Aromatics Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type (Styrene, Xylene, Benzene, Others), By Application (Solvent and Additive), By End-Use Industry (Paint & Coatings, Adhesives, Pharmaceuticals, Chemicals and Others), By Region, Competition 2018-2028

Industry : Chemicals
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Published Date : NA

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Report Description

Forecast Period	2024-2028
Market Size (2022)	USD 185.6 billion
CAGR (2023-2028)	5.33%
Fastest Growing Segment	Benzene
Largest Market	North America

Market Overview

Global Aromatics Market has valued at USD185.6 billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 5.33% through 2028. The growth in revenue of the aromatics market is primarily driven by various factors. These include the increasing demand for aromatics solvents like Xylene, Toluene, and benzene in different industries. Xylene is widely used as a solvent and cleaning agent, while Toluene finds extensive application in the production of paints, lacquers, and glue. Benzene, on the other hand, is essential for the manufacturing of plastics, synthetic fibers, and resins. Furthermore, the paints and coatings industry is increasingly adopting aromatics as an ingredient to thin paints and varnishes and accelerate drying time. Major players in the market are also investing in research activities to develop advanced and innovative aromatics products, contributing to revenue growth on a global scale. The construction industry plays a significant role in driving market revenue growth as well. Aromatics are extensively used in piping, window frames, insulation, and interior designing within this sector. For instance, benzene is employed in making Polystyrene foam, which offers insulation and reduces energy consumption, contributing to a comfortable living environment. Expanded Polystyrene (EPS), made from Styrene or benzene, is a lightweight and sustainable insulating material used in constructing roofs, walls, and floors for all types of buildings. Aromatics also find applications in the production of sports equipment such as nylon parachutes, lightweight running shoes, footballs, and Polyester swimwear. The increasing use of epoxy resins, glass-reinforced polyester, and polyurethanes in manufacturing sports equipment, along with the rising popularity of sports participation, is driving the demand for aromatics. Moreover, aromatics have diverse applications in household and kitchen goods. They are used in the production of corrosion-resistant and tough plastic materials like polystyrene or polycarbonate, which are commonly used in the interior panels of refrigerators. Toluene-derived polyurethane is utilized between molded panels of refrigerators to improve cooling efficiency and save electricity. Additionally, aromatics-based materials are used in the production of egg cartons, gas burners, milk bottles, microwave ovens, meat trays, pots and pans, and coffee machines, enhancing food safety and ease of use. Aromatics are also applied as coatings on vehicles, ships, and bridges to enhance aesthetics, hardness, and water-resistance properties.

Key Market Drivers

Growing Demand of Aromatics in Paints & Coatings Industry

In the realm of modern industry, the relationship between aesthetics and functionality has become increasingly intertwined in the paints and coatings sector. As the demand for high-performance and visually appealing solutions continues to grow, the global aromatics market has emerged as a key driver in providing essential building blocks for paints and coatings. With a focus on enhancing color, durability, and overall performance, aromatics are paving the way for a vibrant future in the industry. Aromatics are a class of organic compounds characterized by their unique molecular structures, often including aromatic rings. These compounds play a crucial role in the creation of colorants, resins, solvents, and additives that are integral to the paints and coatings industry. Aromatics are the key to the captivating hues that grace our surroundings. Aromatic compounds are essential components of colorants and pigments used in paints and coatings, enabling a vast spectrum of shades and tones. These compounds not only provide the brilliance that catches the eye but also contribute to the stability and resistance of colors against fading caused by exposure to sunlight and environmental factors. When it comes to durability, aromatics are essential allies. They form the backbone of resins that provide protective coatings against corrosion, abrasion, and chemical exposure. Aromatic-based resins create a robust shield that safeguards surfaces from degradation over time, thereby extending the life of structures, vehicles, and equipment. Aromatics offer more than just aesthetics and protection. Their chemical properties make them valuable additives in coatings, enhancing properties such as adhesion, flexibility, and resistance to extreme temperatures. These additives significantly improve the overall performance of paints and coatings, making them suitable for diverse applications and environments. The growing demand for high-quality and versatile paints and coatings is driving the global aromatics market forward. Industries worldwide are seeking products that not only offer visual appeal but also meet stringent performance requirements, leading to a surge in the demand for aromatic compounds. This trend is particularly evident in sectors such as automotive, construction, aerospace, and industrial manufacturing. The intersection of the aromatics market and the paints and coatings industry is a hub of innovation. Manufacturers of aromatic compounds are continually developing new formulations and applications that cater to the evolving needs of the coatings sector. The introduction of low-VOC (volatile organic compound) and environmentally friendly aromatic solutions aligns with the global push for sustainable practices and regulations.

