The India de aromatic solvents market is primarily engaged in the production of solvents with no aroma or scent components that are important across industries like paints and coatings, adhesives, pharmaceuticals, automotive, and construction sectors. Key products in the market include naphtha solvents, toluene solvents, xylene solvents, and others. Increasing demand for paints and coatings from construction and automotive industries has driven the growth of de-aromatic solvents that serve as essential thinning agents in paint formulations.
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.
Increasing demand from paints and coatings industry: paints and coatings represent the leading application area for de-aromatic solvents. They are used as thinning and cleaning agents for different types of paints including alkyd resins, cellulose nitrate, and acrylic resins. Growing construction and automotive sectors have augmented the demand for paints and coatings, thus fueling the consumption of de-aromatic solvents in India.
Growth in automotive production: India has emerged as a major global automotive hub with growing production of passenger and commercial vehicles. Solvents play a critical role in the production of automotive OEM coatings, primers, rust preventive coatings, and others. Rising vehicle manufacturing in India is expected to boost the adoption of de-aromatic solvents during the forecast period.
The India De Aromatic Solvents market can be segmented by type into mineral oil, synthetic and bio-based solvents. Among these, mineral oil solvents dominate the market due to their lower cost and established demand from end use industries such as paints and coatings. They are petroleum-derived solvents available in different grades based on the boiling point range targeted at specific industrial applications.
Political: The India de aromatic solvents market is governed by various environment regulations regarding VOC emissions and hazardous air pollutants from industries. The policies support sustainable alternatives.
Economic: The market is driven by the growth of downstream industries like paints and construction. Easy availability and low cost of petroleum feedstock benefits mineral oil type solvents.
Social: awareness about zero or low VOC products is increasing consumer preference for greener options. Also rapid urbanization and infrastructure growth boost the demand.
Technological: Production of bio-based and synthetic solvents via innovative routes can help address sustainability. Performance improvements and new applications also expand the market scope.
The India De Aromatic Solvents Market Growth is expected to witness high supported by downstream sector expansion like paints, construction and pharmaceuticals. The northern region holds a major share currently due to clustering of end use industries however southern parts are emerging rapidly.
The northern region covering states like Delhi NCR, Punjab, Haryana leads with over 35% share owing to large paint manufacturers and construction activities. Southern India is growing at over 7.7 CAGR led by states like Tamil Nadu and Karnataka witnessing investments in infrastructure and industrialization.
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. They are focusing on capacity expansions, new product development and cost efficiencies to increase their footprint in the high potential market
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it