Market Overview:
De-aromatic solvents are used as paint thinners, degreasing agents and cleaning agents in various industries like paints & coatings, printing inks, adhesives, metal working fluids, industrial cleaning and others due to their low aromatics level which makes them safer for both human health and environment. They dissolve grease and dirt and disperse them efficiently without harming surfaces.
Market key trends:
One of the major trends driving the growth of the India de-aromatic solvents market is the increasing use of solvent-based paints and coatings in construction and automotive industries. Solvent-based paints provide protective and decorative coatings and have superior resistance to corrosion, chemicals and weathering compared to water-based paints. As the construction and automotive sectors in India are growing rapidly, the demand for solvent-based paints/coatings is also increasing significantly, thereby augmenting the consumption of de-aromatic solvents used as thinners in paints applications in the country. Growing infrastructure projects and rising vehicle production will further propel the solvent-based paints segment in India over the forecast period.
Segment Analysis
The India d aromatics solvents market is segmented by type into mineral oil solvents, glycol ether solvents, and others. The mineral oil solvents segment dominates the market and accounts for over 50% share owing to its wide applications in paints, coatings, and cleaners among others industries. Mineral oil solvents have low evaporation rate and are cost-effective which further increases its demand in the India market.
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 like paints & coatings, cosmetics & personal care products, and industrial & domestic cleaning.
Regional analysis
The Western region dominates India d aromatics solvents market with over 30% share of the total market. This is owing to strong presence of end user industries in the region. However, the Southern region is expected to witness fastest growth during the forecast period owing to expansion of paints & coatings industry and rapid industrialization in the region.
Key players
Key players operating in the India d aromatics 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. Exxon Mobil Corporation is the largest player with over 20% share of the total market owing to its wide product portfolio and distribution network across the country.