Aromatic Solvents Market Analysis APAC, North America, Europe, Middle East and Africa, South America - US, United Arab Emirates, China, India, Germany - Size and Forecast 2024-2028

Published: Apr 2024 Pages: 188 SKU: IRTNTR43931

Aromatic Solvents Market Size 2024-2028

The aromatic solvents market size is forecast to increase by USD 1.27 billion at a CAGR of 3.54% between 2023 and 2028. Market growth hinges on several key factors. Firstly, the uptick in building and construction activities fuels demand for various materials and chemicals, including aromatic solvents. Secondly, technological advancements in solvent recovery and recycling processes optimize resource utilization, aligning with sustainability goals. The increased utilization of these chemicals in specialty chemicals further propels market expansion, driven by their unique properties and applications across industries like paints, coatings, and pharmaceuticals. These intertwined factors create a synergistic effect, shaping the market's growth trajectory. As industries emphasize sustainability and efficiency, innovations in recovery processes and the strategic use of these chemicals contribute significantly to meeting evolving market demands while addressing environmental concerns.  It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2018 - 2022, besides analyzing the current market scenario.

What will be the  Market Size During the Forecast Period?

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Market Definition 

Aromatic solvents are a class of organic solvents primarily composed of aromatic hydrocarbons, which are molecules containing one or more benzene rings. These solvents are characterized by their distinct chemical structure, which imparts unique properties such as high solvency, low polarity, and relatively high boiling points. Aromatic solvents are commonly used in various industrial applications, including paint and coatings, adhesives, printing inks, and chemical manufacturing. They serve as effective solvents for dissolving and dispersing a wide range of substances, making them essential components in many formulations. However, aromatic solvents may pose health and environmental risks due to their toxicity and potential for volatility, requiring careful handling and disposal practices.

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Market Dynamics

The market is driven by diverse factors, such as the oil refining industry's demand for crude petroleum stock to produce organic liquids and aromatic hydrocarbons like toluene and xylene. These solvents find extensive use in paints & coatings, cleaning & degreasing, and nail polish removers across industries like the automotive OEM, cosmetics industry, and construction sector. Challenges include regulatory pressures due to environmental concerns, pushing for alternative drivetrains, and cleaner production methods in response to sustainability trends driving the market's evolution. Our researchers analyzed the market research and growth data with 2023  as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage. 

Key Market Driver

The rise in building and construction activities is notably driving the market. With the growing urbanization and infrastructure development projects worldwide, the construction industry's demand for paints, coatings, adhesives, and sealants has surged. In addition, aromatic solvents are vital components in the formulation of these construction materials, contributing to their durability, weather resistance, and overall performance.

For instance, major construction projects, including the development of skyscrapers, commercial complexes, and residential buildings in rapidly growing urban centers, including Dubai, Shanghai, and New York City, have propelled the demand for aromatic solvents. In addition, these solvents are essential for producing high-quality architectural coatings and adhesives, meeting the stringent requirements for modern construction designs and standards. Hence, such factors are driving the market during the forecast period.

Significant  Market Trends 

An upsurge in demand for low-VOC formulations is a primary trend in the market. The increasing demand for low-VOC formulations is a significant driver of growth in the global market, with a growing emphasis on environmental sustainability and regulatory compliance across various industries.  In addition, as industries seek to minimize their environmental footprint and meet stringent VOC regulations, the demand for aromatic solvents with low VOC content continues to escalate. Furthermore, manufacturers are responding to this trend by developing innovative formulations that offer reduced emissions without compromising performance.

Moreover, leading vendors in the global market, such as Exxon Mobil Corp., BASF SE, and Eastman Chemical Co., are at the forefront of developing low-VOC solutions to meet market demand. In addition, Exxon Mobil Corp., for instance, offers a range of low VOC aromatic solvents under its Exxsol line, which is designed to provide excellent solvency power while reducing environmental impact. BASF SE has also introduced low VOC aromatic solvents as part of its AromaBalance portfolio, leveraging its expertise in sustainable chemistry to develop eco-friendly solutions for various applications. Hence, such factors are hindering the market during the forecast period.

