Global Market for Aromatics Manufacturing to Reach $265.9 Billion by 2022

June 13, 2018

WELLESLEY, Mass., June 13, 2018 – Alongside rapid economic growth within developing countries, the global market for aromatics manufacturing is expected to reach new heights due to the significant impact from end-user industries that involve plastics and refrigeration, according to a recent report from BCC Research.

The global industry for aromatics manufacturing was worth $191.8 billion during 2017. It is anticipated to reach a value of $233.4 billion by 2022, indicating a compound annual growth rate (CAGR) of 6.8%, according to the study, Aromatics Manufacturing: Global Markets to 2022.

Major companies that are influencing the aromatics market include BP Plc., PetroChina Co. Ltd., Royal Dutch Shell Plc., Exxon Mobil Corp., Alpek S.A.B and DowDuPont Inc.

Research Highlights

  • The Asia-Pacific region accounts for the largest share of the market at 39.1%. This number was followed by North America and Western Europe.
  • In terms of value, China dominates the market with a CAGR of 9.3% which was followed by 8.7% from India.
  • Restraints that are slowing progress include the usage of alternatives, high interest rates and rising trade protectionism.

“Growing public private investments, increase in funding for petrochemical manufacturing plants, and joint ventures in these regions contributed to the growth of the market over the past five years,” the report notes. “For instance, in 2016, Mangalore Refinery and Petrochemicals (MRPL) announced plans to invest $2.29 billion on new petrochemical projects to produce synthetic gases that eventually produce value added chemicals such as acetic acid, acryilate and linear alkyl benzene. These investments increased the overall potential of the aromatics manufacturing market.”

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Aromatics Manufacturing: Global Markets to 2022( CHM099A )
Publish Date: May 2018    

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