Aromatics Market Size 2023 - Global Industry , Size, Share and Forecast
Aromatics Market Size is expected to be valued at a global figure of USD 323.88 billion by the end of the forecast period in 2030. The rate of growth at which the market is expected to reach such a valuation stands at 5.6%.
The aromatic chemical is a cyclic organic compound, which is a sweet-smelling derived petroleum source. Aromatic solvents and additives are used for a number of purposes in end-use industries. It is used as a solvent for oil or grease removal in the paint industry; it is used as a thinner and as an aromatic additive to eliminate knocking engines.
Key Players
Some of the leading participants in the Aromatics Market Size are Exxon Mobil Corporation (US), LyondellBasell (Netherlands), SABIC (Saudi Arabia), Reliance Industries Ltd (India), Dow (US), Shell Chemicals (US), BP PLC (UK), Canada Colors and Chemicals Limited (Canada).
Market Dynamics
The strong demand for aromatic chemicals in a variety of end-use industries has expanded its production efficiency. For example, in July 2019, Hyundai Oilbank invested USD 220 million to increase the production capacity of petrochemical products to 1.4 million tons by June 2020. In addition, in April 2019, Fortrec, a Singapore-based chemical company, completed the acquisition of Aromatic solvent refinery located in Ulsan, Korea, with a capacity of 60,000 tons of aromatic solvent per year, intending to supply its feedstock locally. These trends indicate that the global demand for end-use aromatic solvents is expected increase significantly during the forecast period.
Aromatic solvents are commonly used in paint & coatings, adhesives, pharmaceuticals, and chemicals. The market growth is mainly driven by demand for paints & coatings, with around 51.23% of the aromatic demand generated by the paint & coating industry. The building and construction industry are key market areas for paints and coatings, where they are used for architectural applications. The growth in population has resulted in a strong demand for residential and commercial infrastructure. Some areas, such as North America and Asia Pacific, are considered significant growth-centric paint & coating markets, as they are part of the construction industry. The Asia Pacific is one of the main markets and has a strong market for paints and coatings due to factors such as the growing population, which has increased the number of residential projects. Moreover, industrialization and government initiatives such as “Make in India” by the Indian Government to help commercial infrastructure have propelled the paint & coating industry. The high demand for paint & coatings is therefore expected to boost the global aromatic market.
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Market Segmentation
The global market for aromatic has been segmented based on type, application, and end-use.
By type, the global market has segmented into benzene, toluene, o-xylene, p-xylene, and others. The toluene segment is the fastest-growing segment due to the wide application in paint & coatings.
By application, the global market has been segmented into solvent and additive. The solvent segment led the global aromatic market with over 53.1% share.
By end-use, the global market has been segmented into paints & coating, adhesive, pharmaceuticals, chemicals, and others. The paint & coating segment is projected to witness significant growth due to increasing building and infrastructure activities across the globe, thus demanding a more substantial proportion of aromatic in the industry.
Regional Analysis
The global market for aromatic has been studied across five key regions, namely Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa.
The North American aromatic market is rising significantly due to the high demand for paint & coatings in the region. The United States is the largest market for automotive. Thus, the market for refinishing automotive coatings is also likely to boost the demand for aromatic solvents. In addition, the booming chemical industry in the region is expected to increase demand for aromatic products during the forecast period.
The Asia Pacific is the fastest-growing market, with a number of construction projects having a positive effect on the paint & coating industry, supporting the growth of the aromatic market. In addition, increased government funding and investment in the pharmaceutical industry promote the growth of aromatic Segmental Analysis. Furthermore, the increase in the use of aromatic additives in adhesives and sealants for packaging stimulates the growth of the market.
The European aromatic market is anticipated to grow significantly due to an increase in the use of aromatic solvents in the synthesis of active excipients & substances in the pharmaceutical and drug formulation process. The increase in chronic disease in the area has increased the demand for pharmaceutical products, which is estimated to increase the demand for aromatic products during the review period.
The Middle East & Africa and Latin America are likely to see steady growth due to increasing investment in the construction and automotive industry. This generates higher demand for paints and coatings and thus promotes the growth of the aromatic market.
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