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India Dearomatic Solvents Market is projected to Reflect 7.1% CAGR throughout 2016 - 2024
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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%.
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.
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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.
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.
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