The global aromatics market has experienced significant growth, reaching a market size of USD 260.20 billion in 2022, with a projected rapid revenue CAGR of 5.8% during the forecast period. This expansion is largely attributed to the increasing demand from the automotive sector and the paints & coatings industry, as well as the growing need for aromatic rings in medicinal chemistry.
For instance, aromatics-derived products have become indispensable in the automotive industry due to their lightweight properties, which result in reduced fuel consumption. Moreover, these products have played a substantial role in enhancing tire performance through the development of synthetic rubbers derived from aromatics. Despite the evident benefits, the easy availability of substitutes like cycloalkanes poses a challenge to the market growth.
Segmented by product type into styrene, xylene, benzene, para-xylene, and others, the xylene segment held the largest market share in 2022 due to its extensive use as a solvent in the manufacturing of various chemicals, adhesives, and coatings, as well as its crucial role in gasoline production, lubrication, and the manufacturing of polymers.
Aromatics market is fragmented, deploying various strategies such as mergers & acquisitions, strategic agreements & contracts, developing, testing and introducing more effective products in the market. In a recent example, Ineos Group Ltd., a UK-based chemical manufacturing company, acquired the global Aromatics & Acetyls business from BP plc for USD 5 Billion on 1 January 2021.
The market insights conclude that the global aromatics market is poised for significant growth, driven by its increasing demand in the automotive and pharmaceutical sectors. For more information about this report and to make inquiries or requests, please contact Emergen Research.
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