India Solvents Market (2025-2031) | Growth, Size, Revenue, Outlook ,Companies, Share, Value, Analysis, Trends, Industry & Forecast
Market Forecast By Type (Alcohols, Ketones, Esters, Glycol Ethers, Aromatic, Aliphatic), By Application (Paints & Coatings, Polymer Manufacturing, Printing Inks) And Competitive Landscape
| Product Code: ETC4487845 | Publication Date: Jul 2023 | Updated Date: Nov 2025 | Product Type: Report | |
| Publisher: 6Wresearch | Author: Ravi Bhandari | No. of Pages: 85 | No. of Figures: 45 | No. of Tables: 25 |
India Solvents Market Import Shipment Trend (2020-2024)
The India solvents market import shipment demonstrated robust growth with a CAGR of 8.8% from 2020 to 2024. Notably, the growth rate spiked by 35.0% between 2023 and 2024, indicating accelerating momentum. The market consistently expanded over the period, showing a strong upward trend.
India Solvents Market Growth Rate
According to 6Wresearch internal database and industry insights, the India Solvents Market is projected to grow at a compound annual growth rate (CAGR) of 5.9% during the forecast period (2025–2031).
India Solvents Market Highlights
| Report Name | India Solvents Market |
| Forecast period | 2025-2031 |
| CAGR | 5.9% |
| Growing Sector | Chemical & Petrochemical |
Five-Year Growth Trajectory of the India Solvents Market with Core Drivers
Below mentioned are the evaluation of year-wise growth rate along with key drivers:
| Years | Est. Annual Growth | Growth Drivers |
| 2020 | 1.8 | Steady consumption in paints, coatings, and cleaning applications across construction and industrial sectors. |
| 2021 | 2.9 | Recovery in polymer and resin production with growing infrastructure projects. |
| 2022 | 3.9 | Expansion in automotive coatings and adhesive demand amid manufacturing recovery. |
| 2023 | 4.7 | Growth in flexible packaging and printing ink sectors boosting solvent usage. |
| 2024 | 5.4 | Stronger demand from pharmaceutical and agrochemical formulations driving overall solvent consumption. |
Topics Covered in the India Solvents Market Report
The India Solvents Market report thoroughly covers the market by type and application. The report provides an unbiased and detailed analysis of ongoing market trends, opportunities/high-growth areas, and market drivers that will help stakeholders devise and align strategies according to current and future market dynamics.
India Solvents Market Synopsis
India Solvents Market is expected to grow steadily driven by increasing consumption in paints & coatings, polymer manufacturing, and printing inks. Growing construction and automotive sectors, combined with rising industrial production, have accelerated the use of solvents in coatings and cleaning formulations. Furthermore, the growth of pharmaceutical, adhesives, and agrochemical industries, supported by government-led manufacturing initiatives, is propelling solvent demand. Sustainable formulations and stricter VOC compliance norms are pushing manufacturers toward greener and more efficient solvent technologies.
Evaluation of Growth Drivers in the India Solvents Market
Below mentioned are some prominent drivers and their influence on the India Solvents Market dynamics:
| Drivers | Primary Segments Affected | Why it Matters (Evidence) |
| Boom in Paints & Coatings Industry | Paints & Coatings | Rapid growth in real estate, automotive, and infrastructure boosts solvent-based coatings demand. |
| Expansion in Polymer Manufacturing | Polymer Manufacturing | Solvents are essential for dissolving, dispersing, and processing resins and polymers efficiently. |
| Rise in Printing and Packaging Industry | Printing Inks | Increased consumption of flexible packaging in food, pharma, and e-commerce accelerates solvent use. |
| Industrial Growth & Cleaning Applications | Chemical & Industrial | Solvents used in degreasing, extraction, and cleaning operations are witnessing rising adoption. |
| Shift Toward Eco-Friendly Solvents | All Segments | Regulatory push for low-VOC, bio-based alternatives is driving innovation and R&D investments. |
India Solvents Market is expected to grow steadily at 5.9% CAGR between 2025 and 2031. The India Solvents Market is witnessing strong growth, driven by growing demand across paints, coatings, and polymer manufacturing industries, supported by rapid growth in printing ink production. Expanding industrialization, urban development, and automotive applications are fueling India Solvents Market Growth, enhancing consumption levels. Furthermore, government schemes such as Make in India and Production Linked Incentives (PLI) for chemicals are propelling domestic manufacturing. A growing shift toward sustainable and bio-based solvents presents long-term opportunities for eco-friendly production and technological advancement.
