The Growth of The Market For Aromatic Solvents In The United States Is Projected To Expand At A CAGR Of Around 3.2% During 2022 – 2032.
Rockville, Nov. 11, 2022 (GLOBE NEWSWIRE) — 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.
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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.
Which country accounts for most of the aromatic solvent market revenue?
Projections anticipate the utilization of aromatic solvents in United States driving growth to approximately US$ 2.2 Bn by 2032. A billion is expected to be added to the absolute value of this market. The main driver of growth is the increment in demand for aromatic solvents across the board in the oil and natural gas industry, primarily because of the side effect of the shale gas boom.
The cost of corrosion in oil and gas exploration and production can reach nearly $1.4 billion annually, according to a corrosion research by the US Department of Commerce’s National Technical Information Service. This is further accelerating the need for heavy aromatic solvents over the projected period.
The Energy Information Administration of the U.S. Energy Information Agency anticipates that by 2024, valued U.S natural gas output would exceed 35 trillion cubic feet, up from a little over 20 trillion cubic feet in 2010. The market of aromatic solvents in the chemical industry section of the oil fields will subsequently experience a rise in revenue in response to a growth in natural gas production.
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Benzene is identified as potentially the fastest growing solvent type within the Aromatic Solvent industry
Benzene is a popular industrial chemical that’s finding a growing number of uses for the past few decades. It is also used to create polymers, synthetic fibers, synthetic lubricants, dyes, resins, detergents, pharmaceuticals, and many other products. Benzene is frequently used as a solvent in a wide variety of industries, commercial, and academic contexts.
Products containing benzene are utilized by industrial producers as solvents during production. It’s employed in the production of resins and plastic goods, such as nylon and polystyrene. It is also used as the basis for the manufacture of asphalt, which roofing and tiling businesses use.
Many manufacturers incorporate benzene because of its high octane rating and accessibility. Some people include it to gasoline to boost fuel efficiency.
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.
Key Companies Covered
- China Petroleum & Chemical Corporation
- Exxonmobil Corporation
- SK Global Chemical Co., Ltd
- Cargill Inc
- Royal Dutch Shell PLC
- BASF SE
- Chevron Phillips Chemical
- Reliance Industries
- Pon Pure Chemicals Group
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Segmentation of Aromatic Solvents Industry Research
- By Type :
- By Application :
- Paints & Coatings
- Printing Inks
- Cleaning & Degreasing
- By Region :
- North America
- Latin America
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).
Check out more related studies published by Fact.MR Research:
Ketone Based Solvents Market: The market for ketone based solvent witnessed massive slowdown in its progress as a result of the spread of Covid-19 pandemic across the globe. The level of demand declined to the extreme level due to lockdown creating hurdles for the key players operating in this market.
Hydrophobic Solvents Market: Hydrophobic solvents are used in different industries, such as construction, wastewater treatment, petrochemical, chemical solutions, paints, coatings, etc. The hydrophobic solvents are used in the coating to avoid corrosion of structures and metals.
Aliphatic Solvents Market: The global aliphatic solvents market is poised to reach US$ 3 billion by 2031, expanding at a steady CAGR of 5% over the decade. Extensive deployment is expected across the paints & coatings industry, attributed to increasing number of residential and non-residential infrastructure projects around the world.
Hydrocarbon Solvents Market: As per the hydrocarbon solvents industry analysis by Fact.MR, the global market is projected to reach US$ 9.3 Bn by 2031-end, expanding 1.5X at a CAGR of around 4%. Demand for use in cleaning and degreasing applications surged year-on-year at 7% in FY2020-FY2021.
Aprotic Solvents Market: The global aprotic solvents market is projected to increase from a valuation of US$ 18.15 billion in 2021 to US$ 28.18 billion by 2032, expanding at a CAGR of 4.2%. Aprotic solvent usage in the oil & gas industry is likely to increase at 4.5% CAGR owing to rising demand for fossil fuels and petrochemical products.
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