Increasing Demand of Aromatics in Automotive Industry

In recent years, a notable trend has emerged, reshaping the automotive landscape and propelling the global aromatics market to unprecedented heights. The escalating demand for aromatics in the automotive sector is driving industry transformation, causing a ripple effect throughout the entire value chain. Aromatics serve as vital feedstocks for the production of high-performance plastics and synthetic materials, enhancing vehicle safety, durability, and fuel efficiency. Lightweight plastics contribute to reduced vehicle weight, resulting in improved fuel economy and decreased emissions. Moreover, aromatics play a critical role in tire manufacturing by improving grip, durability, and tire performance, ensuring optimal safety and stability on the road. Furthermore, aromatics are indispensable in the production of various interior components, such as dashboards, upholstery, and insulation materials. These components not only enhance overall comfort and aesthetics but also maintain durability and longevity. Additionally, aromatics contribute to the formulation of coatings and paints used on automotive surfaces, providing protection against corrosion, UV radiation, and environmental factors, thus extending the lifespan of vehicles. The increasing demand for aromatics in the automotive industry is closely intertwined with sustainability initiatives. Automakers face mounting pressure to reduce the carbon footprint of their vehicles and embrace environmentally friendly practices. Aromatics play a crucial role in this endeavor by enabling the production of lightweight materials that enhance fuel efficiency and reduce emissions. Furthermore, research and innovation are driving the development of bio-based aromatics derived from renewable sources, aligning with the automotive industry's pursuit of sustainable solutions. These bio-based alternatives hold the promise of further minimizing the environmental impact of vehicle production. Countries such as China and India, undergoing rapid industrialization and urbanization, are emerging as significant consumers of aromatics due to the expansion of their automotive sectors. This surge in demand has a cascading effect throughout the aromatics value chain. Petrochemical companies are investing in expanding their production capacities to meet the growing requirements of the automotive sector. Moreover, ongoing exploration of refining and production technologies aims to ensure a sustainable supply of aromatics.

Increasing Demand of Aromatics in Pharmaceuticals Industry

With the increasing global demand for pharmaceutical products, the significance of aromatics in drug development and manufacturing is becoming more pronounced. This is reshaping the dynamics of the global aromatics market. The pharmaceuticals industry, renowned for its rigorous scientific standards and strict regulations, is now recognizing the unique attributes of aromatics. Aromatics play a crucial role as precursors in the development of various pharmaceutical compounds, including active pharmaceutical ingredients (APIs), excipients, and drug delivery systems. The growing prevalence of chronic diseases, aging populations, and global health challenges are driving the need for innovative pharmaceutical solutions, leading to an increased demand for aromatics. Aromatics contribute not only to synthesis but also to drug formulation and delivery systems. Aromatics are frequently utilized in the development of novel drug delivery methods such as liposomal and nanoparticle-based systems, owing to their compatibility with these platforms. By enhancing drug solubility, stability, and bioavailability, aromatics improve the therapeutic efficacy of pharmaceutical products. The unprecedented surge in demand for aromatics in the pharmaceuticals industry is reshaping the global aromatics market. This convergence of two seemingly distinct sectors highlights the intricate interplay between chemistry, innovation, and healthcare. As the pharmaceuticals industry continues to evolve, the symbiotic relationship between aromatics and drug development is expected to drive innovation, foster cross-industry collaborations, and reshape the global aromatics market landscape.

