India de aromatic solvents market
India De Aromatic Solvents Market, By Grade (Low Flash Point (<500C), Medium Flash Point (510C – 900C) and High Flash Point (>900C)), By Application (Paints, coatings, and Inks, Metal Working, Industrial Cleaning, Adhesives and Sealants, Drilling Fluids, Consumer Products and Others), By Boiling Point (Type 1 (<1850C), Type 2(1850C – 2400C) and Type 3(>2400C))
- Jun 2023
- CMI3837
- 90 Pages
- Excel & Pdf
- Specialty and Fine Chemicals
India De Aromatic Solvents market accounted for INR 4,868.9 Bn in 2022, exhibiting a CAGR of 7.7% in terms of revenue, over the forecast period (2023-2030) to reach INR 8,820.1 Bn 2030.
India De Aromatic Solvents Market- Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 outbreak has majorly impacted the India De Aromatic Solvents market, owing to the strict lockdown and stringent regulations, followed by the government, and thus there was decrease in demand for De Aromatic Solvents across the various applications such as paint & coating, metal working and Adhesives & Sealants. Moreover, production process of De Aromatic Solvents is disrupted due to social distancing and lack of manpower. However, the demand for De Aromatic Solvents supplies is increasing as a result of COVID-19 in order to improve cleaning and maintain proper hygiene across the environment. The market in the future year will be driven by the increase in high-quality De Aromatic Solvents during forecast period.
India De Aromatic Solvents Market - Growth Drivers
- Increasing demand for de-aromatic solvents
Increasing demand for de-aromatic solvents for manufacturing of Household Insecticides, Mosquito Repellents, and aerosol is primarily fuelling the market growth of the India de-aromatic solvents. In India, there are a number of insecticides and mosquito repellents, such as sprays, coils, and electric mosquito repellent products are available in the market due to strong demand for these products in the country.
- Growth in the India paints and coatings industry in the country
Growth in the India paints and coatings industry in the country is expected to augment the market growth over the forecast period. Rising demand for paints and coatings from residential as well as commercial sectors is expected to fuel the market growth. Moreover, rising demand for paints from industries such as automotive, marine, and railways is further expected to propel the India de-aromatic solvents market growth.
India De Aromatic Solvents Market - Restraints
- Rising demand for eco-friendly product bio-based raw materials
Rising demand for eco-friendly product bio-based raw materials is expected to restrict the market growth of de-aromatic solvents over the forecast period. Moreover, according to the Coherent Market Insights, demand for greener alternatives, bio-based solvents market is slated to register a steady CAGR of around 6–8% over the forecast period.
Figure 1. India De Aromatic Solvents Market, By Application, 2022
- Increasing Cost of Raw Materials
The price of the raw materials needed to make de-aromatic solvents is anticipated to change, which would be detrimental to the industry. Naphtha is the most frequent raw material utilized to create de-aromatic solvents. Crude oil is used to make naphtha. Due to the Russian invasion of Ukraine and trade restrictions imposed on Iran and Russia, two major producers of oil and gas, crude oil prices are soaring. Thus, the market's expansion is hampered by the increasing price of crude oil and its impact on participants' profit margins. Additionally, crude oil must be refined before use, and using crude oil resources incurs additional expenditures. These factors are predicted to restrain the market growth for DE aromatized solvents over the forecast period.
Market Opportunities
- Various manufacturers are focusing on increasing production capacity of de-aromatized
Various manufacturers are focusing on increasing production capacity of de-aromatized in order to expand their presence in India. This is expected to offer potential growth opportunities in the near future. For instance, in 2017, Exxon Mobil expanded its production capacity by 250,000 tons for global hydrocarbon solvents. It produces a range of de-aromatic solvents in its facilities located in Singapore and Antwerp.
India De Aromatic Solvents Market Report Coverage
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2022 | Market Size in 2022: | US$ 4,868.9 Bn |
| Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR: | 7.7% | 2030 Value Projection: | US$ 8,820.1 Bn |
| Geographies covered: |
|
||
| Segments covered: |
|
||
| Companies covered: |
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. |
||
| Growth Drivers: |
|
||
| Restraints & Challenges: |
|
||
- Growth in the chemical and petrochemical industry in India
Growth in the chemical and petrochemical industry in India due to the increasing production of chemicals will favor the market growth of de-aromatized solvent over the forecast period. According to the Invest India, total production of major chemicals and petrochemicals stood at 27,847 MT during 2018-2019, a growth of 4.15% over 2017 to 2018. Thus, growth in the chemical industry in India is expected to augment the market growth.
