Sales of de-aromatic solvents in India were valued at nearly INR 3,000 Mn in 2016 and are projected to reach nearly INR 5,100 Mn by the end of 2024, registering a CAGR of 7.1% over the forecast period. The de-aromatic solvents market in India is anticipated to create incremental opportunity of INR 2,147.5 Mn over the forecast period.
Increasing use of de-aromatic solvents in household insecticides and mosquito repellents is fuelling the growth of the India de-aromatic solvents market
Common and extensively used consumer products such as household insecticides, mosquito repellents and aerosols have been significant consumers of de-aromatic solvents in India in recent years. A variety of insecticides and mosquito repellents such as coils, sprays and electric mosquito repellent machines are available in the Indian market. Traditionally, coils dominated the Indian household insecticides market. However, over the past few years, there has been a significant growth in the use of insecticide aerosols or sprays. This can be attributed to various factors such as rising disposable income, higher availability of such products, easy usage and health and environmental benefits associated with such products, as aerosols do not produce smoke. Due to such factors, the market for insecticides and mosquito repellent sprays or aerosols has witnessed robust growth over the past few years. Moreover, there has been an increase in the demand for de-aromatic solvents from the manufacturers of household insecticides and mosquito repellents as they are odorless, contain relatively less volatile organic compounds (VOCs) and also have lower toxicity as compared to conventional solvents. The use of de-aromatic solvents in such products is expected to continue to witness a steady growth during the forecast period, thereby giving a boost to the India de-aromatic solvents market.
Growing use of bio-based offerings and feedstock price volatility act as restraints to the India de-aromatic solvents market growth
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.
India De-aromatic Solvents Market Attractiveness, by Application
By application, the paints, coatings and inks segment accounted for a relatively large value share of 43.2% in the India de-aromatic solvents market in 2016, followed by the metal working segment (21.3%). The paints, coatings and inks segment is expected to retain its dominance over the forecast period. The metal working and consumer products segments are expected to register significant CAGRs during the forecast period while the metal working segment is expected to witness relatively faster growth during the assessment period.
India de-aromatic solvents market is primarily an import driven market
The de-aromatic solvents market in India is an import driven market. Around 70.8% of the total de-aromatic solvents consumed in the country are imported primarily from global players such as Exxon Mobil and Total S.A. Some of the other companies such as South Korea based ISU Exachem supply a noteworthy amount of de-aromatic solvents to India. Few of the local manufacturers such as Mehta Petro Refineries Ltd, Raj Petro Specialities Pvt. Ltd., Avani Petrochem Pvt. Ltd., and Eastern Petroleum Private Ltd. accounted for a share of approximately 30% in the overall sales volume of de-aromatic solvents in the country. Around 16,500 metric tons of de-aromatic solvents were supplied by local manufacturers in 2016.
Persistence Market Research presents an insightful and comprehensive report on the India de-aromatic solvents market titled ‘De-aromatic Solvents Market: India Industry Analysis and Forecast, 2016-2024’. The report starts with an executive summary that depicts the pertinent market numbers and CAGR of the India de-aromatic solvents market and lists the most lucrative segments of this market. The executive summary also lists in brief the drivers, restraints and trends in the India de-aromatic solvents market which are dealt in detail in an exhaustive section later on in the report. The executive summary also provides the names of important market players operating in the India de-aromatic solvents market. A market snapshot highlights the India de-aromatic solvents market value share by region, by application, by grade and by boiling point for the years 2016 and 2024. At the end of the executive summary, there is a concise yet informative Persistence Market Research analysis on the overall market approach of the key market players operating in the India de-aromatic solvents market. In addition, the differentiating strategies of the key market players is also given at the end of the executive summary. A section of the report is devoted to the market introduction that provides the market definition and explains the various applications of de-aromatic solvents.
After the market taxonomy, there is a section on the market snapshot of the India solvents market volume, India hydrocarbon solvents market, and India de-aromatic solvents market for the year 2016. A section of the report lists the India de-aromatic solvents market volume analysis and provides data from the year 2014 till the year 2024. A separate section focuses on the India de-aromatic solvents market price comparison followed by the India de-aromatic solvents market supply chain overview. Supply demand scenario of the de-aromatic solvents market in India is also discussed in another section of the report. An informative section of the report depicts the import export analysis of de-aromatic solvents by flash point grades, by key exporters and historical de-aromatic solvents import prices for 2014-2016. Thereafter, there is a section of the report devoted to study in detail the market dynamics operating in the India de-aromatic solvents market. These market dynamics are in the form of drivers, restraints and trends that are dominant in the India de-aromatic solvents market. This is an important section of the report, as it gives the report audience a detailed view of the factors that encourage the growth of the India de-aromatic solvents market and the factors that hamper the growth of the market. Subsequent sections of the report depict the India de-aromatic solvents market forecast by grade, by boiling point, by application and by region. These sections of the report give important information about the market such as the Basis Point Share, year-on-year growth projections, absolute dollar opportunity and market attractiveness index.
The last section of the report is devoted to the competition landscape of the India de-aromatic solvents market. This section presents a dashboard view of the key companies operating in the India de-aromatic solvents market along with important information and broad strategy adopted to stay as leaders in the India de-aromatic solvents market. Each of the leading companies is also profiled individually and important information about the company such as company details, company description, product portfolio along with key developments concerning the company and strategic analysis is presented. A SWOT analysis of each leading market player is the highlight of this section. The competition landscape is the most important section of the report as it imparts a deep understanding of the top companies operating in the India de-aromatic solvents market.
Overall market size has been analyzed through historical data, primary responses, and public domain data. Revenue of companies in the India de-aromatic solvents market has been benchmarked to ascertain the market size for the base year. Macroeconomic indicators such as GDP and industry growth have been considered to forecast the market size over the assessment period. The historical growth trend of end-use industries, market participants’ performance, as well as the present macro-economic outlook has been taken into consideration for estimating the overall market forecast. This data is then validated using the triangulation method and is extensively scrutinized using advanced tools to garner quantitative and qualitative insights into the India de-aromatic solvents market.