Aromatics Market 2018 Global Market Challenge, Driver, Trends & Forecast to 2023

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Aromatics Market Research Report- Forecast to 2023
Industry Survey, Growth, Competitive
Landscapeand Forecasts to 2023
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Aromatics Market - 2023
Global Aromatics Market Research
Report By Type (Benzene, Toluene, O-Xylene,
P-Xylene), Application (Paints Coating,
Automotive, Pharmaceuticals, Oil Gas,
Chemicals) Forecast Till 2023 Synopsis of
Aromatics Market Aromatics are the organic
compound obtained from petroleum sources. It is a
hydrocarbon containing sigma bonds and
delocalized electrons between carbon atoms.
Moreover, its sweet smell, abrasion resistance,
and growing consumption of product in major
industries are the important trends and factors
influencing the market confidently. Therefore,
they are used as a part of various applications
such as paints coating, automotive,
pharmaceuticals, oil gas, chemicals, and
others. Among the various segments in aromatics
market, the toluene segment has witnessed a
significant growth due to its extensive use as a
solvent in paint thinners, nail polish removers,
glues, and correction fluids. It is widely used
as an industrial feedstock and solvent in end-use
industries. Moreover, toluene is also used as an
alternative fuel in heavy engines. It is
estimated that the benzene segment is set to grow
at a higher CAGR owing to its boundless use as
intermediates, solvents, and others in oil gas
industries. The growing production of
cyclohexane, ethylbenzene, and others in major
industries is set to drive the aromatics market
over the assessment period. Additionally, its
extensive use in the production of synthetic
rubber and plastics in end-use industries is set
to drive the market in the coming years. The
market by application is segregated into
pharmaceuticals, automotive, paints coating,
oil gas chemicals, and others. The paints
coatings segment is projected to expand at a
significant rate due to extensive consumption of
product as intermediates and solvent in end-use
applications. Moreover, the automotive industry
is projected to grow at a higher rate owing to
its growing consumption of aromatics in body
bumpers, lighting, dashboard, seats, upholstery,
fuel systems, and others are projected to drive
the aromatics market due to its excellent
performance and bio-compatible nature offered by
the product.
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Aromatics Market - 2023
Regional Analysis The aromatics market is
segmented across five regions Asia Pacific,
North America, Europe, Latin America, and the
Middle East Africa. Among these, Asia Pacific
holds the major share of the market due to the
growing consumption of aromatics in automotive,
aerospace, aviation, and others. The toluene
segment holds a major portion and is anticipated
to continue its dominance in the market due to
extraordinary features offered by the product
such as light weight, superior performance, and
other characteristics. Therefore, countries such
as China, Japan, South Korea, and India are the
major players in this market. The North American
region is growing significantly due to growing
demand for toluene and benzene products in
automotive, paints coatings, and other
industries. It is predicted that growing
investments in the end-use industries is likely
to drive the market during the forecast period.
The growing consumption of products in end-use
industries has propelled the growth in countries
such as the U.S, Canada, and Mexico to achieve a
stunning growth in the market because they
provide unique reliable nature, safety, and high
performance to the product. The European market
has observed a remarkable growth due to stringent
rules and regulations implemented by the regional
governments to follow lightweight products in
end-use industries. The market has been driven by
the application of this rule in pharmaceuticals,
lubricants, personal care segments. It is
estimated that the growing innovation and
technological advancement in lithium-ion
batteries, and other products are predicted to
propel the growth in the countries such as the
U.K, Italy, Germany, and France during the
forecast period. The Middle East Africa region
is estimated to witness a significant growth in
the market due to growing consumption of
aromatics in healthcare, automotive, and other
sectors. Moreover, Latin America is anticipated
to witness a higher growth in the market due to
increasing demand for product in the end-use
industries. Segmental Analysis The global
aromatics market is segmented into the type and
application. On the basis of type, the market is
segregated into benzene, toluene, o-xylene,
p-xylene segments. The market by application is
further categorized into paints coating,
automotive, pharmaceuticals, oil gas chemicals,
and others.
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Aromatics Market - 2023
Key Players Some of the prominent 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. Geographical Analysis The
report covers brief analysis of the major
geographic regions namely Asia Pacific, Europe,
North America, Latin America, and the Middle East
Africa. Intended Audience Aromatics market
manufacturers Traders and Distributors of
Aromatics market Production Process
Industries Potential Investors Raw Material
Suppliers Nationalized Laboratory
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