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India De-Aromatic Solvents Market to Hit at a CAGR of 5.7% in Volume over 2024
India Dearomatic Solvents Market
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The report titled “De-aromatic Solvents Market: India Industry Analysis and Forecast, 2016-2024” reveals that in 2016, INR 2,925.9 Mn were garnered from the sales of de-aromatic solvents in India, which is projected to reach INR 5,073.4 Mn by 2024-end, reflecting a CAGR of 7.1%.
India De-Aromatic Solvents Market: Key Trends
Rising preference for high flash point products for metal working and drilling fluids applications expected to provide an impetus on the market.
Some of the leading market participants are actively focusing on offering de-aromatic solvents that cater to specific end-use requirements.
Of late, companies that are operating de-aromatic solvents market globally, are laying emphasis on further quality improvement and boosting the production of solvents using natural gas-based feedstock, which is synthesized using Gas-To-Liquid (GTL) technology as against conventional oil-based feedstock.
The region of Asia Pacific is expected to be an attractive destination for manufacturers and suppliers of de-aromatic solvents, owing to its growing demand from some of emerging countries such as China, India and South Korea.
Also, manufacturers are channelizing resources towards ramping up production capacities in order to cater to the soaring demand from a diverse set of industries.
Persistence Market Research’s study on the India de-aromatic solvents market identified that the medium flash point de-aromatic solvent accounted for more than 76% value share of the market in 2016. However, the market share of medium flash point de-aromatic solvent is likely to decline slightly during the assessment period.
Based on boiling point, type 2 (185–240°C) de-aromatic solvents are expected to remain highly lucrative for manufacturers in India. In 2016, type 2 de-aromatic solvent accounted for around 76.3% share in terms of value and expected to remain dominant throughout the forecast period.
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Use of de-aromatic solvents in paints, coatings and inks manufacturing is projected to remain significantly high over the next couple of years. Meanwhile, their use in metal working is expected to grow rapidly due to increasing adoption of less toxic and non-corrosive high flash point de-aromatized solvents in metal working applications. By 2024-end, around INR 1,112.4 Mn worth de-aromatic solvent will be used for metal working.
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Exxon Mobil Corporation, Royal Dutch Shell plc., Mehta Petro Refineries Ltd, Raj Petro Specialities Pvt Ltd, Eastern Petroleum Pvt. Ltd., Total S.A., and Avani Petrochem Private Ltd are amongst some of the prominent companies that operating in the India de-aromatic solvents market.
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