic Residue
• Other Types
• Printing Inks
• Paints & Coatings
• Other Applications
• North America
Rest of Europe
• Asia Pacific
Rest of Asia Pacific
• South America
Rest of South America
• Middle East & Africa
Rest of Middle East & Africa
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