Aromatics Market to Surpass $ 76 Billion by 2025: TechSci Research
According
to TechSci Research report, “Global Aromatics Market By
Type, By Application, By End User, By Region, Competition, Forecast &
Opportunities, 2025”, the global aromatics market is expected to reach $ 76
billion by 2025 owing to increasing demand from the chemicals, paints &
coatings, adhesives and pharmaceuticals sectors. Expanding global population, rising
living standards and improving access to healthcare services are expected to
augment demand for aromatics from different end user segments. The global
chemicals sector, followed by the paintings & coating segment, are expected
to continue their dominance in the global aromatics market over the next five
years. However, disruptions in entire supply chain, and subsequent fall in demand for aromatics
from various end use applications, is expected to be witnessed during 2020 due
to economic inactivity on account of lockdowns across various major global
economies to fight COVID-19 pandemic.
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The global aromatics market is segmented based on type, application, end
user industry and region. Based on type, the aromatics are bifurcated into Benzene,
Toluene, Para-Xylene, Ortho-Xylene and Others, of which, Para-Xylene holds the
largest market share due to its high demand in fiber, films, and Polyethylene
Terephthalate (PET) resin market. Based on end use, the market can be
fragmented majorly into chemicals, paints & coatings, adhesives and pharmaceuticals.
Chemicals sectors is anticipated to account for the largest market share during
2020-2025, followed by paints & coatings segment. Government initiatives in
construction infrastructure projects across the globe are expected to continue driving
paints & coatings demand, thereby positively influencing the global aromatics
market in the coming years. Region wise, Asia Pacific is expected to dominate
the aromatics market due to high consumption of Benzene and Para-Xylene. Benzene
is used to produce several intermediates that are used to create polymers,
solvents, and detergents. In case of Para-Xylene, much of the growth is emanating
from polyester.
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Major players operating in the aromatics market include DuPont de
Nemours Inc., Alpek S.A.B de C.V, BP PLC, China National Petroleum Corporation,
ExxonMobil Corporation, Indorama Ventures, Reliance Industries Limited, Shell
Chemicals Ltd., SABIC, Lyondell Basell, among others. “Global aromatics
market is witnessing steady growth and expected to continue growing in the
coming years. Chemicals sector dominates the global aromatics market,
accounting for majority of the market share. Market players should further
increase their focus on chemicals and paints & coatings end user segments,
as both of these segments cumulatively account for around 70% of the global
aromatics market during the forecast period.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Global Aromatics Market
By Type, By Application, By End User, By Region, Competition, Forecast &
Opportunities, 2025” has evaluated the future growth potential of aromatics market and
provides statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in the global aromatics market.
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