May 23, 2024
India De Aromatic Solvents Market

India De Aromatic Solvents Market is energized by Increasing Oil & Gas Exploration activities

De Aromatic solvents are refined petroleum products that are used as cleaning agents and additives in a variety of end-use industries like paints and coatings, pharmaceutical, printing inks, adhesives, and others. De Aromatic solvents have low aromatic content and are characterized by their highflash points, less odor and volatility. They offer benefits like ease of use, low toxicity and flammability.

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. Growing exploration and production activities in the oil & gas industries have fuelled the demand for de aromatic solvents in India. The major mining and oil companies are increasingly investing in exploration projects, which is expected to propel the market growth.

Rising pharmaceutical industry in India is another major factor driving the de aromatic solvents market. India is the largest provider of generic drugs globally with a strong growing generics market. De aromatic solvents find major applications as excipients and cleaning agents in pharmaceutical formulations.

The de aromatic solvents market is also witnessing lucrative opportunities in India due to ongoing infrastructure development projects and industrialization. There has been rise in constructions of roads, bridges, urban infrastructure like metro which has boosted the paints & coatings, construction chemicals and printing inks industry demanding de aromatic solvents.

Market key trends

One of the key trends witnessed in the India De Aromatic Solvents Market Demand  is the shift towards bio-based and green solvents. Stringent environmental regulations regarding VOC emissions have prompted industry players to invest in sustainable solvent technologies. Major companies have started offering bio-based de aromatic solvents made from sugarcane or cellulosic waste which are renewable and cause negligible air pollution. These green alternatives are gaining wide acceptance especially in paints, coatings and cleaning applications.

Porter’s Analysis

Threat of new entrants: The specialty chemicals industry requires high capital investments and strict government regulations posing huge entry barriers.

Bargaining power of buyers: The presence of many large buyers in the end-user industries like paints & coatings, pharmaceuticals, and personal care & cosmetics gives them higher bargaining power.

Bargaining power of suppliers: The key raw materials for producing de-aromatic solvents include petroleum feedstock, benzene, toluene, and xylene. Fluctuations in crude oil prices impacts suppliers bargaining power.

Threat of new substitutes: The availability of bio-based alternatives and substitute solvents like methanol, ethanol poses threat of substitution.

Competitive rivalry: The de-aromatic solvents market is highly fragmented with many international and domestic players indulged in fierce competition on the basis of product range and pricing.

Geographical Regions

In terms of value, the India market accounted for largest share of the South Asia de-aromatic solvents market in 2024. Factors such as rapid industrialization, infrastructure growth and expanding construction sector drove the demand for de-aromatic solvents in various end-use industries.

The ASEAN region is projected to witness highest CAGR in the global de-aromatic solvents market during the forecast period. Government initiatives towards industrialization and investments in petrochemicals, coatings, pharmaceuticals sectors are fuelling the market growth. Improving economic conditions, rising standards of living and population growth are other factors that will support the consumption of de-aromatic solvents in ASEAN countries.

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