Published by Persistence MarketResearch
Posted on October 8, 2021
Moderate growth is estimated for India solvents market during the forecast period 2016 to 2024, according to a report by Persistence Market Research (PMR). In terms of volume, sales of solvents in India reached 2,019,743.5 tons in 2016; by 2024 this number is expected to reach nearly 3,000,000 tons, expanding at 4.7% CAGR.
Robust adoption of solvents across various applications such as paints & coatings, plastic & polymer, adhesives & sealants, and pharmaceuticals is a prominent factor driving the growth of the market.
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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 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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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.
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In terms of volume, West India will continue to remain dominant in Indian solvents market, expanding at 5.6% CAGR to account for the consumption of 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 are 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.
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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The post India Solvents Market – Detailed Analysis of Current Industry Figures with Forecasts Growth By 2024 appeared first on Lake Shore Gazette.
Moderate growth is estimated for India solvents market during the forecast period 2016 to 2024, according to a report by Persistence Market Research (PMR). In terms of volume, sales of solvents in India reached 2,019,743.5 tons in 2016; by 2024 this number is expected to reach nearly 3,000,000 tons, expanding at 4.7% CAGR.
Robust adoption of solvents across various applications such as paints & coatings, plastic & polymer, adhesives & sealants, and pharmaceuticals is a prominent factor driving the growth of the market.
Request For Report Sample@ https://www.persistencemarketresearch.com/samples/16624
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 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.
Request Report Methodology@ https://www.persistencemarketresearch.com/methodology/16624
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.
For in-depth competitive analysis, buy now@ https://www.persistencemarketresearch.com/checkout/16624
In terms of volume, West India will continue to remain dominant in Indian solvents market, expanding at 5.6% CAGR to account for the consumption of 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 are 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.
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.
Access Related Reports-
About us
Persistence Market Research is here to provide companies a one-stop solution with regards to bettering customer experience. It does engage in gathering appropriate feedback after getting through personalized customer interactions for adding value to customers’ experience by acting as the “missing” link between “customer relationships” and “business outcomes’. The best possible returns are assured therein.
Contact us:
Persistence Market Research
Address – 305 Broadway, 7th Floor, New York City,
NY 10007 United States
U.S. Ph. – +1-646-568-7751
USA-Canada Toll-free – +1 800-961-0353
Sales – sales@persistencemarketresearch.com
The post India Solvents Market – Detailed Analysis of Current Industry Figures with Forecasts Growth By 2024 appeared first on Lake Shore Gazette.
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