Latest News- Aromatic Solvents Market: Paints and coatings is expected to lead the End-user segment during 2024-2028

The Aromatic Solvents Market is being driven by Rise in building and construction activities

The Aromatic Solvents Market is expected to grow at a CAGR of 3.54% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1271.13 million. The global aromatic solvents market experiences steady growth due to the increasing demand for high-performing and efficient solvents in various industries. Aromatic solvents are essential in sectors such as paints and coatings, adhesives, pharmaceuticals, and chemical manufacturing, where superior solvency power, faster drying times, and enhanced compatibility with other chemicals are crucial. Manufacturers prioritize the development of aromatic solvents that meet stringent industry requirements and offer superior performance characteristics. In the paints and coatings industry, these solvents contribute significantly to the production of high-performance architectural and industrial coatings, delivering excellent adhesion, durability, and weather resistance. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Paints and coatings
  • Automotive
  • Pharmaceuticals
  • Oilfield chemicals
  • Others
• Type
  • Toluene
  • Xylene
  • Ethylbenzene
  • Benzene
  • Others
• Geography
  • APAC
    • China
    • India
  • North America
    • US
  • Europe
    • Germany
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rise in building and construction activities
• Technological advancements in recovery and recycling processes of solvents
• Rising use of aromatic solvents in specialty chemicals

However, the market also witnesses some limitations, which are as follows:

• Fluctuation in crude oil price
• Increasing regulatory scrutiny and stringent environmental regulations related to aromatic solvents
• Health hazards of aromatic solvents in end-user industries

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Market Scope in Aromatic Solvents Market Research Report

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Research Analysis Overview

The Aromatic Solvents Market encompasses organic chemicals derived from aromatic hydrocarbons, including Ethane, Toluene, Xylene, and Naphtha. These solvents are used as solid materials in homogeneous solutions, primarily in the oil refining industry for crude petroleum processing. Aromatic solvents serve as diluents in various sectors such as paints & coatings, cleaning & degreasing, and the automotive industry. They are also utilized in petrochemicals, nail polish removers, cleaners, automotive OEM, machinery, building & construction activities, and various industries like automobiles, varnishes, electric vehicles, autonomous vehicles, alternative drivetrains, construction sector, adhesive films, cosmetics industry, and correction fluids. Mixed xylenes and ethylbenzene are significant components of this market. Organic liquids like toluene, xylene, and naphtha are essential hydrocarbons in this market.

Market Research Overview

The aromatic solvents market is a significant segment of the global specialty chemicals industry. This market encompasses organic chemicals derived from aromatic hydrocarbons such as ethane, toluene, xylene, and naphtha. These solvents are utilized in various industries, including oil refining, as solid materials or homogeneous solutions. The global specialty chemicals market, which includes companies producing high-value-added chemicals for manufacturing a diverse range of products like fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings, is projected to expand due to the increasing demand for specialty adhesives and sealants. The growth in this sector is driven by the oil refining industry, which relies heavily on crude petroleum stocks as a raw material source.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/