Major Market Challenge

Fluctuation in crude oil price is a major challenge hindering the market. The fluctuations of crude oil prices can negatively impact the cost of production and raw materials for aromatic solvents, leading to uncertainty in pricing and supply chain management for manufacturers and end-users alike.  In addition, sudden spikes in crude oil prices can result in higher production costs for aromatic solvents, squeezing profit margins for manufacturers and potentially leading to increased prices for consumers.

Moreover, periods of low crude oil prices may incentivize higher production levels, leading to oversupply and downward pressure on prices, which can also negatively affect profitability and market dynamics. In addition, price fluctuations in crude oil can disrupt investment decisions and long-term planning in the global market. Hence, such factors are hindering the market during the forecast period.

Segmentation by End-user, Type, and Geography

The Market is segmented based on various key factors and applications across industries. Toluene and xylene, being prominent aromatic hydrocarbons, are extensively utilized in diverse sectors such as paints & coatings, cleaning & degreasing, and nail polish removers within the cosmetics industry. These solvents are derived from crude petroleum stock and are vital components in the oil refining industry for producing organic liquids and hydrocarbon products. Furthermore, ethylbenzene plays a crucial role in the production of adhesive films and varnishes used in the building & construction activities and automotive OEM sectors. The demand for aromatic solvents also stems from the growing market for electric vehicles, autonomous vehicles, and alternative drivetrains, where these solvents are used in manufacturing machinery components.

Market End-user Analysis

The paints and coatings segment is estimated to witness significant growth during the forecast period. The significant use of aromatic solvents in the paints and coatings industry is one of the drivers for market growth. In addition, aromatic solvents have special properties, such as a higher solvency rate, compared with aliphatic hydrocarbon solvents, which increases their demand in the paints and coatings industry.

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The paints and coatings segment was the largest segment and was valued at USD 3.14 billion in 2018. Moreover, aromatic solvents play a significant role in the formulation of paints and coatings, serving as essential components in various stages of production and application. In addition, examples of aromatic solvents commonly used in this industry include toluene, xylene, and high-flash aromatic naphthas. Furthermore, these solvents are prized for their ability to dissolve resins, adjust viscosity, and improve drying characteristics, thereby contributing to the overall performance and quality of the coating. In addition, they facilitate proper dispersion of pigments and additives, enhance film formation, and promote adhesion to substrates. Hence, such factors are fuelling the growth of this segment, which in turn drives the market during the forecasting period.

Market Type Analysis 

Based on the type, the market has been segmented into Toluene, Xylene, Ethylbenzene, Benzene, and others. The Toluene segment will account for the largest share of this segment. The Toluene segment, also known as toluol or methylbenzene, is a mono-substituted colorless liquid. In addition, it is a water-soluble aromatic hydrocarbon solvent. Its chemical formula is C6H5CH3. Moreover, its natural source is crude oil, and it is also found in the tolu tree. Furthermore, toluene is obtained as a by-product during the production of gasoline from crude oil. It is also obtained during the production of coke from coal. Hence, such factors are fuelling the growth of this segment, which in turn drives the market during the forecasting period.

Region Analysis

APAC is estimated to contribute 50% to the growth of the global market during the projection period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the projection period.

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Factors such as rapid industrialization, urbanization, and infrastructure development across APAC countries are expected to fuel the demand for aromatic solvents, particularly in sectors such as construction, automotive, and electronics. In addition, as these industries expand, the need for solvents in applications such as coatings, adhesives, sealants, and electronic cleaning is projected to increase, bolstering market growth.

Moreover, the shift toward eco-friendly and sustainable solvent solutions is anticipated to shape the future of the APAC market. In addition, growing awareness of environmental concerns and regulatory pressure to reduce VOC emissions are driving the adoption of bio-based and low-VOC aromatic solvents in the region. Furthermore, market players are investing in research and development to innovate and introduce eco-friendly solvent alternatives that meet regulatory requirements and consumer preferences. Hence, such factors are driving the market in APAC during the forecast period.

Key Companies

Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches to enhance their presence in the market.

