The Aromatic Solvents Market is projected to grow from USD 7.27 billion in 2018 to USD 8.29 billion by 2023, at a CAGR of 2.66% from 2018 to 2023. The growth in the construction and automotive industries in most of the developing regions due to the increasing urban population have triggered the demand for paints & coatings in the construction and automotive industries. This acts as a driver for the aromatic solvents market.
Based on product type, the aromatic solvents market has been segmented into toluene solvents, xylene solvents, and ethylbenzene solvents. Xylene solvent is projected to register the highest CAGR between 2018 and 2023, in terms of value of volume. The capacity expansion of xylene, globally and its increasing demand in the paints & coatings application fuels the market growth.
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Based on application, the aromatic solvents market has been segmented into paints & coatings, pharmaceuticals, polymer manufacturing, adhesives, printing inks, cleaning & degreasing, personal care, agricultural chemicals, and others. The other applications include textile printing/dying, intermediate manufacturing, jet fuel anti-icing additive, leather dyes, floor polishes/strippers, and electronics.
The growing demand for printing inks in as the package printing, newsprint, publishing, and other commercial printing applications drives the demand for aromatic solvents. In addition, the increasing investments by the major manufacturers of printing inks in the Middle East & Africa and Asia Pacific (APAC) are estimated to drive the demand for aromatic solvents in the printing inks application.
The Asia Pacific region is projected to lead the aromatic solvents market during the forecast period. The increasing demand for automobiles and the growth of the building & construction industry in the region is estimated to boost the aromatic solvents market.
Globally, the Indian aromatic solvents market is projected to register the highest CAGR during the forecast period, in terms of both value and volume. Factors such as the rising middle-class income, increasing younger population, and growing demand for automobiles are driving the aromatic solvents market in India.
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