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Aromatic Solvents Market Share

Report ID: GMI761
Published Date: Jun 2024
Report Format: PDF

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Aromatic Solvents Market Share

The dedicated efforts of specific companies in this area influence the aromatic solvent market. Leading companies constantly invest in research and development to develop new formulations and improve the efficiency of aromatic solvents. These efforts are focused on meeting specific market needs, such as the production of low VOC (volatile organic compound) formulas or other environmentally friendly products.

Companies also provide consumer education and support, technical assistance, and customized solutions to meet different operational needs. In addition, strategic partnerships and acquisitions enable firms to expand their product lines and market presence and meet evolving industry demands. These firm-driven industries play a critical role in light of the evolving demand and competitive environment in the aromatic solvents business.

Aromatic Solvents Market Companies

Major companies operating in the aromatic solvents industry competitive landscape include:

BASF SE
UOP LLC
Royal Dutch Shell PLC
Eatsman Chemical Company
Exxon Mobil Corporation
LyondellBasell Industries N.V
Chevron Phillips Chemical Company LLC
Celanese Corporation
Huntsman Corporation
Oil Refineries Ltd.
Petrochem Carless
INEOS AG

Authors: Kiran Pulidindi

Frequently Asked Questions (FAQ) :

The market size of aromatic solvents was worth over USD 6.63 billion in 2023 and is projected to expand at 2.6% CAGR from 2024 to 2032, owing to the increasing demand in the paints and coatings industry, and the rising need for high-performance solvents in various applications.

The toluene product segment in the aromatic solvents industry is estimated to depict 2.7% CAGR between 2024 and 2032, due to its extensive applications in various industries due to its excellent solvent properties, such as high solvent strength, low volatility, and compatibility with a wide range of materials.

The paints and coatings end-user segment in the aromatic solvents industry accounted for 54.2% share in 2023 and is estimated to grow at significant rate between 2024 and 2032 as it ensures proper dispersion of pigments, improving color intensity and adhesion to substrates.

Asia Pacific aromatic solvents market size is anticipated to witness 3% CAGR from 2024 to 2032, led by the rapid technological advancement, urbanization, and rapid industrialization in countries such as China, India, and Southeast Asia.