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Aromatic Solvents Market Size

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

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Aromatic Solvents Market size

Aromatic Solvents Market was valued at over USD 6.63 billion in 2023 and will register 2.6% CAGR from 2024 to 2032, due to increasing research and development in the field. Aromatic compounds from petroleum or renewable sources are crucial in many industries, such as paints, adhesives, pharmaceuticals, and electronics.

Aromatic Solvents Market

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Recent advances in solvent technology have been driven by research efforts that have led to the development of new compounds with improved performance characteristics and reduced environmental impact. Aromatic solvents are used in applications such as filters in pharmaceuticals and offices, further expanding market opportunities. Furthermore, the demand for low VOC (volatile organic compounds) and eco-friendly solvents is pushing innovation in the sector, leading to the development of bio-based green solvents derived from renewable sources. These developments, in line with regulation programs promoting sustainable practices and new strategies, encourage market development.

Aromatic Solvents Market Report Attributes
Report Attribute	Details
Base Year:	2023
Aromatic Solvents Market Size in 2023:	USD 6.63 Billion
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	2.6%
2024 – 2032 Value Projection:	USD 8.31 Billion
Historical Data for:	2021 – 2023
No. of Pages:	374
Tables, Charts & Figures:	270
Segments covered:	Product, Application
Growth Drivers:	Growth in end-use industries demand Urbanization and infrastructure development Advancements in chemical manufacturing Growth in end-use industries demand
Pitfalls & Challenges:	Environmental and regulatory pressures Volatility in raw material prices

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While the aromatic solvents market shows promising growth, it faces several constraints. Environmental concerns about volatile organic compounds (VOCs) and hazardous air pollutants (HAPs) limit their use, leading to stringent regulations and compliance costs. Additionally, the health risks associated with using aromatic solvents trigger safety concerns among users and regulators. Furthermore, changes in crude oil prices affect production costs, affecting producer profits. The emergence of new environmentally friendly chemicals further intensifies the competition.

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.