Aromatic Solvents Market by Type (Toluene Solvents, Xylene Solvents and Ethylbenzene Solvents), Application (Paints & Coatings, Printing Inks, Adhesives, Cleaning & Degreasing) and Region (APAC, North America, Europe) - Global Forecast to 2023
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 growth in the automotive and construction industries is expected to drive the demand for aromatic solvents during the forecast period. The harmful effects of aromatic solvents act as a challenge for the market growth.
The paints & coatings application is expected to lead the aromatic solvents market during the forecast period, in terms of both value and volume
By application, the paints & coatings segment is expected to lead the aromatic solvents market during the forecast period. This is due to the demand for construction chemicals in the paints & coatings application. In addition, the rapid growth in population and the growing automotive industry in the region are expected to boost the aromatic solvents market in the paints & coatings application. In addition, the growth of the automotive, OEM, machinery, and appliances markets, globally are expected to drive demand for aromatic solvents in this application during the forecast period.
Asia Pacific is projected to lead the aromatic solvents market between 2018 and 2023, in terms of both value and volume
The aromatic solvents market has been studied for North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific region is expected to lead the aromatic solvents market during the forecast period, owing to the increased manufacturing base of aromatic solvents in the economies such as China, India, and South Korea. In addition, rapid industrialization and urbanization accompanied by the rising demand for automobiles are expected to contribute to the growth of the aromatic solvents market in the region. The rapid growth in building & construction activities is also expected to drive the demand for aromatic solvents in the paints & coatings application.
Breakdown of Primaries:
Primary interviews have been conducted with a number of industry experts to obtain information related to the aromatic solvents market. The breakdown of primary interviews has been depicted below:
- By Company Type: Tier 1 - 31%, Tier 2 - 46%, and Tier 3 - 23%
- By Designation: C-Level Executives - 11%, Directors - 22%, and Others - 67%
- By Region: Asia Pacific - 56%, North America – 22%, Europe - 11%, and RoW - 11%
- China Petroleum and Chemical Corporation (China),
- Royal Dutch Shell Plc. (Netherlands)
- BASF SE (Germany)
- ExxonMobil Corporation (US)
- LyondellBasell Industries Holdings B.V. (Netherlands)
- SK Global Chemical Co., Ltd. (South Korea)
- China National Petroleum Corporation (China)
- Reliance Industries Limited (India)
- Chinese Petroleum Corporation (Taiwan)
- Total S.A. (France)
This report segments the aromatic solvents market on the basis of product type, application, and region. It provides estimations for the overall value of the aromatic solvents market and its subsegments across various regions. A detailed analysis of the key players in the aromatic solvents market has been conducted to provide insights into their businesses, products & services offered, key growth strategies adopted, and recent developments undertaken by them, such as expansions, acquisitions, and agreements.
