Global De-aromatic Solvents Market Expected to Grow at a CAGR of 7.1% during 2017-2024

Posted on 2018-02-01 by Mark Hub in Chemicals // 0 Comments

Albany, USA, 2018-Feb-01 — /EPR Network/ —This research report offers a comprehensive analysis of the “India Market Study on De-aromatic Solvents: Metal Working Application Segment Anticipated to Witness Relatively Faster Growth During 2016 – 2024“The main objective of this report is to deliver insightful information and clear-cut facts pertaining to the growth trajectories of the market.

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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.

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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.

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