According to a new industry report published by Credence Research “Aromatic Solvents industry – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2021,” the aromatic solvents industry was valued is expected to reach over US$ 6.50 Bn by 2022, expanding at a CAGR of more than 4.0% from 2016 to 2022.
Browse the full Aromatic Solvents industry – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2021 report at http://www.credenceresearch.com/report/aromatic-solvents-market
Solvent is a substance which is dissolved in any other solute which can be solid, gas or liquid. Solvent is usually a liquid but can also be a solid or gas. Solvents are generally used to dissolve, carry or suspend particles for forming solution. Aromatic solvents are organic chemicals which are made from fractional distillation of petroleum. In addition, they are also produced through other methods such as steam cracking, catalytic refining and coal carbonization among others. Among these, catalytic refining and steam cracking methods are preferably used on a large scale in the oil & gas industry.aromatic-solvents-industry
Based on products, aromatic solvents are segmented into toluene, xylene, benzene and others. Toluene accounted for the major share of global aromatic solvents industry and is expected to retain its position in the near future. It is also accounted to be the fastest growing product segment. Toluene is expected to experience high demand in the industry as it is widely used in the paints & coatings industry. It also has application in the adhesive and sealants industry. Therefore, high demand from the paints & coatings and adhesive & sealants industry is anticipated to boost growth of global aromatic solvents industry. Other products such as xylene and solvent naphtha are used in various end-user industries thereby creating high demand for aromatic solvents in the industry. Benzene is anticipated to experience steady demand in the industry due to health hazards and its toxic nature. However, rising developments to manufacture light aromatic solvents is expected to reduce the risk of health issues thereby boosting industry demand for aromatic solvents.
Paints & coatings accounted as the largest application segment of global aromatic solvents in 2016. Growing number of building & construction activities in developing economy such as Asia Pacific has created high demand for paints & coatings in the industry. Therefore, paints & coatings industry is expected to experience high demand in the industry. Toluene is a aromatic solvent which is used on a large scale in the paints & coatings industry. Hence, growing demand for toluene from the paints & coatings industry is expected to fuel growth of global aromatic solvents industry. Pharmaceuticals followed paints & coatings industry in terms of growth of aromatic solvents in the industry. Aromatic solvents are used during the manufacturing process of pharmaceuticals. Growing demand from the pharmaceutical industry is also anticipated to boost industry demand for aromatic solvents in the near future. Aromatic solvents are also used for various other applications in a number of end-user industries. Rising demand for aromatic solvents from various end-user industries is also projected to contribute to the growth of global aromatic solvents in the industry during the forecast period from 2016 to 2022.
Paints & Coatings for automotives
Manufacture of pharmaceutical products
Adhesive & sealants
Opportunities from increasing research activities for light aromatic solvents which will reduce potential hazards
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