Market Trends
- Growing steel industry in India
The growing steel industry in India is expected to foster the market growth of the de-aromatic solvents. According to the India Brand Equity Foundation, India was accounted as a world’s second-largest steel producer with production standing at 106.5 MT in 2018. The growth in the Indian steel sector has been driven by the domestic availability of raw materials such as iron ore and cost-effective labor. Hence, growth in the steel industry is expected to fuel market growth.
Figure 2. India De Aromatic Solvents Market, By Sub Region, 2022
Competitive Section:
Company Names
Key players are 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.
By application type, the India De Aromatic Solvents market is categorized into paints coating and inks, metal working, industrial cleaning, adhesives and sealants, drilling fluids and others. Paints coating and inks segment held largest market share in 2022 and is further projected to grow at highest CAGR during the forecast period owing to increasing demand of paint coating and inks in India.
India De Aromatic Solvents Market– Regional Insights
West sub region held the largest revenue share of 35.50 % in the India De Aromatic Solvents market in 2022, and is expected to maintain its dominance over the forecast period. Furthermore, West sub region is projected to be fastest growing region in the India De Aromatic Solvents market during the forecast period.
During the forecast period of 2023–2030, north is expected to experience the fastest growth, due to rising demand for De Aromatic Solvents.
Global India De Aromatic Solvents Market – Key Players
Major 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.
*Definition: De-aromatized hydrocarbon solvents, also known as ultra-low aromatic solvents or de-aromatized hydrocarbon solvents, are a subset of hydrocarbon solvents with iso-paraffinic, paraffinic, and naphthenic components and very little (less than 1%) aromatic content. De-aromatic solvents are hydrocarbon solvents that have low aromatic content around (<2%). They consist of iso-paraffinic, naphthene, and paraffinic compounds attached to them. De-aromatic solvents are majorly used across printing ink, industrial paints and coatings because they have very low VOC content and excellent faster-drying properties. Moreover, they are also used in the manufacturing de-aromatic insecticides and mosquitoes repellents. These solvents are much safer and eco-friendly products due to low VOC emissions.
Table of Contents
- Research Objective and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Grade
- Market Snippet, By Application
- Market Snippet, By Boiling Point
- Market Snippet, By Sub-Region
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Regulatory Scenario
- Industry Trend
- Mergers and Acquisitions
- New Product Approvals/Launch
- Promotion and Marketing Initiatives
- Cost Tier Down Analysis
- Market Dynamics
- India De-aromatic Solvents Market, By Grade, 2018- 2030 (INR Billion & Tons)
- Introduction
- Market Share Analysis, 2023 and 2030 (%)
- Y-o-Y Growth Analysis, 2018 - 2030
- Segment Trends
- Low Flash Point (<500C)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018 - 2030, (INR Billion & Tons)
- Medium Flash Point (510C – 900C)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018 - 2030, (INR Billion & Tons)
- High Flash Point (>900C)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018 - 2030, (INR Billion & Tons)
- Introduction
- India De-aromatic Solvents Market, By Application, 2018- 2030 (INR Billion & Tons)
- Introduction
- Market Share Analysis, 2023 and 2030 (%)
- Y-o-Y Growth Analysis, 2018 - 2030
- Segment Trends
- Paints, coatings, and Inks
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018 - 2030, (INR Billion & Tons)
- Metal Working
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018 - 2030, (INR Billion & Tons)
- Industrial Cleaning
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018 - 2030, (INR Billion & Tons)
- Adhesives and Sealants
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018 - 2030, (INR Billion & Tons)
- Drilling Fluids
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018 - 2030, (INR Billion & Tons)
- Consumer Products
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018 - 2030, (INR Billion & Tons)
- Others
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018 - 2030, (INR Billion & Tons)
- Introduction
- India De-aromatic Solvents Market, By Boiling Point, 2018- 2030 (INR Billion & Tons)
- Introduction
- Market Share Analysis, 2023 and 2030 (%)
- Y-o-Y Growth Analysis, 2018 - 2030
- Segment Trends
- Type 1 (<1850C)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018 - 2030, (INR Billion & Tons)
- Type 2(1850C – 2400C)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018 - 2030, (INR Billion & Tons)
- Type 3(>2400C)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018 - 2030, (INR Billion & Tons)
- Introduction
- India De-aromatic Solvents Market, By Sub-Region, 2018- 2030 (INR Billion & Tons)
- Introduction
- Market Share Analysis, By Sub-Region, 2023 and 2030 (%)
- Y-o-Y Growth Analysis, For Regions, 2018 - 2030
- South Zone
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018 - 2030, (INR Billion & Tons)
- North Zone
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018 - 2030, (INR Billion & Tons)
- East Zone
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018 - 2030, (INR Billion & Tons)
- West Zone
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018 - 2030, (INR Billion & Tons)
- Introduction
- Competitive Landscape
- Heat Map Analysis
- Market Share Analysis (3x3 Matrix)
- Company Profiles
- Exxon Mobil Corporation
- Company Overview
- Product Portfolio
- Financial Performance
- Recent Developments/Updates
- Future Plans
- Total S.A.
