Opportunities in renewable raw materials to stimulate growth in India De Aromatic Solvents market

India De Aromatic Solvents market 

 Market Overview:

De aromatic solvents are clear, flammable and volatile, synthetic hydrocarbon liquids produced during the removal of aromatic components from mixed petroleum distillates or reformates through solvent extraction or percolation process. They are primarily used as cleaning agents in metal degreasing and as diluents for paints, coatings and pesticides owing to their chemical inertness and ability to dissolve many organic compounds. The Indian de aromatic solvents market is dominated by applications such as metal degreasing, paints & coatings, and pesticides among others due to increasing industrialization and infrastructural development.

Market Dynamics:
The increasing focus on renewable and bio-based raw materials as alternatives to petroleum-derived de aromatic solvents is expected to drive the market growth over the forecast period. Several companies are investing in R&D for developing more environment-friendly and sustainable solvents from waste vegetable oils, tall oil, and natural oil derivatives which leaves lower carbon footprint. For instance, ExxonMobil has introduced Elevance Clean 1000 solvent derived from plant oil which is readily biodegradable and reduces GHG emissions.

Second major driver is growth of end-use industries namely construction, automotive and agriculture in the country. The rising infrastructure and building & construction activities are fueling the demand for paints, coatings, sealants and adhesives which in turn boost the consumption of de aromatic solvents. Additionally, expanding automotive sector is augmenting the market on account of usage of solvent-borne coatings in vehicle manufacturing and maintenance.
Segment Analysis
The India De Aromatic solvents market is dominated by the paints and coatings segment due to the widespread use of de aromatic solvents as solvents and thinners in these applications. Over 40% of the overall consumption in the country is in paints and coatings applications as de aromatic solvents provide superior solvency properties and are cost-effective.

PEST Analysis
Political: The government supports initiatives to boost local manufacturing and reduce imports. This favors domestic producers of de aromatic solvents.
Economic: Growth in end-use industries such as infrastructure, automotive and construction is driving the demand for paints, coatings and other applications. This provides opportunities for de aromatic solvent producers.
Social: Rising living standards and disposable incomes are boosting consumer spending on home décor and automobile purchases thereby increasing solvent consumption.
Technological: Solvent recycling technologies are gaining traction which helps reduce environmental impact. Producers are also developing high-purity, low-odor solvents.

Key Takeaways
The Global India De Aromatic Solvents Market Demand is expected to witness high growth, exhibiting a CAGR of 7.7% over the forecast period, due to increasing demand from the paints and coatings industry where they are primarily used as thinners and solvents owing to their superior solvency properties and cost-effectiveness.

Regionally, Western India leads and is expected to continue dominating owing to the presence of key end-use industries such as petrochemicals, chemicals and oil refineries in Gujarat. Northern and Southern regions also capture significant shares due to paint manufacturing clusters.

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. These established players cater to over 70% of the market.

Read More:

https://www.marketwebjournal.com/india-de-aromatic-solvents-market-growth-demand-and-overview/

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