Aromatic solvents market: Introduction
Aromatic solvent comes under hydrocarbon solvents category, is an organic compound which serves multiple industrial applications due to its chemical properties. There are three major properties of aromatic solvents for which they are employed in the industry, high solvency or its ability to mix- combine substances, corrosion resistance and its ability to generate desired optimum viscosity. A combination of these three properties serves as a wide variety of end use domains like automobile, paints, coating oil and gas industries, industrial cleaners, degreasers and more.
Aromatic solvent consists of a number of types depending on their chemical combination. Each types has varied chemical and physical capabilities which are enhanced to suit a particular application. Benzene, toluene and xylene are most commonly used aromatic solvents which are used for paint thinners, tyre additives, varnish, ink, corrosion coatings in pipelines and more.
Aromatic solvents market: Dynamics
Use aromatic solvents in end user industry in continuously growing and new business segments are developing as the market is getting more versatile . Considering end user dynamics, aromatic solvents are extensively being used in paint manufacturing. Their ability to mix pigment and resin, generating paint layer of desired viscosity and then evaporating isn’t been replaced yet. Hence aromatic solvents have become an indivisible part of paint industry and hence accounts for most market share. The quality of corrosion resistance is being used for coatings, lubricants and cleaning purposes. Oil and gas industries use these coatings for in lining of pipes which carry liquid substances in order to resist corrosion. In manufacturing industry for purpose of lubricating, cleaning, degreasing mechanical components without corrosion aromatic solvents are being used. Whereas as additives aromatic solvents have made way in automobile industry additives for securing and joining parts and it is also used for proper binding or rubber and tyres used in automobiles
However, with aromatic solvents being hazardous chemicals which affect human health and environment drastically, the same has led to respective regional authorities to impose strict norms on usage of aromatic solvents. Keeping in lieu of mandated regulations, the aromatic solvent manufacturers are focus towards development of reduced VOC based variants into the market with complete safety and content declarations as well as to earn to clearance from the regulatory bodies.
Aromatic solvents market: Segmentation
Globally, the diverse market of aromatic solvents can be segmented in to two major categories mentioned below.
On the basis of type, the global aromatic solvent market is segmented as:
On the basis of end use application, the global aromatic solvent market is segmented as:
Aromatic solvents market: Regional outlook
As far regional outlook in concerned, Asia is the strongest aromatic solvent market considering end user industries, technological advancements and developing countries. Out of the top 5 automobile manufacturers of the world four are present in Asia namely China, Japan, India, and South Korea. Asian market for paints and pigments ranks 3rd in world and having lot of developing countries environmental norms implementation time is more compared to rest of the world.
In Americas, North America is the second biggest market. It’s second most automobile manufacturer by volume and has the biggest paint and pigments manufacturing industry. Environmental norms are stricter but there’s infrastructure and technology for innovation in this market. South American market is yet to develop in aromatic solvents.
Europe is known for its automobile manufacturers and has an established paint market. However European Union in 2016, launched regulation 1907/2006/EC which restricts the use of toluene in multiple sectors. However required alternatives have been generated.
In Middle East, aromatic solvent market is predicated to grow as more oil and gas industries are getting familiar with its advantages and its future market. Aromatic solvent market in the rest of the world is still developing. End user segments are less cause of which demand and supply for aromatic solvent market is less.
Aromatic solvents market: Key participants.
List of prominent market participants in aromatic solvent market
The report covers exhaustive analysis on:
Regional analysis includes:
The market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on aromatic solvent market segments and geographies.