Toluene Was the Largest Type of Aromatic Solvents

The Aromatic Solvents Market size was USD 5.78 billion in 2017 and is projected to reach 8.29 billion by 2023, at a CAGR of 2.66% during the forecast period. The base year considered for the study is 2017 while the forecast period is from 2018 to 2023.

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The key players in the aromatic solvents market include China Petroleum and Chemical Corporation (China), Royal Dutch Shell Plc (Netherlands), ExxonMobil Corporation (US), LyondellBasell Industries Holdings B.V. (Netherlands), BASF SE (Germany), SK Global Chemical Co., Ltd. (South Korea), China National Petroleum Corporation (China), Reliance Industries Limited (India), Chinese Petroleum Corporation (Taiwan), and Total S.A. (France).

The printing inks application segment of the aromatic solvents market is projected to register the highest CAGR during the forecast period, in terms of value

Based on application, the printing inks segment is projected to register the highest CAGR between 2018 and 2023, in terms of value. The rapid expansion of the printing markets in countries, including India and the strong demand from key end users such as package printing, newsprint, and publishing are driving the demand for printing inks, which in turn, is expected to drive the demand for aromatic solvents. In addition, the increasing investments by major printing ink manufacturers in the Middle East region are projected to drive the market during the forecast period.

Asia Pacific aromatic solvents market is projected to register the highest CAGR during the forecast period, in terms of value

The aromatic solvents market has been studied for North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific region is estimated to account for the largest share of the aromatic solvents market and is also projected to register the highest CAGR during the forecast period, in terms of value. The growth of the aromatic solvents market in the region is attributed to the increasing industrialization and rising demand for aromatic solvents from the end-use industries. In addition, the availability of cheaper raw materials in the region and the absence of stringent regulations regarding the use of aromatic solvents is expected to drive the market.

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Royal Dutch Shell Plc. is another major player in the aromatic solvents market. The company has been focusing on the expansions strategy to maintain its leading position in the market. For example, in March 2017, the company opened the Shell Technology Centre, a new technology hub in Bangalore, India, thereby, expanding its R&D activities in Asia. It is a 52-acre, custom-built technology center, which can house up to 1,500 experts working collaboratively on innovative projects, worldwide. It is one of the three main technology hubs of the company, with the other two located in the Netherlands and the US.

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