The India de-aromatic solvents market has been gaining prominence in recent years, driven by the growing environmental regulations promoting the adoption of green solvents across end-use industries. De-aromatic solvents offer advantages such as low toxicity, biodegradability and renewability over conventional aromatic compounds. The growing awareness about health hazards caused by benzene, toluene and xylene has propelled the demand for de-aromatic solvents in paints & coatings, cleaning agents, pharmaceuticals, and personal care products.
The Global India de-aromatic solvents Market is estimated to be valued at US$ 5647.58 Bn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024 to 2031.
De-aromatic solvents are developed from paraffinic or naphthenic feedstock through various refining processes and offer superior flash point, renewable carbon content and low benzene. They find wide usage as replacements for aromatic solvents in a variety of industrial applications due to their low VOC content and non-toxic nature. The growing environmental regulations mandating the reduction of benzene emissions have prompted the shift towards green solvents. Additionally, the positive stance of regulatory bodies towards bio-based and biodegradable products is also favoring the market growth.
Key Takeaways
Key players operating in the India De Aromatic Solvents Market Companies are Diabetomics, Inc., Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd, PerkinElmer Inc., Siemens Healthineers AG, DRG INSTRUMENTS GMBH, Metabolomic Diagnostics Ltd., Sera Prognostics, MOMM Diagnostics, Miraculins Inc.
The growing demand from end-use industries such as paints & coatings, cleaning agents, and pharmaceuticals owing to stringent environmental regulations is driving the India de-aromatic solvents market.
The market is also witnessing expansion in terms of new product launches and heightened investments by key players to cater to the growing product demand. Regional trades and foreign direct investments in the country are further supporting the market growth.
Market Key Trends
One of the shaping of India De-Aromatic Solvents Market Growth is the rising popularity of bio-based de-aromatic solvents. Stringent environmental mandates and consumer preference for green products have prompted various market players to develop renewable solvents from natural sources such as vegetable oil. Other notable trends include capacity expansions by prominent manufacturers and product diversification with wide boiling ranges to meet versatile application needs.
Porter’s Analysis
Threat of new entrants: The India De Aromatic Solvents Market has moderate threat due to high capital requirement for raw materials and manufacturing units. However the growing demand provides opportunities.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute and differentiated products.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative raw materials.
Threat of new substitutes: Threat of substitutes is low as De Aromatic Solvents has applications across many industries like paints, cleaning agents,rubber, pharmaceutical etc.
Competitive rivalry: The competition is high among existing players due to presence of local and international brands.
Geographical Regions
In terms of value, North India is currently the largest geographical region for the India De Aromatic Solvents Market owing to presence of major end use industries like paints, pharmaceutical etc. States like Delhi NCR, Haryana, Punjab contribute majorly to the market share.
The southern region of India comprising states like Tamil Nadu, Kerala, Karnataka and Telangana is expected to witness the fastest growth during the forecast period. This is attributed to increasing industrialization, establishment of manufacturing units of global brands and consequent growth of downstream industries.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.