According to the new market research report "Aromatic Solvents Market by Type (Toluene, Xylene, Ethylbenzene), Application (Paints & Coatings, Printing Inks, Adhesives, Metal Cleaning) and Region (Asia Pacific, North America, Europe, Middle East & Africa, South America) - Global Forecast to 2023", published by MarketsandMarkets™, the 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.
The xylene 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 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, metal cleaning, 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.
Asia PacificAromatic 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).
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