Expansion, new product launches, growth in various industries like packaging, automotive, oil & gas, increasing strategic developments such as partnerships and agreements, and rise in building and construction activities are the key factors contributing to high CAGR of Aromatic Solvents Market during forecast period. According to the current analysis of Reports and Data, the global Aromatic Solvents market was valued at USD 7.3 Billion in 2018 and is expected to reach US$9.06 bln by year 2026, at a CAGR of 2.60%.
Aromatic solvents are characterized by their solvating ability. This type of product is highly refined and completely lacks aliphatic components. Aromatic products generally are manufactured from feedstock rich in aromatics such as the reformate. Extractive distillation and the Udex process are both procedures involving fractional distillation in the presence of a solvent as means of removing aromatic compounds. Aromatic solvents such as toluene are commonly used in paints, varnishes, adhesives and as chemical intermediates. The rising demand from the end use industries is a major factor driving the growth of the global aromatic solvents market. The rise in the energy demand 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 solvents market will receive a push in the future. The aromatic solvents 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 application of aromatic solvents in the paints and coatings industry among others.