Reasons to Buy the Report:
This report is expected to help leaders/new entrants in the aromatic solvents market in the following ways:
- Provide a better understanding of the aromatic solvents market
- Provide information on the drivers, restraints, challenges, and opportunities influencing the growth of the aromatic solvents market
- Gain insights regarding competitors and their positions in the aromatic solvents market
1.1 OBJECTIVES OF THE STUDY
1.2 MARKET DEFINITION
1.3 MARKET SCOPE
1.3.1 YEARS CONSIDERED FOR THE STUDY
1.4 CURRENCY
1.5 UNIT CONSIDERED
1.6 LIMITATIONS
1.7 STAKEHOLDERS
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
2.1.1 SECONDARY DATA
2.1.1.1 Key data from secondary sources
2.1.2 PRIMARY DATA
2.1.2.1 Key data from primary sources
2.1.2.2 Breakdown of primary interviews
2.2 MARKET SIZE ESTIMATION
2.2.1 BOTTOM-UP APPROACH
2.2.2 TOP-DOWN APPROACH
2.3 DATA TRIANGULATION
2.4 ASSUMPTIONS
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
4.1 ATTRACTIVE OPPORTUNITIES IN THE AROMATIC SOLVENTS MARKET
4.2 AROMATIC SOLVENTS MARKET, BY REGION
4.3 AROMATIC SOLVENTS MARKET OVERVIEW
4.4 AROMATIC SOLVENTS MARKET, BY TYPE
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
5.2.1 DRIVERS
5.2.1.1 High demand from the construction and automotive industries
5.2.2 RESTRAINTS
5.2.2.1 Industries shifting focus on green solvents
5.2.3 OPPORTUNITIES
5.2.3.1 Growing opportunities from the emerging economies
5.2.4 CHALLENGES
5.2.4.1 Harmful effects of aromatic solvents
5.3 PORTER’S FIVE FORCES ANALYSIS: AROMATIC SOLVENTS MARKET
5.3.1 THREAT 0F NEW ENTRANTS
5.3.2 THREAT OF SUBSTITUTES
5.3.3 BARGAINING POWER OF BUYERS
5.3.4 BARGAINING POWER OF SUPPLIERS
5.3.5 INTENSITY OF COMPETITIVE RIVALRY
5.4 MACROECONOMIC INDICATORS
5.4.1 GDP OF MAJOR ECONOMIES IN TERMS OF PPP
5.4.2 TRENDS AND FORECAST OF AUTOMOTIVE INDUSTRY AND
ITS IMPACT ON THE AROMATIC SOLVENTS MARKET
6 AROMATIC SOLVENTS MARKET, BY TYPE
6.1 INTRODUCTION
6.2 TOLUENE
6.3 XYLENE
6.3.1 PARA-XYLENE
6.3.2 MIXED XYLENE
6.4 ETHYLBENZENE
7 AROMATIC SOLVENTS MARKET, BY APPLICATION
7.1 INTRODUCTION
7.2 APPLICATIONS OF TOLUENE SOLVENTS
7.2.1 PAINTS & COATINGS
7.2.2 ADHESIVES
7.2.3 PRINTING INKS
7.2.4 OTHERS
7.3 APPLICATIONS OF XYLENE SOLVENTS
7.3.1 PAINTS & COATINGS
7.3.2 ADHESIVES
7.3.3 CLEANING & DEGREASING
7.3.4 OTHERS
7.4 APPLICATIONS OF ETHYLBENZENE SOLVENTS
7.4.1 PAINTS & COATINGS
7.4.2 CLEANING & DEGREASING
7.4.3 OTHERS
8 AROMATIC SOLVENTS MARKET, BY REGION
8.1 INTRODUCTION
8.2 APAC
8.3 EUROPE
8.4 NORTH AMERICA
8.5 MIDDLE EAST & AFRICA
8.6 SOUTH AMERICA
9 COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 MARKET RANKING ANALYSIS
9.2.1 CHINA PETROLEUM & CHEMICAL CORPORATION
9.2.2 EXXONMOBIL CORPORATION
9.2.3 SK GLOBAL CHEMICAL CO., LTD.
9.3 COMPETITIVE SITUATIONS AND TRENDS
9.3.1 EXPANSIONS
9.3.2 AGREEMENTS
9.3.3 ACQUISITIONS
10 COMPANY PROFILES
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)*
10.1 CHINA PETROLEUM & CHEMICAL CORPORATION
10.2 EXXONMOBIL CORPORATION
10.3 SK GLOBAL CHEMICAL CO., LTD.
10.4 ROYAL DUTCH SHELL PLC
10.5 BASF SE
10.6 LYONDELLBASELL INDUSTRIES HOLDINGS B.V.
10.7 CHINA NATIONAL PETROLEUM CORPORATION (CNPC)
10.8 RELIANCE INDUSTRIES LIMITED (RIL)
10.9 TOTAL S.A.
10.10 CHINESE PETROLEUM CORPORATION (CPC)
*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View might not be captured in case of unlisted companies.
