The scope of our recent study on the "Basic Aromatics Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis - by Type, and End Use" includes the factors fueling the market growth, revenue estimation, and forecast, market share analysis, and the identification of significant market players and their key developments.
The basic aromatics market size was valued at US$ 161.59 billion in 2023 and is expected to reach US$ 259.55 billion by 2031; it is estimated to register a CAGR of 6.1% from 2023 to 2031.
Advancement in recovery processes of basic aromatics is driven by the need for increased cost-effectiveness, efficiency, and environmental sustainability. Techniques such as continuous catalytic reforming have improved yield and stability allowing better recovery rates. The development of new solvents and solvent systems, such as ionic liquids, have improved the selectivity and efficiency of extractive distillation processes. In February 2024, Sulzer Chemtech was awarded a technology license contract to revamp its existing glycol-based aromatics extraction unit. In 2022, Sulzer Chemtech finalized an agreement with Encina Development Group LLC to provide technology to recover high-purity circular aromatics from cracked oil products derived from the mixed-plastics-to-aromatics catalytic conversion platform. Encina has developed a catalytic platform wherein the cracked products selectively contain high levels of circular aromatics. Sulzer Chemtech offers its hydrotreating and aromatics extraction technology to recover high purity circular benzene and toluene. In 2022, GTC Vorro Technology launched BTX Gold Solvent for petrochemical separations. BTX Gold solvents are utilized for benzene, toluene, and xylene recovery from feed, including catalytic reformate, pyrolysis gasoline, coker naphtha, coke oven light oil, FCC gasoline, and straight run naphtha. The integration of advanced sensors, real-time monitoring and automation is expected to provide better control and optimization of aromatic recovery processes, resulting in high efficiency and low operational costs. Thus, the advancement in recovery processes of basic aromatics is expected to be a key trend contributing to market growth.
On the basis of end use, the basic aromatics market is segmented into pharmaceuticals, pesticides, agriculture, food and beverages, cosmetics and personal care, paints and coatings, and solvents. The global basic aromatics market share for the solvent segment was the largest in 2023. The paints and coatings segment is expected to record a significant CAGR during the forecast period. Toluene and xylenes belong to the group of aromatic hydrocarbons and is commonly used in paints and coatings due to their high solvency power. Basic aromatics offer excellent solvency power and drying characteristics, making them ideal for use in a wide range of paints, varnishes, and lacquers. These compounds impart stronger odors and have higher solvency rates than aliphatic hydrocarbon solvents.
The market is segmented into five main regions-North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. Asia Pacific held the largest revenue share of the market in 2023. Europe is another attractive region in the global basic aromatics market. Benzene is used primarily as a solvent in the pharmaceutical industry for chemical synthesis. According to the European Federation of Pharmaceutical Industries and Associations, in 2022, the pharmaceutical industry invested ~US$ 55 billion in research and development projects in Europe. The value of production in the research-based pharmaceutical industry in the region has grown from US$ 118.06 billion in 2000 to US$ 402.05 billion in 2022. Benzoic acid, a product synthesized from toluene, is used as a product stabilizer, which helps regulate pH and protects the integrity of cosmetic formulation. As per the Cosmetics Europe-The Personal Care Association, Europe is a global flagship market for cosmetics and personal care products, valued at ~US$ 95 billion in retail sales in 2022, of which Germany, France, and Italy were the largest cosmetic product markets. In food and beverages, benzoic acid is a commonly used antimicrobial preservative, especially in carbonated drinks. According to the EU Food and Drink 2023 report, in 2022, the EU exported ~US$ 43 billion worth of beverages such as spirits, wine, and soft drinks, reporting 12% rise compared to 2021. Thus, the growth of the pharmaceuticals, cosmetics, and food & beverages industry in Europe is expected to boost the demand for basic aromatics during the forecast period.
Global Basic Aromatics Market Breakdown - by Region
The report includes the segmentation of the global basic aromatics market as follows:
The global basic aromatics market is divided based on type, end use, and geography. Based on type, the basic aromatics market is segregated into styrene monomer, divinylbenzene, benzene, toluene, xylene, cresol, and pyridine. In terms of application, the market is segmented into pharmaceuticals, pesticides, agriculture, food and beverages, cosmetics and personal care, paints and coatings, and solvents. The geographic scope of the basic aromatics market report encompasses North America (US, Canada, and Mexico), Europe (Germany, France, UK, Italy, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, Australia, and Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).
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