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    Aromatics Market

    ID: MRFR/CnM/0425-HCR
    135 Pages
    Chitranshi Jaiswal
    September 2025

    Aromatic Market Research Report Information By Type (P-Xylene, O-Xylene, Toluene, Benzene, and Others), By Application (Additive and Solvent), By Industry (Paint & Coatings, Adhesives, Pharmaceuticals, Chemicals, and Others), and By Region (North America, Europe, Asia-Pacific, and Rest Of The World) – Market Forecast Till 2032

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    Aromatics Market Infographic
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    Aromatics Market Summary

    The global aromatic market is projected to grow from 25.7 USD billion in 2024 to 45.4 USD billion by 2035.

    Key Market Trends & Highlights

    Aromatic Key Trends and Highlights

    • The market is expected to experience a compound annual growth rate (CAGR) of 5.32 percent from 2025 to 2035.
    • By 2035, the market valuation is anticipated to reach 45.4 USD billion, indicating robust growth potential.
    • In 2024, the aromatic market is valued at 25.7 USD billion, reflecting a strong foundation for future expansion.
    • Growing adoption of natural ingredients due to increasing consumer preference for sustainable products is a major market driver.

    Market Size & Forecast

    2024 Market Size 25.7 (USD Billion)
    2035 Market Size 45.4 (USD Billion)
    CAGR (2025-2035) 5.32%

    Major Players

    Canada Colors and Chemicals Limited, BP PLC, Dow, Reliance Industries Ltd., LyondellBasell, Shell Chemicals, SABIC, Exxon Mobil Corporation

    Aromatics Market Trends

    Rise in demand for aromatic compounds by the paints & coatings industry is driving the market growth

    The increase in demand for aromatic compounds by the paint and coatings industry in both developed and emerging countries is the main driver driving the market growth rate. The market's growth rate will be directly and favourably impacted by the development and expansion of several end user industries, particularly in emerging countries, as well as by the expanding applications for aromatic compounds, such as in medicines and medical devices.

    The market will grow as a result of rising consumer preference for a range of culinary lifestyles, increased major company investment in research and development capabilities, rapid urbanisation of developing countries and regions, increased focus on technological advancements, and modernization of production techniques.

    Over the course of the predicted year, market revenue growth is anticipated to be driven by the increased demand for aromatics from the automotive industry to manufacture vehicle parts. Because aromatic products are lighter, they require less fuel. For instance, it can save automakers and owners of vehicles money by reducing fuel usage by 750 litres over a car's lifetime of 150,000 miles. The consumer desire for svelte, powerful, lightweight, and fuel-efficient vehicles is met by products made of aromatic compounds. Increased dependability, safety, competitive pricing, and environmental assurance are all benefits of this.

    Additionally, synthetic rubbers, which are also derived from aromatics, give tyres improved driving characteristics, perform well on wet roads, and help to increase tyre life. It is projected that the usage of bio-based aromatics and technological advancements to reduce aromatics waste would provide the aromatics industry with strong growth opportunities. Thus, driving the Aromatic market revenue.

    The Global Aromatic Market is poised for robust growth, driven by increasing consumer demand for natural fragrances and the rising popularity of aromatherapy across various sectors.

    U.S. Department of Agriculture

    Aromatics Market Drivers

    Rising Demand for Fragrance Products

    The Global Aromatic Market Industry is experiencing a notable increase in demand for fragrance products, driven by consumer preferences for personal care and home fragrance items. In 2024, the market is projected to reach 25.7 USD Billion, reflecting a growing inclination towards premium and artisanal fragrances. This trend is particularly evident in regions such as North America and Europe, where consumers are increasingly willing to invest in high-quality aromatic products. The rise in disposable income and changing lifestyle patterns further contribute to this demand, suggesting a robust growth trajectory for the industry.

    Market Segment Insights

    Aromatic Type Insights

    The  Aromatic market segmentation, based on Type, includes P-Xylene, O-Xylene, Toluene, Benzene, and Others. Benzene segment dominated the market in 2022. Petrol, crude oil, volcanoes, cigarette smoke, and forest fires are some examples of benzene's natural sources. One of the top 20 chemicals produced in the US is benzene, which is employed as a solvent in the manufacture of plastics and other chemical goods such as lubricants, nylon, synthetic fibres, dyes, and others.

    Aromatic Application Insights

    The  Aromatic market segmentation, based on Application, includes Additive and Solvent. Solvent segment dominated the market in 2022. This is because they are beneficial in numerous industrial uses, including as paints, adhesives, dyes, pharmaceuticals, clothing, and packaging, and are colourless, transparent, and highly flammable.

    Figure 1:  Aromatic Market, by Application, 2022 & 2032 (USD Billion)

    Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

    Aromatic Industry Insights

    The  Aromatic market segmentation, based on Industry, includes Paint & Coatings, Adhesives, Pharmaceuticals, Chemicals, and Others. Pharmaceuticals segment dominated the  Aromatic market in 2022. Resins and other aromatic compounds are frequently employed in the synthesis of antibiotics, medications for diseases like cancer, arthritis, and AIDS, as well as pharmaceutical purification. Another advantage of orthopaedic devices made of plastics and resins—which are also less expensive than those made of other materials—is their mobility. Disposable syringes, equipment, and storage containers for medications and vaccinations are made from aromatic compounds.

