The aromatic
solvents market is projected to grow from USD 7.27 billion in 2018 to USD 8.29 billion by 2023, at a CAGR of
2.66% during the forecast period. The major
driver for the market is the growth in the automotive and construction industries.
The growth in the construction and automotive industries in most of the
developing regions due to the increasing urban population have triggered the demand
for paints & coatings in the construction and automotive industries. This acts
as a driver for the aromatic solvents market.
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Based on product type, the aromatic solvents market has been
segmented into toluene solvents, xylene solvents, and ethylbenzene solvents. Xylene solvent is projected to register
the highest CAGR between 2018 and 2023, in terms of value of volume. The capacity expansion of xylene, globally and its
increasing demand in the paints & coatings application fuels the market growth.
Based on application, the aromatic solvents market has been
segmented into paints & coatings, pharmaceuticals, polymer manufacturing, adhesives,
printing inks, cleaning & degreasing, personal care, agricultural
chemicals, and others. The other applications include textile printing/dying,
intermediate manufacturing, jet fuel anti-icing additive, leather dyes, floor
polishes/strippers, and electronics.
The growing demand for printing
inks in as the package printing, newsprint, publishing, and other commercial
printing applications drives the demand for aromatic solvents. In addition, the
increasing investments by the major manufacturers of printing inks in the
Middle East & Africa and Asia Pacific (APAC) are estimated to drive the demand for aromatic solvents in the
printing inks application.
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The Asia Pacific region is projected to lead the aromatic solvents
market during the forecast period. The increasing demand for automobiles and
the growth of the building &
construction industry in the region is estimated to boost the aromatic solvents
market. Globally, the Indian aromatic solvents market is projected to register
the highest CAGR during the forecast period, in terms of both value and volume.
Factors such as the rising middle-class income, increasing younger population,
and growing demand for automobiles are driving the aromatic solvents market in India.
The key players in the aromatic solvents market include China Petroleum and Chemical
Corporation (China), Royal Dutch Shell Plc (Netherlands), ExxonMobil
Corporation (US), LyondellBasell Industries Holdings B.V. (Netherlands), BASF
SE (Germany), SK Global Chemical Co., Ltd. (South Korea), China National
Petroleum Corporation (China), Reliance Industries Limited (India), Chinese
Petroleum Corporation (Taiwan), and Total S.A. (France). These players have
adopted various growth strategies such as expansions, acquisitions, and agreements,
to strengthen their presence and increase their shares in the aromatic solvents
market.
ExxonMobil Corporation is one of the leading manufacturers of aromatic
solvents. The company has been focusing on the expansion and acquisition strategies to maintain its
leading position in the market. For example, in August 2017, the
company acquired one of the world’s largest aromatics facilities on Jurong
Island in Singapore, owned by Jurong Aromatics Corporation (Singapore).
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Royal Dutch Shell Plc. is another major player in the aromatic solvents market. The company has been focusing on the expansions strategy to maintain
its leading position in the market. For example, in March 2017, the company
opened the Shell Technology Centre, a new
technology hub in Bangalore, India, thereby, expanding its R&D activities
in Asia. It is a 52-acre, custom-built technology center, which can house up to
1,500 experts working collaboratively on innovative projects, worldwide. It is
one of the three main technology hubs of the company, with the other two
located in the Netherlands and the US.
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