India De Aromatic Solvents Market to Develop New Growth Story 2024 - 2031 | Exxon Mobil Corporation, Total S.A.

Market Overview:

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.

Market Dynamics:

The demand for de-aromatic solvents is expected to grow in India owing to two key drivers - stringent environmental regulations regarding usage of aromatic solvents and growth in end-use industries. The Indian government has implemented stringent regulations to curb emissions of volatile organic compounds from solvents. This is propelling demand for low aromatic and non-aromatic solvents like de-aromatic solvents. Furthermore, growth of the paints, coatings, printing inks and industrial cleaning industries in India is also fueling consumption of de-aromatic solvents due to their increasing use as solvents in these applications.

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Fluctuating crude oil prices poses a challenge for de-aromatic solvents industry

De-aromatic solvents are petroleum-derived products and their prices are dependent on crude oil rates. However, crude oil prices have remained highly volatile over the past few years owing to geopolitical tensions, demand-supply dynamics and speculative trading. Any spikes in crude oil prices inevitably lead to an increase in production costs, affecting the profit margins of de-aromatic solvent manufacturers. Also, high feedstock costs sometimes compel manufacturers to partially raise product prices, which can impact the demand-supply dynamics in the long run. Additionally, de-aromatic solvent producers have little control over fluctuating crude oil prices in the international market which remains an important obstacle to the smooth growth of this industry in India.

Growing popularity of bio-based de-aromatic solvents provides new opportunities

With rising environmental consciousness, there is a growing emphasis on developing and adopting bio-based and eco-friendly alternatives to petrochemical-derived products. In line with this trend, increasing R&D is underway to commercialize bio-based variants of de-aromatic solvents produced using renewable plant-based feedstock such as vegetable oils. These green solvents offer similar performance properties but with reduced toxicity. They help end-user industries lower their carbon footprint and meet sustainability targets. The emerging availability of cost-competitive bio-based de-aromatic solvents is expected to open new growth avenues for manufacturers in India given the country's thrust on bio-economy and natural resources.

Rising use of high-performance coatings points towards demand for specialty de-aromatic solvents

Over the years, coatings technology has advanced tremendously with the development of new product forms. Powder coatings, water-borne coatings and super-premium high-solid coatings have emerged as popular alternatives to traditional solvent-borne coatings. While these innovative technologies offer various benefits like zero VOC emissions and superior appearance, they place specialized solvent demands. Unlike conventional solvents, the cleaning and thinning of advanced coatings require high-purity specialty solvents with fine-tuned properties. This growing trend reinforces the need for customized de-aromatic solvents featuring narrow specifications. It is likely to drive manufacturers to develop a diverse portfolio of specialty and tailor-made de-aromatic solvents catering to the needs of diverse high-performance coatings.

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Top Companies Included in This Report:

★ Exxon Mobil Corporation
★ Total S.A.
★ Royal Dutch Shell plc
★ Isu Exachem
★ Mehta Petro Refineries
★ Avani Petrocehm Pvt Ltd.
★ Raj Petro Specialties P. Ltd.
★ Eastern Petroleum Private Limited.

Market Segmentation:

Based on Product Type:

★ By Grade : Low Flash Point (900C)

Based on Applications:

★ By Application: Paints, coatings, and Inks, Metal Working, Industrial Cleaning, Adhesives and Sealants, Drilling Fluids, Consumer Products and Others

Key Regions/Countries Classified as Follows:

» North America (U.S., Canada, Mexico)

» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)

» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)

» South America (Brazil, Argentina, Rest of SA)

» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

Latest Trends in the Navigation India De Aromatic Solvents Market:

💡 Surging Demand: Witness a rising demand for navigation India De Aromatic Solvents owing to the escalating usage of GPS-enabled devices and the imperative for precise, up-to-date mapping data.

💡 Innovations in Technology: Witness the emergence of novel technologies aimed at enhancing the precision and dependability of navigation India De Aromatic Solvents, encompassing real-time traffic updates, 3D mapping, and augmented reality.

💡 Tailored Solutions for Diverse Industries: Companies are tailoring navigation India De Aromatic Solvents solutions to cater to the distinct requirements of various sectors such as automotive, aviation, and maritime.

💡 Fusion with Emerging Technologies: Observe the integration of navigation India De Aromatic Solvents with cutting-edge technologies like artificial intelligence and the Internet of Things, facilitating the provision of advanced functionalities.

💡 Rise of Mobile Applications: Experience the proliferation of navigation India De Aromatic Solvents in the form of mobile applications, offering enhanced convenience and accessibility to users.

💡 Emphasis on Environmental Sustainability: Witness the development of navigation India De Aromatic Solvents systems that consider environmental factors such as traffic congestion and air quality, fostering the provision of sustainable transportation alternatives.

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Author Bio:

Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.

(LinkedIn: https://www.linkedin.com/in/vaagisha-singh-8080b91)

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