Los Angeles, December 17, 2019 – QY Research has added a new report recently in its repository titled, “North America Aromatic Hydrocarbon Market Insights, Forecast to 2025” for the forecasted period of 6-years. North America Aromatic Hydrocarbon market is projected to be valued around US$ 3 Bn by 2025 while in 2018 the market was valued above US$ 2 Bn. North America Aromatic Hydrocarbon market is expected to exhibit a sluggish CAGR of 2.7% from 2019 to 2025.
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Development in Commercial Printing Industry to Create Positive Impact on the Market
The increasing demand of aromatic hydrocarbon from the industrial sector, paint and coatings, metal manufacturing, and printing ink industry is expected to fuel the growth of the market. Aromatic hydrocarbon is majorly used for cleansing and degreasing in industrial and textile manufacturing plants. They also have applications in printing inks to dissolve dyes and resins. Development of commercial printing industry is likely to contribute to the growth of the market.
However, Aromatic Hydrocarbons are moderately toxic and can be hazardous to the environment, which is likely to obstruct the growth of the market.
Paints and Coatings Segment is Likely to Lead the North America Aromatic Hydrocarbon Market
The application segment is segregated as Paints and Coatings, Fuel Additives, Industrial Cleaning, and Agro Chemicals. Toluene based products are used in contact cement, paint thinner, and model glue. White spirits are largely used in oil paints they are also used to clean paintbrushes. This is anticipated to contribute to the growth of the application segment. Aromatic Hydrocarbon is also used in gasoline fuel and jet fuels and in formula one race cars. Hexanes are used to extract oil and grease from water and soil. The type segment is divided into ARO 150, ARO 100, ARO 200, and others.
North America’s Well Established Automobile Industry to Help in Boosting the Growth of the Market in Region
The region has a considerable presence of the end-use industries pharmaceutical, paint, and automotive industry. Increasing usage of chemicals such as cosmetics, soaps, and detergents is anticipated to foster the growth of the market. North America has a well-established industrial and automobile industry that uses Aromatic Hydrocarbon on large scale for cleaning and degreasing and it is also used in tires for automobiles. Rubber, paper manufacturing, and leather processing industry also have varied applications of Aromatic Hydrocarbon thereby, widening the scope for the growth of the market.
Offering Sustainable Solutions – Major Emphasis of the Key Players
Shell, ExxonMobil, ConocoPhillips, Total, Huntsman, Flint Hills, Neste, Calumet, Braskem, and Haltermann Carless are some of the top companies operating in the market. The companies are keen to provide sustainable solutions and to prevent environmental harm. The companies are also inclined to improve quality and invest in product development. The market players are also concentrating on incorporating technological advancement and promoting innovation.
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