Aromatics - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Aromatics Market is accounted for $187.99 billion in 2019 and is expected to reach $335.27 billion by 2027 growing at a CAGR of 7.5% during the forecast period. Some of the key factors propelling the market growth include high demand for residential and commercial infrastructure, increased use in paint and coatings, and rise in demand from polyester manufacturers. However, rise in awareness among people for using plastic-free products and stringent government regulations are likely to hamper the market. Moreover, use of bio-based aromatics and advancements in technologies to reduce aromatics waste are expected to provide lucrative growth opportunities for the aromatics market.
Aromatics are organic chemical compounds that are characterized by circular planar conjugated ring structures and are known for their flexible and useful chemical properties. They are derived during the distillation of crude oil in refineries. Some examples of aromatic compounds include, benzene, toluene, aniline, cumene and others. It is used as a solvent for removing oil or grease, in paint industry; it used as thinner, and as an aromatic additive, it helps in reducing engines knocking.
By end user, the paint & coating segment is estimated to witness a significant growth owing to increasing building and infrastructure activities across the globe, thus demanding greater proportion of Aromatic in the industry. On the basis of geography, Asia-Pacific is the significant growing market, increase in a number of the construction projects have positively influenced the paint & coatings industry, thus favouring aromatic market growth. In addition, increasing government funding and investment in the pharmaceutical industry is supporting the market growth of aromatic solvents. Further, the rise in the application of aromatic additive in adhesive and sealants for packaging is fueling market growth in this region.
Some of the key players in aromatics market include Сеlаnеѕе, Реtrосhеm Саrlеѕѕ, Canada Colors and Chemicals Limited, DuPont de Nemours, Inc., Еаѕtmаn Сhеmісаl, Аѕhlаnd, HCS Group GmbH, ІNЕОЅ, Exxon Mobil Corporation, ВАЅF, Нuntѕmаn, SABIC, Shell Chemicals, Honeywell International Inc, PetroChina Company Limited, LyondellBasell , Reliance Industries Ltd, China National Petroleum Corporation, Alpek S.A.B de C.V, and BP PLC.
• Methylenediphenyl Diisocyanate (MDI)
• Purified Terephthalic Acid
• Toluene Diisocyanate (TDI)
• Chemical Processing
• Textile Industry
• Plastic Industry
End Users Covered:
• Paints & Coating
• Oil & Gas
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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