Aromatic Compounds Market Size to Grow USD 299 Million by 2030 at a CAGR of 7.6% | Valuates Reports

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Sep 10, 2024, 11:39 ET

BANGALORE, India, Sept. 10, 2024 /PRNewswire/ -- Aromatic Compounds Market is Segmented by Type (Benzene, Toluene, Xylenes, PAH), by Application (Solvent, Additive, Organic Chemical)): Global Opportunity Analysis and Industry Forecast, 2024-2030.

The Global Aromatic Compounds Market is projected to grow from USD 192.7 Million in 2024 to USD 299 Million by 2030, at a Compound Annual Growth Rate (CAGR) of 7.6% during the forecast period.

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Major Factors Driving the Growth of Aromatic Compounds Market:

The market for aromatic compounds is propelled by these compounds' numerous uses in sectors including petrochemicals, medicines, and cosmetics. Among the most widely utilized aromatic chemicals are xylene, toluene, and benzene; these compounds are essential as feedstocks, solvents, and intermediates. Asia-Pacific is seeing tremendous growth in this market, especially in China and India, where the demand for these chemicals is being driven by urbanization and industrialization. Furthermore, the market is expanding as a result of the growing usage of aromatic compounds in the production of bio-based chemicals, which reflects a move toward more environmentally friendly industrial processes.

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TRENDS INFLUENCING THE GROWTH OF THE AROMATIC COMPOUNDS MARKET:

Because they are widely used in so many different sectors, xylenes, a significant type of aromatic hydrocarbons, are essential to the expansion of the aromatic compounds market. In addition to being essential solvents for the creation of paints, varnishes, and adhesives, xylenes are also produced from synthetic fibers like polyester, which is extensively utilized in the textile sector. The worldwide textile and garment industries' growth-driven need for polyester is directly driving up the use of xylenes. The need for xylenes in coatings and sealants is also rising due to the expanding construction and automotive sectors, which is fueling the market's overall expansion for aromatic compounds.

Because they are widely employed in many different industrial applications, especially in the chemical and pharmaceutical sectors, solvents are essential to the growth of the aromatic compounds market. Because of their great stability and solvency power, aromatic chemicals like toluene and benzene are useful solvents. They are necessary in the production of paints, coatings, inks, and cleaning agents, all of which are highly sought after in the industrial, automotive, and construction industries. The growing demand for pharmaceuticals has fueled the pharmaceutical sector's expansion. This industry uses aromatic solvents for drug formulation and synthesis, which has led to a major increase in the market for aromatic compounds.

Given that essential building blocks of organic chemistry include aromatic molecules like benzene, toluene, and xylene, organic chemicals play a key role in the market's growth. These substances are widely employed in the production of several organic compounds, such as dyes, synthetic fibers, polymers, and resins. The market for aromatic compounds is being driven by the growing need for organic chemicals in sectors including agrochemicals, plastics production, and pharmaceuticals. The market for aromatic compounds is expanding at a faster rate than before due to the change in worldwide attention towards efficient and sustainable chemical processes, as well as the importance of aromatic compounds in the production of high-performance, environmentally friendly organic chemicals.

Another important driver propelling the growth of the aromatic compounds market is the paints and coatings sector. The great solvency power and rapid drying capabilities of aromatic compounds, especially xylene and toluene, make them popular solvents in paint, varnish, and coating formulations. great-performance paints and coatings are in great demand due to the expanding building and automotive industries as well as rising consumer demand for protective and visually pleasing coatings. As a result, there is a rise in the consumption of aromatic compounds, which supports market expansion. Furthermore, it is anticipated that the growing emphasis on environmentally friendly and sustainable coatings would open up new business prospects.

One of the main drivers of the growth of the aromatic compounds market is the rise of the automotive sector. In the automobile industry, aromatic compounds are widely employed in the manufacturing of synthetic rubber, polymers, adhesives, and paints. The need for aromatic compounds is expanding along with the global automotive sector, which is being driven by rising vehicle production, urbanization, and consumer desire for electric vehicles (EVs). Aromatic compounds play a key role in the production of lightweight materials that improve fuel economy and lower emissions—two factors that are vital to the automobile sector. It is also anticipated that the move to hybrid and electric cars would increase demand for high-performance aromatic compounds.

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AROMATIC COMPOUNDS MARKET SHARE ANALYSIS:

Key participants in the global aromatic compounds market include China National Petroleum, Sinopec, ExxonMobile, and Total S.A. The top four producers worldwide control over 25% of the Market.

With a share of around 40%, Asia Pacific (excluding China) is the largest market. North America and China are next, both with shares of more than 30%.

Key Companies:

Sinopec Limited
ExxonMobile
Total
China National Petroleum
Shell
Reliance Industries
SK
Koch
Formosa Plastics
JX Nippon Oil & Energy
INEOS Group
ConocoPhillips
SABIC
LyondellBasell
BP
BP Chemicals

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