10.11 OTHER MARKET PLAYERS
10.11.1 BHARAT PETROLEUM CORPORATION LIMITED
10.11.2 CHEVRON PHILLIPS CHEMICAL CO.
10.11.3 FORMOSA CHEMICALS & FIBRE CORPORATION
10.11.4 GOTHAM INDUSTRIES
10.11.5 HALTERMANN CARLESS
10.11.6 INDIAN OIL CORPORATION LIMITED
10.11.7 PON PURE CHEMICALS GROUP
10.11.8 RECOCHEM INC.
10.11.9 TOP SOLVENT CO., LTD.
10.11.10 W.M. BARR & COMPANY INC.
11 APPENDIX
11.1 INSIGHTS OF INDUSTRY EXPERTS
11.2 DISCUSSION GUIDE
11.3 INTRODUCING RT: REAL-TIME MARKET INTELLIGENCE
11.4 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
11.5 AVAILABLE CUSTOMIZATIONS
11.6 RELATED REPORTS
11.7 AUTHOR DETAILS
Table 1 TOP 10 ECONOMIES BY GDP IN PPP TERMS, 2017
Table 2 GDP OF MAJOR ECONOMIES, IN TERMS OF PPP, 2016-2023 (USD BILLION)
Table 3 AROMATIC SOLVENTS MARKET SIZE, BY TYPE, 2016–2023 (KILOTON)
Table 4 AROMATIC SOLVENTS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION)
Table 5 TOLUENE: GENERAL PROPERTIES
Table 6 TOLUENE SOLVENTS MARKET SIZE, BY REGION, 2016–2023 (KILOTON)
Table 7 TOLUENE SOLVENTS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION)
Table 8 XYLENE SOLVENTS MARKET SIZE, BY REGION, 2016–2023 (KILOTON)
Table 9 XYLENE SOLVENTS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION)
Table 10 PARA-XYLENE: GENERAL PROPERTIES
Table 11 MIXED XYLENE: GENERAL PROPERTIES
Table 12 ETHYLBENZENE: GENERAL PROPERTIES
Table 13 ETHYLBENZENE SOLVENTS MARKET SIZE, BY REGION, 2016–2023 (KILOTON)
Table 14 ETHYLBENZENE SOLVENTS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION)
Table 15 TOLUENE SOLVENTS MARKET SIZE, BY APPLICATION, 2016–2023 (KILOTON)
Table 16 TOLUENE SOLVENTS MARKET SIZE, BY APPLICATION, 2016–2023 (USD MILLION)
Table 17 TOLUENE SOLVENTS MARKET SIZE IN PAINTS & COATINGS APPLICATION, BY REGION, 2016–2023 (KILOTON)
Table 18 TOLUENE SOLVENTS MARKET SIZE IN PAINTS & COATINGS APPLICATION, BY REGION, 2016–2023 (USD MILLION)
Table 19 TOLUENE SOLVENTS MARKET SIZE IN ADHESIVES APPLICATION, BY REGION, 2016–2023 (KILOTON)
Table 20 TOLUENE SOLVENTS MARKET SIZE IN ADHESIVES APPLICATION, BY REGION, 2016–2023 (USD MILLION)
Table 21 TOLUENE SOLVENTS MARKET SIZE IN PRINTING INKS APPLICATION, BY REGION, 2016–2023 (KILOTON)
Table 22 TOLUENE SOLVENTS MARKET SIZE IN PRINTING INKS APPLICATION, BY REGION, 2016–2023 (USD MILLION)
Table 23 TOLUENE SOLVENTS MARKET SIZE IN OTHER APPLICATIONS, BY REGION, 2016–2023 (KILOTON)
Table 24 TOLUENE SOLVENTS MARKET SIZE IN OTHER APPLICATIONS, BY REGION, 2016–2023 (USD MILLION)
Table 25 XYLENE SOLVENTS MARKET SIZE, BY APPLICATION, 2016–2023 (KILOTON)
Table 26 XYLENE SOLVENTS MARKET SIZE, BY APPLICATION, 2016–2023 (USD MILLION)
Table 27 XYLENE SOLVENTS MARKET SIZE IN PAINTS & COATINGS APPLICATION, BY REGION, 2016–2023 (KILOTON)
Table 28 XYLENE SOLVENTS MARKET SIZE IN PAINTS & COATINGS APPLICATION, BY REGION, 2016–2023 (USD MILLION)
Table 29 XYLENE SOLVENTS MARKET SIZE IN ADHESIVES APPLICATION, BY REGION, 2016–2023 (KILOTON)
Table 30 XYLENE SOLVENTS MARKET SIZE IN ADHESIVES APPLICATION, BY REGION, 2016–2023 (USD MILLION)