AGROFERT AS: The company offers aromatic solvent products such as toluene, xylene, and solvent naphtha for paints, varnishes, adhesives, and sealants applications under its subsidiary, Deza.

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including: 

Arham Petrochem Pvt. Ltd., BASF SE, Chevron Phillips Chemical Co. LLC, Compania Espanola de Petroleos SA, Eastman Chemical Co., Exxon Mobil Corp., HCS Group GmbH, Honeywell International Inc., Korea Petrochemical Ind. Co. Ltd., Monument Chemical, Neste Corp., ORG CHEM GROUP, Pampa Energia SA, RB Products Inc., Reliance Industries Ltd., Resolute Oil LLC, Saudi Arabian Oil Co., Shell plc, Shri Parth Petrochem, SK Innovation Co. Ltd., and Vinati Organics Ltd.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Segment Overview

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.

  • End-user Outlook 
    • Paints and coatings
    • Automotive
    • Pharmaceuticals
    • Oilfield chemicals
    • Others
  • Type Outlook
    • Toluene
    • Xylene
    • Ethylbenzene
    • Benzene
    • Others
  • Region Outlook 
    • North America
      • The U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
      • France
      • Rest of Europe
    • APAC
      • China
      • India
    • South America
      • Chile
      • Argentina
      • Brazil
    • Middle East & Africa
      • Saudi Arabia
      • South Africa
      • Rest of the Middle East & Africa

Market Analyst Overview

The Market is intricately linked to various industries and applications, leveraging a range of organic chemicals like toluene and xylene derived from crude petroleum stock in the oil refining industry. These solvents find extensive use as diluents and chemical intermediates, contributing to the chemical composition of products across sectors such as paint thinners, ink, and corrosion coatings in the paint and pigments manufacturing industry. Notably, aromatic solvents play crucial roles in the tire additives for the rubber industry and as binders and extenders in the formation of efficient homogeneous solutions for the varnishes industry. Their low toxicity makes them preferred choices in sectors like the pharmaceutical industry for active pharmaceutical ingredients and the cosmetics industry for nail polish removers.

In addition to their industrial chemical applications, these solvents contribute to green initiatives through biodegradable, non-corrosive, and non-carcinogenic properties, appealing to sectors like agricultural crops and food and beverages for crop protection products and processing. As industries evolve towards sustainable practices, aromatic solvents also find uses in cleaners for cleaning pharmaceutical equipment and vehicle parts, supporting industrial and automotive OEM operations alike. With the advent of electric vehicles, autonomous vehicles, and alternative drivetrains, the demand for aromatic solvents in adhesive films, synthetic lubricants, and construction materials continues to grow, highlighting their integral role in diverse sectors driving innovation and efficiency.

Market Scope

Report Coverage

Details

Page number

188

Base year

2023

Historic period

2018-2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 3.54%

Market Growth 2024-2028

USD 1.27 billion

Market structure

Fragmented

YoY growth 2023-2024(%)

3.12

Regional analysis

APAC, North America, Europe, Middle East and Africa, and South America

Performing market contribution

APAC at 50%

Key countries

US, United Arab Emirates, China, India, and Germany

Competitive landscape

 Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

Key companies profiled

AGROFERT AS, Arham Petrochem Pvt. Ltd., BASF SE, Chevron Phillips Chemical Co. LLC, Compania Espanola de Petroleos SA, Eastman Chemical Co., Exxon Mobil Corp., HCS Group GmbH, Honeywell International Inc., Korea Petrochemical Ind. Co. Ltd., Monument Chemical, Neste Corp., ORG CHEM GROUP, Pampa Energia SA, RB Products Inc., Reliance Industries Ltd., Resolute Oil LLC, Saudi Arabian Oil Co., Shell plc, Shri Parth Petrochem, SK Innovation Co. Ltd., and Vinati Organics Ltd.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

