Press release
India Solvents Market is Expected to Reach nearly 3,000,000 tons, expanding at 4.7% CAGR In terms of volume
India Solvents Market 2022-2027
Moderate growth is estimated for India solvents market during the forecast period 2016 to 2027, according to a report by Persistence Market Research (PMR). In terms of volume, sales of solvents in India reached 2,019,743.5 tons in 2016; by 2027 this number is expected to reach nearly 3,000,000 tons, expanding at 4.7% CAGR. Robust adoption of solvents across various applications such as paints & coatings, plastic & polymer, adhesives & sealants, and pharmaceutical is a prominent factor driving growth of the market.
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Key Players:
The report has profiled some of the important players prevalent in the global like - BASF SE, Exxon Mobil Corporation, Royal Dutch Shell plc., Total S.A., Idemitsu Kosan Co., Ltd., The Dow Chemical Company, Solvay S.A., Ashland Inc., Bharat Petroleum Corporation Limited, India Glycols Limited, Hindustan Petroleum Corporation Limited, Eastman Chemical Company and more.
This report covers the sales volume, price, revenue, gross margin, manufacturers, suppliers, distributors, intermediaries, customers, historical growth and future perspectives in the India Solvents Market.
Surge in Cleaning Applications of Solvents to Drive Market Growth
Industrial cleaning forms a primary application area for solvents, with variety of solvents utilized for cleaning applications across various industries including manufacturing, and healthcare. Market for industrial cleaning chemicals in India is expected to witness a significant growth. In addition, soaring manufacturing sector in the country is estimated to drive growth of domestic, institutional, and industrial cleaning chemicals market, which in turn is expected to fuel demand for solvents in India. Solvent polymerization is the most commonly used technique for polymer production in the country. Rapid consumption of solvents in rubber and polymer applications is further expected to drive demand for solvents in India.
In addition, government of India has taken several initiatives for encouraging growth of chemicals industry, channeling efforts toward enhancing future growth prospects. Government has allowed 100% FDI in chemicals industry. This collaborative work of Industry and the government is projected to boost the industrial growth, thereby propelling the growth of solvents market in India. However, factors such as surging demand for bio-based ecofriendly alternatives, and soaring adoption of water-based paints & coating and powder coatings are expected to impede growth of India solvents market.
Ester to Remain the Most Preferred Solvent in India
In terms of volume, ester will remain the most preferred solvent in India, with sales estimated to reach nearly 500,000 tons by 2024. Growth in adoption of ester is primarily attributed to its considerable utilization in applications such as Ink, and paints & coatings. Sales of ester in India solvents market is projected to register highest CAGR through 2024. In addition, Sales of glycol is expected to register second highest CAGR in the market. In contrast, chlorinated solvents will exhibit sluggish expansion in India solvents market.
Paints & coatings will remain the most attractive application of solvents in India. Consumption of solvents by paints & coatings will surpass 1,000,000 tons by 2024-end. In terms of volume, this application segment of India solvents market is projected to register highest CAGR through 2024, followed by pharmaceuticals. In addition, rubber & plastics are expected to be the second largest application of solvents in India.
West India will Remain Dominant in India Solvents market
In terms of volume, West India will continue to remain dominant in India solvents market, expanding at 5.6% CAGR to account for consumption over 1,200,000 tons by 2024. South India is expected to be the second largest region for solvents in India. Sales of solvents in South India is pegged to surpass 800,000 tons by 2024-end. In addition, markets in North and East India are estimated to register 3.9% and 3% CAGR respectively in terms of volume.
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Region Coverage (Regional Production, Demand & Forecast by Countries etc.):
North America (U.S., Canada, Mexico)
Europe (Germany, U.K., France, Italy, Russia, Spain etc.)
Asia-Pacific (China, India, Japan, Southeast Asia etc.)
South America (Brazil, Argentina etc.)
Middle East & Africa (Saudi Araia, South Africa etc.)
Key Stakeholders
India Solvents Market Manufacturers
India Solvents Market Distributors/Traders/Wholesalers
India Solvents Market Subcomponent Manufacturers
Industry Association
Downstream Vendors
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India Solvents Market - Report Highlights
A detailed overview of parent market of India Solvents Market
Changing India Solvents Market dynamics in the industry
In-depth segmentation of the India Solvents Market
Historical, current, and projected India Solvents Market size regarding volume and value
Recent industry trends and developments in India Solvents Market
Competitive landscape of the India Solvents Market
Strategies for key players and products offered
Potential and niche segments, geographical regions exhibiting promising growth
A neutral perspective on India Solvents Market performance
Must-have information for India Solvents Market players to sustain and enhance their market footprint
Key Questions Answered in the India Solvents Market Report
How is the India Solvents Market expected to grow over the projected period?
What direction is the India Solvents Market expected to take in terms of volume and value during the forecast period?
What is the impact of macroeconomic factors on the India Solvents Market in future?
What are the key market drivers in the India Solvents Market?
What are significant opportunities and improvement areas for India Solvents Market manufacturers?
What are the key developments and trends taking over the India Solvents Market?
Which are the emerging countries that are expected to create significant growth opportunities in the India Solvents Market?
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About PersistenceMarketResearch:
PersistenceMarketResearch is an esteemed company with a reputation of serving clients across domains of information technology (IT), healthcare, and chemicals. Our analysts undertake painstaking primary and secondary research to provide a seamless report with a 360 degree perspective. Data is compared against reputed organizations, trustworthy databases, and international surveys for producing impeccable reports backed with graphical and statistical information.
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