basic aromatics Market

The basic aromatics market size was valued at US$ 161.59 billion in 2023 and is projected to reach US$ 259.55 billion by 2031; it is estimated to register a CAGR of 6.1% from 2023 to 2031.

Based on end use, the market is segmented into pharmaceuticals, pesticides, agriculture, food and beverages, cosmetics and personal care, paints and coatings, and solvents. The food and beverage segment held the largest share in 2023. The solvents segment held the largest share of the global basic aromatics market in 2023, and paints and coatings is expected to record a significant CAGR during the forecast period. Solvents segment is one of the major application segments of the global basic aromatics market. Due to their excellent solvency power and fast evaporation rates, basic aromatics are effective at removing grease, oil, and dirt from various surfaces. They are commonly used in industrial cleaning applications, such as degreasing metal parts, cleaning machinery, and solvent-based cleaning processes. Basic aromatics are also used as diluents in several end-user products, such as cleaners.

Asia Pacific held the largest market share for basic aromatics in the year 2023. According to the Invest India report, in terms of pharmaceutical production by volume, the pharmaceutical industry in India ranks third worldwide and was valued at US$ 50 billion in 2023. The region marks the presence of some major pharmaceutical companies such as Pfizer Inc., Eli Lilly and Company, Merck & Co. Inc., The Procter & Gamble Company, and Reckitt Benckiser Group plc.

Asia Pacific also marks the presence of major agrochemical producers in India, China, and Japan. According to the World Trade Organization, India was recorded to be the second-largest exporter of agrochemicals in 2022. Basic aromatics, namely benzene and xylene, are used for the production of pesticides. Benzene is also used for the production of rubber, dyes, drugs, and lubricants. p-Xylene is used as a building block chemical for the production of polyethylene terephthalate and polyester plastics. According to the Japan Plastics Industry Federation, in 2022, Japan produced more than 3 million metric tons of plastic products; in terms of weight, plastic film and sheets accounted for a significant share of the total production. Therefore, the growth in the end-use industries is expected to boost the demand for basic aromatics during the forecast period.

A few players operating in the global basic aromatics market include The Dow Chemical Co, Exxon Mobil Corp, Lanxess AG, Sasol Ltd, Lyondellbasell Industries NV, BASF SE, Nippon Steel Corp, Shell Plc, Ineos Group Holdings SA, and Jubilant Ingrevia Ltd. Players operating in the market focus on providing high-quality products to fulfill customer demand. Also, they are focusing on launching new and high-quality products for their customers.

The overall global basic aromatics market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the basic aromatics market.