India De Aromatic Solvents Market Is Estimated To Witness High Growth
The India De Aromatic Solvents market is a US$ 5243.81 Bn industry and is gaining significance owing to increasing demand from paints and coatings industry. India is the world's largest paint producer and paints application is growing at a CAGR of over 10% given the increased construction activities in the country. De Aromatic solvents are used as thinners and diluents in various paint formulations to impart desirable properties like flow, leveling and drying, thus increasing the overall demand for De Aromatic solvents from this industry.
The global India De Aromatic Solvents Market is estimated to be valued at US$ 5243.81 Bn in 2023 and is expected to exhibit a CAGR of 7.7 over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing paints and coatings industry in India presents a key opportunity for the De Aromatic Solvents market. As per industry estimates, India's paint industry is projected to witness a demand of 6.5 million tons by 2025 given increasing construction activities, infrastructure projects, and focus on aesthetics and interior designing. This surging demand from the paints sector will subsequently boost the consumption of De Aromatic solvents used as thinners, diluents and carriers in paint formulations. In order to capture this opportunity, De Aromatic solvent manufacturers should focus on developing formulations customized for the Indian paint industry and collaborate with major paint producers for a stable supply chain. Enhanced product development and strategic partnerships could help leverage the potential growth avenues emerged due to expanding paints sector in the country.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as existing players have strong brand visibility and economies of scale in place. However, low entry barriers encourage new players to enter the market.
Bargaining power of buyers: Buyers have high bargaining power due to the availability of substitutes products. Buyers can easily switch to substitute products based on price factors.
Bargaining power of suppliers: Suppliers have moderate bargaining power since raw material availability from alternate sources balances their position.
Threat of new substitutes: Threat of substitutes is high due to easy availability of alternate product types that can be used for similar applications.
Competitive rivalry: The competitive rivalry is high due to presence of many domestic and international brands competing for market share.
SWOT Analysis
Strength: India has a large consumer base and rising industrial activity driving demand for aromatics solvents. Availability of raw materials and skilled manpower provides competitive advantage.
Weakness: Market is highly fragmented with presence of several unorganized players. Lack of R&D investment limits product innovation.
Opportunity: Growing paints, coatings, cleaning agents industries expected to boost aromatics demand over the forecast period. Rising per capita income expands scope for premium products.
Threats: Stringent environmental regulations increase compliance cost. Import duties subject aromatics to price volatility in international markets.
Key Takeaways
The Global India De Aromatic Solvents Market Growth is expected to witness high. The market size for 2023 is estimated at US$ 5243.81 Bn and forecast to reach US$ 9832.14 Bn by 2030 at a CAGR of 7.7.
Regional analysis indicates that western region holds the largest market share currently owing to large presence of end-use industries like paints & coatings. Eastern region is expected to be the fastest growing market during the forecast period backed by government initiatives to promote industrialization.
Key players operating in the India De Aromatic Solvents market are Novo Nordisk A/S, Eli Lilly and Company, AstraZeneca PLC, Sanofi S.A., Merck & Co., Inc., Boehringer Ingelheim International GmbH, Takeda Pharmaceutical Company Limited, Johnson & Johnson, Bristol-Myers Squibb Company, AbbVie Inc., Pfizer Inc., Mylan N.V., Novartis International AG, Teva Pharmaceutical Industries Ltd., Sun Pharmaceutical Industries Ltd., among others. Major players are focusing on new product launches and production capacity expansions to strengthen their market position.
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