The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
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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 pharmaceutical is a prominent factor driving growth of the market.
Surge in Cleaning Applications of Solvents to Drive Market Growth
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 the 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.
Ester to Remain the Most Preferred Solvent in India
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.
West India will Remain Dominant in India Solvents market
In terms of volume, West India will continue to remain dominant in India solvents market, expanding at 5.6% CAGR to account for consumption 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 is 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.
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- 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