Aromatics Market- Competitive Leaderboard:
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.
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Aromatics Market- Segmentation:
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.
Global aromatic market, as discussed by Market Research Future (MRFR), is followed by a high demand for aromatic chemical globally, is supporting the market to expand exponentially by 2025. The global aromatic market and its products are highly competitive, as they are innovative, which leading market players are adopting a dominant strategic approach. The global aromatic market is probable to achieve USD 290.12 billion in value by 2025 and is growing with the CAGR of over 5.67% during the review period.
The aromatic chemical is considered as a cyclic organic compound which is sweet-smelling and is obtained from petroleum sources. The aromatic solvent and additive are mostly used for multi-purposes in end-use industries. It is also used as a solvent for removal of oil or grease, in the paint industry, thinner, and as an aromatic additive.
Asia Pacific is a major regional market for aromatics and is likely to retain a major share in the global aromatics market over the forecast period. Asia Pacific is a major market for aromatics due to the growing demand from the paints and coatings and chemicals industries in the region. The paints and coatings industry in Asia Pacific has been driven mainly by the growing construction and automotive industries in the region. The construction industry in Asia Pacific has emerged as a major driver for the paints and coatings market, as the rising inflow of urban immigrants has driven residential construction activities in leading APAC economies such as China, India, and Thailand. This is likely to remain a major driver for the paints and coatings industry in the region over the forecast period, as the increasing job opportunities in major urban centers in Asia Pacific have led to a growing demand for residential construction projects, thus leading to a growing demand for paints and coatings, and thus driving the demand from the aromatics market. Aromatics are used in paints and coatings as a solvent, thinner, or aromatic.
The increasing commercial construction in Asia Pacific is also likely to be a major driver for the construction industry in Asia Pacific over the forecast period. As countries in Asia Pacific have exhibited economic growth, the demand for commercial construction has grown at a rapid pace. Rising commercial construction in major urban centers such as Delhi, Mumbai, Bengaluru, Shanghai, Beijing, Guangdong, Manila, Kuala Lumpur, and Singapore is likely to be a major driver for the paints and coating industry in the region, thus driving the demand from the aromatics market in the region. Industrial construction has also flourished in the region in recent years, as many countries in Asia Pacific have emphasized on their manufacturing sector in order to claim a stronger role in the global economic dynamics. Growing industrial construction in Asia Pacific is also likely to be a major driver for the paints and coatings industry in the region, thus driving the demand for aromatics.
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North America is also a major regional market for aromatics and is likely to retain this position over the forecast period due to the increasing demand from the paints and coatings, pharmaceutical, and chemical industries. The pharmaceutical industry is a major end user of aromatics in the region and is likely to exhibit steady growth over the forecast period due to the growing demand for advanced pharmaceutical products with organic formulations. The use of aromatics is likely to continue unabated in pharmaceutical products in the coming years, leading to a growing demand from the pharmaceutical industry in the region.
Europe is also likely to be a major regional market for the aromatics industry due to the growing demand for aromatics in pharmaceutical formulations. Growing demand for excipients in the pharmaceuticals industry is likely to be a major driver for the aromatics market in Europe over the forecast period. The growing adhesives industry is also likely to be a major driver for the aromatics market in the region over the forecast period.
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