North America Aromatic Compounds Market, By Type (Benzene, Xylene, Toluene and Others), Application (Solvent and Additive), End Use (Packaging, Detergent and Dyes, Automobile, Electronic Devices, Medical Devices, Pharmaceuticals, Gasoline, Tyre, Household Goods, Paints and Coatings, PVC Pipes and Cables and Others), Country (U.S., Canada and Mexico) Industry Trends and Forecast to 2029.
Data Bridge Market Research analyses that the aromatic compounds market will witness a CAGR of 4.25% for the forecast period of 2022-2029. Growth in the demand for aromatic compounds especially in the developing economies like India and China, growing use of aromatic compounds for a wide range of end user applications such as packaging, detergent and dyes, automobile, electronic devices, household goods, PVC pipes and cables and other applications, increasing investment by the government for research and development activities and surge in industrialization especially in the developing countries are the major factors attributable to the growth of the aromatic compounds market.
Aromatic compounds are cyclic organic compounds that contain hydrocarbons containing sigma bonds and delocalized pi electrons between carbon atoms in a ring. These are obtained from petroleum sources or coal tar.
Rise in demand for aromatic compounds by the paints and coatings industry in developed and developing economies is the root cause fuelling up the market growth rate. Rising application areas for aromatic compounds such as in the pharmaceuticals and medical devices and growth and expansion of various end user industries especially in the developing economies will also directly and positively impact the growth rate of the market. Rising demand for aromatic compounds in crude oil, gasoline, and petroleum, rising expenditure for research and development proficiencies by the major companies, increasing usage of usage of benzene and toluene in pharmaceuticals, growing focus on the technological advancements and modernization in the production techniques will further carve the way for the growth of the market.
However, insufficiency in raw material demand and supply owing to the lockdown and volatility in their prices will pose a major challenge to the growth of the market. High costs associated with research and development proficiencies, stringent government regulations for replacement of harmful chemicals with bio-based chemicals, emergence of low priced substitutes and strict global trade restrictions will dampen the market growth rate.
This aromatic compounds market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on aromatic compounds market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Aromatic Compounds Market Scope and Market Size
The aromatic compounds market is segmented on the basis of type, application and end-use. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target market.
- On the basis of type, the aromatic compounds market is segmented into benzene, xylene, and toluene. Benzene is further segmented into ethylbenzene, cumene and cyclohexane; xylene is further segmented into p-xylene, m-xylene, and o-xylene. Toluene is further segmented into solvents, toluene diisocyanate and others.
- On the basis of application, the aromatic compounds market is segmented into solvent and additive.
- Based on end-use, the aromatic compounds market is segmented into packaging, detergent and dyes, automobile, electronic devices, medical devices, pharmaceuticals, gasoline, tire, household goods, paints and coatings, PVC pipes and cables and others.
Aromatic Compounds Market Country Level Analysis
The aromatic compounds market is analysed and market size, volume information is provided by country, type, application and end-use as referenced above.
The countries covered in the aromatic compounds market report are U.S., Canada and Mexico.
U.S. in North America dominates the aromatic compounds market owing to the increase in the research and development activities and increasing demand for refinishing automotive coatings.
The country section of the aromatic compounds market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Aromatic Compounds Market Share Analysis
The aromatic compounds market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to aromatic compounds market.
Some of the major players operating in the aromatic compounds market report are Exxon Mobil Corporation, Huntsman International LLC., Celanese Corporation, Shell group of companies, McDermott., Honeywell International Inc., Eastman Chemical Company, INEOS, Chevron Phillips Chemical Company, Dow, GS Caltex Corporation., and Canada Colors and Chemicals Limited among others.