India De-Aromatic Solvents Market projected to reach nearly INR 5,100 Mn by the end of 2024,

Demand for de-aromatic solvents continues to surge in India. According to a new report published by Persistence Market Research, the de-aromatic solvents market in India is set to ride at a CAGR of 7.1% between 2016 and 2024. Increasing concerns over the hazards caused by the use of conventional solvents and a corresponding increase in demand for effective yet safer and eco-friendly alternatives is expected to fuel the demand for de-aromatic solvents in India during the assessment period. The de-aromatic market in the western part of the country is expected to witness the highest growth, while the Northern and the Southern parts will also continue to account for respectable market shares. On the other hand, growth of the market will be sluggish in the eastern part of India over 2024.

Browse Report Overview @ https://www.persistencemarketresearch.com/market-research/india-dearomatic-solvents-market.asp

Conventionally, crude oil based solvents form a key component of paints, coatings and inks. These solvent based paints, coatings and inks, among others, tend to release relatively higher amount of VOCs as compared to some of the other bio-based alternatives. In the recent past, market players have strived to develop eco-friendly or green product offerings that use bio-based raw materials for their synthesis and thus eventually do away with the use of conventional solvents in certain applications. Due to the increasing demand for greener alternatives, the bio-based solvents market is slated to register a steady CAGR of around 6%-8% over the forecast period. In addition, the feedstock for de-aromatized hydrocarbon solvents is naphtha, which is derived from crude oil. Hence, prices of these petroleum based de-aromatized hydrocarbon solvents tend to be volatile as they are influenced by volatility in the prices of crude oil. These factors adversely affect the profitability of manufacturers and in turn may inhibit the growth of the India de-aromatic solvents market.

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%.

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.
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.

View Full Report TOC @ https://www.persistencemarketresearch.com/market-research/india-dearomatic-solvents-market/toc

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This release was published on openPR.