Table 31 XYLENE SOLVENTS MARKET SIZE IN CLEANING & DEGREASING APPLICATION, BY REGION, 2016–2023 (KILOTON)
Table 32 XYLENE SOLVENTS MARKET SIZE IN CLEANING & DEGREASING APPLICATION, BY REGION, 2016–2023 (USD MILLION)
Table 33 XYLENE SOLVENTS MARKET SIZE IN OTHER APPLICATIONS, BY REGION, 2016–2023 (KILOTON)
Table 34 XYLENE SOLVENTS MARKET SIZE IN OTHER APPLICATIONS, BY REGION, 2016–2023 (USD MILLION)
Table 35 ETHYLBENZENE SOLVENTS MARKET SIZE, BY APPLICATION, 2016–2023 (KILOTON)
Table 36 ETHYLBENZENE SOLVENTS MARKET SIZE, BY APPLICATION, 2016–2023 (USD MILLION)
Table 37 ETHYLBENZENE SOLVENTS MARKET SIZE IN PAINTS & COATINGS APPLICATION, BY REGION, 2016–2023 (KILOTON)
Table 38 ETHYLBENZENE SOLVENTS MARKET SIZE IN PAINTS & COATINGS APPLICATION, BY REGION, 2016–2023 (USD MILLION)
Table 39 ETHYLBENZENE SOLVENTS MARKET SIZE IN CLEANING & DEGREASING APPLICATION, BY REGION, 2016–2023 (KILOTON)
Table 40 ETHYLBENZENE SOLVENTS MARKET SIZE IN CLEANING & DEGREASING APPLICATION, BY REGION, 2016–2023 (USD MILLION)
Table 41 ETHYLBENZENE SOLVENTS MARKET SIZE IN OTHER APPLICATIONS, BY REGION, 2016–2023 (KILOTON)
Table 42 ETHYLBENZENE SOLVENTS MARKET SIZE IN OTHER APPLICATIONS, BY REGION, 2016–2023 (USD MILLION)
Table 43 AROMATIC SOLVENTS MARKET SIZE, BY REGION, 2016–2023 (KILOTON)
Table 44 AROMATIC SOLVENTS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION)
Table 45 APAC: AROMATIC SOLVENTS MARKET SIZE, BY TYPE, 2016–2023 (KILOTON)
Table 46 APAC: AROMATIC SOLVENTS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION)
Table 47 APAC: TOLUENE SOLVENTS MARKET SIZE, BY APPLICATION, 2016–2023 (KILOTON)
Table 48 APAC: TOLUENE SOLVENTS MARKET SIZE, BY APPLICATION, 2016–2023 (USD MILLION)
Table 49 APAC: XYLENE SOLVENTS MARKET SIZE, BY APPLICATION, 2016–2023 (KILOTON)
Table 50 APAC: XYLENE SOLVENTS MARKET SIZE, BY APPLICATION, 2016–2023 (USD MILLION)
Table 51 APAC: ETHYLBENZENE SOLVENTS MARKET SIZE, BY APPLICATION, 2016–2023 (KILOTON)
Table 52 APAC: ETHYLBENZENE SOLVENTS MARKET SIZE, BY APPLICATION, 2016–2023 (USD MILLION)
Table 53 EUROPE: AROMATIC SOLVENTS MARKET SIZE, BY TYPE, 2016–2023 (KILOTON)
Table 54 EUROPE: AROMATIC SOLVENTS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION)
Table 55 EUROPE: TOLUENE SOLVENTS MARKET SIZE, BY APPLICATION, 2016–2023 (KILOTON)
Table 56 EUROPE: TOLUENE SOLVENTS MARKET SIZE, BY APPLICATION, 2016–2023 (USD MILLION)
Table 57 EUROPE: XYLENE SOLVENTS MARKET SIZE, BY APPLICATION, 2016–2023 (KILOTON)
Table 58 EUROPE: XYLENE SOLVENTS MARKET SIZE, BY APPLICATION, 2016–2023 (USD MILLION)
Table 59 EUROPE: ETHYLBENZENE SOLVENTS MARKET SIZE, BY APPLICATION, 2016–2023 (KILOTON)
Table 60 EUROPE: ETHYLBENZENE SOLVENTS MARKET SIZE, BY APPLICATION, 2016–2023 (USD MILLION)
Table 61 NORTH AMERICA: AROMATIC SOLVENTS MARKET SIZE, BY TYPE, 2016–2023 (KILOTON)
Table 62 NORTH AMERICA: AROMATIC SOLVENTS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION)
Table 63 NORTH AMERICA: TOLUENE SOLVENTS MARKET SIZE, BY APPLICATION, 2016–2023 (KILOTON)
Table 64 NORTH AMERICA: TOLUENE SOLVENTS MARKET SIZE, BY APPLICATION, 2016–2023 (USD MILLION)
