Aromatics Market Size
Aromatics Market Share is expecting to be valued at a global figure of USD 323.88 billion by the end of the forecast period in 2028. The rate of growth at which the market is expected to reach such a valuation stands at 5.6%.
The report presents a detailed overview of all the major factors affecting the global aromatics market, including the leading drivers and restraints affecting the market. The leading players operating in the global aromatics market are also profiled in the report. The report also studies the impact of the COVID-19 pandemic on the global aromatics market.
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Aromatics are sweet-smelling petroleum-sourced compounds. They are cyclic organic compounds and can be used as a solvent and additive in numerous end use industries.
Aromatics are widely used as solvents in numerous end use industries. The paints and coatings industry is a major end user of aromatics. The growing demand for paints and coatings from the construction industry is likely to be a major driver for the global aromatics market over the forecast period. The construction industry has been driven by the growing urban population around the world, which has led to growing residential as well as commercial construction.
The growing urbanization and rural migration around the world is likely to lead to a growing demand for residential construction over the forecast period, leading to a growing demand for effective paints and coatings to coat the buildings. This is likely to lead to a growing demand from the aromatics market over the forecast period. The growing urban population is also likely to lead to growing job creation in urban areas, leading to growing commercial construction. This is also a major driver for the aromatics market Size.
The growing automotive industry is also a major driver for the paints and coatings industry. The automotive industry has emerged as a major consumer of paints and coatings in recent years due to the growing production volume of the automotive industry. Rising technological innovation in automotive paints and coatings is also a major driver for the paints and coatings industry. This is likely to remain a major driver for the aromatics market over the forecast period.
Leading players in the global aromatics market include Exxon Mobil Corporation, SABIC, Shell Chemicals, LyondellBasell, Reliance Industries Ltd., Dow, BP plc, and Canada Colors and Chemicals Ltd.
In July 2019, Hyundai Oilbank announced an investment of USD 220 million in the expansion of its petrochemical product portfolio.
In April 2019, Fortrec, a Singapore-based chemical company, completed the acquisition of an aromatic solvent refinery located in Ulsan, South Korea. The facility is equipped to produce 60,000 tons of aromatic solvents per year.
The global aromatics market is segmented on the basis of type, application, end use, and region.
By type, the global aromatics market is segmented into benzene, toluene, o-xylene, p-xylene, and others. The toluene segment is the fastest growing segment of the global aromatics market, due to the widespread usage of toluene in paints and coatings.
By application, the global aromatics market is segmented into solvents and additives. The solvents segment dominates the global aromatics market, holding a share of more than 53% in the market.
By end use, the global aromatics market is segmented into paints and coatings, adhesives, pharmaceuticals, chemicals, and others. The paints and coatings segment dominates the global aromatics market, accounting for close to 50% of the market.
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Asia Pacific is the fastest growing regional market for aromatics. The growing automotive and construction industries in Asia Pacific are likely to be the major drivers for the aromatics market in Asia Pacific. Increasing government investment in the pharmaceuticals industry has also driven the demand for aromatic solvents in Asia Pacific. The growing packaging industry in Asia Pacific is also likely to drive the demand for aromatic solvents in adhesives.
North America and Europe are dominant regional markets for aromatics and are likely to hold an important share in the global market over the forecast period.
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