Global Aromatic Compounds Market - 2020-2027
|芳香族化合物的全球市場 (2020-2027年) Global Aromatic Compounds Market - 2020-2027|
|出版日期: 2020年12月04日||內容資訊: 英文||
The global aromatic compounds size was worth US$ XX billion in 2019 and is estimated to reach US$ XX billion by 2027, growing at a CAGR of XX % during the forecast period (2020-2027).
Aromatic compounds are important intermediates which consist of conjugated planar and cyclic ring systems as part of synthetic organic chemical industry. It consists of sweet smell and used in various end-use industries in paint industry as a thinner, in the oil and grease industry as an aromatic additive, in the pharmaceutical industry as additives and sometimes solvent. Aromatic compound, provides stability and distinctive reactivity in the chemical industries.
Aromatic compounds is substantially used in end-user industries such as paint & coatings, chemical, pharmaceuticals, building & construction and among others.
The global aromatic compounds are driven by rising demand for the formation of various pharmaceuticals drugs with increasing spending on healthcare and pharmaceutical industry. Further growing demand for the chemicals formation in paint and coating industry with rising construction sector have propelled the aromatic compound market. As aromatic compounds are petroleum-based chemicals are widely used in the chemical industries of paints & coatings. As it dissolves the pigment and binding agent for these applications and have a long drying and curing time.
Aromatic compounds are used to bind the chemicals together in the paints and coatings industry. Further growing paint and coating industry at rapid pace owing to increasing construction sector demand have impelled the aromatic compound market. For instance as per the American Coatings Association Organization report in 2019, global paints and coatings industry was valued to around US$ 158 billion reaching 45 million liters. Among this, China paints and coatings industry was valued to aroundUS$ 44.5 billion representing approximately 28% of the total global value, and its 14.4 billion liters represent 32% of global volume of liters. Thus it created massive demand for the aromatic compounds used in the manufacturing of the paint and coating industries.
Aromatic compunds are widely used in the formations of new pharmaceutical drugs as it has drug like properties which maintains stability and the right amount of polarity require for the drug formulations. Further growing demand in the pharmacetical industries due to surge in prevelence of several diseases around the globe have propelled the aromatic compound market growth.
For instance as per the International Federation of Pharmaceutical Manufacturers & Associations, the global pharmaceutical market reached to around US$ 1,430 billion in 2020 with 40$% share of United States. It created massive demand for the aromatic compound used in the pharmaceitical industries.
Several leading players of the aromatic compound are evolving the new chemicals used in the pharmaceutical industries. For instance on 2nd Dec 2019, Researchers at the Tokyo Medical and Dental University (TMDU) have launched a new synthetic process for diverse aromatic compounds for producing carbon-based molecules known as γ-aryl-B-ketoesters. These molecules with contains aromatic compounds used in the Typeion of many vital pharmaceuticals drugs to treat non-small-cell lung cancer, and a diabetes.
Some of the plycyclic aromatic compounds are carcinogenic and causes several hazardous ill effects by consuming, eating certain foods such as chargrilled meat or smoked fish which contain aromatic compounds. Animal experiments done by National Toxicology Program have shown that certain polycyclic aromatic compound cause damage to the immune and reproductive systems.
The global aromatic compounds market has shown slight declination due to theCovid-19 pandemic, as several leading manufacturing industries were closed. Several countries have restricted production activities during the covid-19 pandemic. Further the growth of the textile & apperal was also declined due low demand and several leading players have stopped the construction projects of chemical plants in the Month of Feb to June 2020.
For instance on 10th April, 2020, Petrochemical companies plant constructions slow down as pandemic threatens workforce due to concern about the virus spreading in construction sites.For instance in between Feb to June, on March 27 , 2020 Nova Chemicals have stopped new polyethylene (PE) facility plant construction workforce by 90%. Further on 18th March, 2020, Shells suspended the construction of polymers plant in Pennsylvania due to Covid-19 pandemic. Also on 6th June 2020, Formosa suspended glycols plant construction in Texas, United States due to Covid-19 pandemic.
However, the demand for the aromatic compounds slightly increased in August 2020, as several leading manufacturer started production. The leading manufacturers of the chemicals, have planned the investment, merger and acquisition for enhancing the production require in the pharmaceutical industry due to growing demand.
For instance 27th Feb 2020, Lasa Supergenerics completed the acquisition of Harishree Aromatics and takeover the manufacturing unit along with all other assets and liabilities which will result in an increase in market share and Type and services diversification. Further increasing demand of the medical devices, pharmaceuticals drugs during the covid-19 pandemic created huge opportunity for the aromatic compounds market. Further demand of aromatic compoundss will increase as soon as pandemic over.
The global aromatic compoundsis segmented based on type, application, end-user and region.
