Published Date : 08 Feb 2024
The global aromatic solvents market size surpassed USD 7.50 billion in 2023 and is projected to attain around USD 11.25 billion by 2032, growing at a CAGR of 4.60% from 2023 to 2032.
Aromatic solvents are groups of solvents that contain aromatic hydrocarbons, including petroleum, benzene, toluene, pseudocumene, or xylene. These solvents are generated in the oil refining industry by distilling crude petroleum oil. They are sweet-smelling and are mostly used as diluent agents in various parts of industries, such as paints, petrochemicals, cleaners, rubbers, lacquers, and building blocks for pharmaceutical compounds. Aromatic solvents are differentiated into several types based on their chemical composition, which has unique chemical and physical properties that can be used for different applications.
Aromatic solvents, mainly toluene, provide an excellent solvency rate and resist corrosion and are widely used in paints, adhesives, stains, varnishes, and chemical intermediates. These solvents isolate different types of binders, pigments, additives, and fillers used in coatings and paintings. Furthermore, aromatic solvents produce chemical intermediates such as cumene, phthalic anhydride, ethyl benzene, maleic anhydride, and naphthalene. Xylene solvents are mainly used in printing, rubber, and leather industries as they are common solvents for ink, leather, and adhesives. Along with this, it is also widely used as a cleaning agent and as a thinner for paints.
The aromatic solvents market caters to several industries due to their dissolving property for a wide range of chemicals. Different types of aromatic solvents are used in producing various paints and coatings ranging from wood varnishes to primers and exteriors, as well as in industries with a wide range of applications such as agricultural chemistry, fuel additives, oilfield chemistry, etc. The aromatic solvents market is expanding due to these rising demand industries, resulting in fast urbanization and development in many different nations worldwide. However, the increasing emphasis is on green solvents made from crops, impacting the growth of aromatic solvents. They are purely biodegradable with a non-toxic nature. Aromatic solvents, due to their specific properties and applications, ensure reliable production methods.
Asia Pacific is the dominant region in the global aromatic solvents market, considering the end-user industry, technological advancements, and developing countries. The driving force behind the market and the region is mainly the chemical industry, which has experienced phenomenal growth. The paints and pigment market in the Asia Pacific is the third largest compared to the rest of the world. In addition, the expanding construction industry due to economic development uplifts the growth of the aromatic solvents market.
The aromatic solvents market in North America is expected to show substantial growth during the forecast period. This is due to strict regulations and environmental norms on their use, which is attributed to their toxicity. North America has a strong consumer base due to the automobile manufacturing volume and the most prominent paint and pigment manufacturing industry. On the other hand, the South American market is yet to develop in aromatic solvents.
Europe, renowned for its car manufacturers and a well-established paint market, faces restrictions on the use of toluene in several sectors, thereby restraining the market growth. Consequently, mandatory alternatives have emerged to counter these limitations. The aromatic solvents market in the Middle East, however, is poised for growth as more oil and gas industries are recognizing its benefits and future demand.
| Report Coverage | Details |
| Market Revenue in 2023 | USD 7.50 Billion |
| Projected Forecast Revenue by 2032 | USD 11.25 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 4.60% |
| Largest Market | Asia Pacific |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Driver
Increase in demand for aromatic solvents in various industries
The augmentation of machinery, equipment, and the automobile industry, along with the corresponding enlargement of the building and construction industry, is expected to result in higher demand for the aromatic solvents market. Aromatic solvents are helpful in the paint and coatings industry as they can dissolve or separate components such as pigments, fillers, binders, and additives. This property is expected to contribute significantly to the growth of the global aromatic solvents market. Textile firms are increasing their demand for aromatic solvents in the customization of apparel, especially to fulfil customer's demands.
The oil and gas industries are also pushing up the growth in the aromatic solvents market. The primary purpose of aromatic solvents used in the oil and gas industry is to prevent the corrosion of pipelines. The increase in the use of these solvents positively stimulates the world market. Similarly, the pharmaceutical industry also promotes the use of aromatic solvents as they are used either in the research and development of traditional analysis or in the crystallization, extraction, and washing of purified drug ingredients.
Restraints
Moving towards chemical-free solvents
The aromatic solvents market faces many challenges to growth due to more focus on eco-friendly and green solvents. Green solvents are those solvents or bio-solvents that do not cause harm to the environment or individuals. They are made by processing agricultural components considered safe, biodegradable, non-corrosive, ozone-friendly, non-carcinogenic, and not causing disease. They are favourable to the environment. The chemical-processed solvents depend mainly on petrochemical solvents that cause harm to the environment. So, green solvents are an alternative to these solvents.
Pandemic effect on the aromatic solvents market
Pandemics such as COVID-19 have affected almost all countries in the world. It mainly affected all industries, resulting in various kinds of losses. The pandemic has also induced a downshift in the production of aromatic solvents. Therefore, the growth of the aromatic solvents market decreased as there was no demand from consumers then.
Opportunity
Emergence of green solvents
The increasing preference for green solvents, originating from various crops, is an alternative to aromatic solvents. These eco-friendly alternatives are completely biodegradable, non-corrosive, and non-carcinogenic, so they are being practiced more to promote sustainable development. In addition, factories are concentrating more on embracing greener alternatives in their industrial processes due to the rigid laws and constraints implemented by governments worldwide to minimize environmental harm. Rapid innovation in the field of eco-friendly solvents creates new opportunities for key players in the aromatic solvents market.
In August 2023, a new approach for analyzing and processing water-insoluble aromatic polymers was launched. Japanese researchers at Tokyo Tech's Laboratory of Chemical and Life Sciences have investigated the water solubility of difficult-to-process, insoluble aromatic polymers by using bent aromatic amphiphiles like surfactants to solve this problem.
In April 2022, Solvay developed Rhodiasolv IRIS, a next-generation solvent with considerable eco-friendly properties. This solvent, which was formerly manufactured in China, will now be manufactured in the Solvay site in Melle, France, beginning in 2023.
Market Segmentation
By Product Type
By Application Type
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