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North America Aromatic Compounds Market Size, Share, Growth: By Type: Benzene, Xylene, Toluene, Others; By Application: Additive, Solvent; By End Use: Detergent And Dyes, Paint and Coating, Pharmaceuticals, Household Goods, Others; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032
North America Aromatic Compounds Market Outlook
The North America aromatic compounds market size reached USD 55.2 billion in 2023. The market is expected to grow at a CAGR of 4.7% between 2024 and 2032, reaching almost USD 83.8 billion by 2032.
Key Takeaways
- As per a study commissioned by Groupon, American women are estimated to allocate nearly USD 3,700 annually towards a variety of beauty products and services, reflecting substantial spending in this sector.
- The cosmetics market in Canada is anticipated to achieve a valuation of USD 1.8 billion by 2024, with an expected yearly growth rate of approximately 1.45%, according to the International Trade Association.
- The utilisation of aromatic products in vehicle manufacturing presents cost-saving benefits, as they contribute to lighter vehicles that consume less fuel. Over the lifespan of a car covering 150,000 miles, this translates to potential savings of up to 750 litres of fuel. This aligns with consumer preferences for sleek, powerful, fuel-efficient vehicles, further underscoring the significance of aromatic compounds in automotive production.
The North America aromatic compounds market is a thriving segment within the chemical industry while witnessing robust growth and offering lucrative prospects for stakeholders. These compounds, characterised by their distinct fragrance, find extensive use in perfumes, cosmetics, pharmaceuticals, and food additives. Derived from both natural sources like plants and flowers and synthesised through chemical processes, aromatic compounds play a pivotal role in industries relying on sensory appeal.
Key players are investing in R&D to develop innovative aromatic compounds to meet evolving consumer preferences and regulatory standards. The market's growth is fuelled by factors such as increased demand for fragrances and flavours, especially in emerging economies like India and China, and expanding applications in various sectors like packaging, automotive, and electronics.
Aromatic compounds, derived from petroleum sources or coal tar, are witnessing heightened demand from industries such as paints and coatings, pharmaceuticals, and medical devices. Rising investments in R&D, particularly in major companies, and technological advancements are driving the North America aromatic compounds market development.
The U.S. dominates the aromatic compounds market, driven by increased R&D activities and demand for automotive coatings. The market is poised for growth, supported by expanding applications, technological advancements, and rising demand for lighter, fuel-efficient vehicle components made from aromatic compounds.
Opportunities for growth include the use of bio-based aromatics and technological advancements to reduce waste. Overall, the aromatic compounds market is expected to thrive, driven by increasing demand from various industries and advancements in production techniques.
Market Segmentation
North America Aromatic Compounds Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
- Benzene
- Ethylbenzene
- Cumene
- Cyclohexane
- Xylene
- P-Xylene
- M-Xylene
- O-Xylene
- Toluene
- Solvents
- Toluene Diisocyanate
- Others
Market Breakup by Application
- Additive
- Solvent
Market Breakup by End-Use
- Detergent And Dyes
- Paint and Coating
- Pharmaceuticals
- Household Goods
- Others
Market Breakup by Country
- United States
- Canada
Competitive Landscape
Key players are engaged in product development to gain a competitive edge in the market.
- Shell Plc
- Exxon Mobil Corporation
- BASF SE
- Chevron Phillips Chemical Company LLC
- TotalEnergies SE
- Toray Industries Inc.
- Thermo Fisher Scientific Inc.
- INEOS Capital Limited
- Tokyo Chemical Industry Co., Ltd.
- Others
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Application |
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Global Aromatic Compounds Market Overview
