by The India De Aromatic Solvents Market is estimated to be valued at INR 4,868.9 Bn in 2022 and is expected to exhibit a CAGR of 7.7% over the forecast period of 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
De Aromatic solvents are chemicals with a low aromatic content and are widely used in various industries such as paints and coatings, adhesives, printing inks, and pharmaceuticals. These solvents provide excellent solvency power, high evaporation rate, and low toxicity, making them suitable for a wide range of applications. They are used as diluents, solvents, and cleaning agents in various processes. The market for De Aromatic solvents in India is expected to witness significant growth due to the increasing demand for these solvents in the aforementioned industries.
Market Dynamics:
The growth of the India De Aromatic Solvents market is driven by two major factors. Firstly, the rising demand for paints and coatings from the construction and automotive sectors is fueling the demand for De Aromatic solvents. The increasing construction activities and infrastructure development projects in India are driving the demand for paints and coatings, thereby boosting the market for De Aromatic solvents.
Secondly, the growing pharmaceutical industry in India is also contributing to the market growth. De Aromatic solvents are widely used in the pharmaceutical industry for various purposes such as formulation, extraction, and cleaning processes. The increasing investment in the healthcare sector and the rising demand for generic drugs are driving the demand for De Aromatic solvents in the pharmaceutical industry.
Segment Analysis:
The India De Aromatic Solvents market can be segmented based on type, application, and end-user industry. In terms of type, the dominating segment is the Toluene-based De Aromatic Solvents. Toluene-based solvents are widely used in various industries such as paints and coatings, chemicals, pharmaceuticals, and automotive due to their excellent solvency power and low toxicity. They are extensively used as diluents in the paints and coatings industry, making them the dominating sub-segment.
PEST Analysis:
Political: The political stability in India provides a favorable environment for the growth of the De Aromatic Solvents market. The government’s initiatives towards boosting the manufacturing sector and infrastructure development further support the market’s growth.
Economic: The growing industrial sector in India, coupled with increasing investments in infrastructure development, drives the demand for De Aromatic Solvents. Additionally, the availability of a skilled workforce at competitive wages and favorable economic policies contribute to the market’s growth.
Social: The increasing consumer preference for eco-friendly products and rising environmental concerns propel the demand for environmentally friendly solvents. This shift in consumer behavior creates opportunities for the development and adoption of bio-based and green solvents in the De Aromatic Solvents market.
Technological: Technological advancements in the manufacturing process of De Aromatic Solvents have led to improved product quality and increased production efficiency. The development of innovative solvents with lower VOC emissions and enhanced performance characteristics drives the market’s technological advancements.
Key Takeaways:
The India De Aromatic Solvents Market Size is expected to witness high growth, exhibiting a CAGR of 7.7% over the forecast period of 2023-2030, due to increasing industrialization, infrastructure development, and the demand for eco-friendly solvents.
In terms of regional analysis, South India is the fastest-growing and dominating region in the De Aromatic Solvents market. This can be attributed to the presence of a large number of chemical manufacturing units, infrastructure development, and the establishment of refineries in the region.
Key players operating in the India De Aromatic Solvents market include Exxon Mobil Corporation, Total S.A., Royal Dutch Shell plc, Isu Exachem, Mehta Petro Refineries, Avani Petrocehm Pvt Ltd., Raj Petro Specialties P. Ltd., and Eastern Petroleum Private Limited. These key players have a significant market presence and are actively involved in strategic initiatives such as product launches, mergers and acquisitions, and collaborations to gain a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