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Key Market Challenges

Easy availability of substitutes such as cycloalkanes

One of the key challenges confronting the global aromatics market is the emergence of readily available substitutes, with cycloalkanes taking the lead. Cycloalkanes are saturated hydrocarbons comprised of carbon atoms forming a closed ring structure, resembling aromatic rings but lacking the alternating double bonds. These compounds offer functional similarities to aromatics in certain applications, making them appealing alternatives. Substitutes often enter the market at a lower price point due to their straightforward production processes or abundant feedstocks. This can result in price competition and potentially impact the profit margins of conventional aromatic compounds. While substitutes like cycloalkanes may offer functional similarities in specific applications, their performance characteristics may differ from those of aromatics. Ensuring that substitutes meet the same quality and performance standards presents a challenge. The adoption of substitutes can drive a shift in market demand away from traditional aromatics, potentially resulting in reduced market share for aromatics producers unless they adapt to evolving preferences. Companies in the aromatics market may need to invest in research and development to explore ways to enhance their products' properties or discover novel applications to maintain a competitive edge.

Volatility in Feedstock Prices

Aromatics, including benzene, toluene, and xylene, play a crucial role in the manufacturing of a wide range of products, such as plastics, synthetic fibers, pharmaceuticals, and agrochemicals. These compounds are derived from crude oil or natural gas through various refining and petrochemical processes. As a result, the prices of feedstocks like crude oil, naphtha, and natural gas have a significant impact on the production cost of aromatics. The primary challenge posed by feedstock price volatility is the uncertainty it introduces into production costs. Fluctuating feedstock prices can disrupt production planning and budgeting, affecting the profitability of aromatics manufacturers. Moreover, these price fluctuations can disrupt supply chains as manufacturers adjust to changing production costs, leading to inventory imbalances, delays in product delivery, and operational inefficiencies. Furthermore, volatile feedstock prices can discourage companies from making long-term investment decisions or expanding production capacities. The uncertainty surrounding future feedstock costs may also impact the feasibility of large-scale projects.

Key Market Trends

Growing Adaptation of Bio-Based Aromatics

Bio-based aromatics are derived from renewable feedstocks, such as agricultural waste, biomass, and even algae. This stands in stark contrast to fossil fuels, which are finite resources with significant environmental impacts. The production of bio-based aromatics generally emits fewer greenhouse gases compared to their fossil-based counterparts, leading to a reduction in carbon emissions and contributing to the mitigation of climate change. Furthermore, bio-based aromatics can be seamlessly integrated into a circular economy model by utilizing waste streams and biodegradable materials, aligning their lifecycle with the principles of sustainability and waste reduction. Another advantage of bio-based aromatics is their lower levels of toxicity, making them more environmentally friendly throughout their entire lifecycle, from production to disposal. With consumers becoming increasingly environmentally conscious, there is a growing demand for products with lower ecological footprints. This shift in consumer preferences has prompted industries to reevaluate their practices and embrace greener alternatives. As a response to this evolving demand landscape, the aromatics market is witnessing the emergence of bio-based production methods.

Segmental Insights

Type Insights

In 2022, the Aromatics market was dominated by the Xylene and is predicted to continue expanding over the coming years. Xylene serves as a solvent in the production of chemicals, adhesives, agricultural sprays, and coatings. Additionally, it finds application in gasoline, lubricants, and the manufacturing of polymers like Dimethyl Terephthalate and Phthalic Anhydride. Commonly encountered in products such as ink, varnish, paint thinners, and insecticides.