8.1 Key Industry Highlights
8.2 Global Aromatic Compounds Historical Market (2018-2023)
8.3 Global Aromatic Compounds Market Forecast (2024-2032)
8.4 Global Aromatic Compounds Market Share by Region
8.4.1 North America
8.4.2 Europe
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East and Africa
9 North America Aromatic Compounds Market Analysis
9.1 Key Industry Highlights
9.2 North America Aromatic Compounds Historical Market (2018-2023)
9.3 North America Aromatic Compounds Market Forecast (2024-2032)
10 North America Aromatic Compounds Market by Type
10.1 Benzene
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.1.3 Breakup by Type
10.1.3.1 Ethylbenzene
10.1.3.2 Cumene
10.1.3.3 Cyclohexane
10.2 Xylene
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.2.3 Breakup by Type
10.2.3.1 P-Xylene
10.2.3.2 M-Xylene
10.2.3.3 O-Xylene
10.3 Toluene
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.3.3 Breakup by Type
10.3.3.1 Solvents
10.3.3.2 Toluene Diisocyanate
10.4 Others
11 North America Aromatic Compounds Market by Application
11.1 Additive
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Solvent
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
12 North America Aromatic Compounds Market by End Use
12.1 Detergent And Dyes
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Paint and Coating
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Pharmaceuticals
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Household Goods
12.4.1 Historical Trend (2018-2023)
12.4.2 Forecast Trend (2024-2032)
12.5 Others
13 North America Aromatic Compounds Market by Country
13.1 United States of America
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Canada
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Trade Data Analysis
16.1 Major Exporting Countries
16.1.1 By Value
16.1.2 By Volume
16.2 Major Importing Countries
16.2.1 By Value
16.2.2 By Volume
17 Price Analysis
17.1 Benzene Historical Price Trends (2018-2023) and Forecast (2024-2032)
17.2 Xylene Historical Price Trends (2018-2023) and Forecast (2024-2032)
17.3 Toluene Historical Price Trends (2018-2023) and Forecast (2024-2032)
18 Competitive Landscape
18.1 Market Structure
18.2 Company Profiles
18.2.1 Shell Plc
18.2.1.1 Company Overview
18.2.1.2 Product Portfolio
18.2.1.3 Demographic Reach and Achievements
18.2.1.4 Certifications
18.2.2 Exxon Mobil Corporation
18.2.2.1 Company Overview
18.2.2.2 Product Portfolio
18.2.2.3 Demographic Reach and Achievements
18.2.2.4 Certifications
18.2.3 BASF SE
18.2.3.1 Company Overview
18.2.3.2 Product Portfolio
18.2.3.3 Demographic Reach and Achievements
18.2.3.4 Certifications
18.2.4 Chevron Phillips Chemical Company LLC
18.2.4.1 Company Overview
18.2.4.2 Product Portfolio
18.2.4.3 Demographic Reach and Achievements
18.2.4.4 Certifications
18.2.5 TotalEnergies SE
18.2.5.1 Company Overview
18.2.5.2 Product Portfolio
18.2.5.3 Demographic Reach and Achievements
18.2.5.4 Certifications
18.2.6 Toray Industries Inc.
18.2.6.1 Company Overview
18.2.6.2 Product Portfolio
18.2.6.3 Demographic Reach and Achievements
18.2.6.4 Certifications
18.2.7 Thermo Fisher Scientific Inc.
18.2.7.1 Company Overview
18.2.7.2 Product Portfolio
18.2.7.3 Demographic Reach and Achievements
18.2.7.4 Certifications
18.2.8 INEOS Capital Limited
18.2.8.1 Company Overview
18.2.8.2 Product Portfolio
18.2.8.3 Demographic Reach and Achievements
18.2.8.4 Certifications
18.2.9 Tokyo Chemical Industry Co., Ltd.
18.2.9.1 Company Overview
18.2.9.2 Product Portfolio
18.2.9.3 Demographic Reach and Achievements
18.2.9.4 Certifications
18.2.10 Others
19 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Aromatic Compounds Market: Key Industry Highlights, 2018 and 2032
2. North America Aromatic Compounds Market: Key Industry Highlights, 2018 and 2032
3. North America Aromatic Compounds Historical Market: Breakup by Type (USD Billion), 2018-2023
4. North America Aromatic Compounds Market Forecast: Breakup by Type (USD Billion), 2024-2032
5. North America Aromatic Compounds Historical Market: Breakup by Application (USD Billion), 2018-2023
6. North America Aromatic Compounds Market Forecast: Breakup by Application (USD Billion), 2024-2032
7. North America Aromatic Compounds Historical Market: Breakup by End Use (USD Billion), 2018-2023
8. North America Aromatic Compounds Market Forecast: Breakup by End Use (USD Billion), 2024-2032
9. North America Aromatic Compounds Historical Market: Breakup by Country (USD Billion), 2018-2023
10. North America Aromatic Compounds Market Forecast: Breakup by Country (USD Billion), 2024-2032
11. Major Exporting Counties by Value
12. Major Importing Counties by Value
13. Major Exporting Counties by Volume
14. Major Importing Counties by Volume
15. Benzene Historical Price Trends and Forecast (2018-2032)
16. Xylene Historical Price Trends and Forecast (2018-2032)
17. Toluene Historical Price Trends and Forecast (2018-2032)
18. North America Aromatic Compounds Market Structure
Key Questions Answered in the Report
The market is estimated to be valued at USD 55.2 billion in 2023.
The market is projected to grow at a CAGR of 4.7% between 2024 and 2032.
The aromatic compounds market is expected to witness significant growth to reach USD 83.8 billion in 2032.
The market is categorised according to its application, which includes additive and solvent.
The key market players are Shell Plc, Exxon Mobil Corporation, BASF SE, Chevron Phillips Chemical Company LLC, TotalEnergies SE, Toray Industries Inc., Thermo Fisher Scientific Inc., INEOS Capital Limited, Tokyo Chemical Industry Co., Ltd., and others.
The market is driven by factors that include increased demand for fragrances and flavours expanding applications in various sectors like packaging and automotive, and rising demand for lighter, fuel-efficient vehicle components made from aromatic compounds.
The market is categorised according to its end-use, which includes detergent and dyes, paint and coating, pharmaceuticals, household goods, and others.
Benzene is the most common parent aromatic compound structure.
Aromatic compounds, characterised by their stability and unsaturation, typically exhibit non-polar properties and do not mix well with water. When ignited, they produce a sooty yellow flame owing to their high carbon-to-hydrogen ratio. Unlike addition reactions, aromatic compounds primarily undergo substitution reactions.
Renowned aromatic blends include the French mirepoix, comprising onions, leeks, carrots, and celery, the Cajun/Creole holy trinity consisting of onions, green bell peppers, and celery, and the Asian trinity featuring ginger, garlic, and scallions.
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