Aromatic solvents find wide application in printing inks, paints, coatings, and adhesives. Besides, they are used in the extraction and degreasing agents for metals and as chemical intermediates, such as toluene diisocynate, in various industrial processes. In recent years, the aromatic solvents market has witnessed significant growth in developing countries, such as India and China, primarily due to the growth in construction activities and the increasing demand for automobiles.
Aromatic solvents are solvents that contain an aromatic ring in their chemical structure. They are primarily used as solvents and diluents in various industries and are mainly manufactured as a by-product after the distillation of crude oil. Besides, they are used as corrosion inhibitors in the oil and gas industry. In the report, the aromatic solvents market is segmented on the basis of type, application, and geography.
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On the basis of type, the global aromatic solvents market is categorized into xylene, toluene, and ethyl benzene. Among these, xylene is anticipated to hold the largest share in the market during the forecast period, owing to its high solvency power and wide usage in various applications. For instance, it is a primary component of terephthalic acid, which is used in the manufacturing of polyethylene terephthalate (PET) plastic bottles.
On the basis of geography, the aromatic solvents market is categorized into North America, Europe, Asia-Pacific (APAC), Latin America, and the Middle East and Africa. Globally, APAC is anticipated to hold the largest share in the market during the forecast period. This can be primarily ascribed to the rapid industrialization in countries such as India and China, where products such as paints and inks are widely employed for various applications.
The growth of the aromatic solvents market is being hampered by the growing focus on green solvents, which are derived from agricultural crops. Green solvents are 100% biodegradable, non-corrosive, and non-carcinogenic in nature. Besides, due to the stringent rules and regulations imposed by various governments across the globe, companies are increasingly focusing on employing greener products in their industrial processes for sustainable development.
Some of the major companies operating in the global aromatic solvents market are China Petrochemical Corporation, Shell Group of Companies, Exxon Mobil Corporation, BASF SE, LyondellBasell Industries N.V., Reliance Industries Limited, Indian Oil Corporation Limited, Total S.A., Chevron Corporation, and SK Global Chemical Co. Ltd.
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The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, and South Africa.
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