US & Canada, Nov. 27, 2024 (GLOBE NEWSWIRE) — According to a new comprehensive report from The Insight Partners, the global Basic Aromatics Market Report 2031 by Segments, Geography, Dynamics, Recent Developments, and Strategic Insights is observing significant growth owing to the growing paints and coatings industry and rising demand for solvents.
The report runs an in-depth analysis of market trends, key players, and future opportunities. The basic aromatics market analysis focuses on an array of industrial applications that are expected to determine the market strength in the coming years.
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Overview of Report Findings
- Market Growth: The basic aromatics market is expected to reach US$ 161.59 billion by 2031 from US$ 259.55 billion in 2023; it is anticipated to record a CAGR of 6.1% during the forecast period. A few of the most commonly used basic aromatic compounds are benzene, toluene, xylene, cresol, and pyridine. Basic aromatics, such as benzene and xylene, are used to produce pesticides. Benzene is primarily used as a solvent in the pharmaceutical industry for chemical synthesis. It is also used for the production of rubber, dyes, drugs, and lubricants. Basic aromatics are used in the production of construction chemicals such as adhesives, lacquers, paints, and coatings. The increasing requirement for phenols and their derivatives in various applications has created a significant demand for basic aromatic across the globe. The development in petrochemicals and oil production is projected to create lucrative opportunities for basic aromatics manufacturers in the coming years.
- Growth of Paints and Coatings Industry: Paints and coatings are used for decorative purposes and enhancing surface properties such as corrosion resistance, scratch resistance, adhesion, appearance, and water resistance. Paints and coatings are increasingly being used in end-use industries such as construction, furniture, automotive, and transportation. Basic aromatics such as benzene, toluene, and xylene play a major role in the paints and coatings industry. Benzene is used as a precursor to produce various resins and polymers, such as styrene, which are major components in paints and coatings formulations. Toluene and xylene are utilized as feedstock in the production of toluene diisocyanate and xylene-based isocyanates, further used for making polyurethane resins and coatings.
- Rising Demand for Solvents Across End-Use Industries: The demand for basic aromatics such as benzene, toluene, and xylene as solvents is impacted by their versatility and efficiency across end-use industries. Owing to the low water solubility of basic aromatics, these compounds are ideal for numerous applications in the chemical, pharmaceutical, and other manufacturing sectors. Basic aromatic’ ability to dissolve a wide range of organic compounds plays a significant role in the production of paints and coatings, and adhesives.
- Geographical Insights: Asia Pacific led the market with a substantial revenue share in 2023, followed by North America and Europe. Further, Asia Pacific is expected to register the highest CAGR during the forecast period.
Report Scope & Segmentation-
| Report Coverage | Details | |||
| Forecast Period | 2024-2031 | |||
| Forecast Period 2023 to 2030 CAGR | 6.1 | % | ||
| 2031 Value Projection | US$ 259.55 Billion | |||
| Base Year | 2023 | |||
| Market Size by 2031 | US$ 161.59 Billion | |||
| Historical Data for | 2021-2022 | |||
| No. of Pages | 203 | |||
| Segments covered | By Product, Type, End User | |||
| Regions Covered | North America; Latin America; Europe; Asia Pacific; The Middle East and Africa | |||
Market Segmentation
- Based on type, the basic aromatics market is segmented into silicone basic aromatics, polyurethane basic aromatics, acrylic basic aromatics, polysulfide basic aromatics, butyl basic aromatics, and hybrid basic aromatics. The silicone basic aromatics segment held the largest share of the market in 2023.
- In terms of application, the basic aromatics market is categorized into styrene monomer, divinylbenzene, benzene, toluene, xylene, cresol, and pyridine. The xylene segment accounted for the largest share of the market in 2023.
- In terms of end-use industries, the basic aromatics market is divided into pharmaceuticals, pesticides, agriculture, food and beverages, cosmetics and personal care, paints and coatings, and solvents. The solvents segment dominated the market in 2023.
- The basic aromatics market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
Competitive Strategy and Development
- Trending Topics: Aromatics solvents, industrial solvents, aromatic compounds, and solvent recovery, among others.
Global Headlines on Basic Aromatics
- ExxonMobil Completes Acquisition of Pioneer Natural Resources
- LANXESS Expands Distribution Partnerships for Industrial Preservatives in North America
- LyondellBasell Announced the Decision to Acquire Mepol Group
- Shell U.K. Limited Has Completed the Acquisition of MIDEL and MIVOLT from Manchester-based M&I Materials Ltd.
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Conclusion
The growth in the global construction industry propels the demand for architectural paints and coatings. According to the American Coatings Association report published in February 2023, in 2021, the US coatings industry shipped architectural coatings worth more than US$ 14 billion; industrial OEM coatings worth US$ 8.7 billion; and special purpose coatings such as marine paints, military-specified coatings, and automotive refinish paints worth US$ 4 billion. Further, in the pharmaceutical industry, basic aromatics are used at various stages of drug development and production. The pharmaceutical industry extensively uses toluene and xylene in manufacturing processes such as extraction, purification, and crystallization. These chemicals are also utilized in the production of active pharmaceutical ingredients. As the pharmaceutical industry grows due to increasing healthcare needs, the demand for solvents rises.
The report from The Insight Partners, therefore, provides several stakeholders—including raw material suppliers, manufacturers, distributors, and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
The List of Companies – Basic Aromatics Market
- The Dow Chemical Co
- Exxon Mobil Corp
- Lanxess AG
- Sasol Ltd
- Lyondellbasell Industries NV
- BASF SE
- Nippon Steel Corp
- Shell Plc
- Ineos Group Holdings SA
- Jubilant Ingrevia Ltd
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