Aromatics are organic chemical compounds that are characterized by circular planar conjugated ring structures and are known for their flexible and useful chemical properties. They are derived during the distillation of crude oil in refineries. Some examples of aromatic compounds include, benzene, toluene, aniline, cumene and others.
Aromatics Market Size
The global aromatics market was valued at $185.9 billion in 2017. Asia-Pacific was the largest geographic region in the aromatics market in 2017, accounting for $75 billion or 40.3% share in the market. China was the largest country in the market in 2017, accounting for $33 billion or 17.8% share in the market.
Aromatics Market Trend
Production of aromatic fine chemicals from non-food biomass in bio-refineries linked to the production of biofuels is a trend that is picking up recently. The advances in Metabolic Engineering and Bioprocess Optimization have helped in enhancing the microbial conversion rate of biomass into aromatic compounds, which was expensive in the past.
Aromatics Market Segmentation
The aromatics market is segmented into Xylene, Styrene, Paraxylene, Benzene, Toluene, MDI, Phenol, Acetone, PTA, and TDI.
Benzene market comprises of manufacturing and sale of benzene. Benzene is one of the simplest and widely used aromatic compounds with several chemical applications.
Cumene/Phenol market includes manufacture and sale of cumene and phenol. Cumene is industrially produced by the chemical reaction between benzene and propylene while phenol is produced by the oxidation of cumene, with acetone being an important by product. Phenol is majorly used as a precursor to manufacture several plastics/polymers and is also a key ingredient for manufacturing pharmaceutical drugs.
P-xylene market comprises of establishments that manufacture and market para- xylene. P-xylene is produced by the catalytic reforming of petroleum naphtha. It is a significant aromatic chemical that is a precursor to chemicals such as terephthalic acid (TPA), dimethyl-terephthalate (DMT) and purified terephthalic acid (PTA), all of which are precursors for manufacturing polyethylene terephthalate (PET), a polyester.
Purified Terephthalic Acid/Dimethyl-Terephthalate market comprises of manufacturing and sale dimethyl-terephthalate (DMT) and purified terephthalic acid (PTA). PTA and DMT are produced by oxidation and esterification of p-xylene respectively. They are the key ingredients and important precursors for the manufacture of polyester polyethylene terephthalate (PET).
Styrene market includes the manufacture and sale of styrene. Styrene is produced from either naturally extracted or industrially produced ethyl benzene, which is dehydrogenated in the presence of a catalyst to produce styrene. Styrene is a key chemical ingredient in production of polymers and synthetic rubbers.
Toluene & Xylenes market includes manufacture and sale of toluene and xylenes. Toluene is naturally present in the crude oil and is also produced industrially by processes such as the catalytic reforming of feedstock naphtha to produce benzene, toluene and xylenes (BTX). Xylenes are also produced by methylation of benzene or toluene. Toluene and xylenes are commonly used as solvents for paint and varnish thinners and are also used as precursors in the chemical industry to produce other important chemicals.
Toluene Diisocyanate and Methylenediphenyl Diisocyanate market comprises of manufacturing and sale of the aromatic diisocyanates, toluene diisocyanate (TDI) and methylenediphenyl diisocyanate (MDI.) TDI and MDI are produced from dinitrotoluene and aniline respectively. They are primarily used to produce polyurethanes and polyurethane foam products. MDI is employed mainly to manufacture rigid polyurethane foams.
The major players in the global aromatics market are China National Petroleum Corporation, BP plc, ExxonMobil Corporation, Alpek S.A.B de C.V, and Dow Chemicals Company.
The countries covered in the global aromatics market are USA, China, Germany, Brazil, Japan, UK, Spain, Russia, France, Australia, Italy, India and rest of the world.