  • CAGR of the market forecast during the forecast period
  • Detailed information on factors that will drive the growth of the market  between 2024 and 2028
  • Precise estimation of the size of the market  size and its contribution to the market in focus on the parent market
  • Accurate predictions about upcoming trends and changes in consumer behavior
  • Growth of the market industry across APAC, North America, Europe, Middle East and Africa, and South America
  • Thorough market analysis and report of the market’s competitive landscape and detailed information about companies
  • Comprehensive analysis of factors that will challenge the growth of market companies

We can help! Our analysts can customize this market research report to meet your requirements. Get in touch

1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
    • Exhibit 07: Executive Summary – Chart on Incremental Growth
    • Exhibit 08: Executive Summary – Data Table on Incremental Growth
    • Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 10: Parent market
    • Exhibit 11: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 12: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 13: Market segments
  • 3.3 Market size 2023
    • 3.4 Market outlook: Forecast for 2023-2028
      • Exhibit 14: Chart on Global - Market size and forecast 2023-2028 ($ million)
      • Exhibit 15: Data Table on Global - Market size and forecast 2023-2028 ($ million)
      • Exhibit 16: Chart on Global Market: Year-over-year growth 2023-2028 (%)
      • Exhibit 17: Data Table on Global Market: Year-over-year growth 2023-2028 (%)

    4 Historic Market Size

    • 4.1 Global aromatic solvents market 2018 - 2022
      • Exhibit 18: Historic Market Size – Data Table on global aromatic solvents market 2018 - 2022 ($ million)
    • 4.2 End-user Segment Analysis 2018 - 2022
      • Exhibit 19: Historic Market Size – End-user Segment 2018 - 2022 ($ million)
    • 4.3 Type Segment Analysis 2018 - 2022
      • Exhibit 20: Historic Market Size – Type Segment 2018 - 2022 ($ million)
    • 4.4 Geography Segment Analysis 2018 - 2022
      • Exhibit 21: Historic Market Size – Geography Segment 2018 - 2022 ($ million)
    • 4.5 Country Segment Analysis 2018 - 2022
      • Exhibit 22: Historic Market Size – Country Segment 2018 - 2022 ($ million)

    5 Five Forces Analysis

    • 5.1 Five forces summary
      • Exhibit 23: Five forces analysis - Comparison between 2023 and 2028
    • 5.2 Bargaining power of buyers
      • Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2023 and 2028
    • 5.3 Bargaining power of suppliers
      • Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2023 and 2028
    • 5.4 Threat of new entrants
      • Exhibit 26: Threat of new entrants – Impact of key factors in 2023 and 2028
    • 5.5 Threat of substitutes
      • Exhibit 27: Threat of substitutes – Impact of key factors in 2023 and 2028
    • 5.6 Threat of rivalry
      • Exhibit 28: Threat of rivalry – Impact of key factors in 2023 and 2028
    • 5.7 Market condition
      • Exhibit 29: Chart on Market condition - Five forces 2023 and 2028

