Enjoy complimentary customisation on priority with our Enterprise License!
The aromatic solvents market share is expected to increase by USD 954.97 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 2.92%.
This aromatic solvents market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers aromatic solvents market segmentations by end-user (paints and coatings, automotive, pharmaceuticals, oilfield chemicals, and others), type (toluene, xylene, ethylbenzene, benzene, and others), and geography (APAC, North America, Europe, MEA, and South America). The aromatic solvents market report also offers information on several market vendors, including Chevron Phillips Chemical Co. LLC, Dongsung Corp., Exxon Mobil Corp., Hanwha Total Petrochemical Co. Ltd., Jiangsu Hualun Chemical Co. Ltd., Korea Petrochemical Ind. Co. Ltd., Pampa Energia SA, Reliance Industries Ltd., Royal Dutch Shell Plc, and SK global chemical Co. Ltd. among others.
Download the Free Report Sample to Unlock the Aromatic Solvents Market Size for the Forecast Period and Other Important Statistics
Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The demand and exports from APAC is notably driving the aromatic solvents market growth, although factors such as fluctuation in crude oil price may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the aromatic solvents market industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Aromatic Solvents Market Driver
One of the key factors driving the aromatic solvents market growth is the demand and exports from APAC. APAC held the largest share in the global aromatic solvents market both in terms of volume and revenue. This can be attributed to the demand and the exports made by this region. The production capacities of APAC, especially for benzene and its derivatives, are increasing. Therefore, the status of APAC in terms of export of benzene is increasing. In APAC, South Korea is the major exporter of benzene and its derivatives globally. China is the leading producer and consumer of chemicals globally. It is expected that the Chinese downstream market will overtake the US Gulf Coast as the key buyer of benzene. The cheap feedstock value is also an advantage for the aromatic solvents market in APAC. For instance, the production of benzene has been stronger for the last two years on cheaper feedstock naphtha. In APAC, the margins have been good for benzene and co-product PX, and therefore the producers are expected to continue to run less cost-effective secondary units, such as toluene disproportionation (TDP) units.
Key Aromatic Solvents Market Trend
Expansion in Para-Xylene (PX) production capacities in China is the major trend influencing aromatic solvents market growth. China is experiencing a major demand for aromatic solvents, such as benzene, toluene, and xylene. The demand for PX is expected to grow significantly in the country, primarily owing to the increase in demand from polyester producers. The polyester industry is witnessing significant growth in the country as the industry is expanding from manufacturing garments and textiles to PET fibers and polymers. The addition of this capacity will reduce the supply deficit of aromatics in China. PX is mainly used in manufacturing synthetic textile fibers and bottles. China imports around 60% of its need for PX for polyester demand, mainly from South Korea and Japan. Therefore, with the capacity addition of PX in China, the market growth for aromatic solvents is expected to propel significantly during the forecast period.
Key Aromatic Solvents Market Challenge
Fluctuation in crude oil price is one of the key challenges hindering the aromatic solvents market growth. The price of crude oil has always affected the chemicals and solvents markets because crude oil is a major source of many chemicals and solvents, in this case, aromatic solvents. During 2012-2014, the US produced substantial amounts of shale oil, which increased the global crude oil supply and reduced US crude oil imports. Owing to the oversupply of crude oil, global crude oil prices started falling in 2014. They fell by 47.91% during 2014-2015. According to the IEA, the volume-weighted average crude oil import cost for Germany, France, Spain, Italy, Japan, the UK, the US, and Canada in 2012 was $107.78 per barrel. This average crude oil import cost fell to $40.43 per barrel in 2016 and then rose to $66.16 per barrel in 2018. The decline in crude oil prices forced the chemicals and solvent industries to sell their finished products at lower prices. Therefore, the fluctuations in crude oil prices are expected to impede the growth of the market in focus during the forecast period.
This aromatic solvents market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global aromatic solvents market as a part of the global specialty chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the aromatic solvents market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the aromatic solvents market encompasses successful business strategies deployed by the key vendors. The aromatic solvents market is fragmented and the vendors are deploying growth strategies such as creating new business agreements to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The aromatic solvents market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the aromatic solvents market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The report has further elucidated on other innovative approaches being followed by vendors to ensure a sustainable market presence.
For more insights on the market share of various regions Request for a FREE sample now!
50% of the market's growth will originate from APAC during the forecast period. China and India are the key markets for aromatic solvents in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The aromatic solvents market is expected to grow significantly in the region during the forecast period, primarily owing to the growing pharmaceutical industry. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 in the region hampered the growth of the regional aromatic solvents market in 2020. The healthcare system of several countries, such as China, India, Nepal, Pakistan, South Korea, Malaysia, Sri Lanka, and the Philippines, faced tremendous pressure due to the COVID-19 pandemic. The pandemic negatively impacted several industries in the region, as investments in various industries other than healthcare declined drastically. However, aromatic solvent manufacturing activities are expected to resume to the pre-COVID-19 levels by the end of 2021, as proper preventive measures are being taken to protect employees working onsite. This will mitigate the threat of COVID-19 to a large extent and aid in the resumption of manufacturing activities, thereby driving the production and subsequent sales of aromatic solvents in the region during the rest of the forecast period.
To gain further insights on the market contribution of various segments Request for a FREE sample
The aromatic solvents market share growth by the paints and coatings will be significant during the forecast period. The extensive use of aromatic solvents in the paints and coatings industry is one of the drivers of market growth.
Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the aromatic solvents market size and actionable market insights on post COVID-19 impact on each segment.
Aromatic Solvents Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2.92% |
Market growth 2021-2025 |
$ 954.97 million |
Market structure |
Fragmented |
YoY growth (%) |
2.45 |
Regional analysis |
APAC, North America, Europe, MEA, and South America |
Performing market contribution |
APAC at 50% |
Key consumer countries |
China, US, Germany, UAE, and India |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Chevron Phillips Chemical Co. LLC, Dongsung Corp., Exxon Mobil Corp., Hanwha Total Petrochemical Co. Ltd., Jiangsu Hualun Chemical Co. Ltd., Korea Petrochemical Ind. Co. Ltd., Pampa Energia SA, Reliance Industries Ltd., Royal Dutch Shell Plc, and SK global chemical Co. 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, Market condition analysis for 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. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Market Segmentation by Type
7 Customer landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.