June 18, 2024
India De Aromatic Solvents Market

India De Aromatic Solvents Market Propelled By Increasing Applications From Pharmaceutical, Agrochemical, And Paints & Coatings Industries

De-aromatic solvents are refined petroleum products possessing high boiling points and low aromatics contents. These solvents are used primarily used as blending agents and diluents in industrial formulations due to their favorable chemical properties. Significant demand for de-aromatic solvents stems from their application in pharmaceuticals, agrochemicals, resins, coatings, and other industrial sectors where aromatics handling needs to be reduced or eliminated.

The global India De Aromatic Solvents Market is estimated to be valued at US$ 5243.81 Bn in 2023 and is expected to exhibit a CAGR of 7.7 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing applications from pharmaceutical, agrochemical, and paints & coatings industries is one of the major trends that is projected to drive growth of the India de-aromatic solvents market over the forecast period. De-aromatic solvents are preferred in these end-use industries owing to their non-toxic and non-carcinogenic nature. Stringent norms regarding the use of aromatic hydrocarbons in agrochemicals and pharmaceutical formulations have further propelled demand from these sectors. Moreover, de-aromatic solvents also help improve the performance, solubility and stability of active ingredients in agrochemicals and drugs. Going forward, the growing pharmaceutical and agrochemical industries in India will continue to increase applications of de-aromatic solvents in the country.

SWOT Analysis

Strength: The Indian De Aromatic Solvents market is expected to grow strongly due to rising demand from end-use industries like paints & coatings, pharmaceuticals, etc.
Weakness: Fluctuations in crude oil prices affect the prices of de-aromatic solvents.
Opportunity: Growing construction and automotive industries in India offer scope for increased demand.
Threats: Stringent environmental regulations regarding VOC (volatile organic compound) emissions pose a challenge.

Key Takeaways

The Global India De Aromatic Solvents Market Size is expected to witness high growth. Regional analysis related content comprises The regional analysis indicates that the South region dominates India’s De Aromatic Solvents market currently, owing to the presence of major end-use industries. The West region is expected to be the fastest growing market over the forecast period.

Key players operating in the India De Aromatic Solvents market are Novo Nordisk A/S, Eli Lilly and Company, AstraZeneca PLC, Sanofi S.A., Merck & Co., Inc., Boehringer Ingelheim International GmbH, Takeda Pharmaceutical Company Limited, Johnson & Johnson, Bristol-Myers Squibb Company, AbbVie Inc., Pfizer Inc., Mylan N.V., Novartis International AG, Teva Pharmaceutical Industries Ltd., Sun Pharmaceutical Industries Ltd., among others. These players are focusing on strategic partnerships to expand their market presence.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it