According
to a new market report published by Credence Research “Aromatic Solvents Market
- Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 -
2021,” the aromatic solvents market was valued is expected to reach over US$
6.50 Bn by 2022, expanding at a CAGR of more than 4.0% from 2016 to 2022.
Browse the full Aromatic Solvents
(Toluene, Xylene, Benzene and Others) Market for Pharmaceuticals, Oilfield
Chemicals, Paints & Coatings, Adhesives & Sealants, Automotive and
Other Applications- Growth, Share, Opportunities, Competitive Analysis, and
Forecast 2015 – 2021 report at http://www.credenceresearch.com/report/aromatic-solvents-market
Market Insights
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.
Based
on products, aromatic solvents are segmented into toluene, xylene, benzene and
others. Toluene accounted for the major share of global aromatic solvents
market and is expected to retain its position in the near future. It is also
accounted to be the fastest growing product segment. Toluene is expected to
experience high demand in the market as it is widely used in the paints &
coatings industry. It also has application in the adhesive and sealants
industry. Therefore, high demand from the paints & coatings and adhesive
& sealants industry is anticipated to boost growth of global aromatic
solvents market. Other products such as xylene and solvent naphtha are used in
various end-user industries thereby creating high demand for aromatic solvents
in the market. Benzene is anticipated to experience steady demand in the market
due to health hazards and its toxic nature. However, rising developments to
manufacture light aromatic solvents is expected to reduce the risk of health
issues thereby boosting market demand for aromatic solvents.
Competitive Insights:
Paints
& coatings accounted as the largest application segment of global aromatic
solvents in 2016. Growing number of building & construction activities in
developing economy such as Asia Pacific has created high demand for paints
& coatings in the market. Therefore, paints & coatings industry is
expected to experience high demand in the market. Toluene is a aromatic solvent
which is used on a large scale in the paints & coatings industry. Hence,
growing demand for toluene from the paints & coatings industry is expected
to fuel growth of global aromatic solvents market. Pharmaceuticals followed
paints & coatings industry in terms of growth of aromatic solvents in the
market.
Aromatic
solvents are used during the manufacturing process of pharmaceuticals. Growing
demand from the pharmaceutical industry is also anticipated to boost market
demand for aromatic solvents in the near future. Aromatic solvents are also
used for various other applications in a number of end-user industries. Rising
demand for aromatic solvents from various end-user industries is also projected
to contribute to the growth of global aromatic solvents in the market during
the forecast period from 2016 to 2022.
Key Trends:
Paints
& Coatings for automotives
Manufacture
of pharmaceutical products
Adhesive
& sealants
Opportunities
from increasing research activities for light aromatic solvents which will
reduce potential hazards
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