Table 65 NORTH AMERICA: XYLENE SOLVENTS MARKET SIZE, BY APPLICATION, 2016–2023 (KILOTON)
Table 66 NORTH AMERICA: XYLENE SOLVENTS MARKET SIZE, BY APPLICATION, 2016–2023 (USD MILLION)
Table 67 NORTH AMERICA: ETHYLBENZENE SOLVENTS MARKET SIZE, BY APPLICATION, 2016–2023 (KILOTON)
Table 68 NORTH AMERICA: ETHYLBENENE SOLVENTS MARKET SIZE, BY APPLICATION, 2016–2023 (USD MILLION)
Table 69 MIDDLE EAST & AFRICA: AROMATIC SOLVENTS MARKET SIZE, BY TYPE, 2016–2023 (KILOTON)
Table 70 MIDDLE EAST & AFRICA: AROMATIC SOLVENTS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION)
Table 71 MIDDLE EAST & AFRICA: TOLUENE SOLVENTS MARKET SIZE, BY APPLICATION, 2016–2023 (KILOTON)
Table 72 MIDDLE EAST & AFRICA: TOLUENE SOLVENTS MARKET SIZE, BY APPLICATION, 2016–2023 (USD MILLION)
Table 73 MIDDLE EAST & AFRICA: XYLENE SOLVENTS MARKET SIZE, BY APPLICATION, 2016–2023 (KILOTON)
Table 74 MIDDLE EAST & AFRICA: XYLENE SOLVENTS MARKET SIZE, BY APPLICATION, 2016–2023 (USD MILLION)
Table 75 MIDDLE EAST & AFRICA: ETHYLBENZENE SOLVENTS MARKET SIZE, BY APPLICATION, 2016–2023 (KILOTON)
Table 76 MIDDLE EAST & AFRICA: ETHYLBENZENE SOLVENTS MARKET SIZE, BY APPLICATION, 2016–2023 (USD MILLION)
Table 77 SOUTH AMERICA: AROMATIC SOLVENTS MARKET SIZE, BY TYPE, 2016–2023 (KILOTON)
Table 78 SOUTH AMERICA: AROMATIC SOLVENTS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION)
Table 79 SOUTH AMERICA: TOLUENE SOLVENTS MARKET SIZE, BY APPLICATION, 2016–2023 (KILOTON)
Table 80 SOUTH AMERICA: TOLUENE SOLVENTS MARKET SIZE, BY APPLICATION, 2016–2023 (USD MILLION)
Table 81 SOUTH AMERICA: XYLENE SOLVENTS MARKET SIZE, BY APPLICATION, 2016–2023 (KILOTON)
Table 82 SOUTH AMERICA: XYLENE SOLVENTS MARKET SIZE, BY APPLICATION, 2016–2023 (USD MILLION)
Table 83 SOUTH AMERICA: ETHYLBENZENE SOLVENTS MARKET SIZE, BY APPLICATION, 2016–2023 (KILOTON)
Table 84 SOUTH AMERICA: ETHYLBENZENE SOLVENTS MARKET SIZE, BY APPLICATION, 2016-2023 (USD MILLION)
Table 85 EXPANSIONS, 2013–2018
Table 86 AGREEMENTS, 2013–2018
Table 87 ACQUISITIONS, 2013–2018
The report "Aromatic Solvents Market by Type (Toluene, Xylene, Ethylbenzene), Application (Paints & Coatings, Printing Inks, Adhesives, Metal Cleaning) and Region (Asia Pacific, North America, Europe, Middle East & Africa, South America) - Global Forecast to 2023" The aromatic solvents market is projected to reach USD 8.29 billion by 2023, at a CAGR of 2.66% from an estimated USD 7.27 billion in 2018. The growing demand for automobiles and increasing construction activities are projected to drive the demand for aromatic solvents across regions. Automobile and construction are major end users of paints & coatings, which in turn, are expected to drive the demand for aromatic solvents, globally.
Major companies profiled in this report 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). among others.
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.
Research Coverage:
