Press Release

India Solvent Market to Grow with a CAGR of 4.78% through 2029

Surge in research and development activities is expected to drive the India Solvent Market growth in the forecast period, 2025-2029


According to TechSci Research report, “India Solvent Market- By Region, Competition, Forecast and Opportunities, 2019-2029”, the India Solvent Market stood at USD1.54 billion in 2023 and is anticipated to grow with a CAGR of 4.78% in the forecast period, 2024-2029. Initiatives taken by government based on solvent has led to favorable market conditions for the India Solvent Market. Several factors contribute to the growth of various solvent products.

The Indian government has outlined a comprehensive roadmap for Ethanol Blending in India from 2020 to 2025, aiming to significantly increase the availability and usage of ethanol as a cleaner-burning fuel for transportation. This initiative focuses on promoting the use of ethanol, which is derived from renewable sources, thereby reducing carbon emissions, and decreasing reliance on conventional fossil fuels.

Indian Oil Corporation Ltd (IOCL), a leading oil refining and marketing company, has taken proactive measures to tackle CO emissions by implementing a robust plan for Carbon Capture, Utilization, and Storage (CCUS) at its refineries. The CCUS process involves capturing carbon dioxide from point sources such as fossil fuel power plants and effectively storing it in a manner that prevents its release into the atmosphere. This innovative approach demonstrates IOCL's commitment to environmental sustainability and its dedication to combatting climate change.

The Government of India, realizing the immense potential of the chemical industry, actively promotes the growth and development of this sector through organizations like the Chemical and Allied Export Promotion Council of India (CAPEXIL). In line with its objective to boost the chemical trade, the government has introduced a series of structural reforms to create a favorable environment for foreign companies to invest in the Indian chemical industry. These reforms not only facilitate the entry of international players but also foster technological advancements and encourage innovation in the solvent industry, thus propelling the overall growth of the chemical sector in India.


Browse over XX market data Figures spread through XX Pages and an in-depth TOC on "India Solvent Market


Solvents, which are substances capable of dissolving other substances to form a solution, play a crucial role in a wide range of industrial processes. They find extensive application in sectors such as paints and coatings, pharmaceuticals, adhesives, printing inks, and cosmetics, among others. The diversity and importance of these applications necessitate an ongoing exploration for more efficient, cost-effective, and environmentally friendly solvents.

In response to this need, a wave of research activities has been ignited, aiming to enhance solvent properties, discover new solvent systems, and improve manufacturing processes. Scientists and engineers are delving deeper into the molecular properties of solvents, seeking to understand their interactions with different substances and uncover novel ways to optimize their performance. This research not only aims to improve the efficiency of current solvent systems but also to develop innovative solutions that minimize environmental impact and promote sustainability.

The quest for more efficient, cost-effective, and eco-friendly solvents is driven by the desire to address the challenges posed by traditional solvent systems, such as high volatility, toxicity, and environmental hazards. By exploring alternative solvent formulations, researchers are paving the way for a future where industrial processes can thrive without compromising on performance or sustainability. With continuous advancements in solvent technology, we can look forward to a greener and more sustainable future for various industries reliant on solvent applications.

The India Solvent Market is segmented into product type, application, regional distribution, and company.

Based on its product type, the ketones segment held the largest market share in the forecast period. The significant growth of methyl isobutyl ketone, acetone, and methyl ethyl ketone can be attributed to their wide range of applications. These ketones find usage in various industries such as adhesives, paint and coatings, cleaning products, chemical processing, and printing inks. Notably, the growing demand for water-borne paints and coatings has driven the shift away from solvent-based alternatives. This transition is a result of heightened scrutiny by environmental agencies due to concerns over volatile organic compounds (VOC) emissions. As a result, the market for ketones has been positively influenced, reflecting the growing emphasis on environmentally friendly solutions in the industry.

Based on region, West India segment is expected to grow during the forecast period. 

The location of a region plays a significant role in its dominance in a specific market. In the case of West India, with major ports like Mumbai and Gujarat, it enjoys strategic access to crucial transportation and trade routes. This advantageous geographic position not only facilitates efficient imports and exports but also attracts industries reliant on global trade. This further strengthens West India's position as a hub for international commerce and enhances its potential for economic growth and development.


Major companies operating in India Solvent Market are:

  • Shree R. R. Chemical Industries
  • Vikalpa Incorporated
  • Modi Chemicals Pvt. Ltd.
  • Reliance Industries Limited
  • Chemtech corporation
  • N r chemicals corporation


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“Growing application of solvent in various end user industries are key drivers of the solvent market. Growth in competitive landscape and presence of well-established companies in the market who are dedicated to enhance their productivity of solvent with every passing year are anticipated to register an impressive growth to India Solvent Market in the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“India Solvent Market By Product Type (Alcohols, Chlorinated Solvent, Ketones, Hydrocarbon Solvent, Others), By Application (Printing Ink, Paints & Coatings, Metal Working, Industrial Cleaning, Adhesives & Sealants, Others), By Region, By Competition Forecast & Opportunities, 2019-2029”, has evaluated the future growth potential of India Solvent Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India Solvent Market.



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