Aromatic Solvents Market Size To Reach $7.26 Billion By 2030

Aromatic Solvents Market Growth & Trends

The global aromatic solvents market size is anticipated to reach USD 7.26 billion by 2030, growing at a CAGR of 4.8% during the forecast period, according to a new report by Grand View Research, Inc. The market is experiencing significant growth due to increasing demand from various end-use sectors, such as automotive, printing inks, adhesives, and pharmaceuticals. Moreover, using aromatic solvents in applications such as furniture varnishing and cosmetics indicates a growing trend toward expanding their usage beyond traditional industries.

Aromatic solvents are a type of organic solvent that is derived from petroleum. They are commonly used in various industrial applications, such as paint, varnish, and adhesive production, as well as in the pharmaceutical and chemical industries. The rising trend of using eco-friendly and bio-based solvents is also driving the growth of the market for aromatic solvents. As a result, manufacturers are focusing on developing new and innovative products that are more sustainable and environmentally friendly.

The toluene solvent dominated the product segment in 2023 with a market share of 50.91%. This growth can be attributed to toluene’s versatility in applications, such as paints, coatings, and adhesives. Toluene is a relatively inexpensive option compared to other aromatic solvents, which could make it an attractive choice for manufacturers looking to reduce costs.

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Aromatic Solvents Market Report Highlights

• Based on product, the toluene solvents segment held the largest revenue share of 50.9% in 2023. Toluene's favorable properties, such as its ability to dissolve various substances and low volatility, make it a preferred option for versatile applications.

• Based on application, the paints and coatings segment held the largest revenue share of 50.0% in 2023. The paints and coatings industry is growing due to the rising product demand in the automotive and construction industries, high automotive production, and increasing construction projects globally. This has resulted in the rising application of aromatic solvents.

• Asia Pacific emerged as the largest regional market with a share of 42.50% in 2023. It is anticipated to grow at a high CAGR of 6.0% from 2024 to 2030. This is due to the presence of emerging economies like India, China, and others, as well as the increasing use of these solvents in this region's construction and automotive industries.

• In January 2021, Ineos Group Ltd. announced the acquisition of BP plc's global Aromatics & Acetyls division for USD 5 billion. The acquisition will strengthen Ineos's global position, advance its petrochemical business, and expand its international reach

Aromatic Solvents Market Segmentation

Grand View Research has segmented the global aromatic solvents market based on product, application, and region:

Aromatic Solvents Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Toluene Solvents

• Xylene Solvents

• Ethylbenzene Solvents

• Others (High Flash Aromatic Naphtha, BTEX)

Aromatic Solvents Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Paints & Coatings

• Adhesives

• Printing Inks

• Cleaning & Degreasing

• Others

Aromatic Solvents Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

• Central & South America

  • Brazil

  • Argentina

• Middle East & Africa

  • South Africa

  • Saudi Arabia

List of Key Players in the Aromatic Solvents Market

• ExxonMobil Corporation

• China Petroleum & Chemical Corporation

• BASF SE

• Royal Dutch Shell PLC

• LyondellBasell Industries Holdings B.V.

• Total S.A.

• Indian Oil Corporation Limited

• Bharat Petroleum Corporation Limited

• Chevron Phillips Chemical Company

• Reliance Industries Limited