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 CO₂ 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.
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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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