India De Aromatic Solvents Market Is Estimated To Witness High Growth Owing To Rising Demand from Paints & Coatings Industry and Increasing Adoption in Pharmaceuticals Sector

 

The India De Aromatic Solvents market is estimated to be valued at INR 4,868.9 Bn in 2022 and is expected to exhibit a CAGR of 7.7% over the forecast period of 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
De Aromatic Solvents are widely used in various industries such as paints & coatings, pharmaceuticals, adhesives, and printing inks, among others. These solvents are known for their high solvency power, low volatility, and low toxicity, which makes them suitable for a wide range of applications. The paints & coatings industry is a major consumer of de aromatic solvents, as they are used as thinners and solvents in the formulation of various coatings. In addition, the pharmaceutical industry also utilizes these solvents for the production of drugs and medicines.

Market Dynamics:
The growth of the India De Aromatic Solvents market can be attributed to two primary drivers. Firstly, the rising demand from the paints & coatings industry is expected to drive the market growth. As the construction industry in India continues to grow at a rapid pace, the demand for paints and coatings is also increasing, which in turn is boosting the demand for de aromatic solvents. Secondly, the increasing adoption of de aromatic solvents in the pharmaceuticals sector is fueling the market growth. These solvents are commonly used in the production of drugs, as they help in solubilizing active pharmaceutical ingredients.


SWOT Analysis for the India De Aromatic Solvents Market:
Strength:
- India has a strong presence in the chemical industry and a well-established manufacturing infrastructure, providing a competitive advantage in the production of de aromatic solvents.
- The country has a large domestic market demand for de aromatic solvents due to the growth of various end-use industries, such as chemicals, paints, coatings, and pharmaceuticals.
- India has a skilled workforce and technological advancements that support the production and supply chain of de aromatic solvents.

Weakness:
- Limited availability of raw materials for the production of de aromatic solvents within the country may lead to dependency on imports and fluctuating prices.
- Environmental concerns and regulations regarding the use of aromatic solvents may restrict the growth of the market in India.

Opportunity:
- Increasing demand for eco-friendly and sustainable solvents presents an opportunity for the development and adoption of greener alternatives in the market.
- Growth in various end-use industries, such as automotive, construction, and pharmaceuticals, offers a significant opportunity for the expansion of the de aromatic solvents market in India.

Threats:
- Rising competition from international players in the de aromatic solvents market may pose a threat to the market share of Indian companies.
- Fluctuating prices of crude oil, which affects the cost of raw materials and transportation, can pose a threat to the profitability of the market.

Key Takeaways:
The India De Aromatic Solvents Market Size is expected to witness high growth, exhibiting a CAGR of 7.7% over the forecast period (2023-2030), due to increasing demand from various industries and the country's manufacturing capabilities. In terms of regional analysis, India is the fastest-growing and dominating region in the de aromatic solvents market, driven by the strong presence of chemical and manufacturing industries in the country. Key players operating in the India De Aromatic Solvents market include 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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