The global aromatic solvents market to grow at a CAGR of 3.03% during the period 2017-2021.
Global Aromatic Solvents Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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.
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.
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.