According to TechSci Research report, “Global Aromatics Market By Type, By Application, By End User, By Region, Competition, Forecast & Opportunities, 2025”, the global aromatics market is expected to reach $ 76 billion by 2025 owing to increasing demand from the chemicals, paints & coatings, adhesives and pharmaceuticals sectors. Expanding global population, rising living standards and improving access to healthcare services are expected to augment demand for aromatics from different end user segments. The global chemicals sector, followed by the paintings & coating segment, are expected to continue their dominance in the global aromatics market over the next five years. However, disruptions in entire supply chain, and subsequent fall in demand for aromatics from various end use applications, is expected to be witnessed during 2020 due to economic inactivity on account of lockdowns across various major global economies to fight COVID-19 pandemic.
Browse 117 market data Figures spread through 115 Pages and an in-depth TOC on “Global Aromatics Market”
The global aromatics market is segmented based on type, application, end user industry and region. Based on type, the aromatics are bifurcated into Benzene, Toluene, Para-Xylene, Ortho-Xylene and Others, of which, Para-Xylene holds the largest market share due to its high demand in fiber, films, and Polyethylene Terephthalate (PET) resin market. Based on end use, the market can be fragmented majorly into chemicals, paints & coatings, adhesives and pharmaceuticals. Chemicals sectors is anticipated to account for the largest market share during 2020-2025, followed by paints & coatings segment. Government initiatives in construction infrastructure projects across the globe are expected to continue driving paints & coatings demand, thereby positively influencing the global aromatics market in the coming years. Region wise, Asia Pacific is expected to dominate the aromatics market due to high consumption of Benzene and Para-Xylene. Benzene is used to produce several intermediates that are used to create polymers, solvents, and detergents. In case of Para-Xylene, much of the growth is emanating from polyester.
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Major players operating in the aromatics market include DuPont de Nemours Inc., Alpek S.A.B de C.V, BP PLC, China National Petroleum Corporation, ExxonMobil Corporation, Indorama Ventures, Reliance Industries Limited, Shell Chemicals Ltd., SABIC, Lyondell Basell, among others. “Global aromatics market is witnessing steady growth and expected to continue growing in the coming years. Chemicals sector dominates the global aromatics market, accounting for majority of the market share. Market players should further increase their focus on chemicals and paints & coatings end user segments, as both of these segments cumulatively account for around 70% of the global aromatics market during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Aromatics Market By Type, By Application, By End User, By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of aromatics market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the global aromatics market.
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