Aromatic compounds are characterized by their cyclic ring structure and high stability, making them crucial in various applications. Innovations in their synthesis and functionalization have led to diverse chemical products and materials. Their advantages include serving as building blocks in the production of polymers, dyes, flavors, and pharmaceuticals. As versatile solvents and intermediates, they enable efficient chemical processes. Additionally, their unique aromaticity imparts enhanced chemical reactivity, making them valuable in a wide range of industries, from petrochemicals to pharmaceuticals, driving continuous research and development in this field.
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Data Bridge Market Research analyses that the Global Aromatic Compounds Market is accounted at USD 182.27 million by 2021 and USD 284.43 million by 2029 registering a CAGR of 5.72% during the forecast period of 2022 to 2029. Aromatic compounds have witnessed increasing utilization as solvents and intermediates in diverse chemical processes. Their unique chemical properties, such as high stability and reactivity, make them valuable components in the synthesis of various products
Key Findings of the Study
Rising population and urbanization are expected to drive the market's growth rate
As the global population grows and urbanization increases, there is a surge in the consumption of goods and services. This heightened demand drives the need for aromatic compounds, which serve as vital raw materials in the manufacturing of diverse consumer products. Industries such as perfumes, cosmetics, plastics, pharmaceuticals, and food and beverages rely on aromatic compounds to meet the growing consumer preferences for fragrances, flavors, and various consumer goods, contributing to the rising demand in the market.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014-2019)
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Segments Covered
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Type (Benzene, Xylene, Toluene, and Others), Application (Solvent and Additive), End Use (Packaging, Detergent and Dyes, Automobile, Electronic Devices, Medical Devices, Pharmaceuticals, Gasoline, Tyre, Household Goods, Paints and Coatings, PVC Pipes and Cables and Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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Shell group of companies (U.K.), Exxon Mobil Corporation (U.S.), Total (France), McDermott (U.S.), JX Nippon Oil & Gas Exploration Corporation (Japan), bp p.l.c. (U.K.), Canada Colors and Chemicals Limited (Canada), China National Petroleum Corporation (China), Honeywell International Inc. (U.S.), Reliance Industries Limited (India), INEOS (U.K.), Chevron Phillips Chemical Company (U.S.), Toray Industries, Inc. (Japan), Dow (U.S.), GS Caltex Corporation (South Korea), LyondellBasell Industries Holdings B.V. (Netherlands), DuPont (U.S.), Koch Industries, Inc. (U.S.), Formosa Plastics Corporation (Taiwan), ENEOS Corporation (Japan), SABIC (Saudi Arabia)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework
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Segment Analysis:
The aromatic compounds market is segmented on the basis of type, application, and end-use.
- On the basis of type, the aromatic compounds market is segmented into benzene, xylene, and toluene.
- On the basis of application, the aromatic compounds market is segmented into solvent and additive.
- On the basis of end-use, the aromatic compounds market is segmented into packaging, detergent and dyes, automobile, electronic devices, Medical Devices, pharmaceuticals, Gasoline, tire, household goods, paints and coatings, PVC pipes and cables, and others.
Market Developments
- On 2nd April 2019, Chevron Phillips Chemical Company is embarking on an expansion project for its world-scale 1-Hexene unit. This expansion aims to increase the production of normal alpha olefins (NAO) under the brand name Alpha Plus.
Major Players
Data Bridge Market Research recognizes the following companies as the major aromatic compounds market players in aromatic compounds market are Shell group of companies (U.K.), Exxon Mobil Corporation (U.S.), Total (France), McDermott (U.S.), JX Nippon Oil & Gas Exploration Corporation (Japan), bp p.l.c. (U.K.), Canada Colors and Chemicals Limited (Canada), China National Petroleum Corporation (China)
Regional Analysis
Geographically, the countries covered in the aromatic compounds market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
North America is the dominant region in the aromatic compounds market during the forecast period 2022 - 2029
In 2022, North America dominated the aromatic compounds market due to innovative uses for aromatic compounds, expanding their market potential. Moreover, the growing demand from various end-user industries, including petrochemicals, pharmaceuticals, and perfumes, is driving market growth. As these industries continue to flourish, the demand for aromatic compounds as essential raw materials continues to rise. With these favorable conditions, the region is witnessing a notable surge in the aromatic compounds market.
Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029
In 2022, Asia-Pacific is expected to witness significant growth as surging urbanization leads to a rise in the construction, automotive, and consumer goods industries, further driving the demand for aromatic compounds. Moreover, industrialization across sectors such as petrochemicals, pharmaceuticals, and plastics contributes to the market's growth. Additionally, the abundant availability of raw materials for aromatic compound production ensures a stable supply chain, positively impacting market dynamics in these regions.
For more detailed information about the aromatic compounds market report, click here – https://www.databridgemarketresearch.com/reports/global-aromatic-compounds-market