In terms of type, the global aromatic compoundsis bifurcated into Xylene, Toluene andBenzene. Further Xylene is bifurcated into m-xylene, p-xylene, and o-xylene. Benzene segment is divided into cumene, ethylbenzene, cyclohexane, alkylbenzene, chlorobenzene and others. Toluene segmented into toluene diisocyanate and solvents. Among this,benzenehas the highest market share in 2019, owing to rising demand in the demand in the pharmaceutical manufacturing facilities with growing launching of new drugs and medicines for several diseases.
For instance in 2019, there were around 48 new drug medicines launched and approved by the Food and Drug Administration of United States which made highly productive year for the pharmaceutical industry, with cancer and rare-disease drugs has the highest demand. Thus benzene type of aromatic compounds plays vital role in the formation of such new drugs in the pharmacetical industries.
Based on the application, the global aromatic compounds market is divided into additive and solvent. Among this, additive segment has the highest market share in 2019, this is primarily due to surge in demand by the chemicals manufacturing industries due to rising expansion of production capacity of chemicals as well as surge in launching of new coatings for construction industry. For instance in 2018, Covestro, one of the world's largest polymer manufacturer launched a wide range of smart and sustainable polyurethane (PU) coatings for the construction, footwear, automobile, and furniture industries at Paint India 2018 exhibition.
In terms of the end-user, the global aromatic compound market is divided into Xylene, Toluene and Benzene. Xylene's end-user segmented into includes Packaging, Clothing, Paint & Coatings, Tire PVC Pipes & cables and others. Toluene end-user segmented into consists of gasoline, tire pharmaceuticals, cosmetics, household goods, paints and coatings and others. Benzene end-user segmented into includes packaging, detergent & dyes, automobile, electronics & household goods, medical devices, pharmaceuticals, cosmetics and others. . Among this, paints & coatings segment has the highest market share in 2019, this is primarily due to surge in demand by construction sector due to growing urban population around the globe. For instance as per the in our world data in 2018, the global urban population reached to around 4.2 billion and is projected to reach 6 billion by 2045. It created huge demand for the growth of the aromatic compound market require to at paint and coating industries with growing urban areas.
Further,increasing manufacturing facilities of the electronics goods, medical devices, automobile, pharmaceuticals and chemical factories in the developing countries have propelled the demand for thearomatic compound market.
Asia-Pacific region is dominating the global aromatic compounds market accounted for the largest market share in 2019, due to presence of several manufacturing companies related to the paints and coatings, electronics, automotives as well as chemicals, growing industrialization and risinginvestment by the leading playersin this region followed by North America and Europe.
Further increasing demand in the paint and coating industries with surge in production and growing construction sector have propelled the aromatic compounts market in this region. For instance as per the American Coating Association Organization, between the years 2013-2018, paints and coatings revenues from the Asia-Pacific region increased fromUS$ 56.2 billion to US$ 74.2 billion representing 18.5 billion liters and 23.7 billion liters, respectively. It created huge demand for the aromatic compunds used in these industries.
Similarly, North America is also fastest growing region for the growth of the aromatic compounds market due to growing paint and coating industries, presence of several leading manufacturing facilities related to the pharmacetical and chemical industries. For instance as per the paint organization, United States consists of more than 1000 companies of paint and coating industry which accounted aroundUS$28 billion to the United State industry in 2018. It created massive demand for the aromatic compoundss require in this region followed by Europe.
The aromatic compounds market is moderately competitive with the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Reliance Industries Limited, Formosa Plastics Corporation, Honeywell International Inc., ENEOS Corporation, Shell Chemicals, Exxon Mobil Corporation, Total, CB&I, Koch Industries, Inc, SABIC , INEOS, Chevron Phillips Chemical Company, Caltex Corporation, Toray Industries, Inc, The Dow Chemical Company, LyondellBasell Industries Holdings B.V., Saudi Basic Industries Corporation and among others.
The major players are adopting several growth strategies such as Type launches, acquisitions, and collaborations, which are contributing to the growth of the Aromatic Compounds Market globally. For instance, on 25th Sept 2020, AkzoNobel have increased the production capacity of the powder coatings at Italian site.
The Company planned to invest around 23 million increase the production capacity of automotive and building coatings. It created huge demand for the aromatic compounds used in the coating industry for enhancing the properties. Further on 23rd Nov 2020, Sabic expanded its portfolio of CYCOLOY and LEXAN resins post-consumer recycled engineering thermoplastics for consumer electronics and other applications.
Further in 2019, AkzoNobel coatings manufacturer expanded its coating production capacity in the groundbreaking of a 500,000-square-foot that is in the 37-acre with an investment of around US$ 55 million. It includes expansion of its wood coating, stains, lacquers, ultraviolet finishes, solvent-based paint, and water-based finishes. It created massive demand for the aromatic compound used in the formation of resins at manufacturing facilities.
The global Aromatic Compounds Market report would provide an access to an approx. 95 market data table, 88 figures and 230 pages.
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