Aromatics Market Size Worth USD 429.78 Billion in 2032 | Emergen Research

Rising demand for aromatics from the automotive sector and paints & coatings industry and increasing need for aromatics rings in medicinal chemistry are key factors driving Aromatics market revenue growth

Vancouver, Dec. 12, 2023 (GLOBE NEWSWIRE) — 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 witnessing a transformative shift, driven by the automotive industry’s increasing preference for aromatics-derived products. These materials, renowned for their lightweight properties, contribute to substantial fuel efficiency gains. A recent study reveals that aromatics can reduce fuel consumption by 750 liters over a vehicle’s lifespan, covering 150,000 kilometers—an advantageous prospect for both manufacturers and vehicle owners. The shift aligns seamlessly with the demand for modern-looking, high-performance, lightweight, and fuel-efficient vehicles, meeting the expectations of environmentally conscious consumers.

Synthetic rubbers derived from aromatics are gaining prominence in the automotive sector, enhancing tire performance with improved road grip, especially on wet surfaces, and increased tire mileage. Steelbird, an international automotive manufacturing company, has announced a groundbreaking partnership with A.L Group of Israel, specializing in filtration solutions for the automotive industry. This collaboration aims to introduce innovative aromatic technology to car cabin filters, promising an enhanced driving experience for customers.

Despite these advantages, the market faces challenges, primarily from the easy availability of substitutes like cycloalkanes. Aromatics, derived from crude oil refining, contribute to fuel efficiency and engine power, but their soot production raises environmental concerns, making them less preferable in aviation fuel.

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Type Insights:

In 2022, the xylene segment dominated the global aromatics market, securing the largest revenue share. The versatile use of xylene as a solvent in various industries, including chemicals, adhesives, agriculture, and coatings, is a key driver. Its application extends to gasoline, lubricants, and polymer manufacturing. The chemical industry’s increasing demand for xylene, especially in printing, rubber, and leather applications, is expected to further boost this segment.

End-use Insights:

The pharmaceuticals segment is poised for steady revenue growth in the global aromatics market. Aromatics play a crucial role in drug purification, antibiotic development, and therapeutic solutions for medical conditions such as AIDS, arthritis, and cancer. The versatility of aromatics extends to orthopedic devices, disposable syringes, and containers for storing blood and vaccines. Simultaneously, the chemicals segment is set to claim a significant revenue share, serving as a foundational element for the petrochemical industry.

Application Insights:

The textile industry segment anticipates a moderately fast revenue growth rate during the forecast period. The rising demand for aromatics in home textiles and apparel industries, attributed to vibrant colors, color retention, and a soft texture on the skin, is driving growth. Aromatics find applications in various textile products, including furniture, carpets, bedsheets, blankets, curtains, mattresses, and pillows.

Regional Insights:

The Asia Pacific market emerged as the leader in 2022, capturing the largest revenue share in the global aromatics market. The region’s increased use of aromatics-derived products in agriculture, textiles, chemicals, and other industries is a driving force. Start-ups in the region are investing in the development of aromatic products, contributing to market growth.

North America is projected to experience the fastest revenue growth, fueled by the rising usage of natural ingredients in flavor and fragrance manufacturing. Companies like International Flavours & Fragrances are introducing innovative natural products, meeting consumer demands for multifunctional properties.

Europe is expected to account for a considerable revenue share, driven by product innovations and the popularity of aromatic spices. OMV Petrom’s expansion in Romania signifies the commitment to meet European emission standards.

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Scope of Research

Report Details Outcome
Market Size in 2022 USD 260.20 Billion
CAGR (2023–2032) 5.8%
Revenue Forecast To 2032 USD 429.78 Billion
Base Year For Estimation 2022
Historical Data 2019–2021
Forecast Period 2023–2032
Quantitative Units Revenue in USD Billion and CAGR in % from 2023 to 2032
Report Coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments Covered Type, application, end-use, and region
Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country Scope U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
Key Companies Profiled 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, and Honeywell International Inc.
Customization Scope 10 hours of free customization and expert consultation

MAJOR COMPANIES and Market Share Analysis

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.

Strategic Development

  • 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.

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Segments Covered in Report

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
      1. U.S.
      2. Canada
      3. Mexico
    • Europe
      1. Germany
      2. France
      3. UK
      4. Italy
      5. Spain
      6. Benelux
      7. Rest of Europe
    • Asia Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East & Africa
      1. Saudi Arabia
      2. UAE
      3. South Africa
      4. Turkey
      5. Rest of Middle East & Africa

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