    6 Market Segmentation by End-user

    • 6.1 Market segments
      • Exhibit 30: Chart on End-user - Market share 2023-2028 (%)
      • Exhibit 31: Data Table on End-user - Market share 2023-2028 (%)
    • 6.2 Comparison by End-user
      • Exhibit 32: Chart on Comparison by End-user
      • Exhibit 33: Data Table on Comparison by End-user
    • 6.3 Paints and coatings - Market size and forecast 2023-2028
      • Exhibit 34: Chart on Paints and coatings - Market size and forecast 2023-2028 ($ million)
      • Exhibit 35: Data Table on Paints and coatings - Market size and forecast 2023-2028 ($ million)
      • Exhibit 36: Chart on Paints and coatings - Year-over-year growth 2023-2028 (%)
      • Exhibit 37: Data Table on Paints and coatings - Year-over-year growth 2023-2028 (%)
    • 6.4 Automotive - Market size and forecast 2023-2028
      • Exhibit 38: Chart on Automotive - Market size and forecast 2023-2028 ($ million)
      • Exhibit 39: Data Table on Automotive - Market size and forecast 2023-2028 ($ million)
      • Exhibit 40: Chart on Automotive - Year-over-year growth 2023-2028 (%)
      • Exhibit 41: Data Table on Automotive - Year-over-year growth 2023-2028 (%)
    • 6.5 Pharmaceuticals - Market size and forecast 2023-2028
      • Exhibit 42: Chart on Pharmaceuticals - Market size and forecast 2023-2028 ($ million)
      • Exhibit 43: Data Table on Pharmaceuticals - Market size and forecast 2023-2028 ($ million)
      • Exhibit 44: Chart on Pharmaceuticals - Year-over-year growth 2023-2028 (%)
      • Exhibit 45: Data Table on Pharmaceuticals - Year-over-year growth 2023-2028 (%)
    • 6.6 Oilfield chemicals - Market size and forecast 2023-2028
      • Exhibit 46: Chart on Oilfield chemicals - Market size and forecast 2023-2028 ($ million)
      • Exhibit 47: Data Table on Oilfield chemicals - Market size and forecast 2023-2028 ($ million)
      • Exhibit 48: Chart on Oilfield chemicals - Year-over-year growth 2023-2028 (%)
      • Exhibit 49: Data Table on Oilfield chemicals - Year-over-year growth 2023-2028 (%)
    • 6.7 Others - Market size and forecast 2023-2028
      • Exhibit 50: Chart on Others - Market size and forecast 2023-2028 ($ million)
      • Exhibit 51: Data Table on Others - Market size and forecast 2023-2028 ($ million)
      • Exhibit 52: Chart on Others - Year-over-year growth 2023-2028 (%)
      • Exhibit 53: Data Table on Others - Year-over-year growth 2023-2028 (%)
    • 6.8 Market opportunity by End-user
      • Exhibit 54: Market opportunity by End-user ($ million)
      • Exhibit 55: Data Table on Market opportunity by End-user ($ million)

    7 Market Segmentation by Type

    • 7.1 Market segments
      • Exhibit 56: Chart on Type - Market share 2023-2028 (%)
      • Exhibit 57: Data Table on Type - Market share 2023-2028 (%)
    • 7.2 Comparison by Type
      • Exhibit 58: Chart on Comparison by Type
      • Exhibit 59: Data Table on Comparison by Type
    • 7.3 Toluene - Market size and forecast 2023-2028
      • Exhibit 60: Chart on Toluene - Market size and forecast 2023-2028 ($ million)
      • Exhibit 61: Data Table on Toluene - Market size and forecast 2023-2028 ($ million)
      • Exhibit 62: Chart on Toluene - Year-over-year growth 2023-2028 (%)
      • Exhibit 63: Data Table on Toluene - Year-over-year growth 2023-2028 (%)
    • 7.4 Xylene - Market size and forecast 2023-2028
      • Exhibit 64: Chart on Xylene - Market size and forecast 2023-2028 ($ million)
      • Exhibit 65: Data Table on Xylene - Market size and forecast 2023-2028 ($ million)
      • Exhibit 66: Chart on Xylene - Year-over-year growth 2023-2028 (%)
      • Exhibit 67: Data Table on Xylene - Year-over-year growth 2023-2028 (%)
    • 7.5 Ethylbenzene - Market size and forecast 2023-2028
      • Exhibit 68: Chart on Ethylbenzene - Market size and forecast 2023-2028 ($ million)
      • Exhibit 69: Data Table on Ethylbenzene - Market size and forecast 2023-2028 ($ million)
      • Exhibit 70: Chart on Ethylbenzene - Year-over-year growth 2023-2028 (%)
      • Exhibit 71: Data Table on Ethylbenzene - Year-over-year growth 2023-2028 (%)
    • 7.6 Benzene - Market size and forecast 2023-2028
      • Exhibit 72: Chart on Benzene - Market size and forecast 2023-2028 ($ million)
      • Exhibit 73: Data Table on Benzene - Market size and forecast 2023-2028 ($ million)
      • Exhibit 74: Chart on Benzene - Year-over-year growth 2023-2028 (%)
      • Exhibit 75: Data Table on Benzene - Year-over-year growth 2023-2028 (%)
    • 7.7 Others - Market size and forecast 2023-2028
      • Exhibit 76: Chart on Others - Market size and forecast 2023-2028 ($ million)
      • Exhibit 77: Data Table on Others - Market size and forecast 2023-2028 ($ million)
      • Exhibit 78: Chart on Others - Year-over-year growth 2023-2028 (%)
      • Exhibit 79: Data Table on Others - Year-over-year growth 2023-2028 (%)
    • 7.8 Market opportunity by Type
      • Exhibit 80: Market opportunity by Type ($ million)
      • Exhibit 81: Data Table on Market opportunity by Type ($ million)

