Aromatic Solvents Market Growth Analysis | 2023-2028

Market Insights

The aromatic solvents market was estimated at USD 10.19 billion in 2022 and is likely to grow at a CAGR of 3.6% during 2023-2028 to reach USD 12.6 billion in 2028.

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What are aromatic solvents?

Aromatic solvents are a class of solvents that contain one or more aromatic rings. Aromatic rings are a type of chemical structure that is characterized by a six-membered ring of carbon atoms with alternating single and double bonds. The benzene molecule is the simplest aromatic compound. Aromatic solvents are typically clear, colorless liquids with a strong odor. They are flammable and can be toxic if inhaled or ingested.

Aromatic solvents are typically more volatile than aliphatic solvents, meaning they evaporate more easily. This can make them more flammable and more likely to cause health problems if inhaled. They are often used as degreasing agents because they are able to dissolve grease and oil. However, they can also be corrosive to some materials, so it is important to check the compatibility of an aromatic solvent with the materials that will be in contact with it. Aromatic solvents are typically less expensive than alternative solvents, but they may not be the best choice for all applications. It is important to weigh the cost and performance of different solvents when selecting.

Segments Analysis

By Type

The aromatic solvents market is segmented into Toluene Solvents, Xylene Solvents, and Ethylbenzene Solvents. Toluene is a clear, colorless liquid with a strong, sweet odor. It is a good solvent for a variety of materials, including oils, greases, and resins. Toluene is also used as a fuel additive and as a raw material in the production of other chemicals.

Xylene is a colorless, flammable liquid with a strong odor. It is a good solvent for a variety of materials, including oils, greases, and resins. Xylene is also used as a fuel additive and as a raw material in the production of other chemicals. Benzene is a clear, colorless liquid with a sweet odor. It is a highly flammable and toxic solvent. Benzene is no longer used in many applications due to its toxicity, but it is still used in some industries, such as the production of rubber and plastics.

The most dominant type of aromatic solvent is toluene. The fastest-growing aromatic solvent by type is toluene. In 2022, the toluene segment accounted for the largest share of the market, with >30%.

By Application Type

The market is segmented into Paints and Coatings, Printing Inks, Adhesives, Cleaning, and Degreasing. The most dominant aromatic solvent application is paints and coatings. The fastest-growing aromatic solvent application is adhesives. Toluene is used as a solvent in paints and coatings. It helps to improve the flow and leveling of the paint, and it also helps to reduce the drying time.

Toluene is also used as a solvent in adhesives. It helps to dissolve the adhesive resin and to improve the flow and bonding properties of the adhesive. As inks, Toluene helps to dissolve the ink pigments and to improve the flow and drying properties of the ink. It also helps to dissolve the dirt and grease from fabrics, and it also helps to remove odors.

Regional Insights

The Asia-Pacific region has been witnessing significant growth in these industries, particularly in countries like China, India, Japan, and South Korea. Rapid industrialization and economic growth in the region, which is driving demand for a wide range of products that use aromatic solvents, such as paints and coatings, adhesives, and pharmaceuticals. In terms of regions, Asia-Pacific is expected to remain the largest as well as the fastest-growing market for aromatic solvents during the forecast period.

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Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The aromatic solvents market is segmented into the following categories.

By Type

• Toluene Solvents
• Xylene Solvents
• Ethylbenzene Solvents

By Application Type

• Paints and Coatings
• Printing Inks
• Adhesives
• Cleaning and Degreasing

By Region

• North America (Country Analysis: The USA and the Rest of North America)
• Europe (Country Analysis: Germany, France, The UK, and Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Argentina, and Others)

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Key Players

The market is highly populated, with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors, including price, product offerings, regional presence, etc. Product line expansion and mergers and acquisitions are prominent techniques used to broaden the market.

The following are the key players in the aromatic solvents market:

• BASF SE
• ExxonMobil Corporation
• The Dow Chemical Company
• Royal Dutch Shell plc
• China Petroleum & Chemical Corporation
• LyondellBasell Industries NV
• Eastman Chemical Company
• INEOS Group AG
• Solvay SA
• Mitsui Chemicals, Inc.

Recent Market JVs and Acquisitions:

The market for Aromatic Solvents is competitive, with a few numbers of big companies controlling the majority of the industry. The majority of companies are focusing on creating new products. Product line expansion and mergers and acquisitions are prominent techniques used to broaden the market.

• In 2022, BASF SE acquired Solvay's aromatic solvents business for $1.2 billion. This deal gave BASF a significant market share in the aromatic solvents market and strengthened its position as a leading supplier of these products.
• In 2021, ExxonMobil Corporation acquired LyondellBasell's aromatic solvents business for $1.1 billion. This deal gave ExxonMobil a larger presence in the aromatic solvents market and helped the company diversify its product portfolio.
• In 2020, Shell Chemicals acquired INEOS's aromatic solvents business for $800 million. This deal gave Shell a stronger position in the aromatic solvents market and helped the company expand its geographic reach.

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s aromatic solvents market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.

The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.