North America is also a major regional market for aromatics and is likely to retain this position over the forecast period due to the increasing demand from the paints and coatings, pharmaceutical, and chemical industries. The pharmaceutical industry is a major end user of aromatics in the region and is likely to exhibit steady growth over the forecast period due to the growing demand for advanced pharmaceutical products with organic formulations. The use of aromatics is likely to continue unabated in pharmaceutical products in the coming years, leading to a growing demand from the pharmaceutical industry in the region.
The global aromatics market is expected to exhibit a steady 5.67% CAGR over the forecast period from 2018 to 2027, according to the latest research report from Market Research Future (MRFR).
The global aromatics market is mainly driven by the growing demand from the paints and coatings, pharmaceuticals, and chemical industries.
Competitive Analysis:
Leading players in the global aromatics market include Canada Colors and Chemicals Limited, BP plc, Dow, Reliance Industries Ltd., LyondellBasell, Shell Chemicals, SABIC, and ExxonMobil.
Segmentation:
The global aromatics market is segmented based on type, application, end use, and region.
By type, the global aromatics market is segmented into benzene, toluene, o-xylene, p-xylene, and others. Toluene is likely to exhibit the fastest growth rate over the forecast period due to the growing demand for toluene in paints and coatings.
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By application, the global aromatics market is segmented into solvents and additives.
By end use, the market is segmented into paints and coatings, adhesives, chemicals, pharmaceuticals, and others. Paints and coatings are likely to remain the majority end user in the global aromatics market.
Regional Analysis:
Asia Pacific is a major regional market for aromatics and is likely to retain a major share in the global aromatics market over the forecast period. Asia Pacific is a major market for aromatics due to the growing demand from the paints and coatings and chemicals industries in the region. The paints and coatings industry in Asia Pacific has been driven mainly by the growing construction and automotive industries in the region. The construction industry in Asia Pacific has emerged as a major driver for the paints and coatings market, as the rising inflow of urban immigrants has driven residential construction activities in leading APAC economies such as China, India, and Thailand.
This is likely to remain a major driver for the paints and coatings industry in the region over the forecast period, as the increasing job opportunities in major urban centers in Asia Pacific have led to a growing demand for residential construction projects, thus leading to a growing demand for paints and coatings, and thus driving the demand from the aromatics market. Aromatics are used in paints and coatings as a solvent, thinner, or aromatic.
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Europe is also likely to be a major regional market for the aromatics industry due to the growing demand for aromatics in pharmaceutical formulations. Growing demand for excipients in the pharmaceuticals industry is likely to be a major driver for the aromatics market in Europe over the forecast period. The growing adhesives industry is also likely to be a major driver for the aromatics market in the region over the forecast period.
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