Aromatics Market Share to Witness High Demand During 2023-2030 with Top Key Players
Aromatics Market Share
Aromatics Market Share is expected to be valued at a global figure of USD 323.88 billion by the end of the forecast period in 2030. The rate of growth at which the market is expected to reach such a valuation stands at 5.6%.
Aromatics are widely used as solvents in numerous end use industries. The paints and coatings industry is a major end user of aromatics. The growing demand for paints and coatings from the construction industry is likely to be a major driver for the global Aromatics Market Share over the forecast period. The construction industry has been driven by the growing urban population around the world, which has led to growing residential as well as commercial construction. The growing urbanization and rural migration around the world is likely to lead to a growing demand for residential construction over the forecast period, leading to a growing demand for effective paints and coatings to coat the buildings. This is likely to lead to a growing demand from the aromatics market over the forecast period. The growing urban population is also likely to lead to growing job creation in urban areas, leading to growing commercial construction. This is also a major driver for the aromatics market.
Competitive Leaderboard:
Leading players in the global aromatics market include Exxon Mobil Corporation, SABIC, Shell Chemicals, LyondellBasell, Reliance Industries Ltd., Dow, BP plc, and Canada Colors and Chemicals Ltd.
Segmentation:
The global aromatics market is segmented on the basis of type, application, end-use, and region.
By type, the global aromatics market is segmented into benzene, toluene, o-xylene, p-xylene, and others. The toluene segment is the fastest-growing segment of the global aromatics market, due to the widespread usage of toluene in paints and coatings.
By application, the global aromatics market is segmented into solvents and additives. The solvents segment dominates the global aromatics market, holding a share of more than 53% in the market.
By end use, the global aromatics market is segmented into paints and coatings, adhesives, pharmaceuticals, chemicals, and others. The paints and coatings segment dominates the global aromatics market, accounting for close to 50% of the market.
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Regional Analysis:
Asia Pacific is the fastest growing regional market for aromatics. The growing automotive and construction industries in Asia Pacific are likely to be the major drivers for the aromatics market in Asia Pacific. Increasing government investment in the pharmaceuticals industry has also driven the demand for aromatic solvents in Asia Pacific. The growing packaging industry in Asia Pacific is also likely to drive the demand for aromatic solvents in adhesives.
North America and Europe are dominant regional markets for aromatics technology advancements and are likely to hold an important share in the global market over the forecast period.
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