Aromatics are hydrocarbons that consists of basically carbon and hydrogen. Aromatics are substances formed from crude oil and in small quantities from coal. The most significant aromatics are benzene, toluene, and xylenes. They are used as starting materials for wide range of consumer products. These consumer products have advantages such as durability, safety, comfort, and lightweight design. The global aromatics market is varying in both cost and demand over the last decade due to consideration of it as a byproduct.
Driving factors such as increased use in paint and coatings and rise in demand from polyester manufacturers are expected to accelerate the growth of the global aromatics market. However, rise in awareness among people for using plastic-free products and stringent government regulations are expected to hamper the growth of the global market. Moreover, use of bio-based aromatics and advancements in technologies to reduce aromatics waste are expected to provide lucrative growth opportunities for the aromatics market.
The market is segmented on the basis of type, end use, application, and region. Based on type, the global aromatics market is divided into styrene, xylene, benzene, para-xylene, and others. On the basis of end use, it is categorized into automotive, adhesive, pharmaceuticals, chemicals, and others. Based on application, the market is segregated into textile industry, plastic industry, chemical processing, and others. Region wise, the global aromatics market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the global aromatics market are Reliance Industries Limited, SABIC, LyondellBasell Industries Holdings B.V., Dow, Reliance Industries Limited, Eastman Chemical Company, Exxon Mobil Corporation, HCS Group GmbH, Honeywell International Inc, PetroChina Company Limited, Canada Colors and Chemicals Limited, and Celanese Corporation. These major companies are adopting a number of strategies such as product launch and R&D to maintain their position in the market. In an instance, LyondellBasell and Neste announce commercial scale production of bio-based aromatics from renewable materials. In 2017, Exxon Mobil Corporation completed acquisition of world’s largest aromatic plant Jurong Aromatics Corporation plant in Singapore.
Key Benefits for Aromatics Market:
- This report provides a detailed quantitative analysis of the current Aromatics Market trends and estimations which assists to identify the prevailing opportunities.
- An in-depth Aromatics Market analysis of various regions is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate region-specific plans.
- A comprehensive analysis of the factors that drive and restrain the growth of the cosmetic pigments market is provided.
- Region-wise and country-wise Aromatics Market conditions are comprehensively analyzed in this report.
- The projections in this report are made by analyzing the current trends and future market potential in terms of value.
- An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
- Key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the global Aromatics Market.
Aromatics Market Report Highlights
By END USE
Key Market Players
Reliance Industries Limited, SABIC, LyondellBasell Industries Holdings B.V., HCS Group GmbH, Honeywell International Inc, Canada Colors and Chemicals Limited, Exxon Mobil Corporation, Eastman Chemical Company, PetroChina Company Limited, Celanese Corporation, Dow