Aromatic Compounds Market Size to Grow USD 299 Million by 2030 at a CAGR of 7.6% | Valuates Reports
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.
Get Free Sample: https://reports.valuates.com/request/sample/QYRE-Auto-2285/Global_Aromatic_Compounds_Market
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.
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-2285/global-aromatic-compounds
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.
Buy Now! https://reports.valuates.com/api/directpaytoken?rcode=QYRE-Auto-2285&lic=single-user
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
Purchase Chapters: https://reports.valuates.com/market-reports/QYRE-Auto-2285/global-aromatic-compounds/1
SUBSCRIPTION
We have introduced a tailor-made subscription for our customers. Please leave a note in the Comment Section to know about our subscription plans.
DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
- Linear Alkylbenzene & Aromatic Compounds Market
- Aromatic Sulfonic Acid market was valued at USD 210 Million in 2023 and is anticipated to reach USD 233.4 Million by 2030, witnessing a CAGR of 1.5% during the forecast period 2024-2030.
- De-Aromatic Solvents market is projected to grow from USD 1303.1 Million in 2024 to USD 1502.3 Million by 2030, at a Compound Annual Growth Rate (CAGR) of 2.4% during the forecast period.
- Polycyclic Aromatic Hydrocarbons Determination Market
- Fungicide and Insecticide Compound market was valued at USD 39210 Million in 2023 and is anticipated to reach USD 47480 Million by 2030, witnessing a CAGR of 2.8% during the forecast period 2024-2030.
- Aromatic Isomer Material Market
- Aromatic Hydrocarbon Extraction Device Market
DISCOVER OUR VISION: VISIT ABOUT US!
Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.
Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that's why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.
To achieve a consistent view of the market, data is gathered from various primary and secondary sources, at each step, data triangulation methodologies are applied to reduce deviance and find a consistent view of the market. Each sample we share contains a detailed research methodology employed to generate the report. Please also reach our sales team to get the complete list of our data sources.
YOUR FEEDBACK MATTERS: REACH OUT TO US!
Valuates Reports
sales@valuates.com
For U.S. Toll-Free Call 1-(315)-215-3225
WhatsApp: +91-9945648335
Website: https://reports.valuates.com
Blog: https://valuatestrends.blogspot.com/
Pinterest: https://in.pinterest.com/valuatesreports/
Twitter: https://twitter.com/valuatesreports
Facebook: https://www.facebook.com/valuatesreports/
YouTube: https://www.youtube.com/@valuatesreports6753
https://www.facebook.com/valuateskorean
https://www.facebook.com/valuatesspanish
https://www.facebook.com/valuatesjapanese
https://valuatesreportspanish.blogspot.com/
https://valuateskorean.blogspot.com/
https://valuatesgerman.blogspot.com/
https://valuatesreportjapanese.blogspot.com/
Logo: https://mma.prnewswire.com/media/1082232/Valuates_Reports_Logo.jpg
Share this article