India Heavy Aromatic Naphtha Solvent Market declined slightly by about 1% in price during September 2025 due to moderate demand from paints & coatings and adhesives industries along with sufficient availability.
In September 2025, the prices of Heavy Aromatic Naphtha Solvent in India declined slightly in line with the general cautious but balanced trend. Demand was moderate, mainly from the paints and coatings market, as customers were wary after finishing their seasonal purchasing in the earlier monsoon period. This generated Heavy Aromatic Naphtha Solvent backlog across the supply chain, which dampened the buying momentum. In the adhesives segment, the pattern was similar as users preferred to postpone buying while operating normally.
On the supply front, domestic refineries ran at modest rates, resulting in consistent Heavy Aromatic Naphtha Solvent production and maintaining spot supply. In turn, traders were more competitive to clear stocks, while deliveries became smoother as logistics and port congestions reduced, though that failed to spark more interest.
Costs for crudes and naphtha fell, reducing refiners’ overall production costs but also affecting their margins. However, the relief in costs put more pressure on the spot market, and exporters looked to other markets as regional demand remained weak and freight costs were getting comparatively higher. As a result, excess of Heavy Aromatic Naphtha Solvent stayed in the domestic market, leading to a bearish market.
Heavy Aromatic Naphtha Solvent demand changed according to sector. In paints and coatings, activity slowed following an average rate of manufacturing growth and slower increase in the construction-related purchasing indices. This led to reduced repainting and restocking, limiting spot demand for solvent-borne systems and intensifying competition among sellers, which was a main reason of falling prices. In contrast, the pharmaceutical industry offered some support.
India's pharma industry reported good growth, driven by strong demand in chronic therapies such as cardiac, antidiabetic, respiratory segments along with some gains in vaccines and oncology, with monthly sales growing by about 7% on year-on-year basis. Healthy domestic volumes and export orders ensured production stability, which in turn guaranteed stable procurement of Heavy Aromatic Naphtha Solvent for production of API intermediates, cleaning solutions and other solvent applications. This firm offtake prevented a further price slide in Heavy Aromatic Naphtha Solvent.
The Heavy Aromatic Naphtha Solvent forecast for Q4 2025 is indicating a continuing price growth. The increase would be around 2% in October with the support of refiners holding moderate runs to manage the post-monsoon inventory, which keeps availability in the spot market. Costs of feedstocks are expected to remain range bound, which will keep production costs in check and mitigate any sudden growth. Steady pharmaceutical buying will support the demand.
November could see steady Heavy Aromatic Naphtha Solvent prices from the previous month as refiners run at normal levels to meet supply and demand. Seasonal industrial activity will not increase much, so buyers downstream would probably be cautious. Moreover, weak export demand is likely to keep domestic inventories in check, limiting growth.
In December, a 2% rise is expected on the back of winter restocking and festival season demand, with Heavy Aromatic Naphtha Solvent usage in paints, coatings and consumer goods. Refinery maintenance may support feedstocks crude and naphtha prices, increasing production costs and spot quotes. Traders will also be looking to cut stocks ahead of the year-end, and this will tighten volumes and add to the growth momentum of the Heavy Aromatic Naphtha Solvent market.
