February 21, 2024
India De Aromatic Solvents Market

India De Aromatic Solvents Market Driven By Rising Need For Paints And Coatings

De aromatic solvents are primarily used in paints and coatings, cleaning agents, adhesives, pharmaceuticals, and cosmetics owing to their superior properties such as relatively low volatility, high flash point, and low toxicity. They provide benefits such as excellent solvency power, compatibility with a wide range of resins and polymers, and ability to retain proper viscosity of formulations for long durations. In the paints and coatings industry, de aromatic solvents are used as universal solvents and industrial-grade thinners & diluents. The substantial growth of the construction and automotive sectors in India has been driving the demand for paints and coatings, thereby augmenting the need for de aromatic solvents in the country.

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 key trends:

One of the key trends in the India de aromatic solvents market is the shifting preference toward bio-based and eco-friendly solvents. Stringent environmental regulations regarding VOC emissions have been propelling product innovation, resulting in the development of bio-based de aromatic solvents derived from renewable sources like vegetable oils and plant extracts. These green solvents provide similar performance to conventional petroleum-based solvents but with reduced toxicity. Leading manufacturers have introduced various bio-based solvents made from sugarcane, corn, and other plant extracts to capitalize on the growing demand for sustainable products in the paints, coatings, printing inks, and other industrial markets in India. This shift toward environmentally-friendly solvent technology is expected to reshape the industry trends over the coming years.

Porter’s Analysis

Threat of new entrants: Low barriers to enter the market and low differentiation in products makes entry of new players easy.

Bargaining power of buyers: Buyers have high bargaining power due to availability of substitute products and fluctuating crude oil prices affecting input costs.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative raw material suppliers and intensity of competition amongst existing players.

Threat of new substitutes: Threat from substitutes is moderate as bio-based and green solvents are emerging as alternatives.

Competitive rivalry: Intense competition exists amongst existing players leading to pricing pressures.

Key Takeaways

The Global India De Aromatic Solvents Market Demand is expected to witness high growth. Regional analysis related content comprises Regional analysis related content (The India market dominates the overall market and is expected to grow at a CAGR of 7.7 during the forecast period).

Key players related content comprises Key players related content (Key players operating in the India De Aromatic Solvents market are Novo Nordisk A/S, Eli Lilly and Company, AstraZeneca PLC, Sanofi S.A., Merck & Co., Inc., Boehringer Ingelheim International GmbH, Takeda Pharmaceutical Company Limited, Johnson & Johnson, Bristol-Myers Squibb Company, AbbVie Inc., Pfizer Inc., Mylan N.V., Novartis International AG, Teva Pharmaceutical Industries Ltd., Sun Pharmaceutical Industries Ltd., among others.).

The global India De Aromatic Solvents market is expected to witness high growth. Regional analysis related content comprises Regional analysis related content (East and South regions of India are the fastest growing markets for dearomatic solvents due to expansion of end use industries like paints & coatings, pharmaceutical etc. in these regions).

Key players related content comprises Key players related content (Key players operating in the India De Aromatic Solvents market are Novo Nordisk A/S, Eli Lilly and Company, AstraZeneca PLC, Sanofi S.A., Merck & Co., Inc., Boehringer Ingelheim International GmbH, Takeda Pharmaceutical Company Limited, Johnson & Johnson, Bristol-Myers Squibb Company, AbbVie Inc., Pfizer Inc., Mylan N.V., Novartis International AG, Teva Pharmaceutical Industries Ltd., Sun Pharmaceutical Industries Ltd., among others.).

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