세계의 아로마틱 시장 - 산업 규모, 점유율, 동향, 기회 및 예측(2018-2028년)

The Global Aromatics Market achieved a valuation of USD 185.6 billion in 2022 and is poised for robust growth throughout the forecast period, with a projected Compound Annual Growth Rate (CAGR) of 5.33% until 2028 and is expected to reach at USD 248.81 billion by 2022. This growth in the aromatics market's revenue is primarily fueled by several key factors. These factors include the escalating demand for aromatic solvents such as Xylene, Toluene, and Benzene across various industries. Xylene is widely recognized as a solvent and cleaning agent, while Toluene finds extensive application in paint, lacquer, and adhesive production. Benzene, on the other hand, plays a vital role in plastics, synthetic fiber, and resin manufacturing. Moreover, the paints and coatings sector is increasingly incorporating aromatics as a component to enhance paint and varnish consistency and accelerate drying time. Noteworthy industry players are also directing investments into research endeavors to introduce advanced and innovative aromatic products, contributing to global revenue expansion. The construction sector also plays a pivotal role in driving market revenue growth. Aromatics find widespread application in piping, window frames, insulation, and interior design within this industry. For instance, benzene is utilized in producing Polystyrene foam, which provides insulation and reduces energy consumption, contributing to a comfortable living environment. Expanded Polystyrene (EPS), derived from Styrene or benzene, is a lightweight and sustainable insulating material extensively used in constructing roofs, walls, and floors across various building types. Aromatics also serve as a crucial component in the production of sports equipment, including nylon parachutes, lightweight running shoes, footballs, and Polyester swimwear. The rising utilization of epoxy resins, glass-reinforced polyester, and polyurethanes in crafting sports equipment, combined with the surging popularity of sports participation, propels the demand for aromatics. Additionally, aromatics have diverse applications in household and kitchen goods. They contribute to the production of corrosion-resistant and durable plastic materials such as polystyrene or polycarbonate, commonly used in refrigerator interior panels. Toluene-derived polyurethane is applied between molded refrigerator panels to enhance cooling efficiency and energy conservation. Furthermore, aromatics-based materials play a role in crafting egg cartons, gas burners, milk bottles, microwave ovens, meat trays, pots and pans, and coffee machines, enhancing food safety and usability. Aromatics are also employed as coatings on vehicles, ships, and bridges to augment aesthetics, hardness, and water-resistance properties.

Key Market Drivers

Growing Demand of Aromatics in the Paints & Coatings Industry

The relationship between aesthetics and functionality has become increasingly intertwined in the modern paints and coatings sector. As the demand for visually appealing and high-performance solutions continues to rise, the global aromatics market has emerged as a crucial driver, providing essential building blocks for paints and coatings. Focusing on enhancing color, durability, and overall performance, aromatics are paving the way for a vibrant future in the industry. Aromatics, characterized by their unique molecular structures, including aromatic rings, play a critical role in creating colorants, resins, solvents, and additives integral to the paints and coatings sector. These compounds facilitate the creation of captivating hues that adorn our surroundings. Aromatic compounds form the foundation of colorants and pigments employed in paints and coatings, offering a vast range of shades and tones. These compounds not only provide captivating colors but also contribute to color stability and resistance against fading due to sunlight and environmental elements. Aromatics are equally essential for durability. They constitute the core of resins that establish protective coatings against corrosion, abrasion, and chemical exposure. Resins based on aromatics create a robust shield that safeguards surfaces from deterioration over time, thus extending the lifespan of structures, vehicles, and equipment. Beyond aesthetics and protection, aromatics offer more. Their chemical attributes make them valuable additives in coatings, enhancing properties like adhesion, flexibility, and resistance to extreme temperatures. These additives significantly elevate the overall performance of paints and coatings, making them suitable for various applications and environments. The surging demand for high-quality and versatile paints and coatings is driving the global aromatics market. Industries worldwide seek products that offer visual appeal while fulfilling stringent performance requirements, resulting in an uptick in aromatic compound demand. This trend is especially pronounced in sectors such as automotive, construction, aerospace, and industrial manufacturing. The convergence of the aromatics market with the paints and coatings industry is a hub of innovation. Manufacturers of aromatic compounds continually develop novel 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 the Automotive Industry

