Aromatic Solvents Market, Drivers, Trends, Challenges and Forecast to 2024Posted by navdeep on February 21st, 2019 Aromatic solvents find wide application in printing inks, paints, coatings, and adhesives. Besides, they are used in the extraction and degreasing agents for metals and as chemical intermediates, such as toluene diisocynate, in various industrial processes. In recent years, the aromatic solvents market has witnessed significant growth in developing countries, such as India and China, primarily due to the growth in construction activities and the increasing demand for automobiles. Moreover, rapid urbanization and industrialization across the world has contributed considerably to the market growth. Aromatic solvents are solvents that contain an aromatic ring in their chemical structure. They are primarily used as solvents and diluents in various industries and are mainly manufactured as a by-product after the distillation of crude oil. Besides, they are used as corrosion inhibitors in the oil and gas industry. In the report, the aromatic solvents market is segmented on the basis of type, application, and geography. Request For Sample Pages : https://www.psmarketresearch.com/market-analysis/aromatic-solvents-market/report-sample The growing demand for these chemicals in the construction, automotive, oil and gas, and packaging industries is driving the growth of the aromatic solvents market. In the construction industry, these solvents are majorly used as carriers in paints and varnishes for surface coating applications. Hence, with the rapid development and urbanization in various countries across the globe, the demand for these solvents is expected to rise. Besides, paints are used in the automobile industry, which, according to Moody’s, is projected to grow at 1.3% in 2019, owing to the increasing sale of automobiles in the APAC market. The oil and gas industry is also contributing to the growth of the aromatic solvents market, globally. According to the Oil & Gas Journal, the oil and gas industry is likely to grow in the near future, thereby fueling the demand for crude oil and its products across the world. In this industry, aromatic solvents are primarily used as corrosion inhibitors for the protection of pipes during the fractional distillation process. Some of the major companies operating in the global aromatic solvents market are China Petrochemical Corporation, Shell Group of Companies, Exxon Mobil Corporation, BASF SE, LyondellBasell Industries N.V., Reliance Industries Limited, Indian Oil Corporation Limited, Total S.A., Chevron Corporation, and SK Global Chemical Co. Ltd. About P&S Intelligence
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