Malaysia Aromatics Market to be Dominated by Paint & Coatings Segment Through 2028
Malaysia
Aromatics Market is expected to grow in the forecast period 2024-2028 due to
the growing demand of aromatic compounds from the construction industry
According to TechSci Research report, “Malaysia Aromatics Market - By Region, Competition,
Forecast and Opportunities, 2018-2028F”, Malaysia aromatics market size is anticipated to increase at a substantial
rate in the forecast period. A
significant factor fueling the growth of Malaysia aromatics market is the increasing
demand from paint & coatings. Aromatics play a crucial role in the
formulation of paints and coatings, offering desirable properties such as
solvency, color, and durability. In addition, aromatics, such as toluene and
xylene, are essential components in the formulation of solvent-based coatings,
which are widely used in the industry. These solvents help in achieving the
desired viscosity, flow, and drying characteristics, thereby enhancing the
overall quality and performance of paints and coatings.
Along
with this, aromatics contribute to the formulation of high-performance coatings
that provide excellent color retention, weather resistance, and protection
against corrosion and abrasion. Moreover, aromatics, such as styrene, toluene,
and xylene, are key components in the production of adhesive, which provide
superior bonding strength, flexibility, and resistance to environmental
conditions, enabling efficient packaging of diverse materials, including paper,
cardboard, plastic, and flexible packaging films formulations. Along with this,
aromatics are used in household and
kitchen goods such as interior panels of refrigerators including see-through
drawers & compartments which are most often made with corrosion-resistant
and tough plastic materials such as Polystyrene or Polycarbonate. For example,
toluene-derived polyurethane is used between molded panels of the fridge to
keep cold from dissipating, cool fridge for longer hours, and save electricity
bills. Additionally, gas burners, milk bottles, microwave oven, meat trays,
pots & pans, and coffee machines, are all made from materials derived from
aromatics, making food safer and easier to use, resulting in propelling the growth
of Malaysia aromatics market.
For
instance, Chevron Phillips Chemical produces styrene monomer which generates polystyrene
that is used in food and beverage packaging, insulation and cushion packaging, disposables,
and low-cost consumer products.
Furthermore, the market is being further
stimulated by increasing demand from pharmaceuticals, chemicals, automotive,
construction, personal care, etc.
However,
fluctuations in crude oil prices can have a direct impact on the cost of
producing aromatics, as the aromatic compounds are highly dependent on
feedstock, particularly crude oil and natural gas, resulting in restraining the growth of the market. Also, toxic effects
of aromatics hydrocarbons and availability of substitutes, such as cycloalkanes
further slow down the market growth.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on the "Malaysia Aromatics Market"
Malaysia Aromatics Market is segmented based on type, application, end user
industry, and region.
Based on the type, the
market is divided into benzene, toluene, o-xylene, p-xylene, and others. Benzene
segment is expected to hold the largest market share in the forecast period, due
to high demand of benzene in various applications such as in the production of
rubber, detergent, plastics, and resins.
Based on the application, the market is
categorized into solvent and additives. Solvent segment is expected to hold the
largest market share in the forecast period. These solvents produced through crude
petroleum distillation in the oil refining industry are broadly used as
corrosion inhibitors in oil and gas pipelines to perform fractional
distillation, which avoids deterioration of inner walls of pipelines, owing to
high contents of carbon dioxide, hydrogen sulfide, and other corrosive
products.
Based on the end user industry, the market is
fragmented into paint & coatings, adhesives, pharmaceuticals, chemicals,
automotive, construction, personal care, and others. Pharmaceutical segment is expected
to hold the largest market share in the forecast period. Aromatics serve as
essential building blocks for the synthesis of active pharmaceutical
ingredients (APIs) and intermediates used for treating diseases and improving
patient well-being.
Major companies operating in the Malaysia Aromatics
Market are:
- PETRONAS
Chemicals Group Berhad
- Chevron
Phillips Chemical Malaysia Sdn. Bhd.
- Shell
Malaysia Plc
- KP
Malaysian corporation
- ChemOne
Group
- BIS
Chemicals Sdn Bhd.
- Brenntag
Sdn. Bhd.
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“Malaysia
aromatics market has seen significant growth in recent years, driven by the increasing
demand from pharmaceutical sector, as aromatics like benzene and toluene and
its derivatives are used as essential component in the manufacturing of drugs, active
pharmaceutical ingredients (APIs) and intermediates. Moreover, increasing utilization
of aromatics in the construction sector in the form of concrete additives and
admixtures which improve the workability, strength, and durability of concrete,
improving its resistance to cracking, and reducing water content, result in increasing
utilization in various residential and
commercial projects that are supported by the government creating huge
prospects of market growth during the forecast period” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
Malaysia Aromatics Market, By Type (Benzene, Toluene, O-Xylene,
P-Xylene, Others), By Application (Solvent, Additive), By End User Industry
(Paint & Coatings, Adhesives, Pharmaceuticals, Chemicals, Automotive,
Construction, Personal Care, Others), By Region, Competition, Forecast &
Opportunities, 2018-2028F, has
evaluated the future growth potential of Malaysia aromatics market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision-makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Malaysia Aromatics market.”
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