Paints & Coatings Segment to Emanate High Demand for Solvent until 2024
Increasing
utilization of solvents in various industry verticals such as manufacturing,
automotive, among others to drive India solvent market through 2024
According to
TechSci Research report, “India
Solvent Market By Product Type, By Application, Competition, Forecast &
Opportunities, 2024”, India solvent market is anticipated
to witness growth during the forecast
period on account of growing utilization of solvent in various end user
industries. Solvents are used to dissolve other substances without changing
their physical properties, which is driving their demand across India. However,
increasing health hazard concerns pertaining to the use of some solvents might
hamper the growth of the market.
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India solvent market can be segmented based on the
product type, application and regional analysis. On the basis of product type,
the market can be segmented into alcohols, chlorinated solvent, ketones,
hydrocarbon solvent, ester glycol, glycol ether, among others. Ester which is a
type of oxygenated solvent is poised to grow at an impressive rate in the
forthcoming years due to utilization of esters in applications such as paint
and coating, among others. In terms of application, paints & coatings is
one of the major applications of solvents in India as paints & coatings
used in India are generally water based. Moreover, increasing demand for paint
and coating is directly influencing the growth of the India solvent market.
Some of the players operating in India solvent market include BASF India
Limited, Exxon Mobil Corporation, Royal Dutch Shell plc., The Dow Chemical
Company, Solvay S.A., Ashland Inc., Bharat Petroleum Corporation Limited, India
Glycols Limited, Hindustan Petroleum Corporation Limited, Eastman Chemical
Company among others. Players operating in the market are focusing on raw material
manufacturing and investing in R&D so as to ensure sound returns.
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“India solvent market is
anticipated to grow at rapid pace during forecast period on account of growing
population, rapid urbanization and growth in sectors such as agriculture,
construction and automotive, among others in the country. Moreover, presence of
favorable regulations when compared with developed economies and steps taken by
the government for the growth of chemical industry are further anticipated to positively
influence the growth of India solvent market.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“India Solvent Market By Product Type, By
Application, Competition, Forecast & Opportunities, 2024” 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 decision. 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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