    Get more detailed insights about Aromatic Market Report - Forecast till 2032

    Regional Insights

    By region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Aromatic Market dominated this market in 2022 (45.80%). This is as a result of a rise in the demand for aromatics from numerous end-use industries, including the automotive, paint & coatings, construction, and personal care goods sectors, among others. Additionally, it is anticipated that the strong demand for both new and used cars in many countries, particularly in the US, will increase the market for automotive coating refinishing.

    Additionally, the market in this region is expanding its investments in research activities for the creation of cutting-edge, innovative, and durable products, particularly in the United States and Canada. This is causing the market to experience revenue growth. Further, the U.S. Aromatic market held the largest market share, and the Canada Aromatic market was the fastest growing market in the North America region.

    Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

    April 2024: BP, a prominent producer of aromatic fuels, anticipates that upstream production of low-carbon energy and oil and gas in the first quarter will surpass that of the previous three months. In addition to positive outcomes in oil and gas trading, the London-listed oil major anticipates a $100 million-$200 million increase due to enhanced oil refining margins. In contrast, BP's gas and low-carbon energy segment will incur a $200 million to $400 million loss due to lower realized prices, the company said in its initial trading outlook for 2024.

    It was stated that lower realized prices would have a negative impact of $300 million to $600 million on the oil industry, owing in part to price lags in production in the Gulf of Mexico and the United Arab Emirates.

    Brenntag, a German distribution colossus, and Canada Colors and Chemicals (CCC) have reached an agreement for Brenntag to acquire CCC's chemicals distribution business, which is based in Toronto. The terms of payment were not disclosed. By acquiring CCC, Brenntag enhances its specialized capabilities and concentration in the fields of material science and life science. The comprehensive range of products and services offered by CCC and its broad positioning align seamlessly with the offerings of Brenntag to its suppliers and customers.

    CCC manages a number of storage, blending, and packaging facilities throughout Canada for industrial and specialty chemicals and products, catering to the construction, energy, mining, and life sciences sectors. Its life science division provides a number of its own formulations and maintains a constituents application laboratory. Brenntag stated that the German group's oil & gas operations in Canada present interesting synergistic business opportunities due to CCC's formulation expertise and compounding capabilities in the oil & gas industry.

    Figure 2:  AROMATIC MARKET SHARE BY REGION 2022 (USD Billion)

    AROMATIC MARKET SHARE BY REGION 2022

    Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

    Europe Aromatic market accounted for a healthy market share in 2022. Consumer demand for fuel-efficient vehicles and increased disposable income are two key factors impacting market revenue growth in this region. Further, the German Aromatic market held the largest market share, and the U.K Aromatic market was the fastest growing market in the European region

    The Asia Pacific Aromatic market is expected to register significant growth from 2023 to 2032. This is a result of the increasing usage of products made from aromatics in the manufacture of automobiles by the automotive industry. Aromatics are used in the construction industry for a number of applications, including pipelines, insulation, window frames, and interior design, which can enhance quality of life and develop enduring infrastructure.

    Additionally, a large number of new businesses entering this region's market are investing in the creation and distribution of a range of aromatic items, which is projected to aid in the revenue expansion of the sector. Moreover, China’s Aromatic market held the largest market share and the Indian Aromatic market was the fastest growing market in the Asia-Pacific region.

    Key Players and Competitive Insights

    Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Aromatic market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Aromatic industry must offer cost-effective items.

    Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the  Aromatic industry to benefit clients and increase the market sector. In recent years, the Aromatic industry has offered some of the most significant advantages to medicine. Major players in the Aromatic market, including Canada Colors and Chemicals Limited, BP PLC, Dow, Reliance Industries Ltd., LyondellBasell, Shell Chemicals, SABIC, and Exxon Mobil Corporation, are attempting to increase market demand by investing in research and development Types.

    Indian company S H Kelkar and Company Limited produces flavours and fragrances. The company produces, distributes, and exports scents as well as chemical ingredients for both organic and inorganic chemical-based smells. The business divisions that make it up are flavours and smells. The company offers a wide range of products, including luxury fragrances, fabric care, personal care, hair care, home goods, skincare, and cosmetics, among others. The company offers flavours for a wide range of items, including beverages, sweets, dairy, salty foods, and medications.

    Through its wholly-owned subsidiary Keva Europe B.V., SH Kelkar and Company Ltd. (SHK) entered into a contract to purchase a 100% stake in Holland Aromatics B.V. on December 14, 2021. The transaction is being closed through the purchase of a 100% stake in Provider Beheer B.V., the holding company for the Dutch business Holland Aromatics. The Agreement provides that 62% of the Stock shall be purchased immediately upon the Closing and the other 38% shall be acquired over the course of the next two years in two equal instalments of 19% each.

