New York, United States , Feb. 28, 2023 (GLOBE NEWSWIRE) -- The Global Aromatic Solvents Market Size to grow from USD 5.00 billion in 2021 to USD 6.75 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 3.4% during the forecast period. In developing nations like India and China, the market for aromatic solvents has experienced tremendous expansion, mostly as a result of an increase in building activity and the demand for vehicles. Additionally, the world's growing urbanization and industrialization have significantly driven Aromatic Solvents market expansion. 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.
Global Economy: Recession Risk Rising Analysis and Russia-Ukraine Conflict War Impact we have added in the final premium report.
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Some of the Key Developments:
In January 2021- Neos Group Ltd., a UK-based manufacturer of chemicals, paid BP plc USD 5 billion to purchase its global Aromatics & Acetyls division. This purchase will strengthen Ineos's position in the worldwide market, advance its petrochemical business, and broaden its reach internationally.
In February 2020- Harishree Aromatics was purchased by Lasa Supergenerics Limited, a producer of Active Pharmaceutical Ingredients (API). The company's market share, product and service diversification, and assets will all rise as a result of this transaction.
COVID-19 IMPACT & ANALYSIS
On credit portfolios, the COVID-19 epidemic has had a negative effect. The enormous growth has hampered the solvency of customers and business in unemployment and interruption of economic activity. Central banks have adopted a proactive strategy of injecting money into the market by decreasing interest rates and implementing asset purchase programmes. With persistent geopolitical tensions, global trade battles, and sporadic hurricanes and earthquakes, managing and monitoring credit, market, liquidity, and operational risk across financial markets was challenging enough. Chief risk officers and their teams have had to re-evaluate outdated methods and assumptions used to manage and monitor risk due to the present pandemic crisis. The global repercussions of COVID-19 have demonstrated the significance of interconnection in international cooperation. As a result, many governments have been hurrying to find, assess, and buy trustworthy AI-powered solutions.
Browse 50 market data Tables and 60 Figures spread through 255 Pages and in-depth TOC on the "Global Aromatic Solvents Market Size, Share, and COVID-19 Impact Analysis, By Type (Benzene, Toluene, Xylene and Others), By Application (Pharmaceuticals, Oilfield Chemicals, Automotive, Paints & Coatings and Others) and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030".
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The Toluene segment to account for the largest market size during the forecast period.
Based on the Type, the Aromatic Solvents Market is categorized into Benzene, Toluene, Xylene and Others. The Toluene segment to account for the largest market size during the forecast period. Throughout the forecast period, the Toluene segment is anticipated to maintain its leading position because of a number of causes, including as Due to their rapid evaporation, toluene-based aromatic solvents are frequently utilized in adhesive applications and improve the viscosity of an adhesive layer. The creation of paint thinners for cosmetics, correction fluids, inks, and other products using toluene will also increase the market income for aromatic solvents in the upcoming years.
The Paints & Coatings segment to hold a higher CAGR during the forecast period.
Based on the application, the Aromatic Solvents Market is categorized Pharmaceuticals, Oilfield Chemicals, Automotive, Paints & Coatings and Others. The Paints & Coatings segment to hold a higher CAGR during the forecast period. Throughout the forecast period, the Paints & Coatings segment is anticipated to maintain its leading position while expanding at the fastest CAGR due to as in many end-user industries, such as paints and coatings, aromatic solvents are primarily used as diluents and thinners. In the near future, there will likely be a significant increase in demand for paints and coatings due to the expanding worldwide building industry.
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Asia Pacific to hold a higher CAGR during the forecast period.
The Global Aromatic Solvents Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. North America is estimated to account for the highest market share in 2022. The demand for Aromatic Solvents is being driven by the rising acceptance by the market. The market for Aromatic Solvents was dominated by the North America region this is explained by the increase in amine demand in the painting and coating sectors. The resurgence of the American construction sector is anticipated to result in significant market revenue increases. Additionally, it is projected that the presence of significant construction in the area would increase demand for aromatic solvents. The Middle East held a market share of over 6.47% in 2022 and is projected to exhibit similar trends throughout the assessment period. The presence of huge petrochemical complexes and increasing demand for paints & coatings in the region are major factors driving the demand for aromatic solvents in the Middle East.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Aromatic Solvents Market include China Petroleum & Chemical Corportaion, Exxonmobil, Total, BASF, Shell, Chevron Phillips Chemical, Formosa Chemicals & Fibre Corporation, Lyondellbasell Industries Holdings, China National Petroleum Corporation (CNPC), Reliance Industries, Chinese Petroleum Corporation (CPC), Bharat Petroleum Corporation, Gotham Industries, Haltermann Carless, Indian Oil Corporation, Pon Pure Chemicals Group, Recochem, and W.M. Barr & Company. Some of the prominent players in the aromatic solvent industry are Exxon Mobil Corporation, Royal Dutch Shell plc, UOP LLC, and Eastman Chemical Company. Other notable players include Lyondellbasell Industries N.V., BASF SE, and Chevron Phillips Chemical Company LLC.
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