End-Use Industry Insights

In 2022, the Aromatics market was dominated by pharmaceuticals segment and is predicted to continue expanding over the coming years. Aromatics, such as resins, find extensive application in drug purification, as well as the development of antibiotics and therapies for conditions like Acquired Immunodeficiency Syndrome (AIDS), arthritis, and cancer. Moreover, orthopedic devices crafted from plastics and resins offer mobility to individuals with injuries while remaining cost-effective compared to alternative materials. Aromatics are utilized in the production of disposable syringes, apparatus, and containers for the storage of medications and vaccines.

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Regional Insights

The North America region has established itself as the leader in the Global Aromatics Market. This can be attributed to the growing demand for aromatics across various end-use industries including automotive, paint & coatings, construction, and personal care products, among others. Moreover, there is a significant demand for new and used cars, particularly in countries like the US, which is expected to further drive the demand for refinishing automotive coatings. Additionally, the increasing investments by major companies and governments in the region, especially in the US and Canada, for research activities aimed at developing advanced, innovative, and durable products, are contributing to the revenue growth of the market in this region.

Recent Developments

On January 1, 2021, Ineos Group Ltd., a UK-based chemical manufacturing company, completed the acquisition of BP plc's global Aromatics & Acetyls business for a total consideration of USD 5 Billion. This strategic move will not only bolster Ineos's petrochemical business but also strengthen its global market position and expand its business footprint.
On February 27, 2020, Lasa Supergenerics Limited, a leading manufacturer of Active Pharmaceutical Ingredients (API), successfully acquired Harishree Aromatics. This acquisition is expected to significantly enhance the company's market share, diversify its product and service offerings, and expand its asset base.

Key Market Players

DuPont de Nemours, Inc.
Alpek S.A.B. de C.V
BP PLC
China National Petroleum Corporation
Exxon Mobil Corporation
Indorama Ventures PLC
Reliance Industries Limited
Shell Chemicals Limited
SABIC
Lyondell Basell Industries Inc.

By Type

By Application

By End-Use Industry

By Region

• Styrene

• Xylene

• Benzene

• Others

• Solvent

• Additive

• Paint & Coatings

• Adhesives

• Pharmaceuticals

• Chemicals

• Others

• Asia Pacific

• North America

• Europe

• Middle East & Africa

• South America

Report Scope:

In this report, the Global Aromatics Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Aromatics Market, By Type:

o Styrene

o Xylene

o Benzene

o Others

Aromatics Market, By Application:

o Solvent

o Additive

Aromatics Market, By End-Use Industry:

o Paint & Coatings

o Adhesives

o Pharmaceuticals

o Chemicals

o Others

Global Aromatics Market, By region:

o North America

§ United States

§ Canada

§ Mexico

o Asia-Pacific

§ China

§ India

§ South Korea

§ Australia

§ Japan

o Europe

§ Germany

§ France

§ United Kingdom

§ Spain

§ Italy

o South America

§ Brazil

§ Argentina

§ Colombia

o Middle East & Africa

§ South Africa

§ Saudi Arabia

§ UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Aromatics Market.

Available Customizations:

Global Aromatics Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

Global Aromatics Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Product Overview

1.1. Market Definition

1.2. Scope of the Market

1.2.1. Markets Covered

1.2.2. Years Considered for Study

1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

3.1. Overview of the Market

3.2. Overview of Key Market Segmentations

3.3. Overview of Key Market Players

3.4. Overview of Key Regions/Countries

3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global Aromatics Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By Type (Styrene, Xylene, Benzene, Others)

