Albany, NY, June 4, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research has published a new report titled "Aromatic Solvents Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023." According to the report, the global aromatic solvents market was valued at US$ 6.18 Bn in 2014 and is anticipated to reach US$ 7.76 Bn by 2023, expanding at a CAGR of 4.2% between 2015 and 2023.
Increasing consumption of aromatic solvents in the paints & coatings end-user industry is likely to drive the global aromatic solvents market over the duration of the forecast period. Solvents such as benzene, toluene, ethylbenzene, and mixed xylenes (BTEX) have high solvency rates. This helps in the formation of a homogenous solution as compared to other solvents. Thus, aromatic solvents are largely used as constituents in the paints & coatings industry. Furthermore, growth in the automotive industry offers significant opportunities to the adhesive and sealants market. Adhesive and sealants is one of the major applications of aromatic solvents. These solvents maintain an optimal evaporation rate of adhesives. This helps in optimal setting of the adhesive polymer on the base surface. Demand for aromatic solvents as corrosion inhibitors in the oil and gas industry is estimated to boost the aromatic solvents market during the forecast period. However, factors such as stringent environmental regulations (owing to VOC emissions) and industrial shift towards non-aromatic and bio-based solvents are projected to hamper the aromatic solvents market between 2015 and 2023.
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Toluene accounted for over 45% of the global aromatic solvents market by volume in 2014. It is projected to expand at the fastest rate compared to the other three segments during the forecast period. Toxicity and health-related issues of benzene are the major factors hampering the growth of benzene aromatic solvents. Furthermore, a sizeable substitution by non-aromatic and bio-based solvents in several end-user industries is adversely affecting the aromatic solvents market. Development of light aromatic fluids is likely to reduce the potential hazards of aromatic solvents. This, in turn, is expected to provide significant growth opportunities to the aromatic solvents market.
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Paints& coatings dominated market demand and. accounted for over 50% of the of the global aromatic solvents market by volume in 2014. Oilfield chemicals on the other hand are likely to exhibit sluggish growth rates over the duration of the forecast period. Aromatic solvents are used in the oil and gas industry to provide corrosion resistance to the inner surface of pipelines. The current increase in crude oil production is anticipated to create the need for solvents in oilfield recovery. Others end-user segment that includes pesticide, textiles, cleaners, chemical intermediates, electronics, adhesive & sealants, perfumes, and cosmetics is estimated to expand at a moderate rate between 2015 and 2023.
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The global aromatic solvents market is highly fragmented in nature; the top five players accounted for over 20% share in 2014. Key players in the aromatic solvents market include UOP LLC (Honeywell International, Inc.), Chevron Phillips Chemical Company, Royal Dutch Shell plc, LyondellBasell Industries N.V., Eastman Chemical Company, Exxon Mobil Corporation, Celanese Corporation, and BASF SE.
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This report segments the global aromatic solvents market as follows:
Aromatic Solvents Market - Product Segment Analysis
- Others (Including solvent naphtha such as aromatic 100, aromatic 150, aromatic 200, etc.)
Aromatic Solvents Market - End-user Analysis
- Oilfield Chemicals
- Paints & Coatings
- Others (Including pesticide, textiles, cleaners, chemical intermediates, electronics, adhesive & sealants, perfumes, cosmetics, etc.)
Aromatic Solvents Market - Regional Analysis
- Rest of North America
- Rest of Europe
- Rest of Asia Pacific
- Rest of Latin America
Middle East and Africa (MEA)
- South Africa
- Rest of Middle East and Africa
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research