- Company Overview
- Product Portfolio
- Financial Performance
- Recent Developments/Updates
- Future Plans
- Royal Dutch Shell plc
- Company Overview
- Product Portfolio
- Financial Performance
- Recent Developments/Updates
- Future Plans
- Isu Exachem
- Company Overview
- Product Portfolio
- Financial Performance
- Recent Developments/Updates
- Future Plans
- Mehta Petro Refineries
- Company Overview
- Product Portfolio
- Financial Performance
- Recent Developments/Updates
- Future Plans
- Avani Petrocehm Pvt Ltd.
- Company Overview
- Product Portfolio
- Financial Performance
- Recent Developments/Updates
- Future Plans
- Raj Petro Specialties P. Ltd.
- Company Overview
- Product Portfolio
- Financial Performance
- Recent Developments/Updates
- Future Plans
- Eastern Petroleum Private Limited
- Company Overview
- Product Portfolio
- Financial Performance
- Recent Developments/Updates
- Future Plans
- Exxon Mobil Corporation
- Section
- References
- Research Methodology
- About us and Sales Contact
Detailed Segmentation:
- India De-aromatic Solvents Market, By Grade:
- Low Flash Point (<500C)
- Medium Flash Point (510C – 900C)
- High Flash Point (>900C)
- India De-aromatic Solvents Market, By Application:
- Paints, coatings, and Inks
- Metal Working
- Industrial Cleaning
- Adhesives and Sealants
- Drilling Fluids
- Consumer Products
- Others
- India De-aromatic Solvents Market, By Boiling Point:
- Type 1 (<1850C)
- Type 2(1850C – 2400C)
- Type 3(>2400C)
- India De-aromatic Solvents Market, By Sub-Region:
- India
- South Zone
- By Grade
- Low Flash Point (<500C)
- Medium Flash Point (510C – 900C)
- High Flash Point (>900C)
- By Application
- Paints, coatings, and Inks
- Metal Working
- Industrial Cleaning
- Adhesives and Sealants
- Drilling Fluids
- Consumer Products
- Others
- By Boiling Point
- Type 1 (<1850C)
- Type 2(1850C – 2400C)
- Type 3(>2400C)
- By Grade
- North Zone
- By Grade
- Low Flash Point (<500C)
- Medium Flash Point (510C – 900C)
- High Flash Point (>900C)
- By Application
- Paints, coatings, and Inks
- Metal Working
- Industrial Cleaning
- Adhesives and Sealants
- Drilling Fluids
- Consumer Products
- Others
- By Boiling Point
- Type 1 (<1850C)
- Type 2(1850C – 2400C)
- Type 3(>2400C)
- By Grade
- East Zone
- By Grade
- Low Flash Point (<500C)
- Medium Flash Point (510C – 900C)
- High Flash Point (>900C)
- By Application
- Paints, coatings, and Inks
- Metal Working
- Industrial Cleaning
- Adhesives and Sealants
- Drilling Fluids
- Consumer Products
- Others
- By Boiling Point
- Type 1 (<1850C)
- Type 2(1850C – 2400C)
- Type 3(>2400C)
- By Grade
- West Zone
- By Grade
- Low Flash Point (<500C)
- Medium Flash Point (510C – 900C)
- High Flash Point (>900C)
- By Application
- Paints, coatings, and Inks
- Metal Working
- Industrial Cleaning
- Adhesives and Sealants
- Drilling Fluids
- Consumer Products
- Others
- By Boiling Point
- Type 1 (<1850C)
- Type 2(1850C – 2400C)
- Type 3(>2400C)
- By Grade
- South Zone
- India