5.2.2. By Application (Solvent and Additive)

5.2.3. By End-Use Industry (Paint & Coatings, Adhesives, Pharmaceuticals, Chemicals and Others)

5.2.4. By Company (2022)

5.2.5. By Region

5.3. Market Map

6. North America Aromatics Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Type

6.2.2. By Application

6.2.3. By End-Use Industry

6.2.4. By Country

6.3. North America: Country Analysis

6.3.1. United States Aromatics Market Outlook

6.3.1.1. Market Size & Forecast

6.3.1.1.1. By Value

6.3.1.2. Market Share & Forecast

6.3.1.2.1. By Type

6.3.1.2.2. By Application

6.3.1.2.3. By End-Use Industry

6.3.2. Mexico Aromatics Market Outlook

6.3.2.1. Market Size & Forecast

6.3.2.1.1. By Value

6.3.2.2. Market Share & Forecast

6.3.2.2.1. By Type

6.3.2.2.2. By Application

6.3.2.2.3. By End-Use Industry

6.3.3. Canada Aromatics Market Outlook

6.3.3.1. Market Size & Forecast

6.3.3.1.1. By Value

6.3.3.2. Market Share & Forecast

6.3.3.2.1. By Type

6.3.3.2.2. By Application

6.3.3.2.3. By End-Use Industry

7. Europe Aromatics Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Type

7.2.2. By Application

7.2.3. By End-Use Industry

7.2.4. By Country

7.3. Europe: Country Analysis

7.3.1. France Aromatics Market Outlook

7.3.1.1. Market Size & Forecast

7.3.1.1.1. By Value

7.3.1.2. Market Share & Forecast

7.3.1.2.1. By Type

7.3.1.2.2. By Application

7.3.1.2.3. By End-Use Industry

7.3.2. Germany Aromatics Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1. By Value

7.3.2.2. Market Share & Forecast

7.3.2.2.1. By Type

7.3.2.2.2. By Application

7.3.2.2.3. By End-Use Industry

7.3.3. United Kingdom Aromatics Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1. By Value

7.3.3.2. Market Share & Forecast

7.3.3.2.1. By Type

7.3.3.2.2. By Application

7.3.3.2.3. By End-Use Industry

7.3.4. Italy Aromatics Market Outlook

7.3.4.1. Market Size & Forecast

7.3.4.1.1. By Value

7.3.4.2. Market Share & Forecast

7.3.4.2.1. By Type

7.3.4.2.2. By Application

7.3.4.2.3. By End-Use Industry

7.3.5. Spain Aromatics Market Outlook

7.3.5.1. Market Size & Forecast

7.3.5.1.1. By Value

7.3.5.2. Market Share & Forecast

7.3.5.2.1. By Type

7.3.5.2.2. By Application

7.3.5.2.3. By End-Use Industry

8. Asia-Pacific Aromatics Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Type

8.2.2. By Application

8.2.3. By End-Use Industry

8.2.4. By Country

8.3. Asia-Pacific: Country Analysis

8.3.1. China Aromatics Market Outlook

8.3.1.1. Market Size & Forecast

8.3.1.1.1. By Value

8.3.1.2. Market Share & Forecast

8.3.1.2.1. By Type

8.3.1.2.2. By Application

8.3.1.2.3. By End-Use Industry

8.3.2. India Aromatics Market Outlook

8.3.2.1. Market Size & Forecast

8.3.2.1.1. By Value

8.3.2.2. Market Share & Forecast

8.3.2.2.1. By Type

8.3.2.2.2. By Application

8.3.2.2.3. By End-Use Industry

8.3.3. South Korea Aromatics Market Outlook

8.3.3.1. Market Size & Forecast

8.3.3.1.1. By Value

8.3.3.2. Market Share & Forecast

8.3.3.2.1. By Type

8.3.3.2.2. By Application

8.3.3.2.3. By End-Use Industry

8.3.4. Japan Aromatics Market Outlook

8.3.4.1. Market Size & Forecast

8.3.4.1.1. By Value

8.3.4.2. Market Share & Forecast

8.3.4.2.1. By Type

8.3.4.2.2. By Application

8.3.4.2.3. By End-Use Industry

8.3.5. Australia Aromatics Market Outlook

8.3.5.1. Market Size & Forecast

8.3.5.1.1. By Value

8.3.5.2. Market Share & Forecast

8.3.5.2.1. By Type

8.3.5.2.2. By Application

