Aromatic solvents market to touch $7.76 bn by 2023

According to a new report from Transparency Market Research (TMR), the global aromatic solvents market is likely to reach $7.76 billion by 2023, from $6.18 billion in 2014. Overall, the market is expected to expand at a 4.2 percent CAGR between 2015 and 2023.
 
Solvents such as toluene, ethylbenzene, benzene, and mixed xylenes (BTEX) have high solvency rates, due to which they are used in several end-use industries. Increasing consumption of aromatic solvents in various end-use industries is expected to drive the global aromatic solvents market over the 2015-2023 period.
 
Aromatic solvents are produced through fractional distillation of petroleum. However, they are also produced through several other manufacturing processes such as steam cracking, coal carbonisation, hydro dealkylation, catalytic refining, and pyroforming. Of these methods, steam cracking and catalytic reforming are the two broadly accepted methods in the oil and gas industry. Demand for aromatic solvents as corrosion inhibitors in the oil and gas industry is likely to fuel the growing aromatic solvents market during the forecast period.
   
Aromatic solvents are widely used as constituents in the paints and coatings industry. Solvents are the integral component of inks as well as paints and coatings. They dissolve the binding agent and pigment and homogenize them to form a solution. Thus, increasing consumption of aromatic solvents in the paints and coatings industry is expected to drive the global aromatic solvents market until 2020.
 
In 2014, the demand for paints and coatings was extremely high in many regions. This segment accounted for over 50 percent of the global aromatic solvents market by volume. Adhesives and sealants are one of the major applications of aromatic solvents. While these solvents help in maintaining the best evaporation rate of adhesives, they also maintain the optimal setting of the adhesive polymers on the base surfaces.
 
Moreover, aromatic solvents are also used in the pharmaceuticals industry during the drug formulation process and the synthesis of active excipients and substances, as well as in the automotive industry, which offers significant opportunities to the aromatic solvents market.
 
As per the report, toluene is expected to grow at the fastest rate compared to the other segments during the forecast period. In 2014, this segment accounted for over 45 percent of the global aromatic solvents market by volume. On the other hand, growth of the benzene aromatic solvents segment will be hampered due to its toxicity and consequent health-related issues.