    8 Customer Landscape

    • 8.1 Customer landscape overview
      • Exhibit 82: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    9 Geographic Landscape

    • 9.1 Geographic segmentation
      • Exhibit 83: Chart on Market share by geography 2023-2028 (%)
      • Exhibit 84: Data Table on Market share by geography 2023-2028 (%)
    • 9.2 Geographic comparison
      • Exhibit 85: Chart on Geographic comparison
      • Exhibit 86: Data Table on Geographic comparison
    • 9.3 APAC - Market size and forecast 2023-2028
      • Exhibit 87: Chart on APAC - Market size and forecast 2023-2028 ($ million)
      • Exhibit 88: Data Table on APAC - Market size and forecast 2023-2028 ($ million)
      • Exhibit 89: Chart on APAC - Year-over-year growth 2023-2028 (%)
      • Exhibit 90: Data Table on APAC - Year-over-year growth 2023-2028 (%)
    • 9.4 North America - Market size and forecast 2023-2028
      • Exhibit 91: Chart on North America - Market size and forecast 2023-2028 ($ million)
      • Exhibit 92: Data Table on North America - Market size and forecast 2023-2028 ($ million)
      • Exhibit 93: Chart on North America - Year-over-year growth 2023-2028 (%)
      • Exhibit 94: Data Table on North America - Year-over-year growth 2023-2028 (%)
    • 9.5 Europe - Market size and forecast 2023-2028
      • Exhibit 95: Chart on Europe - Market size and forecast 2023-2028 ($ million)
      • Exhibit 96: Data Table on Europe - Market size and forecast 2023-2028 ($ million)
      • Exhibit 97: Chart on Europe - Year-over-year growth 2023-2028 (%)
      • Exhibit 98: Data Table on Europe - Year-over-year growth 2023-2028 (%)
    • 9.6 Middle East and Africa - Market size and forecast 2023-2028
      • Exhibit 99: Chart on Middle East and Africa - Market size and forecast 2023-2028 ($ million)
      • Exhibit 100: Data Table on Middle East and Africa - Market size and forecast 2023-2028 ($ million)
      • Exhibit 101: Chart on Middle East and Africa - Year-over-year growth 2023-2028 (%)
      • Exhibit 102: Data Table on Middle East and Africa - Year-over-year growth 2023-2028 (%)
    • 9.7 South America - Market size and forecast 2023-2028
      • Exhibit 103: Chart on South America - Market size and forecast 2023-2028 ($ million)
      • Exhibit 104: Data Table on South America - Market size and forecast 2023-2028 ($ million)
      • Exhibit 105: Chart on South America - Year-over-year growth 2023-2028 (%)
      • Exhibit 106: Data Table on South America - Year-over-year growth 2023-2028 (%)
    • 9.8 China - Market size and forecast 2023-2028
      • Exhibit 107: Chart on China - Market size and forecast 2023-2028 ($ million)
      • Exhibit 108: Data Table on China - Market size and forecast 2023-2028 ($ million)
      • Exhibit 109: Chart on China - Year-over-year growth 2023-2028 (%)
      • Exhibit 110: Data Table on China - Year-over-year growth 2023-2028 (%)
    • 9.9 US - Market size and forecast 2023-2028
      • Exhibit 111: Chart on US - Market size and forecast 2023-2028 ($ million)
      • Exhibit 112: Data Table on US - Market size and forecast 2023-2028 ($ million)
      • Exhibit 113: Chart on US - Year-over-year growth 2023-2028 (%)
      • Exhibit 114: Data Table on US - Year-over-year growth 2023-2028 (%)
    • 9.10 Germany - Market size and forecast 2023-2028
      • Exhibit 115: Chart on Germany - Market size and forecast 2023-2028 ($ million)
      • Exhibit 116: Data Table on Germany - Market size and forecast 2023-2028 ($ million)
      • Exhibit 117: Chart on Germany - Year-over-year growth 2023-2028 (%)
      • Exhibit 118: Data Table on Germany - Year-over-year growth 2023-2028 (%)
    • 9.11 United Arab Emirates - Market size and forecast 2023-2028
      • Exhibit 119: Chart on United Arab Emirates - Market size and forecast 2023-2028 ($ million)
      • Exhibit 120: Data Table on United Arab Emirates - Market size and forecast 2023-2028 ($ million)
      • Exhibit 121: Chart on United Arab Emirates - Year-over-year growth 2023-2028 (%)
      • Exhibit 122: Data Table on United Arab Emirates - Year-over-year growth 2023-2028 (%)
    • 9.12 India - Market size and forecast 2023-2028
      • Exhibit 123: Chart on India - Market size and forecast 2023-2028 ($ million)
      • Exhibit 124: Data Table on India - Market size and forecast 2023-2028 ($ million)
      • Exhibit 125: Chart on India - Year-over-year growth 2023-2028 (%)
      • Exhibit 126: Data Table on India - Year-over-year growth 2023-2028 (%)
    • 9.13 Market opportunity by geography
      • Exhibit 127: Market opportunity by geography ($ million)
      • Exhibit 128: Data Tables on Market opportunity by geography ($ million)