    The cannabis research firm Abstrax Tech is in charge of creating flavourings and aromas that come from plants and cannabis. The business possesses the greatest terpene library of the most well-liked strains, botanically generated terpene mixes, and native isolates of cannabis utilised in vapes, concentrates, edibles, beer, essential oils, fragrances, cosmetics, topicals, tinctures, alcohol, food and beverage, personal care, and more. The Trichome Institute and ABSTRAX have partnered to produce the first cannabis aromatic training kit, Interpening, which will be available in December 2021.

    The Trichome Institute and ABSTRAX are pleased to collaborate, according to Max Koby, co-founder and CEO of ABSTRAX, because this cutting-edge scent kit will help both customers and the industry. The software employs an excellent but simple methodology. The business will train a new generation of cannabis sommeliers because it is confident that doing so will help them comprehend the range of cannabis strains and how to best serve each customer.

    Key Companies in the Aromatics Market market include

    Industry Developments

    July 2019: Hyundai Oilbank has set aside a sizeable sum of money—nearly USD 220 million—for the development of the pharmaceutical industry in order to increase the ability to produce xylene.

    April 2019: Fortrec, a Singaporean chemical company, has acquired an aromatic solvent refinery in Ulsan, Korea, increasing its production capacity there by 60,000 tonnes.

    Future Outlook

    Aromatics Market Future Outlook

    The Global Aromatic Market is projected to grow at a 5.32% CAGR from 2024 to 2035, driven by increasing consumer demand for natural fragrances and sustainable products.

    New opportunities lie in:

    • Develop innovative aromatic blends for wellness and relaxation products. Invest in sustainable sourcing of raw materials to enhance brand reputation. Leverage e-commerce platforms to reach niche markets and expand customer base.

    By 2035, the Global Aromatic Market is expected to exhibit robust growth, reflecting evolving consumer preferences and industry advancements.

    Market Segmentation

    Aromatic Type Outlook

    • P-Xylene
    • O-Xylene
    • Toluene
    • Benzene
    • Others

    Aromatic Industry Outlook

    • Paint & Coatings
    • Adhesives
    • Pharmaceuticals
    • Chemicals
    • Others

    Aromatic Regional Outlook

    • {"North America"=>["US"
    • "Canada"]}
    • {"Europe"=>["Germany"
    • "France"
    • "UK"
    • "Italy"
    • "Spain"
    • "Rest of Europe"]}
    • {"Asia-Pacific"=>["China"
    • "Japan"
    • "India"
    • "Australia"
    • "South Korea"
    • "Rest of Asia-Pacific"]}
    • {"Rest of the World"=>["Middle East"
    • "Africa"
    • "Latin America"]}

    Aromatic Application Outlook

    • Additive
    • Solvent

    Report Scope

    Attribute/MetricDetails
    Market Size 2023USD 25 Billion
    Market Size 2024USD 25.67 Billion
    Market Size 2032USD 38.67 Billion
    Compound Annual Growth Rate (CAGR)5.50% (2024-2032)
    Base Year2023
    Market Forecast Period2024-2032
    Historical Data2018- 2022
    Market Forecast UnitsValue (USD Billion)
    Report CoverageRevenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
    Segments CoveredType, Application, Industry, and Region
    Geographies CoveredNorth America, Europe, Asia Pacific, and the Rest of the World
    Countries CoveredThe U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
    Key Companies ProfiledCanada Colors and Chemicals Limited, BP PLC, Dow, Reliance Industries Ltd., LyondellBasell, Shell Chemicals, SABIC, and Exxon Mobil Corporation
    Key Market OpportunitiesIndustrialization backed with the schemes and initiatives
    Key Market DynamicsIncreased use in paint and coatings and rise in demand from polyester manufacturers

    Market Highlights

    Author
    Chitranshi Jaiswal
    Research Analyst Level I

    In her 3 years of experience in the market research field, she has handled critical cross-domain projects. She has an in-depth knowledge of market estimation & analysis, problem-solving, primary as well as secondary research, and team management.She holds an engineering degree and is an MBA professional from a well-known university, capable of evaluating the market and competitive conditions. An exceptional strategist with excellent communication skills and a passion for delivering cutting-edge & practical insights for the market. Proficient in multi-tasking, and can successfully deal with competing demands, while maintaining complete confidentiality. Generated business through active client and project development, networking, and high-quality responses. Her knowledge and skills have helped in making solid business decisions, securing funding from investors, and avoiding business failures.

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    FAQs

    How much is the Aromatic market?

    The Aromatic market size was valued at USD 25 Billion in 2023.

    What is the growth rate of the Aromatic market?

    The Aromatic market is projected to grow at a CAGR of 5.50% during the forecast period, 2024-2032.

    Which region held the largest market share in the Aromatic market?

    North America had the largest share in the Aromatic market

    Who are the key players in the Aromatic market?

    The key players in the Aromatic market are Canada Colors and Chemicals Limited, BP PLC, Dow, Reliance Industries Ltd., LyondellBasell, Shell Chemicals, SABIC, and Exxon Mobil Corporation

    Which Type led the Aromatic market?

    The Benzene Type dominated the Aromatic market in 2022.

    Which Application had the largest market share in the Aromatic market?

    The Solvent Application had the largest share in the Aromaticmarket.

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