At 6.6% CAGR, the Asia Pacific Basic Aromatics Market is Projected to be Worth US$ 1,75,615.52 Million by 2031, Says Business Market Insights

According to Business Market Insights' research, the Asia Pacific basic aromatics market was valued at US$ 1,05,697.28 million in 2023 and is expected to reach US$ 1,75,615.52 million by 2031, registering a CAGR of 6.6% from 2023 to 2031. Advancement in recovery processes of basic aromatics and industrial growth in the emerging economies are among the critical factors attributed to the Asia Pacific basic aromatics market expansion.

Advancement in recovery processes of basic aromatics is driven by the need for increased cost-effectiveness, efficiency, and environmental sustainability. Techniques such as continuous catalytic reforming have improved yield and stability allowing better recovery rates. The development of new solvents and solvent systems such as ionic liquids have improved the selectivity and efficiency of extractive distillation processes. In February, 2024, Sulzer Chemtech was awarded a technology license contract to revamp its existing glycol-based aromatics extraction unit. In 2022, Sulzer Chemtech finalized an agreement with Encina Development Group LLC to provide technology to recover high purity circular aromatics from cracked oil products derived from the mixed-plastics-to-aromatics catalytic conversion platform. Encina has developed a catalytic platform wherein the cracked products selectively contain high levels of circular aromatics. Sulzer Chemtech offers its hydrotreating and aromatics extraction technology to recover high purity circular benzene and toluene. In 2022, GTC Vorro Technology launched BTX Gold Solvent for petrochemical separations. BTX Gold solvents are utilized for benzene, toluene, and xylene recovery from feed, including catalytic reformate, pyrolysis gasoline, coker naphtha, coke oven light oil, FCC gasoline, and straight run naphtha. The integration of advanced sensors, real-time monitoring and automation is expected to provide better control and optimization of aromatic recovery processes, resulting in high efficiency and low operational costs. Thus, the advancement in recovery processes of basic aromatics is expected to be a key trend contributing to the market growth.

On the contrary, fluctuation in raw material prices hampers the growth of Asia Pacific basic aromatics market.

Based on type, the Asia Pacific basic aromatics market is segmented into styrene monomer, divinylbenzene, benzene, toluene, xylene, cresol, and pyridine. The xylene segment held 31.2% share of the Asia Pacific basic aromatics market in 2023, amassing US$ 32,933.57 million. It is projected to garner US$ 57,489.64 million by 2031 to expand at 7.2% CAGR during 2023–2031.

By end user, the Asia Pacific basic aromatics market is segmented into pharmaceuticals, pesticides, agriculture, food and beverages, cosmetics and personal care, paints and coatings, and solvents. The solvents segment held 27.4% share of the Asia Pacific basic aromatics market in 2023, amassing US$ 28,948.28 million. It is projected to garner US$ 49,707.94 million by 2031 to expand at 7.0% CAGR during 2023–2031.

Based on country, the Asia Pacific basic aromatics market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China held 56.5% share of Asia Pacific basic aromatics market in 2023, amassing US$ 59,668.29 million. It is projected to garner US$ 1,02,353.82 million by 2031 to expand at 7.0% CAGR during 2023–2031.

Key players operating in the Asia Pacific basic aromatics market are BASF SE, Exxon Mobil Corp, Jubilant Ingrevia Limited, Lanxess AG, LyondellBasell Industries NV, Nippon Steel Corp, Sasol Ltd, Shell Plc, and The Dow Chemical Co, among others.

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