Competitive Analysis:
Leading players in the global aromatics market include Canada Colors and Chemicals Limited, BP plc, Dow, Reliance Industries Ltd., LyondellBasell, Shell Chemicals, SABIC, and ExxonMobil.
Segmentation:
The global aromatics market is segmented based on type, application, end-use, and region.
By type, the global aromatics market is segmented into benzene, toluene, o-xylene, p-xylene, and others. Toluene is likely to exhibit the fastest growth rate over the forecast period due to the growing demand for toluene in paints and coatings.
By application, the global aromatics market is segmented into solvents and additives.
By end use, the market is segmented into paints and coatings, adhesives, chemicals, pharmaceuticals, and others. Paints and coatings is likely to remain the majority end user in the global aromatics market.
Regional Analysis:
Asia Pacific is a major regional market for aromatics and is likely to retain a major share in the global aromatics market over the forecast period. Asia Pacific is a major market for aromatics due to the growing demand from the paints and coatings and chemicals industries in the region. The paints and coatings industry in Asia Pacific has been driven mainly by the growing construction and automotive industries in the region. The construction industry in Asia Pacific has emerged as a major driver for the paints and coatings market, as the rising inflow of urban immigrants has driven residential construction activities in leading APAC economies such as China, India, and Thailand. This is likely to remain a major driver for the paints and coatings industry in the region over the forecast period, as the increasing job opportunities in major urban centers in Asia Pacific have led to a growing demand for residential construction projects, thus leading to a growing demand for paints and coatings, and thus driving the demand from the aromatics market. Aromatics are used in paints and coatings as a solvent, thinner, or aromatic.
Europe is also likely to be a major regional market for the aromatics industry due to the growing demand for aromatics in pharmaceutical formulations. Growing demand for excipients in the pharmaceuticals industry is likely to be a major driver for the aromatics market in Europe over the forecast period. The growing adhesives industry is also likely to be a major driver for the aromatics market in the region over the forecast period.
The increasing commercial construction in Asia Pacific is also likely to be a major driver for the construction industry in Asia Pacific over the forecast period. As countries in Asia Pacific have exhibited economic growth, the demand for commercial construction has grown at a rapid pace. Rising commercial construction in major urban centers such as Delhi, Mumbai, Bengaluru, Shanghai, Beijing, Guangdong, Manila, Kuala Lumpur, and Singapore is likely to be a major driver for the paints and coating industry in the region, thus driving the demand from the aromatics market in the region. Industrial construction has also flourished in the region in recent years, as many countries in Asia Pacific have emphasized on their manufacturing sector in order to claim a stronger role in the global economic dynamics. Growing industrial construction in Asia Pacific is also likely to be a major driver for the paints and coatings industry in the region, thus driving the demand for aromatics.
North America is also a major regional market for aromatics and is likely to retain this position over the forecast period due to the increasing demand from the paints and coatings, pharmaceutical, and chemical industries. The pharmaceutical industry is a major end user of aromatics in the region and is likely to exhibit steady growth over the forecast period due to the growing demand for advanced pharmaceutical products with organic formulations. The use of aromatics is likely to continue unabated in pharmaceutical products in the coming years, leading to a growing demand from the pharmaceutical industry in the region.
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