This report segments the aromatic solvents market on the basis of product type, application, and region. It provides estimations for the overall value of the aromatic solvents market and its subsegments across various regions. A detailed analysis of the key players in the aromatic solvents market has been conducted to provide insights into their businesses, products & services offered, key growth strategies adopted, and recent developments undertaken by them, such as expansions, acquisitions, and agreements.
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). The acquisition helped the company increase hydrocarbon production to over 3.5 million tons per year, including 1.8 million tons of paraxylene, which is used as a solvent. In March 2017, the company expanded the capacity of its global hydrocarbon fluid assets by more than 250,000 tons per year at its petrochemical sites in Baytown, Texas; Antwerp, Belgium; and Jurong Island, Singapore.
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.
The xylene type segment of the aromatic solvents market is projected to register the highest CAGR during the forecast period, in terms of value
Based on type, the xylene segment of the aromatic solvents market is projected to register the highest CAGR from 2018 to 2023, in terms of value and volume. This is due to its high solvency power and increasing capacity expansion of xylene, globally. In addition, its usage in various applications such as paints & coatings, adhesives, metal cleaning, polymer manufacturing, printing inks, pharmaceuticals, and agricultural chemicals are expected to drive the market during the forecast period.
The printing inks application segment of the aromatic solvents market is projected to register the highest CAGR during the forecast period, in terms of value
Based on application, the printing inks segment is projected to register the highest CAGR between 2018 and 2023, in terms of value. The rapid expansion of the printing markets in countries, including India and the strong demand from key end users such as package printing, newsprint, and publishing are driving the demand for printing inks, which in turn, is expected to drive the demand for aromatic solvents. In addition, the increasing investments by major printing ink manufacturers in the Middle East region are projected to drive the market during the forecast period.
Asia Pacific aromatic solvents market is projected to register the highest CAGR during the forecast period, in terms of value
The aromatic solvents market has been studied for North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific region is estimated to account for the largest share of the aromatic solvents market and is also projected to register the highest CAGR during the forecast period, in terms of value. The growth of the aromatic solvents market in the region is attributed to the increasing industrialization and rising demand for aromatic solvents from the end-use industries. In addition, the availability of cheaper raw materials in the region and the absence of stringent regulations regarding the use of aromatic solvents is expected to drive the market.
