The global Styrene Aromatics Market is forecast to reach USD 382.4 Billion by 2030, according to a new report by Reports and Data. Aromatics are those hydrocarbons that consists of hydrogen and carbon. They are formed from crude oil and in small quantities from coal. The most significant aromatics are toluene, benzene, and xylene. Aromatics are used in a wide range of consumer product as a starting material. They are durable, comfortable, lightweight, and safe in design.
The rising demand from the end-use industries is a major factor driving the growth of the global Styrene Aromatics Market. The rise in the demand for energy has amplified the oil gas sector’s performance, which in turn is adding to the growth of the market due to its applications as a corrosion inhibitor in the oil gas sector. Owing to the evolving industrialization in the developing countries, it is expected that the aromatic market will receive a push in the future.
Top Companies Operating in the Global Styrene Aromatics Market:
Exxon Mobil Corporation, Saudi Basic Industries Corporation (SABIC), Shell Chemicals Europe B.V., Reliance Industries Limited, Dow, PTT Aromatics and Refining Public Company Limited, Canada Colors and Chemicals Limited, LyondellBasell Industries Holdings B.V., Eastman Chemical Company, HCS Group GmbH, Honeywell International Inc., and Celanese Corporation.
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Further key findings from the report suggest
- Styrene is a liquid hydrocarbon that is important mainly for its tendency to undergo polymerization. Styrene is produced from industrially produced or naturally extracted ethylbenzene, which is dehydrogenated in the presence of a catalyst to produce styrene. It is a key chemical ingredient in the production of polymers and synthetic rubbers.
- An aromatic solvent comprises of an aromatic hydrocarbon such as toluene, xylene, or naptha. These solvents are used primarily as diluents and solvents in several industrial fields. They are commonly used in adhesives, paints, varnishes, and as chemical intermediates.
- Aromatic solvents also finds its application as corrosion inhibitors in the oil and gas industry. These solvents are mostly generated through the distillation of crude petroleum stock in the oil refining industry.
- The increased application of aromatics in paints and coatings are also propelling market growth. The paints and coatings end-users held the largest market share. Some of the common aromatic hydrocarbon solvents used in the industry are ethylbenzene, benzene, toluene, mixed xylenes (BTEX), and high flash aromatic naphtha.
- The major demand for the market product is from Asia as most of the derivative units, such as phenol, styrene, gasoline, and PET, are lined up in that region. The automotive sectors and construction sector are emerging as a major driving sector for the region, which in turn is propelling market demand.
Read full Report Description @ https://www.reportsanddata.com/report-detail/aromatics-market
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
Styrene Aromatics Market Segmentation
By Type Outlook:
- Styrene
- Xylene
- Benzene
- Para-xylene
- Others
By Application Outlook:
- Textile Industry
- Plastic Industry
- Chemical Processing
- Others
By End-Use Outlook:
- Automotive
- Adhesives
- Pharmaceuticals
- Chemicals
- Aerospace
- Others
Key Attentions of Styrene Aromatics Market Report:
The report offers a complete and broad perspective on the global Styrene Aromatics Market.
The market statistics depicted in the various Styrene Aromatics Market segments give a complete picture of the industry.
The market growth drivers and challenges affecting the development of the Styrene Aromatics Market are analyzed in detail.
The report will aid in the analysis of key competitive market scenarios and Styrene Aromatics Market dynamics.
Major players, Styrene Aromatics Market key companies, investment feasibility, and study of new market entrants are offered.
The scope of development of the Styrene Aromatics Market in each market segment is covered in this report.
The macro and microeconomic factors that influence the Styrene Aromatics Market progress are detailed in this report.
The upstream and downstream components of the Styrene Aromatics Market and a complete value chain are explained.
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