8.3.5.2.3. By End-Use Industry

9. South America Aromatics Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Type

9.2.2. By Application

9.2.3. By End-Use Industry

9.2.4. By Country

9.3. South America: Country Analysis

9.3.1. Brazil Aromatics Market Outlook

9.3.1.1. Market Size & Forecast

9.3.1.1.1. By Value

9.3.1.2. Market Share & Forecast

9.3.1.2.1. By Type

9.3.1.2.2. By Application

9.3.1.2.3. By End-Use Industry

9.3.2. Argentina Aromatics Market Outlook

9.3.2.1. Market Size & Forecast

9.3.2.1.1. By Value

9.3.2.2. Market Share & Forecast

9.3.2.2.1. By Type

9.3.2.2.2. By Application

9.3.2.2.3. By End-Use Industry

9.3.3. Colombia Aromatics Market Outlook

9.3.3.1. Market Size & Forecast

9.3.3.1.1. By Value

9.3.3.2. Market Share & Forecast

9.3.3.2.1. By Type

9.3.3.2.2. By Application

9.3.3.2.3. By End-Use Industry

10. Middle East and Africa Aromatics Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Type

10.2.2. By Application

10.2.3. By End-Use Industry

10.2.4. By Country

10.3. MEA: Country Analysis

10.3.1. South Africa Aromatics Market Outlook

10.3.1.1. Market Size & Forecast

10.3.1.1.1. By Value

10.3.1.2. Market Share & Forecast

10.3.1.2.1. By Type

10.3.1.2.2. By Application

10.3.1.2.3. By End-Use Industry

10.3.2. Saudi Arabia Aromatics Market Outlook

10.3.2.1. Market Size & Forecast

10.3.2.1.1. By Value

10.3.2.2. Market Share & Forecast

10.3.2.2.1. By Type

10.3.2.2.2. By Application

10.3.2.2.3. By End-Use Industry

10.3.3. UAE Aromatics Market Outlook

10.3.3.1. Market Size & Forecast

10.3.3.1.1. By Value

10.3.3.2. Market Share & Forecast

10.3.3.2.1. By Type

10.3.3.2.2. By Application

10.3.3.2.3. By End-Use Industry

11. Market Dynamics

11.1. Drivers

11.2. Challenges

12. Market Trends & Developments

12.1. Recent Developments

12.2. Product Launches

12.3. Mergers & Acquisitions

13. PESTLE Analysis

14. Porter’s Five Forces Analysis

14.1. Competition in the Industry

14.2. Potential of New Entrants

14.3. Power of Suppliers

14.4. Power of Customers

14.5. Threat of Substitute Product

15. Competitive Landscape

15.1. Business Overview

15.2. Company Snapshot

15.3. Products & Services

15.4. Financials (In case of listed companies)

15.5. Recent Developments

15.6. SWOT Analysis

15.6.1. DuPont de Nemours, Inc.

15.6.2. Alpek S.A.B. de C.V

15.6.3. BP PLC

15.6.4. China National Petroleum Corporation

15.6.5. Exxon Mobil Corporation

15.6.6. Indorama Ventures PLC

15.6.7. Reliance Industries Limited

15.6.8. Shell Chemicals Limited

15.6.9. SABIC

15.6.10. Lyondell Basell Industries Inc.

16. Strategic Recommendations

Figures and Tables

Frequently asked questions

What was the market size of the Global Aromatics Market in 2022?

The market size of the Global Aromatics Market was estimated to be USD 185.6 billion in 2022.

Who are the top players operating in the Global Aromatics Market in 2022?

DuPont de Nemours, Inc., Alpek S.A.B. de C.V, BP PLC, China National Petroleum Corporation, Exxon Mobil Corporation, Indorama Ventures PLC, Reliance Industries Limited, Shell Chemicals Limited, SABIC, Lyondell Basell Industries Inc. are some of the key players operating in the Global Aromatics Market.

What are the challenges faced by the Global Aromatics Market in the upcoming years?

Fluctuations in price of raw materials and easy availability of substitutes are the major challenges faced by the Global Aromatics Market in the upcoming years.