    10 Drivers, Challenges, and Trends

    • 10.1 Market drivers
      • 10.2 Market challenges
        • 10.3 Impact of drivers and challenges
          • Exhibit 129: Impact of drivers and challenges in 2023 and 2028
        • 10.4 Market trends

          11 Vendor Landscape

          • 11.1 Overview
            • 11.2 Vendor landscape
              • Exhibit 130: Overview on Criticality of inputs and Factors of differentiation
            • 11.3 Landscape disruption
              • Exhibit 131: Overview on factors of disruption
            • 11.4 Industry risks
              • Exhibit 132: Impact of key risks on business

            12 Vendor Analysis

            • 12.1 Vendors covered
              • Exhibit 133: Vendors covered
            • 12.2 Market positioning of vendors
              • Exhibit 134: Matrix on vendor position and classification
            • 12.3 AGROFERT AS
              • Exhibit 135: AGROFERT AS - Overview
              • Exhibit 136: AGROFERT AS - Product / Service
              • Exhibit 137: AGROFERT AS - Key offerings
            • 12.4 Arham Petrochem Pvt. Ltd.
              • Exhibit 138: Arham Petrochem Pvt. Ltd. - Overview
              • Exhibit 139: Arham Petrochem Pvt. Ltd. - Product / Service
              • Exhibit 140: Arham Petrochem Pvt. Ltd. - Key offerings
            • 12.5 Chevron Phillips Chemical Co. LLC
              • Exhibit 141: Chevron Phillips Chemical Co. LLC - Overview
              • Exhibit 142: Chevron Phillips Chemical Co. LLC - Product / Service
              • Exhibit 143: Chevron Phillips Chemical Co. LLC - Key news
              • Exhibit 144: Chevron Phillips Chemical Co. LLC - Key offerings
            • 12.6 Compania Espanola de Petroleos SA
              • Exhibit 145: Compania Espanola de Petroleos SA - Overview
              • Exhibit 146: Compania Espanola de Petroleos SA - Business segments
              • Exhibit 147: Compania Espanola de Petroleos SA - Key offerings
              • Exhibit 148: Compania Espanola de Petroleos SA - Segment focus
            • 12.7 Exxon Mobil Corp.
              • Exhibit 149: Exxon Mobil Corp. - Overview
              • Exhibit 150: Exxon Mobil Corp. - Business segments
              • Exhibit 151: Exxon Mobil Corp. - Key offerings
              • Exhibit 152: Exxon Mobil Corp. - Segment focus
            • 12.8 Honeywell International Inc.
              • Exhibit 153: Honeywell International Inc. - Overview
              • Exhibit 154: Honeywell International Inc. - Business segments
              • Exhibit 155: Honeywell International Inc. - Key news
              • Exhibit 156: Honeywell International Inc. - Key offerings
              • Exhibit 157: Honeywell International Inc. - Segment focus
            • 12.9 Korea Petrochemical Ind. Co. Ltd.
              • Exhibit 158: Korea Petrochemical Ind. Co. Ltd. - Overview
              • Exhibit 159: Korea Petrochemical Ind. Co. Ltd. - Product / Service
              • Exhibit 160: Korea Petrochemical Ind. Co. Ltd. - Key offerings
            • 12.10 ORG CHEM GROUP
              • Exhibit 161: ORG CHEM GROUP - Overview
              • Exhibit 162: ORG CHEM GROUP - Product / Service
              • Exhibit 163: ORG CHEM GROUP - Key offerings
            • 12.11 Pampa Energia SA
              • Exhibit 164: Pampa Energia SA - Overview
              • Exhibit 165: Pampa Energia SA - Business segments
              • Exhibit 166: Pampa Energia SA - Key offerings
