Aromatic Solvents Market

Global Aromatic Solvents Market Size (2024 to 2029)

The global Aromatic Solvents Market is predicted to grow at a CAGR of 5.11% from 2024 to 2029 and the market size is expected to be valued at USD 13.2 billion by 2029 from USD 10.29 billion in 2024.

Aromatic solvents are considered a kind of solvents that are created from aromatic hydrocarbons like xylene, Naptha, or toluene, making them ideal diluents and solvents in different end-use segments. Aromatic solvents like toluene usually find use in varnishes, adhesives, paints, and as another chemical halfways. They provide an excellent solvency rate and resist corrosion that paves their use in different end-use segments like paints & coatings, textiles, adhesives & sealants, oil & gas, and others. Also, the ability to modify the viscosity as per the curing rate enhances the aesthetics and functionality of the outer layer painting in different paints & coatings applications. Aromatic solvent is a kind of hydrocarbon that has to substitute double and single bonds among carbon atoms that form rings.

MARKET DRIVERS AND RESTRAINTS

Aromatic solvents are powerful solvents for organic liquids. Therefore, they are broadly employed in a range of industries like paints, petrochemicals, nail polish removers, cleaners, dyes, and varnishes. These solvents are strong bonding and dissolving agent for organic liquids that have escalated their applications to a number of industries, hence driving industry expansion. The trend of apparel customization is mainly boosting the call for these solvents in the textile firms of China and India. The packaging business is also contributing to the expansion of the aromatic solvents business owing to the fast rise in the call for packaging products for food and beverages.

Improved chemical & physical features of the specialty solvent and its high application in the paints & coatings sector are estimated to boost the aromatic solvents industry in the coming future. Moreover, their use as corrosion inhibitors in the oil and gas industry in addition to diluents and thinners in different end-user businesses will further escalate its call in the coming future. The rising call for these chemicals in the construction, oil, gas, and packaging industries is driving the expansion of the aromatic solvents industry. In the construction industry, these solvents play a pivotal role as carriers in paints and coating applications. Therefore, with the fast advancement and urbanization in different countries across the world, the call for these solvents is estimated to increase. The expansion of the aromatic solvents industry is being hindered by the rising focus on green solvents that are derived from agricultural crops.

Green solvents are 100% biodegradable, non-corrosive, and not harmful in nature. Apart from these, owing to the strict norms and rules imposed by different governments across the world, firms are increasingly focusing on utilizing greener products in their industrial procedures for sustainable advancement. The call for aromatic solvents in recent years has escalated owing to its rising use in the automotive industry generating a great call for adhesives & sealants to bond the vehicle parts in order to offer mechanical stiffness to the vehicle and hence avoid failing. These solvents produced through crude petroleum distillation in the oil refining industry are widely employed as corrosion inhibitors in oil and gas pipelines to perform fractional distillation that avoids deterioration of inner walls pipelines due to high contents of carbon dioxide, hydrogen sulfide, and other corrosive products. These factors will boost the global aromatic solvents market size during the foreseen timeframe.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Aromatic Solvents Market By Type

The toluene solvents sector accounted for the biggest industry share, on the basis of value, in 2019. The high solvency power and low toxicity of toluene solvents and xylene solvents are estimated to escalate their use in different applications like paints & coatings, printing inks, and cleaning & degreasing.

Global Aromatic Solvents Market By Application

The paints & coatings sector accounted for the biggest industry share, on the basis of value, in 2019. The rising investments of the automotive OEM, machinery, and appliances firms, around the world, along with the rise in building & construction activities are determined to drive the urge for this application over the conjecture period.

REGIONAL ANALYSIS

The Asia Pacific is the fastest-growing market. India, China, and Japan are some of the fastest-growing countries in the Asia-Pacific region.

Asia Pacific is growing at a high pace due to the availability of raw materials, cheap labor, LG & area for industrial setup. The Middle East & Africa region is also expected to grow fast due to it being the major producer of raw materials required to manufacture aromatic solvents.

Worldwide, APAC is estimated to hold the highest portion of the global aromatic solvents market during the foreseen period. This can be mainly ascribed to the fast industrialization in countries like India and China, where products like paints and inks are broadly used for different applications. In addition to that, the price of raw materials in this region is comparably less which continues to fuel the industry expansion. Apart from that, government rules in APAC countries are favorable and boost firms in the industry to operate in the area. The European industry is majorly driven by the developed construction, electrical & electronics, and automobile segment. In addition to that, escalating application in the oil & gas industry together with the increasing infrastructural development is the major factor attributing to the product expansion in the region. Apart from this, boosting calls from the pharmaceutical segment in the region will escalate the employment of aromatic solvents for different applications.

KEY PLAYERS IN THE GLOBAL AROMATIC SOLVENTS MARKET

LyondellBasell Industries Holdings B.V. (Netherlands), BASF SE (Germany), SK Global Chemical Co., Ltd. (South Korea), China National Petroleum Corporation (China), Total S.A. (France), China Petroleum and Chemical Corporation (China), Royal Dutch Shell Plc (Netherlands), ExxonMobil Corporation (United States of America), Reliance Industries Limited (India), Chinese Petroleum Corporation (Taiwan) are some of the notable companies in the global aromatic solvents market.

RECENT HAPPENINGS IN THE MARKET

SINGAPORE (ICIS)--Indian giant Reliance Industries Limited (RIL) will take its aromatics industry in Hazira offline from the end of the month of September for a scheduled turnaround, sources close to the firm. Some Indian retailers were hopeful that the toluene supply will tighten during this turnaround period, supporting the domestic cost level

DETAILED SEGMENTATION OF THE GLOBAL AROMATIC SOLVENTS MARKET INCLUDED IN THIS REPORT

This research report on the global aromatic solvents market has been segmented and sub-segmented based on type, application, and region.

By Type

• Toluene solvents xylene solvents
• Ethylbenzene solvents

By Application

• Paints & coatings
• Adhesives
• Printing inks
• Cleaning & degreasing
• Others

By Region

• North America
• Europe 
• Asia Pacific 
• Latin America 
• Middle East and Africa