The global aromatics market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
The aromatics majorly include benzene, toluene and xylenes which are produced as co-products in catalytic reformers, catalytic crackers and by coking coal processing. In addition, on purpose methods such as toluene disproportionation and transalkylaton technologies produce them directly.
The aromatics are the primary building blocks for a wide range of essential industrial uses like the production of polymers like polystyrene, polycarbonates, polyesters and solvents. The most commercially important aromatics are benzene, toluene and xylenes.
Though aromatics have high-value chemical uses, much of the portion such as toluene and the xylene are used as gasoline blends to improve octane number.
The aromatics market continues to be unpredictable in both price and demand over the past several years. The unpredictability is primarily because of the aromatics simply being regarded as by-products.
Benzene sourced from pyrolyis gas (pygas) is affected by ethylene production and its demand in the downstream market and end-use markets. With regard to refinery reformate, the demand for transport fuels influenced by high crude oil and refined product prices affect the supply of benzene.
The global aromatics market has seen an outstanding growth in the global market with regards to demand and supply. Massive demand through the end user markets like automotive, packaging, construction, electronics and other industries has propelled the overall growth of aromatics market. Since the construction, electronics and automotive industry are growing at a rapid rate the demand for aromatics has increased drastically. Asia is believed to be the largest market for aromatics terms of capacity, production, and consumption.
Aromatics Market Segmentation
The worldwide aromatics markets are generally segmented into chemical types and end users. Based on the chemical type, the global market is segmented into Benzene, Toluene, O-xylene, P-xylene and others. Based on end users, the global market is segmented into construction, electronics, automotive, paints & coating and others.
Top market players in the global aromatics market mainly include PetroChina, Sinopec, BASF SE, Eastman Chemical, Ashland, Huntsman Corporation, Celanese Corporation, Petrochem, INEOS AG, ExxonMobil, Royal Dutch Shell, and Honeywell.
The report covers exhaustive analysis on:
- Global Market Segments
- Global Market Size
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Potential and niche segments, regions showing promising growth