According to the report, the South Korea aromatic solvents market is projected to grow at a CAGR of 6% between 2024 and 2032 reaching a value of around USD 170 million by 2032. Aided by the rising demand for aromatic solvents in various sectors and rising construction activities, the market is expected to grow significantly by 2032.
Aromatic solvents are a type of hydrocarbon solvents primarily composed of carbon and hydrogen, which include aromatic hydrocarbons such as toluene, xylene, and ethylbenzene. They are primarily used in a wide variety of industries due to their high solvency rates, including the paint and coatings industry, the adhesive and sealants industry, and the pharmaceutical industry.
The South Korea aromatic solvents market growth trajectory is primarily driven by the escalating demand from various industries. The paint and coatings industry, in particular, relies heavily on aromatic solvents to dissolve or disperse different components, thereby enhancing the application and durability of paints. With the upswing in construction activities and the expansion of the automobile industry, both of which necessitate the use of high-quality paints and coatings, the demand for aromatic solvents has correspondingly escalated.
In the adhesive and sealants industry, aromatic solvents are utilised to enhance the adhesive properties of products, leading to stronger bonding capabilities, thus increasing the South Korea aromatic solvents market demand. The mounting demand for high-performance adhesives across sectors such as construction, automotive, and packaging have directly contributed to the burgeoning need for aromatic solvents.
Moreover, the pharmaceutical industry is a significant contributor to the South Korea aromatic solvents market expansion. Used to create pleasing fragrances and enhance the solubility of substances, aromatic solvents facilitate the production of palatable and effective medications, thus boosting their market demand.
Another critical factor driving the South Korea aromatic solvents market growth is the continual innovation and research within the sector. The development of lighter aromatic solvents, capable of offering superior solvency and reduced toxicity, is anticipated to unlock new market opportunities. Also, the ongoing research aimed at producing aromatic solvents with a diminished environmental impact promises to pave the way for sustained market growth.
Aromatic solvents are a type of hydrocarbon solvents primarily composed of carbon and hydrogen, which include aromatic hydrocarbons such as toluene, xylene, and ethylbenzene. They are primarily used in a wide variety of industries due to their high solvency rates, including the paint and coatings industry, the adhesive and sealants industry, and the pharmaceutical industry.
The South Korea aromatic solvents market growth trajectory is primarily driven by the escalating demand from various industries. The paint and coatings industry, in particular, relies heavily on aromatic solvents to dissolve or disperse different components, thereby enhancing the application and durability of paints. With the upswing in construction activities and the expansion of the automobile industry, both of which necessitate the use of high-quality paints and coatings, the demand for aromatic solvents has correspondingly escalated.
In the adhesive and sealants industry, aromatic solvents are utilised to enhance the adhesive properties of products, leading to stronger bonding capabilities, thus increasing the South Korea aromatic solvents market demand. The mounting demand for high-performance adhesives across sectors such as construction, automotive, and packaging have directly contributed to the burgeoning need for aromatic solvents.
Moreover, the pharmaceutical industry is a significant contributor to the South Korea aromatic solvents market expansion. Used to create pleasing fragrances and enhance the solubility of substances, aromatic solvents facilitate the production of palatable and effective medications, thus boosting their market demand.
Another critical factor driving the South Korea aromatic solvents market growth is the continual innovation and research within the sector. The development of lighter aromatic solvents, capable of offering superior solvency and reduced toxicity, is anticipated to unlock new market opportunities. Also, the ongoing research aimed at producing aromatic solvents with a diminished environmental impact promises to pave the way for sustained market growth.
Market Segmentation
The market can be divided based on product and application.
Market Breakup by Product
- Toluene Solvents
- Xylene Solvents
- Ethylbenzene Solvents
Market Breakup by Application
- Paints and Coatings
- Adhesives
- Printing Inks
- Cleaning and Degreasing
- Others
Competitive Landscape
The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the South Korea aromatic solvents market. Some of the major players explored in the report are as follows:- Korea Petroleum Industries Company
- OCI
- Shell Plc
- YEOCHUN NCC Co., Ltd
- Hanwha Total Petrochemical Co., Ltd
- Others
Table of Contents
1 Preface2 Report Coverage - Key Segmentation and Scope4 Key Assumptions6 Market Snapshot7 Opportunities and Challenges in the Market13 Price Analysis15 Key Trends and Developments in the Market
3 Report Description
5 Executive Summary
8 South Korea Aromatic Solvents Market Overview
9 South Korea Aromatic Solvents Market by Product
10 South Korea Aromatic Solvents Market by Application
11 Market Dynamics
12 Trade Data Analysis
14 Competitive Landscape
List of Key Figures and Tables
Companies Mentioned
- Korea Petroleum Industries Company
- OCI
- Shell Plc
- YEOCHUN NCC Co. Ltd
- Hanwha Total Petrochemical Co. Ltd
Methodology
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