Press release
Aromatics Market Forecast 2023 to 2032 | Ashland, BASF, Celanese, Eastman Chemical, ExxonMobil
Aromatics Market - Xcellent Insights
The Aromatics Market was valued at USD 200.5 Billion in 2022 and is expected to register a CAGR of 5.50% by 2032.
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Aromatics Market Key Drivers:
1. Growing Demand for Petrochemicals: Aromatics are crucial feedstocks for the production of various petrochemicals, such as styrene, ethylbenzene, and cumene. The increasing demand for plastics, synthetic rubber, and other petrochemical-based products drives the aromatics market.
2. Expanding Automotive Industry: The automotive sector is a significant consumer of aromatics, using them in the production of materials like tyres, coatings, and engineering plastics. As the global automotive industry continues to grow, so does the demand for aromatics.
3. Urbanization and Infrastructure Development: Rapid urbanization and infrastructure development in emerging economies lead to increased demand for construction materials and consumer goods, such as paints and coatings, which rely on aromatics.
By Types:
• Benzene
• O-Xylene
• P-Xylene
• Toluene
By Applications:
• Automotive
• Chemicals
• Oil & Gas
• Paints & Coating
• Pharmaceuticals
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By Market Vendors:
• Ashland
• BASF
• Celanese
• Eastman Chemical
• ExxonMobil
• Honeywell
• Huntsman
• INEOS
• Petrochem Carless
• Shell
By Region:
North America (US, Canada)
Europe (Germany, France, UK, Italy, Russia)
Asia Pacific (China, Japan, South Korea, India, Australia, Taiwan, Indonesia, Malaysia, Philippines, Vietnam)
Latin America (Mexico, Brazil, Argentina)
The Middle East & Africa (Turkey, Saudi Arabia, UAE)
Aromatics Market Report Includes:
• Basic overview of the industry including its definition, size, share, growth factors, restraints, applications, recent developments, historic and upcoming trends.
• Details about key companies, product specifications, capacity, production value and market share for key vendors.
• Provide essential data, latest trends and statistics to businesses
• Accurate analysis of upstream raw materials, downstream demand and current market status
• COVID-19 impact on the global Aromatics market
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Aromatics Market Restraints
1. Environmental Regulations: Stringent environmental regulations aimed at reducing air pollution and limiting emissions of volatile organic compounds (VOCs) pose a significant challenge for the aromatics industry. This often leads to increased compliance costs and the need for continuous investment in cleaner production technologies.
2. Health and Safety Concerns: Aromatics, such as benzene, are known carcinogens, and exposure to them can pose serious health risks to workers in the industry. This necessitates strict safety measures and compliance with occupational health guidelines, increasing operational costs.
3. Fluctuating Feedstock Prices: The aromatics industry relies heavily on crude oil and naphtha as feedstocks. The volatility in crude oil prices can lead to fluctuations in production costs, affecting profit margins and market stability.
Thank you for reading the research report. In addition to the standard report, we also offer customized report as per client requirement. Feel free to connect to us to know more about the report or have any question regarding the same.
COVID-19 Analysis:
The report offers an in-depth analysis of the influence of the COVID-19 pandemic on the Aromatics market worldwide. It will help readers to gain insights on how the pandemic and post-pandemic scenarios have impacted several aspects of the market such as demand, transportation, supply chain management, consumption, and production. In addition, it provides information about various strategies acquired by market players to make up for the losses amidst the outbreak.
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About Us:
Xcellent Insights is a global market research and management consulting company offering a plethora of syndicated research reports, customized research reports, and consulting services, and useful insights to leading market players, investors, startups, and stakeholders. We cover niche and established markets and identify growth opportunities to help clients make informed decisions and achieve sustainable growth in their respective market domains. We excel in providing in-depth analysis and strive to cover the latest market and industry trends to offer the best services to our clients.
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