South Korea Aromatic Solvents Market to Grow at a CAGR of 12.4% During 2024-2032, Aided by Increasing Demand for Aromatic Solvents in Various Sectors

Aromatic solvents are widely employed across numerous industries due to their effectiveness as degreasers. This includes applications in petrochemicals, paints, cleaners, dyes, and more. Their corrosion resistance properties also make them valuable in the oil and gas sector. The South Korea aromatic solvents market growth is expected to benefit from the anticipated growth of the construction and automotive industries during the forecast period.

The agricultural sector is contending with significant challenges, driven by population growth, the escalating demand for food and crops, and the increasing frequency of climate-induced natural disasters. In response, modern agriculture is embracing advanced methods and agrochemicals to enhance crop yield and quality. In this context, the development of innovative crop protection solutions is essential. These solutions should be not only effective and economical but also ecologically sound, user-friendly, and leverage safe aromatic solvents. As the industry is anticipated to grow, the demand for aromatic solvents in South Korea is expected to rise accordingly.

Beyond their well-established applications, aromatic solvents are finding growing use in industrial cleaning solutions, foundry resins, insecticides, adhesives, and oilfield chemicals. This diversification, coupled with the anticipated surge in demand from the paints and coatings sector due to automotive industry expansion, is expected to significantly propel the market within the assessment period. Furthermore, South Korea's established presence of major automakers is projected to be a key driver of domestic demand for aromatic solvents.

Shell PLC (NYSE: SHEL) offers a broad selection of aromatic solvents. This includes both pure aromatics, such as toluene and xylene (isomer mix), and a range of heavier C9 and C10 aromatic solvents marketed under the ShellSol* brand. Renowned for their versatility and high boiling points, ShellSol grades cater to diverse customer needs. Customers can choose from a convenient purchasing approach that best suits their requirements, including direct contact with Shell's customer service team, distributors for smaller orders, or e-channels like Elemica.

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Market Breakup by Product and Application:

• On the basis of the product, the market is divided into toluene solvents, xylene solvents, and ethylbenzene solvents.

• The market can be segmented based on application into paints and coatings, adhesives, printing inks, and cleaning and degreasing, among others.

Key Findings of the Report:

• The paint and coatings industry is experiencing a rise in demand for aromatic solvents. This trend is attributed to the concurrent industrialisation and urbanisation in South Korea.

• South Korea's expanding automotive industry has driven a surge in demand for aromatic solvents. This is due to the increased use of these solvents in various automotive applications, such as paint production and parts cleaning.

• Driven by factors such as rapid urbanization, rising living standards, and increasing purchasing power, the South Korea aromatic solvents market size is anticipated to experience significant expansion throughout the forecast period.

Key Offerings of the Report:

• The EMR report gives an overview of the South Korea aromatic solvents market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for products and application.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, and trade data analysis along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the South Korea aromatic solvents market are Korea Petroleum Industries Company, OCI, Shell Plc, YEOCHUN NCC Co., Ltd, and Hanwha Total Petrochemical Co., Ltd, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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