Evaluation of Restraints in the India Solvents Market
Below mentioned are some major restraints and their influence on the India Solvents Market dynamics:
| Restraints | Primary Segments Affected | What this Means (Evidence) |
| Volatility in Crude Oil Prices | All Segments | Solvents derived from petrochemical feedstock face cost fluctuations impacting profitability. |
| Environmental and VOC Regulations | Paints & Coatings, Printing Inks | Stricter VOC emission limits increase compliance costs and restrict certain solvent types. |
| Health and Safety Concerns | Industrial, Cleaning | Exposure risks during handling and manufacturing raise safety requirements. |
| Availability of Substitutes | Paints & Coatings | Growing shift toward water-based or powder coatings reduces solvent demand. |
| Import Dependence on Feedstock | Aromatic, Aliphatic | Limited domestic refining capacity increases dependency on imports for raw materials. |
India Solvents Market Challenges
The India Solvent Industry faces several ongoing issues resulting from changing petrochemical feedstock prices, as well as regulations aimed at reducing VOC emissions. Manufacturers are facing a double-edged sword when it comes to bio-based and other sustainable alternatives to petrochemical solvents. Smaller producers, cannot afford the high cost of environmental compliance nor be as dependent on importing their raw materials. Competing in the market will require all solvent manufacturers to make larger R&D investments, utilize cleaner production technologies, and continue to look for alternative solvent technology which is sustainable, but also cost competitive against other VOC options which may not fit the sustainability focus of the guidelines.
India Solvents Market Trends
Several significant trends are impacting India Solvents Market:
- Utilization of Low-VOC Coatings: Growing environmental awareness and emissions regulations are supporting waterborne and low-VOC formulations.
- Technology Adoption in Polymer Solvents: Advanced solvents made for high performance polymers are gaining popularity for specialty coatings and films.
- Growing Applications of Electronics Industry: Uses of high purity solvents in semiconductor and electronics cleaning applications is increasing.
- Concentration of Industry: Mergers and capacity expansions by large chemical producers strengthen domestic supply chains.
Investment Opportunities in the India Solvents Industry
Some of the notable investment opportunities are:
- Producing Bio-Based Solvents: Investment is focused on the green solvents derived from pristine ethanol and glycerol in sustainable application territories.
- Investing in Coatings & Inks: New capacity is being added for the construction and packaging sector due to increased demand.
- Producing Specialty Solvents: Focus on high purity, low-VOC, and custom blended specialty solvent formulations.
- Building Export Designated Production Units: Focus on market penetration in Southeast Asia and the Middle East with increased industrial demand and consumer demand.
- Infrastructure to Support Recycling and Recovery: Developing solvent recovery and reprocessing infrastructure for cost- and environmental-advantaged outcomes.
Top 5 Leading Players in the India Solvents Market
Below is the list of prominent companies leading in the India Solvents Market Share:
1. Reliance Industries Limited (RIL)
| Company Name | Reliance Industries Limited (RIL) |
|---|---|
| Headquarters | Mumbai, India |
| Established Year | 1973 |
| Official Website | Click Here |
Reliance Industries Limited (RIL) is one of India’s largest petrochemical producers, manufacturing a broad range of aromatic and aliphatic solvents used in paints, coatings, and polymer manufacturing. With integrated refining and chemical operations, RIL ensures consistent quality, large-scale supply, and sustainable growth in both domestic and international markets.
2. Indian Oil Corporation Limited (IOCL)
| Company Name | Indian Oil Corporation Limited (IOCL) |
|---|---|
| Headquarters | New Delhi, India |
| Established Year | 1959 |
| Official Website | Click Here |
Indian Oil Corporation Limited (IOCL) produces industrial-grade solvents, aromatics, and aliphatic compounds catering to coatings, inks, and chemical processing industries. Leveraging its extensive refining network, IOCL delivers high-purity solvent solutions that meet stringent quality standards across multiple sectors.
3. Tata Chemicals Limited
| Company Name | Tata Chemicals Limited |
|---|---|
| Headquarters | Mumbai, India |
| Established Year | 1939 |
| Official Website | Click Here |
Tata Chemicals Limited manufactures eco-friendly and specialty solvents designed for polymer synthesis, adhesives, and coatings applications. The company integrates green chemistry principles into its manufacturing process, emphasizing sustainability and innovation in chemical production.
4. BASF India Limited
| Company Name | BASF India Limited |
|---|---|
| Headquarters | Mumbai, India |
| Established Year | 1943 |
| Official Website | Click Here |
BASF India Limited, a subsidiary of BASF SE, offers specialty solvents and coating intermediates with a focus on low-VOC and high-performance formulations. The company supports industries such as automotive, construction, and packaging through its sustainable and high-quality chemical solutions.
