The global aromatics market is forecast to reach USD 323.88 Billion by 2027, according to a new report by Reports and Data. Aromatics are those hydrocarbons that consists of hydrogen and carbon. They are formed from crude oil and in small quantities from coal. The most significant aromatics are Methylbenzene, benzene, and xylene. Aromatics are used in a wide range of consumer product as a starting material. They are durable, comfortable, lightweight, and safe in design.
Key participants include Exxon Mobile Corporation, SABIC, Shell Chemicals, Reliance Industries Limited, Dow, BP PLC, Canada Colors and Chemicals Limited, LyondellBasell, HCS Group GmbH, and Honeywell International Inc. among others.
Market Overview:
The materials and chemicals industry uses diverse raw materials, from air and minerals to oil to create an immense variety of products (such as petrochemicals, agrochemicals and fragrances). The chemical industry produce basic chemicals (sold within the chemical industry), specialty chemicals (for paints and inks, crop protection), and consumer chemicals (sold directly to public such as detergents). The development of digital technologies (such as advance analytics) and increasing environment concerns has led materials and chemicals industries to explore decarbonization technologies.
The global Aromatics market research report has been formulated with extensive primary and secondary research and also covers SWOT examination and Porter’s Five Forces Analysis to offer detailed analysis of the leading companies. The report also offers a detailed analysis of market share, market size, market volume and value, product portfolio, product development and advancement, technological upgrades, and segmentation based on types, application, end-use, and region.
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Further key findings from the report suggest
- Styrene is a liquid hydrocarbon that is important mainly for its tendency to undergo polymerization. Styrene is produced from industrially produced or naturally extracted ethylbenzene, which is dehydrogenated in the presence of a catalyst to produce styrene. It is a key chemical ingredient in the production of polymers and synthetic rubbers.
- An aromatic solvent comprises of an aromatic hydrocarbon such as Methylbenzene, xylene, or naptha. These solvents are used primarily as diluents and solvents in several industrial fields. They are commonly used in adhesives, paints, varnishes, and as chemical intermediates.
- Aromatic solvents also finds its application as corrosion inhibitors in the oil and gas industry. These solvents are mostly generated through the distillation of crude petroleum stock in the oil refining industry.
- The increased application of aromatics in paints and coatings are also propelling market growth. The paints and coatings end-users held the largest market share. Some of the common aromatic hydrocarbon solvents used in the industry are ethylbenzene, benzene, Methylbenzene, mixed xylenes (BTEX), and high flash aromatic naphtha.
- The major demand for the market product is from Asia as most of the derivative units, such as phenol, styrene, gasoline, and PET, are lined up in that region. The automotive sectors and construction sector are emerging as a major driving sector for the region, which in turn is propelling market demand.
For the purpose of this report, Reports and Data have segmented into the global Aromatics market on the basis of type, application, end-user, and region:
Type Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
- Benzene
- Methylbenzene
- P-Xylene
- Methylbenzene Diisocyanate and Methylenediphenyl Diisocyanate
- Cumene/Phenol
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Application Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
- Solvent
- Additive
End-Use Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
- Paint and Coating
- Chemicals
- Adhesives
- Pharmaceuticals
Regional Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
- North America
- US
- Europe
- UK
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
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