South Korea Aromatic Solvents Market Report and Forecast 2024-2032

South Korea Aromatic Solvents Market Outlook

The South Korea aromatic solvents industry is expected to grow at a CAGR of 12.4% between 2024 and 2032. The expansion in the use of aromatic solvents in a variety of sectors, including paints & coatings, agrochemicals, automotive, and pharmaceuticals, is one of the main drivers of aromatic solvent demand.

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Key Trends in the South Korea Aromatic Solvents Market

A solvent that includes an aromatic hydrocarbon, such as naphtha, toluene, or xylene, is referred to as an aromatic solvent. In many industrial applications, aromatic solvents are primarily employed as diluents and solvents.

The Growing Use of Aromatic Solvents in Modern Agriculture

The agricultural industry faces significant obstacles as a result of the growing global population, the increased need for food, feed, and crops, as well as the natural disasters brought on by climate change. Modern agriculture uses agrochemicals and cutting-edge methods to improve crop quality and output. As a result, crop protection solutions that are modern, useful, economical, ecologically beneficial, user- and customer-safe, and simple to use enable the use of aromatic solvents. The industry is expected to develop, which will lead to an increase in the demand for aromatic solvents in South Korea.

Application of Aromatic Solvents in Multiple Industries Augments its Market Growth in South Korea

There are several industrial uses for aromatic solvents. One of the main sectors where these solvents are extensively employed as thinners is paints and coatings. Aromatic solvents are also used in industrial cleaning solutions, foundry resins, insecticides, adhesives, and oilfield chemicals, among others. The assessment period is expected to see a significant increase in the market share for aromatic solvents due to the rising demand for paints and coatings and their expanding use in the automotive industry. Additionally, it is projected that the presence of significant automakers in the area would increase demand for aromatic solvents in South Korea. Rapid urbanisation, industrialization, and rising construction activities have led to a boom in the paints and coatings sector, which has in turn contributed to the expansion of the South Korea aromatic solvents market as a whole.

Market Analysis

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Based on product, the South Korea aromatic solvents market is segmented into toluene solvents, xylene solvents, and ethylbenzene solvents. On the basis of application, the aromatic solvents market of South Korea is divided into paints and coatings, adhesives, orienting inks, and cleaning and degreasing, among others.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the South Korea aromatic solvents market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• Korea Petroleum Industries Company

• OCI

• Shell Plc

• YEOCHUN NCC Co., Ltd

• Hanwha Total Petrochemical Co., Ltd

• Others

Market Share

Based on type, toluene, xylene, and ethyl benzene Toluene are the major aromatic solvents used in several industries and hold a significant market share. Owing to rapid urbanisation, higher standards of living, and high purchasing power the market for aromatic solvents is expected to grow more during the forecast period. The ethylene, and pseudocumene usage, though still widespread, is anticipated to encounter difficulties because of issues with toxicity, vapour pressure, flammability, odour, and penetration through plastics. The more recent generation of "safer" solvents is also emerging in the market.

Market Share by Application

Organic substances with a benzene ring structure, such as benzene, toluene, mixed xylenes (BTEX), ethylbenzene, and high-flash aromatic naphthas, are known as aromatic solvents. They are mostly employed in the manufacturing of adhesives, sealants, oilfield chemicals, automobiles, and medicines. However, the paint and coatings sector is thought to have a greater demand for aromatic solvents. Aromatic solvents are a preferable option for industry to use as solvents since they have a greater rate of solvency while having stronger odours than aliphatic solvents.

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Competitive Landscape

Hanwha Total Petrochemical Co., Ltd- Hanwha was founded in 1952 and is today active in a number of industries, including manufacturing, construction, finance, services, and leisure. It offers new and distinctive goods and services to 390 overseas networks and 85 domestic affiliates. Hanwha Total Petrochemical, which was established in 1988, has been at the forefront of South Korea's petrochemical industry growth due to advances in technology and the effective implementation of its market expansion plan. Hanwha Total Petrochemical began laying the groundwork in 2003 to establish itself as a major chemical and energy firm. The headquarter of the firm is in Gyeonggi, South Korea.

Shell Plc- Shell Plc produces natural gas and crude oil. Integrated Gas, Upstream, Downstream, and Corporate are its operating segments. The Royal Dutch Petroleum Company of the Netherlands and the United Kingdom's "Shell" Transport and Trading Company merged to establish Shell in 1907. The headquarter are in London, England.

Key Highlights of the Report