Aromatic Market to Deliver Prominent Growth & Striking Opportunities, Analysis, Demand, Growth by Top Key Players, Forecast 2027
Market Overview:
Aromatics are used in a
wide variety of applications, which is capable of offering versatile nature,
safety, and high performance to the product. Thus, they are used in various
applications such as pharmaceuticals, automotive, paints & coating, oil
& gas, chemicals, and others.
The global Aromatics
Market is spanned across five regions of the world namely Asia Pacific,
Europe, North America, Latin America, and the Middle East & Africa. Among
these, Asia Pacific holds a major share of the global market and is projected
to continue leading, owing to the increasing consumption of aromatics in
automotive, pharmaceuticals, paints & coatings, chemical, and others. It is
estimated that the paints & coatings segment is set to observe the highest
CAGR in the market due to the growing use of organic compounds to improve the
performance and increase the life cycle of the product. Moreover, increasing
demand for toluene as a solvent in paint thinners, nail polish removers, glues,
and other products is likely to witness a rapid growth during the forecast
period. These factors have led to China, India, and Japan to be the major
players of this region.
The North American market is expected to grow at a higher CAGR
due to extensive consumption of aromatics in paints & coating, oil &
gas, chemicals, and others. The U.S., Canada, and Mexico have achieved a
significant place in the market due to the growing investments in the end-use
industries. Therefore, the growing demand for synthetic rubber and plastics
made from aromatics are estimated to drive the market during the forecast
period.
A notable development is achieved in Europe due to the growing
demand for reduced weight materials electrical & electronics, packaging,
and others. The growing innovation coupled with technology have boosted the
market to witness a higher growth. Thus, countries such as Germany, the U.K,
and Italy are the major contributors to this market.
A considerable development is predicted in the Latin American
region such as in Brazil, Uruguay, and Argentina due to the growing consumption
of hydrocarbons in major industries. Moreover, a rapid development is estimated
in the Middle East & African region such as Qatar, the U.A.E, and others
due to increasing production of aromatics in refineries.
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Segmentation
The global aromatics market is segmented into type and
application. On the basis of product, the market is segregated into benzene,
toluene, o-xylene, p-xylene, and rubber segments. The market by application is
further categorized into paints & coating, automotive, pharmaceuticals, oil
& gas, chemicals, and others.
Competitive Analysis
Some of the well-known
players operating in the global aromatics market are Eastman Chemical Company
(U.S.), Ashland (U.S.), BASF SE (Germany), Huntsman Corporation (U.S.), Celanese
Corporation (U.S.), Petrochem Carless Ltd.(U.K.), INEOS (Switzerland), The
ExxonMobil Corporation (U.S.), Royal Dutch Shell plc(the Netherlands) and
Honeywell International Inc. (U.S.) among others.
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