The growth of the aromatic compounds market is primarily driven by the increasing demand from the paints and coatings industry in developed and developing economies. Aromatic compounds have extensive applications in various sectors, including pharmaceuticals, medical devices, and other end-user industries, contributing to the expansion of the market. The growth and expansion of industries in developing economies further propel market growth. Aromatic compounds, derived from petroleum or coal tar, serve as valuable industrial solvents for nonpolar compounds due to their lower reactivity compared to alkenes.
According to Data Bridge Market Research, the Aromatic Compounds Market is expected to grow with a CAGR of 5.72% in the forecast period of 2022 to 2029.
“Rise in demand for aromatic compounds by the paints and coatings industry boosts the market’s growth”
The growth of the aromatic compounds market is fuelled by the increasing demand for these compounds in the paints and coatings industry. Aromatic compounds, known for their solid and distinct odors, are commonly used as key ingredients in the formulation of paints and coatings. They contribute to developing desired fragrances, enhancing product performance, and providing aesthetic appeal. The rising demand for paints and coatings in various sectors, such as construction, automotive, and industrial, drives the growth of the aromatic compounds market.
What restraints the growth of the aromatic compounds market?
“Insufficiency in raw material demand restraints the market’s growth”
The insufficiency in raw material demand limits the growth of the aromatic compounds market. Aromatic compounds are derived from specific raw materials, such as petroleum and petrochemical feedstock. There is a lack of demand for these raw materials or fluctuations in their availability, it can lead to a constraint in the production of aromatic compounds. Insufficient raw material supply can increase prices, limit production capacities, and hinder market growth. Therefore, the market's expansion depends on the consistent and adequate availability of raw materials.
Segmentation: Aromatic Compounds Market
The aromatic compounds market is segmented on the basis of type, application, and end-use.
- On the basis of type, the aromatic compounds market has been segmented into benzene, xylene, and toluene.
- On the basis of application, the aromatic compounds market has been segmented into solvent and additive.
- On the basis of end-use, the aromatic compounds market has been 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.
Regional Insights: North America dominates the aromatic compounds market
North America dominates the aromatic compounds market due to the rise in research and development activities as well as the increasing demand from various end-user industries. The region is witnessing significant investments in research and development, leading to advancements in aromatic compound applications and formulations. Additionally, the growing demand from diverse industries highlights the expanding use of aromatic compounds in sectors such as paints, coatings, automotive, and more. These factors contribute to the market's growth and development in the region.
Asia-Pacific will continue to undergo substantial gains during the forecast period and register the highest CAGR due to the high economic growth observed in emerging countries, increasing urbanization and industrialization, robust industrial development, and the abundant availability of raw materials. These factors collectively contribute to the expansion of the aromatic compounds market by creating favorable conditions for increased production, consumption, and demand for aromatic compounds in various industries.
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The Prominent Key Players Operating in the Aromatic Compounds Market Include:
- Shell group of companies (U.K.)
- Exxon Mobil Corporation (U.S.)
- Total (France)
- McDermott (U.S.)
- JX Nippon Oil & Gas Exploration Corporation (Japan)
- bp p.l.c. (U.K.)
- Canada Colors and Chemicals Limited (Canada)
- China National Petroleum Corporation (China)
- Honeywell International Inc. (U.S.)
- Reliance Industries Limited (India)
- INEOS (Switzerland/U.K.)
- Chevron Phillips Chemical Company (U.S.)
- Toray Industries, Inc. (Japan)
- Dow (U.S.)
- GS Caltex Corporation (South Korea)
- LyondellBasell Industries Holdings B.V. (Netherlands)
- DuPont (U.S.)
- Koch Industries, Inc. (U.S.)
- Formosa Plastics Corporation (Taiwan)
- ENEOS Corporation (Japan)
- SABIC (Saudi Arabia)
Above are the key players covered in the report, to know about more and exhaustive list of aromatic compounds market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Aromatic Compounds Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
