April 14, 2024
India De Aromatic Solvents Market

India De Aromatic Solvents Market to Witness High Growth Owing to Rising Demand from Paints & Coatings Industry

De aromatic solvents are refined petroleum distillate fractions with reduced aromatic content, making them ideal for applications where aromatic compounds need to be avoided. They are primarily used as industrial cleaning agents and diluents in various paints, coatings, inks, and adhesives. The demand for de aromatic solvents is largely driven by the growth of downstream industries such as paints & coatings, pharmaceuticals, and construction in India. The paints & coatings segment accounts for over 30% of the total de aromatic solvents consumption due to their excellent solvent properties and low toxicity.

India De Aromatic Solvents Market is estimated to be valued at US$ 6040.87 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the India De Aromatic Solvents are Diabetomics, Inc., Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd, PerkinElmer Inc., Siemens Healthineers AG, DRG INSTRUMENTS GMBH, Metabolomic Diagnostics Ltd., Sera Prognostics, MOMM Diagnostics, Miraculins Inc.

The growing construction and infrastructure development activities along with increasing automotive production in India offer significant growth opportunities for de aromatic solvent manufacturers. Additionally, widespread application of coatings in marine, oil & gas, and heavy machinery industries will further boost market revenue.

Global players are focusing on expanding their footprint in India through partnerships, acquisitions, and new manufacturing plants. Domestic players are also enhancing production capacities and product portfolios to cater to the rising local demand. Stringent environmental regulations regarding VOC emissions are prompting companies to invest in bio-based and green solvent alternatives.

Market drivers

Rising demand from the paints & coatings industry is a key growth driver for India De Aromatic Solvents Market Growth . The construction and infrastructure boom in the country along with steady growth of the automotive industry has augmented the paints & coatings demand. De aromatic solvents account for over 30% of solvent-based formulations in paints & coatings applications due to their excellent solvency and low toxicity. This significant use in the fast-growing downstream sector will continue boosting market revenues over the forecast period.

PEST Analysis

Political: The government policies and regulations regarding usage of renewable solvents are expected to positively impact the market growth. The initiatives taken by government to promote usage of green solvents will boost demand.

Economic: Strong economic growth and increasing disposable incomes are driving demand for end-use industries like paints and coatings, cosmetics and personal care that use de-aromatic solvents. Rise in infrastructural investments also contributes to market expansion.

Social: Growing awareness about health impacts of aromatic solvents is prompting manufacturers to shift to greener alternatives. Changing lifestyle and rising spending on personal grooming are augmenting consumption in cosmetics segment.

Technological: Developments in extraction and purification techniques have enhanced productivity and fuelled cost efficiencies. Advances in green chemistry led to innovations in plant-derived and bio-based solvent formulations.

Geographical regions with high market concentration

The Asia Pacific region dominates the global market for de-aromatic solvents in terms of value. Abundant availability of raw materials, low production costs and surge in end-use industries drive the APAC market. China, India and Japan contribute significantly to regional market size.

Fastest growing region

The market in North America is expected to grow at a rapid pace during the forecast period. Strict environmental regulations regarding emission of VOCs along with technological innovation and R&D investment are augmenting demand escalation. Prominence of paints & coatings industry along with increased consumption by oil & gas sector support tremendous opportunities in the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it