The global India De Aromatic Solvents Market is estimated to be valued at US$ 5243.81 Bn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
De Aromatic Solvents are mainly used as solvents in industries such as paints & coatings, cleaning products, adhesives, pharmaceuticals, etc. due to their advantages such as low toxicity, non-corrosiveness, high boiling point and evaporation rate. They help dissolve or disperse various components and provide better manageability.
Market key trends:
Growing demand from end use industries especially automotive and construction industries is a major factor driving the growth of India De Aromatic Solvents Market. rapid urbanization and rising per capita expenditure on vehicles and home décor in India has boosted the demand for paints, coatings, adhesives and other products where de aromatic solvents are used. Furthermore, favorable government policies and programs focused on boosting manufacturing sector output will also contribute to the market growth over the forecast period.
SWOT Analysis
Strength: The India De Aromatic Solvents Market is expected to witness steady growth owing to growing end-use industries such as paints & coatings, personal care, pharmaceuticals etc. in the country.
Weakness: Fluctuations in crude oil prices may adversely impact the overall cost of production of De Aromatic Solvents. Stringent environmental regulations regarding VOC emissions can restrain market growth.
Opportunity: Rising demand from construction and automotive sectors driven by rising industrial activities in the country present lucrative opportunities. Growing focus on bio-based and environment-friendly solvents also provides new opportunities.
Threats: Availability of substitutes like alcohol and esters poses threat to the market. Intense competition from local and international players leading to pricing pressures.
Key Takeaways
The Global India De Aromatic Solvents Market Demand is expected to witness high growth, exhibiting CAGR of 7.7% over the forecast period, due to increasing demand from end-use industries.
Regional analysis
The market is dominated by Western India due to concentration of petrochemical facilities and manufacturing industries. Southern India is also expected to grow at a significant rate propelled by rising oil & gas activities and development of industrial towns.
Key players operating in the India De Aromatic Solvents market are 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.
The India De Aromatic Solvents market is expected to witness high growth, exhibiting CAGR of 7.7% over the forecast period, due to increasing demand from end-use industries such as paints & coatings, personal care, pharmaceuticals etc. in the country. Western India dominates the market currently due to concentration of petrochemical facilities and manufacturing industries. Southern India is also expected to grow at a significant rate propelled by rising oil & gas activities and development of industrial towns. Key players operating in the market are 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.
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