              • Exhibit 167: Pampa Energia SA - Segment focus
            • 12.12 RB Products Inc.
              • Exhibit 168: RB Products Inc. - Overview
              • Exhibit 169: RB Products Inc. - Product / Service
              • Exhibit 170: RB Products Inc. - Key offerings
            • 12.13 Reliance Industries Ltd.
              • Exhibit 171: Reliance Industries Ltd. - Overview
              • Exhibit 172: Reliance Industries Ltd. - Business segments
              • Exhibit 173: Reliance Industries Ltd. - Key news
              • Exhibit 174: Reliance Industries Ltd. - Key offerings
              • Exhibit 175: Reliance Industries Ltd. - Segment focus
            • 12.14 Saudi Arabian Oil Co.
              • Exhibit 176: Saudi Arabian Oil Co. - Overview
              • Exhibit 177: Saudi Arabian Oil Co. - Product / Service
              • Exhibit 178: Saudi Arabian Oil Co. - Key offerings
            • 12.15 Shell plc
              • Exhibit 179: Shell plc - Overview
              • Exhibit 180: Shell plc - Business segments
              • Exhibit 181: Shell plc - Key news
              • Exhibit 182: Shell plc - Key offerings
              • Exhibit 183: Shell plc - Segment focus
            • 12.16 SK Innovation Co. Ltd.
              • Exhibit 184: SK Innovation Co. Ltd. - Overview
              • Exhibit 185: SK Innovation Co. Ltd. - Business segments
              • Exhibit 186: SK Innovation Co. Ltd. - Key offerings
              • Exhibit 187: SK Innovation Co. Ltd. - Segment focus
            • 12.17 Vinati Organics Ltd.
              • Exhibit 188: Vinati Organics Ltd. - Overview
              • Exhibit 189: Vinati Organics Ltd. - Business segments
              • Exhibit 190: Vinati Organics Ltd. - Key offerings
              • Exhibit 191: Vinati Organics Ltd. - Segment focus

            13 Appendix

            • 13.1 Scope of the report
              • 13.2 Inclusions and exclusions checklist
                • Exhibit 192: Inclusions checklist
                • Exhibit 193: Exclusions checklist
              • 13.3 Currency conversion rates for US$
                • Exhibit 194: Currency conversion rates for US$
              • 13.4 Research methodology
                • Exhibit 195: Research methodology
                • Exhibit 196: Validation techniques employed for market sizing
                • Exhibit 197: Information sources
              • 13.5 List of abbreviations
                • Exhibit 198: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              INFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases

              DATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts

              REPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape

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              Key Questions Answered

              • What are the key global market and the regional market share?
              • What are the revenue-generating key market segments?
              • What are the key factors driving and challenging this market’s growth?
              • Who are the key market vendors and their growth strategies?
              • What are the latest trends influencing the growth of this market?
              • What are the variables influencing the market growth in the primary regions?
              • What are the factors influencing the growth of the parent market?

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