5. Gujarat Narmada Valley Fertilizers & Chemicals (GNFC)
| Company Name | Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) |
|---|---|
| Headquarters | Bharuch, India |
| Established Year | 1976 |
| Official Website | Click Here |
GNFC manufactures industrial solvents and acetone derivatives for polymer, resin, and chemical industries. With a strong domestic presence and expanding exports, GNFC plays a pivotal role in India’s industrial chemical supply chain, emphasizing efficiency and product reliability..
Government Regulations Introduced in the India Solvents Market
According to Indian Government data, regulations of solvent emissions are enforced by the India Ministry of Environment, Forest and Climate Change (MoEFCC) under the provisions of VOC and hazardous waste management rules. Furthermore, the National Chemical Policy encourages sustainable manufacturing and import substitution, while the Make in India initiative supports domestic solvent production. Reliable access to feedstock is ensured through the Petroleum and Natural Gas Regulatory Board (PNGRB). Additionally, government initiatives such as the PLI for Petrochemicals and the GOBAR-Dhan program for bio-based feedstocks promote sustainable and self-reliant solvent production in India.
Future Insights of the India Solvents Market
The India Solvents Market is expected to advance further with rising demand from paints, coatings, polymer, and industrial manufacturing applications. Growing consumption of sustainable, bio-based solvents aligns with tighter environmental and safety regulations. Increased investment in domestic production capacity and technology innovation is expected to reduce dependence on imported feedstocks. As solvent recovery systems and renewable chemical sources gain traction, India is poised to transition into a regional hub for specialized and green solvent manufacturing.
Market Segmentation Analysis
The report offers a comprehensive study of the subsequent market segments and their leading categories.
By Type – Alcohols to Dominate the Market
According to Ritika Kalra, Senior Research Analyst, 6Wresearch, alcohols dominate the India Solvents Market due to their versatility, strong solvency power, and widespread use in coatings, inks, and pharmaceuticals. Their miscibility and low toxicity make them ideal for eco-friendly and waterborne formulations.
By Application – Paints & Coatings to Dominate the Market
The paints & coatings segment holds the largest share as the construction, automotive, and industrial sectors expand rapidly. Growing demand for decorative paints and protective coatings continues to propel solvent consumption for blending, thinning, and cleaning operations.
Key Attractiveness of the Report
- 10 Years of Market Numbers
- Historical Data Starting from 2021 to 2024
- Base Year: 2024
- Forecast Data until 2031
- Key Performance Indicators Impacting the Market
- Major Upcoming Developments and Projects
Key Highlights of the Report:
- India Solvents Market Outlook
- Market Size of India Solvents Market, 2024
- Forecast of India Solvents Market, 2031
- Historical Data and Forecast of India Solvents Revenues & Volume for the Period 2021-2031
- India Solvents Market Trend Evolution
- India Solvents Market Drivers and Challenges
- India Solvents Price Trends
- India Solvents Porter's Five Forces
- India Solvents Industry Life Cycle
- Historical Data and Forecast of India Solvents Market Revenues & Volume By Type for the Period 2021-2031
- Historical Data and Forecast of India Solvents Market Revenues & Volume By Alcohols for the Period 2021-2031
- Historical Data and Forecast of India Solvents Market Revenues & Volume By Ketones for the Period 2021-2031
- Historical Data and Forecast of India Solvents Market Revenues & Volume By Esters for the Period 2021-2031
- Historical Data and Forecast of India Solvents Market Revenues & Volume By Glycol Ethers for the Period 2021-2031
- Historical Data and Forecast of India Solvents Market Revenues & Volume By Aromatic for the Period 2021-2031
- Historical Data and Forecast of India Solvents Market Revenues & Volume By Aliphatic for the Period 2021-2031
- Historical Data and Forecast of India Solvents Market Revenues & Volume By Application for the Period 2021-2031
- Historical Data and Forecast of India Solvents Market Revenues & Volume By Paints & Coatings for the Period 2021-2031
- Historical Data and Forecast of India Solvents Market Revenues & Volume By Polymer Manufacturing for the Period 2021-2031
- Historical Data and Forecast of India Solvents Market Revenues & Volume By Printing Inks for the Period 2021-2031
- India Solvents Import Export Trade Statistics
- Market Opportunity Assessment By Type
- Market Opportunity Assessment By Application
- India Solvents Top Companies Market Share
- India Solvents Competitive Benchmarking By Technical and Operational Parameters
- India Solvents Company Profiles
- India Solvents Key Strategic Recommendations
Market Covered
The report offers a comprehensive study of the subsequent market segments:
By Type
- Alcohols
- Ketones
- Esters
- Glycol Ethers
- Aromatic
- Aliphatic
By Application
- Paints & Coatings
- Polymer Manufacturing
- Printing Inks
India Solvents Market (2025-2031) : FAQ's
The India Solvents Market is projected to grow at a CAGR of 5.9% during the forecast period.
