Aromatics Market key Driving factors are the growth in various industries like automotive, textiles, and rise in building and construction activities
NEW YORK CITY, NEW YORK, UNITED STATES, May 6, 2022 /EINPresswire.com/ — The global Aromatics market is forecast to reach USD 382.4 Billion by 2030, according to a new report by Reports and Data. Aromatics are those hydrocarbons that consists of hydrogen and carbon. They are formed from crude oil and in small quantities from coal. The most significant aromatics are toluene, benzene, and xylene. Aromatics are used in a wide range of consumer product as a starting material. They are durable, comfortable, lightweight, and safe in design.
The rising demand from the end-use industries is a major factor driving the growth of the global aromatics market. The rise in the demand for energy has amplified the oil & gas sector’s performance, which in turn is adding to the growth of the market due to its applications as a corrosion inhibitor in the oil & gas sector. Owing to the evolving industrialization in the developing countries, it is expected that the aromatic market will receive a push in the future.
The aromatic market is a money-spinning market. It is predicted to grow at a decent CAGR during the forecast period, which is due to the increasing applications of the market product in the paints and coatings industry, among others. Extractive distillation and the Udex process are both procedures involving fractional distillation in the presence of a solvent as a means of removing aromatic compounds. Aromatic solvents such as toluene are commonly used in paints, varnishes, adhesives, and as chemical intermediates.
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Key Companies profiled in the global market report include – Exxon Mobile Corporation, SABIC, Shell Chemicals, Reliance Industries Limited, Dow, BP PLC, Canada Colors and Chemicals Limited, LyondellBasell, HCS Group GmbH, and Honeywell International Inc. among others.
Some Key Highlights from the Report
Styrene is a liquid hydrocarbon that is important mainly for its tendency to undergo polymerization. Styrene is produced from industrially produced or naturally extracted ethylbenzene, which is dehydrogenated in the presence of a catalyst to produce styrene. It is a key chemical ingredient in the production of polymers and synthetic rubbers.
An aromatic solvent comprises of an aromatic hydrocarbon such as toluene, xylene, or naptha. These solvents are used primarily as diluents and solvents in several industrial fields. They are commonly used in adhesives, paints, varnishes, and as chemical intermediates.
Aromatic solvents also finds its application as corrosion inhibitors in the oil and gas industry. These solvents are mostly generated through the distillation of crude petroleum stock in the oil refining industry.
The increased application of aromatics in paints and coatings are also propelling market growth. The paints and coatings end-users held the largest market share. Some of the common aromatic hydrocarbon solvents used in the industry are ethylbenzene, benzene, toluene, mixed xylenes (BTEX), and high flash aromatic naphtha.
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Key Driver: Rising demand for aromatics from the automotive sector
Rising demand for aromatics in the automotive sector for manufacturing vehicle parts is expected to drive market revenue growth during the forecast period. Products derived from aromatics are lighter, thus enabling less fuel consumption, for instance, it can cut fuel consumption by 750 liters in a life span of 150,000 Kilometers of a vehicle, which proves to be beneficial for automotive manufacturers and vehicle owners. Aromatics-derived products fulfill requirement of modern-looking, high-performance, lightweight, and fuel-efficient vehicles as per customer needs. This also helps to improve reliability, safety & competitive pricing and provide environmental reassurance. In addition, synthetic rubbers, which are also derived from aromatics, provide tires with better road driving ability, work efficiently on wet roads, and help to increase tire mileage.
Restraint: Easy availability of substitutes such as cycloalkanes
Aromatics, which are derived from refining crude oil, are fuel-efficient and increase the engine power. Aromatics swell O-rings are critical for maintaining engine seal and preventing fuel leaks. However, during combustion, aromatics which produce a large amount of soot and that can increase global warming issue by releasing heat in the environment heating, causes greenhouse, and is not preferable to use in aviation fuel. Availability of Cycloalkanes that are molecules composed of carbon and hydrogen atoms arranged in ring-like structures, have capability to reduce soot emissions compared to aromatics and other fuels used presently in jets & airplanes, which makes these an attractive substitute to decrease the aromatic content and thereby reduce pollution.
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Type Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019-2030)
Toluene Diisocyanate and Methylenediphenyl Diisocyanate
Application Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019-2030)
End-Use Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019-2030)
Paint and Coating
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Regional Outlook (Revenue, USD Billion; Volume, Million Tons, 2018–2030)
Middle East & Africa
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