India De Aromatic Solvents Market Burgeoning at a Remarkable Pace due to Rising Demand from Paints and Coatings Industry
Global India de aromatic solvents market is estimated to be valued at US$ 5647.58 Bn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024 to 2031.
Naufan Cmi
The India de aromatic solvents market has witnessed significant growth over the past few years owing to the rising demand from end-use industries like paints and coatings, pharmaceuticals, adhesives, etc. De aromatic solvents find wide application in industrial cleaners, adhesives, automotive care products, and metalworking fluids due to their excellent solvency power and ability to dissolve oils, greases, and non-polar compounds. They provide benefits like low toxicity, high flash point, better environmental profile and cost-effectiveness compared to aromatic and chlorinated solvents. The
Global India de aromatic solvents market is estimated to be valued at US$ 5647.58 Bn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the India De Aromatic Solvents Market Companies 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 key players are focused on adopting investment and expansion strategies to expand their footprint in the lucrative Indian market.
The India de aromatic solvents market offers significant opportunities such as growth in end-use industries, rapid urbanization & industrialization, and favorable government policies promoting local manufacturing. Manufacturers are investing in capacity expansions to cater to the growing demand for de aromatic solvents from the paints & coatings industry in India.
The market is also witnessing increased adoption in overseas territories owing to the ease of availability, competitive prices and excellent product quality offered by Indian manufacturers. Leading players have been making focused efforts to increase exports to European, American and Asian countries.
Market Drivers
The major driver which is propelling the India De-Aromatic Solvents Market Growth is the rising demand from paints and coatings industry. There is growing consumption of de aromatic solvents in paints, varnishes and lacquers in India. They are widely used as thinners and diluents in decorative and industrial coatings formulations. Furthermore, stringent environmental regulations prohibiting the use of aromatic and chlorinated solvents are also positively impacting the market growth. The India government's initiatives to boost infrastructure development and construction activities will further accentuate the product demand.
PEST Analysis
Political: The manufacturing industry in India is growing at a rapid pace, however certain regulations around imports and exports of aromatics can impact the de-aromatic solvents market. The government needs to ensure a stable regulatory environment to attract long term investments.
Economic: With a GDP growth rate of over 7%, the Indian economy is growing rapidly. As disposable incomes rise, demand for end-use industries like paints, coatings, adhesives which use de-aromatic solvents is increasing. A growing middle class favors market expansion.
Social: As urbanization increases, more people are living in cities and towns. This transforms lifestyle needs and drives the demand for consumer goods. Paints and coatings for housing and infrastructure see greater demand. The social trend improves the outlook of industries using de-aromatic solvents.
Technological: Industry players are investing in R&D to develop solvents with improved performance characteristics. New extraction and purification techniques help lower production costs and increase efficiency. Adoption of industrial automation also allows achieving economies of scale.
The Indian de-aromatic solvents market is predominantly concentrated in the western and southern regions led by states like Maharashtra, Tamil Nadu, and Gujarat. These industrial hubs are home to major end-use industries and see considerable solvent consumption.
The eastern region comprising West Bengal, Odisha, and Bihar is witnessing higher growth versus other areas. As infrastructure and industrial projects materialize in these states, the demand for de-aromatic solvents is rising sharply. Players are expanding manufacturing footprint to target the increasing opportunities.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.