Alcohols dominate due to their wide usability, low toxicity, and compatibility with eco-friendly formulations.
Volatile crude prices, VOC norms, and availability of substitutes like water-based coatings limit growth.
Emergence of bio-based solvents, low-VOC coatings, high-purity solvents, and recycling innovations are key trends.
6Wresearch actively monitors the India Solvents Market and publishes its comprehensive annual report, highlighting emerging trends, growth drivers, revenue analysis, and forecast outlook. Our insights help businesses to make data-backed strategic decisions with ongoing market dynamics. Our analysts track relevent industries related to the India Solvents Market, allowing our clients with actionable intelligence and reliable forecasts tailored to emerging regional needs.
Yes, we provide customisation as per your requirements. To learn more, feel free to contact us on sales@6wresearch.com
| 1 Executive Summary |
| 2 Introduction |
| 2.1 Key Highlights of the Report |
| 2.2 Report Description |
| 2.3 Market Scope & Segmentation |
| 2.4 Research Methodology |
| 2.5 Assumptions |
| 3 India Solvents Market Overview |
| 3.1 India Country Macro Economic Indicators |
| 3.2 India Solvents Market Revenues & Volume, 2021 & 2031F |
| 3.3 India Solvents Market - Industry Life Cycle |
| 3.4 India Solvents Market - Porter's Five Forces |
| 3.5 India Solvents Market Revenues & Volume Share, By Type, 2021 & 2031F |
| 3.6 India Solvents Market Revenues & Volume Share, By Application, 2021 & 2031F |
| 4 India Solvents Market Dynamics |
| 4.1 Impact Analysis |
| 4.2 Market Drivers |
| 4.2.1 Growing demand from end-use industries such as paints and coatings, pharmaceuticals, and adhesives. |
| 4.2.2 Increasing urbanization and industrialization leading to higher consumption of solvents. |
| 4.2.3 Government initiatives promoting the use of eco-friendly solvents. |
| 4.3 Market Restraints |
| 4.3.1 Volatility in raw material prices impacting the cost of production. |
| 4.3.2 Stringent regulations regarding the use of certain types of solvents. |
| 4.3.3 Competition from alternative products like bio-based solvents. |
| 5 India Solvents Market Trends |
| 6 India Solvents Market, By Types |
| 6.1 India Solvents Market, By Type |
| 6.1.1 Overview and Analysis |
| 6.1.2 India Solvents Market Revenues & Volume, By Type, 2021-2031F |
| 6.1.3 India Solvents Market Revenues & Volume, By Alcohols, 2021-2031F |
| 6.1.4 India Solvents Market Revenues & Volume, By Ketones, 2021-2031F |
| 6.1.5 India Solvents Market Revenues & Volume, By Esters, 2021-2031F |
| 6.1.6 India Solvents Market Revenues & Volume, By Glycol Ethers, 2021-2031F |
| 6.1.7 India Solvents Market Revenues & Volume, By Aromatic, 2021-2031F |
| 6.1.8 India Solvents Market Revenues & Volume, By Aliphatic, 2021-2031F |
| 6.2 India Solvents Market, By Application |
| 6.2.1 Overview and Analysis |
| 6.2.2 India Solvents Market Revenues & Volume, By Paints & Coatings, 2021-2031F |
| 6.2.3 India Solvents Market Revenues & Volume, By Polymer Manufacturing, 2021-2031F |
| 6.2.4 India Solvents Market Revenues & Volume, By Printing Inks, 2021-2031F |
| 7 India Solvents Market Import-Export Trade Statistics |
| 7.1 India Solvents Market Export to Major Countries |
| 7.2 India Solvents Market Imports from Major Countries |
| 8 India Solvents Market Key Performance Indicators |
| 8.1 Environmental impact assessment scores for solvents used in manufacturing processes. |
| 8.2 Adoption rate of eco-friendly solvent alternatives in the market. |
| 8.3 Investment in research and development for innovative solvent solutions. |
| 8.4 Number of partnerships or collaborations formed for distribution and market expansion. |
| 8.5 Level of market penetration in Tier II and Tier III cities in India. |
| 9 India Solvents Market - Opportunity Assessment |
| 9.1 India Solvents Market Opportunity Assessment, By Type, 2021 & 2031F |
| 9.2 India Solvents Market Opportunity Assessment, By Application, 2021 & 2031F |
| 10 India Solvents Market - Competitive Landscape |
| 10.1 India Solvents Market Revenue Share, By Companies, 2024 |
| 10.2 India Solvents Market Competitive Benchmarking, By Operating and Technical Parameters |
| 11 Company Profiles |
| 12 Recommendations |
| 13 Disclaimer |
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