India Solvents Market is Poised to Exhibit A Moderate 4.7% CAGR through 2024
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.
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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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Key market players identified in PMR’s report include 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.
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