The basic aromatics market size is projected to reach US$ 259.55 billion by 2031 from US$ 161.59 billion in 2023. The market is expected to register a CAGR of 6.1% during 2023–2031. The advancement in recovery processes of basic aromatics with techniques such as continuous catalytic reforming has improved yield and stability, which is likely to bring new trends into the basic aromatics market.
Paints and coatings are used for decorative purposes and enhancing surface properties such as corrosion resistance, scratch resistance, adhesion, appearance, and water resistance. Paints & coatings are increasingly used in end-use industries such as construction, furniture, automotive & transportation, and other industrial applications. Basic aromatics such as benzene, toluene, and xylene play a major role in the paints and coatings industry. Benzene is used as a precursor to produce various resins and polymers, such as styrene, which are major components in paints & coatings formulations. Thus, the flourishing paints and coatings industry drives the basic aromatics market growth.
Basic aromatics are cyclic hydrocarbon compounds with benzene rings. A few of the most used basic aromatic compounds are benzene, toluene, xylene, cresol, and pyridine. Basic aromatics, namely benzene and xylene, are used to produce pesticides. Benzene is used primarily as a solvent in the pharmaceutical industry for chemical synthesis. Benzene is also used to produce rubber, dyes, drugs, and lubricants. Basic aromatics are used in the production of construction chemicals such as adhesives, lacquers, paints, and coatings.
The demand for basic aromatics such as benzene, toluene, and xylene as solvents is influenced by several factors, such as versatility, efficiency, and its utilization across end-use industries. The solubility properties of basic aromatics have made these compounds ideal for numerous applications in the chemical, pharmaceutical, and other manufacturing sectors. The ability of basic aromatics to dissolve a wide range of organic compounds plays a significant role in the production of paints & coatings, and adhesives. Mixed xylenes can be used as solvents and in the printing, rubber, and leather industries. High-purity xylenes are also used as a cleaning product in the production of electronic components. Nitration-grade toluene is used as a solvent and also in the production of phenol, particularly in Europe. In the printing industry, basic aromatics are essential constituents in the formulation of printing inks. Toluene is broadly used as a solvent in gravure printing inks due to its excellent solubility and fast-drying properties. In the rubber industry, basic aromatics are used as solvents in the polymerization processes to manufacture synthetic rubber, such as butadiene rubber and styrene-butadiene rubber.
In the coming years, the advanced manufacturing sector is expected to grow in Asia Pacific. Basic aromatics such as benzene, toluene, and xylene are major feedstock used in the production of synthetic fibers, chemicals, rubber, adhesives, and paints and coatings. Toluene is utilized to produce drugs and medicines. Basic aromatics are also used in the production of synthetic fibers such as nylon, polyester, and synthetic resins such as polyethylene terephthalate, polystyrene, and acrylonitrile butadiene styrene. The manufacturing output in Asia Pacific has grown as companies continue to expand their manufacturing footprint in various countries across the region. Many supportive initiatives and policies launched by governments of different countries in Asia Pacific attract foreign direct investment in several sectors such as plastics, textiles, rubber, paints & coatings, pharmaceuticals, and chemicals. Many countries have set ambitious GDP contribution targets for the manufacturing sector.
Key segments that contributed to the derivation of the basic aromatics market analysis are type and end use.
The geographic scope of the basic aromatics market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Asia Pacific held the largest market share in 2023 and is expected to register the highest CAGR during the forecast period. The market growth in the region is attributed to the increased demand for these bins from the pharmaceutical industry. 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 regional trends and factors influencing the Basic Aromatics Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Basic Aromatics Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 161.59 Billion |
| Market Size by 2031 | US$ 259.55 Billion |
| Global CAGR (2023 - 2031) | 6.1% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Basic Aromatics Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Basic Aromatics Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The basic aromatics market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the basic aromatics market are listed below:
The “Basic Aromatics Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The solvent segment held the largest share in the global basic aromatics market in 2023.
The xylene segment held the largest share in the global basic aromatics market in 2023.
The market is expected to register a CAGR of 6.1% during 2023–2031.
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 are among the leading market players.
The advancement in recovery processes of basic aromatics is expected to emerge as a future trend in the market.
The continuous growth of the paints & coatings industry fuels the basic aromatics market growth.