Recent years have witnessed a significant trend reshaping the automotive landscape and propelling the global aromatics market to new heights. The escalating demand for aromatics in the automotive sector is driving industry transformation, setting off a ripple effect across the entire value chain. Aromatics serve as vital feedstocks for producing 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, enhancing grip, durability, and overall tire performance, ensuring optimal safety and stability on the road. Furthermore, aromatics are indispensable in the production of various interior components, including dashboards, upholstery, and insulation materials. These components not only enhance overall comfort and aesthetics but also ensure 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 elements, thus prolonging vehicle lifespan. 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 pivotal role in this endeavor by enabling the production of lightweight materials that enhance fuel efficiency and decrease 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 like 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 reverberates throughout the aromatics value chain. Petrochemical companies are investing in expanding their production capacities to meet the growing needs of the automotive sector. Additionally, ongoing exploration of refining and production technologies aims to ensure a sustainable aromatic supply.

Increasing Demand of Aromatics in the Pharmaceuticals Industry

With the escalating global demand for pharmaceutical products, the importance of aromatics in drug development and manufacturing is gaining prominence. This phenomenon is reshaping the dynamics of the global aromatics market. The pharmaceuticals industry, renowned for its rigorous scientific standards and stringent regulations, is increasingly recognizing the unique attributes of aromatics. Aromatics play a crucial role as precursors in developing 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, contributing to increased demand for aromatics. Aromatics contribute not only to synthesis but also to drug formulation and delivery systems. Aromatics frequently find application in developing novel drug delivery methods, such as liposomal and nanoparticle-based systems, due to their compatibility with these platforms. By enhancing drug solubility, stability, and bioavailability, aromatics enhance 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 underscores 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.

Key Market Challenges

Easy Availability of Substitutes such as Cycloalkanes

One of the pivotal challenges facing 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 specific applications, making them attractive alternatives. Substitutes often enter the market at a lower price point due to their straightforward production processes or abundant feedstocks. This can lead to price competition and potentially impact the profit margins of conventional aromatic compounds. While substitutes like cycloalkanes may offer functional parallels in certain applications, their performance characteristics may differ from those of aromatics. Ensuring substitutes meet the same quality and performance standards poses a challenge. The adoption of substitutes can drive a shift in market demand away from traditional aromatics, potentially leading to 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 pivotal role in manufacturing 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. Consequently, the prices of feedstocks like crude oil, naphtha, and natural gas significantly impact 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, delivery delays, 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 Adoption of Bio-Based Aromatics

Bio-based aromatics are derived from renewable feedstocks, such as agricultural waste, biomass, and even algae. This contrasts with fossil fuels, which are finite resources with notable 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 climate change mitigation. Additionally, bio-based aromatics can seamlessly integrate 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 toxicity levels, making them more environmentally friendly across 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. In response to this evolving demand landscape, the aromatics market is witnessing the emergence of bio-based production methods.

Segmental Insights

Type Insights

In 2022, Xylene dominated the Aromatics market and is expected to continue its expansion in the years ahead. Xylene serves as a versatile solvent in the production of chemicals, adhesives, agricultural sprays, and coatings. It also finds application in gasoline, lubricants, and the manufacturing of polymers like Dimethyl Terephthalate and Phthalic Anhydride. Xylene is commonly encountered in products such as ink, varnish, paint thinners, and insecticides.

End-Use Industry Insights

In 2022, the Pharmaceuticals segment led the Aromatics market and is anticipated to sustain its growth trajectory. Aromatics, such as resins, find extensive application in drug purification and the development of antibiotics and therapies for conditions like Acquired Immunodeficiency Syndrome (AIDS), arthritis, and cancer. Furthermore, orthopedic devices made from plastics and resins provide mobility to individuals with injuries while remaining cost-effective compared to alternative materials. Aromatics are also used in producing disposable syringes, apparatus, and containers for storing medications and vaccines.

Regional Insights

The North America region has firmly established itself as the leader in the Global Aromatics Market. This prominence 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. Additionally, there is significant demand for new and used cars, particularly in countries like the US, which is expected to further boost the demand for refinishing automotive coatings. Furthermore, the increased 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.

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.

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:

Styrene

Xylene

Benzene

Others

• Aromatics Market, By Application:

Solvent

Additive

• Aromatics Market, By End-Use Industry:

Paint & Coatings

Adhesives

Pharmaceuticals

Chemicals

Others

• Global Aromatics Market, By region:

North America

• United States
• Canada
• Mexico

Asia-Pacific

• China
• India
• South Korea
• Australia
• Japan

Europe

• Germany
• France
• United Kingdom
• Spain
• Italy

South America

• Brazil
• Argentina
• Colombia

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).

Table of Contents

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