Global Aromatics Market Poised for Growth Driven by Automotive and Pharmaceutical Industries
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Discover the driving factors behind the growth of the global aromatics market, including rising demand in the automotive and pharmaceutical industries
VANCOUVER, BC, CANADA, June 19, 2024 /EINPresswire.com/ -- The global aromatics market size was USD 260.20 billion in 2022 and is expected to register a rapid revenue CAGR of 5.8% during the forecast period. The global aromatics market is experiencing significant growth, propelled by rising demand from the automotive sector and the paints & coatings industry, alongside the increasing need for aromatic rings in medicinal chemistry. This trend is expected to boost market revenue substantially.
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Key Market Drivers
Aromatics-derived products are becoming increasingly vital in the automotive industry due to their lightweight properties, which contribute to reduced fuel consumption. For instance, these products can cut fuel consumption by 750 liters over a vehicle's lifespan of 150,000 kilometers, benefiting both manufacturers and consumers. These advantages align with the industry's push for modern, high-performance, lightweight, and fuel-efficient vehicles, offering improved reliability, safety, competitive pricing, and environmental benefits.
In addition, synthetic rubbers derived from aromatics enhance tire performance by providing better grip on wet surfaces and increasing tire mileage. A notable development in this sector is the collaboration between Steelbird, an international automotive manufacturing company, and A.L Group of Israel, announced on March 15, 2023. This partnership aims to introduce aromatic car cabin filters to the market, enhancing the driving experience with innovative aromatic technology.
Market Restraints
However, the easy availability of substitutes like cycloalkanes poses a challenge to market growth. Although aromatics derived from crude oil refining offer benefits such as fuel efficiency and increased engine power, they also produce significant soot, contributing to global warming and making them less desirable for aviation fuel.
Product Type Insights
The global aromatics market is segmented by product type into styrene, xylene, benzene, para-xylene, and others. In 2022, the xylene segment held the largest market share due to its extensive use as a solvent in the manufacturing of chemicals, adhesives, agricultural sprays, and coatings. Xylene is also crucial in gasoline production, lubrication, and manufacturing various polymers. Its applications extend to products like ink, varnish, paint thinners, and insecticides. The demand for xylene in printing, rubber, and leather industries is also on the rise, further driving market growth.
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End-Use Insights
The market is also segmented by application into automotive, adhesives, pharmaceuticals, chemicals, aerospace, and others. The pharmaceuticals segment is expected to witness rapid growth, driven by the widespread use of aromatics in drug purification and the development of antibiotics and therapies for conditions such as AIDS, arthritis, and cancer. Aromatics are also essential in producing orthopedic devices and disposable medical supplies, making healthcare more affordable and efficient.
The chemicals segment is anticipated to hold a significant market share, as aromatics are fundamental in the petrochemical industry. Toluene, xylenes, and benzene, produced through carbonization and catalytic reforming, are used across various sectors, including clothing, packaging, paints, adhesives, dyes, and pharmaceuticals.
Application Insights
On the application front, the global aromatics market includes segments like the textile industry, plastic industry, chemical processing, and others. The textile industry is expected to grow moderately fast due to increasing demand from home textile and apparel sectors. Aromatics are crucial in creating vibrant, long-lasting fibers used in furniture, carpets, bedsheets, and more. The advancements in modern technologies for producing textile aromatics are also driving this segment's growth.
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Aromatics Top Companies and Competitive Landscape
The global aromatics is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective products in the market.
Some of the major companies included in the global aromatics market report are:
Exxon Mobil Corporation
SABIC
Shell
Reliance Industries Limited
Dow
PTT Public Company Limited
Canada Colors and Chemicals Limited
LyondellBasell Industries Holdings B.V.
Eastman Chemical Company
HCS Group GmbH
Celanese Corporation
Honeywell International Inc.
Aromatics Latest Industry News
On 1 January 2021, Ineos Group Ltd., a UK-based chemical manufacturing company, acquired global Aromatics & Acetyls business from BP plc for USD 5 Billion. This acquisition will help to develop Ineos’s petrochemical business, and enhance its position in the global market, and expand business footprint in the global market.
On 27 February 2020, Lasa Supergenerics Limited, a manufacturer of Active Pharmaceutical Ingredients (API), acquired Harishree Aromatics. This acquisition will help to increase the company’s market share, product and service diversification, and assets.
Aromatics Market Segment Analysis
For the purpose of this report, Emergen Research has segmented the global aromatics market on the basis of type, application, end-use, and region:
Type Outlook (Revenue, USD Billion; 2019-2032)
Styrene
Xylene
Benzene
Para-xylene
Others
Application Outlook (Revenue, USD Billion; 2019-2032)
Textile Industry
Plastic Industry
Chemical Processing
Others
End-use Outlook (Revenue, USD Billion; 2019-2032)
Automotive
Adhesives
Pharmaceuticals
Chemicals
Aerospace
Others
Regional Outlook (Revenue, USD Billion; 2019–2032)
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of Middle East & Africa
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