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Aromatics Market Size to Reach USD 323.88 Billion by 2027 | Rising Demand for Aromatics Across the Textiles, Pharmaceuticals And Paints & Coatings Industries will be the Major Factor Driving the Industry Growth, says Reports and Data

Aromatics Market Size – USD 197.27 Billion in 2018, Aromatics Market Growth - CAGR of 5.6%, Aromatics Industry Trends – Burgeoning demand across the paints & coatings industry

/EIN News/ -- New York, Jan. 25, 2021 (GLOBE NEWSWIRE) -- The global aromatics market is expected to be valued at around USD 323.88 Billion by 2027, registering a 5.6% CAGR through the estimated period. Aromatics are substances mainly derived from crude oil and coal products. The most widely used aromatics include benzene, xylene, and toluene. These substances find extensive usage in a wide range of consumer products, owing to their enhanced durability, improved safety, anti-corrosion properties, lightweight design, and comfort.
Revenue generated form the global aromatics market is expected to increase at a substantial pace over the next few years due to various market growth-influencing factors. The consistently growing demand for aromatics across various end-use industries, including oil & gas, paints & coatings, petrochemical, textiles, food & beverage, and pharmaceuticals, is one of the most crucial parameters leading to the growth of the global aromatics market. The surging demand for aromatic solvents, such as toluene and benzene, for the manufacture of paints, adhesives, varnishes, thinners, additives, and chemical intermediates, is a key factor boosting the global market growth.
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Furthermore, the escalating demand for bio-based aromatics and increasing advancements in aromatic solvents are the other essential factors behind the growth of this market. Fast-paced industrialization, augmenting use of aromatic solvents in building and construction materials and adhesives, increasing construction activities worldwide, and growing demand for benzene in the polyester industry have further fueled the global market growth.

Key findings of the report:

  • Among the product types, the toluene segment dominates the global aromatics market in terms of market share. Increasing application in paint & coatings is a pivotal driver for the growth of this segment.
  • Based on application, the aromatic solvents segment is the leading market segment. These solvents, including toluene, xylene, benzene, ethylbenzene, and mixed xylenes (BTEX), have a wide range of industrial applications. They are extensively used in paints, adhesives, varnishes, and chemical intermediates, and they also act as corrosion inhibitors in the oil & gas industry. These solvents are manufactured through the distillation of crude petroleum stock. Furthermore, among the end-use industries, the paints & coatings industry dominates the global aromatics market are also propelling market growth.
  • The Asia Pacific region is the largest market for aromatics in the global aromatics market.  The region is a major producer of styrene, gasoline, phenol, and PET. Moreover, the expanding paints & coatings, food & beverage, textiles, and pharmaceuticals industries in the region have propelled the growth of the market across this region.
  • The most renowned companies operating in the global aromatics market include Exxon Mobile Corporation, Honeywell International Inc., SABIC, Shell Chemicals, The Dow Chemical Company, Reliance Industries Limited, BP PLC, Canada Colors and Chemicals Limited, LyondellBasell, and HCS Group GmbH, among others.
  • In June 2020, BP Plc, the British oil & gas major, sold its global aromatics and acetyls business to INEOS, a globally leading chemical manufacturer, for a significant sum of USD 5 billion. With the latest deal, INEOS plans to reintegrate its existing Hull site and build on its global footprint.
  • In February 2020, Lasa Supergenerics Limited, the leading India-based veterinary API manufacturer, acquired the Mumbai-based Harishree Aromatics and Chemicals Private Limited to improve the quality of its offerings and expand its product portfolio.

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For the purpose of this report, global aromatics market has been segmented on the basis of product type, application, end-use industry, and region:

By Product Type (Revenue, USD Billion; Volume, Kilo Tons; 2017-2027)

  • Benzene
  • P-Xylene
  • Toluene
  • Toluene Diisocyanate
  • Methylenediphenyl Diisocyanate
  • Cumene/Phenol

By Application (Revenue, USD Billion; Volume, Kilo Tons; 2017-2027)

  • Solvents
  • Additives

By End-Use Industry (Revenue, USD Billion; Volume, Kilo Tons; 2017-2027)

  • Paints & Coatings
  • Textiles
  • Food & Beverage
  • Chemical
  • Pharmaceuticals
  • Oil & gas
  • Petrochemical
  • Adhesives

Click on the link to read key highlights of the report and look at projected trends for years to come:   https://www.reportsanddata.com/report-detail/aromatics-market

Regional Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2017-2027)

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • France
    • Germany
    • Spain
  • Asia Pacific
    • Japan
    • China
    • India
  • Latin America
    • Brazil
  • Middle East & Africa

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