The Aromatic Solvents Market revenues were estimated at US$ 5.7 Bn in 2021 and is anticipated to grow at a CAGR of 3.4% from 2022-2032, according to a recently published Fact.MR report. By the end of 2032, the market is expected to reach a valuation of US$ 8.2 Bn.
The key factors which are propelling the Aromatic Solvent demand are the increase in the usage of aromatic solvents in various industries such as agrochemicals, paints & coatings, automotive, and pharmaceuticals.
The agricultural sector has considerable challenges due to an expanding worldwide population, an increase in the need for food, feed, and crops, as well as climate change-related floods and droughts. Agrochemicals and cutting-edge techniques are used nowadays in modern agriculture to increase crop quality and yield. The use of aromatic solvents is therefore supported by new, innovative crop protection products that are practical, cost-effective, and environmentally friendly in addition to being user and customer safe and easy to apply. Due to the rise in the industry, the growth in aromatic solvent consumption is projected.
The key type for aromatic solvents includes Benzene aromatic solvents where the rise is seen due to the increase in the market for variety of industrial, commercial, and various different fields. The usage of benzene is also done for making polymers, synthetic fibers, rubber lubricants, dyes, resins, detergents, pharmaceuticals, and other things which is rising the usage of benzene for the Aromatic Solvents Market.
Products containing benzene are utilized by manufacturers as solvents during different phases of production, and it is used in the creation of chemical and plastic products. Examples include resins, and artificial goods like nylon and polystyrene, among others. Additionally, benzene is utilized to make the asphalt that roofing and tiling businesses use.
Players in the market are constantly developing improved analytical solutions as well as extending their product offerings. The companies in the aromatic solvents market are focused on alliances, technology collaborations, and product launch strategies. The Tier 2 Players in the market are targeting to increase their aromatic solvents market share.
· In November 2019, a division of Flotek Industries called Florida Chemical Company (FCC) announced that it has been purchased by Archer Daniels Midland Company. The business manufactures D-Limonene, a degreaser and biodegradable solvent derived from orange peel.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Aromatic Solvents Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Aromatic Solvents Market in terms of Type (Benzene, Toluene, Xylene, and Other Types), By Application (Paints & Coatings, Printing Inks, Adhesives, Cleaning & Degreasing) and by Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).