LONDON–(BUSINESS WIRE)–The new Aromatic Solvents Market Research from Technavio indicates Neutral & At par growth in the short term as the business impact of COVID-19 spreads.
“One of the primary growth drivers for this market is the Demand and Exports from APAC,” says a senior analyst for Materials at Technavio. As the markets recover Technavio expects the aromatic solvents market size to grow by USD 1.09 billion during the period 2020-2024.
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Aromatic Solvents Segment Highlights for 2020
- The aromatic solvents market is expected to post a year-over-year growth rate of 2.80%.
- 49% of the growth will originate from the APAC region.
- China and India are the key markets for aromatic solvents in APAC.
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- The aromatic solvents market size is expected to accelerate at a CAGR of over 3% during the forecast period.
- The aromatic solvents market is segmented by end-user (paints and coatings, automotive, pharmaceuticals, oilfield chemicals, and others), type (toluene, xylene, ethylbenzene, benzene, and others), and geography (APAC, Europe, MEA, North America, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Chevron Phillips Chemical Co. LLC, Dongsung Corp., Exxon Mobil Corp., Hanwha Total Petrochemical Co. Ltd., Jiangsu Hualun Chemical Co. Ltd., Korea Petrochemical Ind. Co. Ltd., Pampa Energia SA, Reliance Industries Ltd., Royal Dutch Shell Plc, and SK global chemical Co. Ltd.
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COVID-19, Aromatic Solvents, Paints and Coatings, Automotive, Pharmaceuticals, and Oilfield Chemicals