Aromatic Solvent Market Analysis
The class of solvent that contains an aromatic hydrocarbon such as toluene, naphtha or xylene are aromatic solvents. These are the organic chemicals that are used in various applications such as paints, adhesives, adhesive and sealant, oil & gas and others. It has properties such as excellent solvency rate, corrosion resistance, and others.
- The COVID-19 pandemic negatively affected the aromatic solvents market as it caused disturbances in the supply chain.
- The aromatic solvent market is very much dependent on the growth of the industries such as automotive, shipbuilding, construction and aircraft.
- Due to COVID-19, the demand for paints and coating decreased and therefore, the demand for solvent has also witnessed a decline.
- China is the largest producers of solvent; however, due to the COVID-19 pandemic the lack of supply of raw material was caused, which affected the production of solvent in the country.
- The cancellation of construction projects has decreased the demand for paints and coating which consequently decreased the demand for aromatic solvents.
- The automobile production facilities were closed during the initial months of 2020 in majority of the countries, which hindered the demand for aromatic solvents.
- The outbreak of COVID-19 has increased unemployment, which resulted in decrease in consumer spending. This is one of the major challenges for automobile sector.
Top Impacting Factors
The aromatic solvents are generally in the industries such as petrochemicals, paints, cleaners, dyes, and others. This is because of its application such as degreasers in aforementioned industries. The aromatic solvents are used in oil and gas industry, owing to their corrosion resistance property. The growing construction sector is expected to offer lucrative opportunities to the aromatic solvent market. In addition, automotive industries are expected to witness growth during the forecast period, which is also expected to offer opportunities to the industrial participants. However, aliphatic solvents have better solvency as compared to aromatic solvents, which is hindering the aromatic solvent market growth.
- The demand for aromatic solvents is increasing for paints and coatings application. This is attributed to growing industrialization and urbanization.
- The paint and coating industries has the biggest industry share due to its high solvency power.
- The growing automotive industry in developing economies has increased the demand for aromatic solvent.
- Aromatic solvents are basically used as corrosion inhibitor for protection of pipes at the time of fractional distillation process.
- The volatile cost of aromatic solvent is also the one of the challenging factors in market growth.
- Aromatic solvents are banned in some of the countries owing to its carcinogenic characteristics and volatile nature.
- The aromatic solvents are facing some stringent governmental and health regulations in developed countries such as the U.S., Germany, and others.
- The decreased automobile sales and increased remote working has decreased demand for
Key Benefits of the Report
- This study presents the analytical depiction of the aromatic solvent industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the aromatic solvent market share.
- The current market is quantitatively analyzed to highlight aromatic solvent market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed aromatic solvent market analysis based on competitive intensity and how the competition will take shape in coming years
Questions answered in the aromatic solvent market report
- Who are the leading market players active in the aromatic solvent market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
- What are the challenges faced in the “aromatic solvent” market?
- What are the key benefits of the "aromatic solvent” market report?
- What will be the anticipated growth rates for your own aromatic solvent market economy altogether and also for every segment inside?
Aromatic Solvent Market Report Highlights
Key Market Players
SK Global Chemical Co., Ltd., Chevron, Reliance Industries Limited, China National Petroleum Corporation, Total S.A., Sunoco, LyondellBasell Industries Holdings B.V.,, ExxonMobil Corporation, Sasol, Ineos, , Royal Dutch Shell Plc, BP, Idemitsu Kosan Co.Ltd., Chinese Petroleum Corporation., Shell, China Petroleum and Chemical Corporation, Valero, Total, ExxonMobil, BASF SE