The contemporary demand for paints and coatings from the construction sector is leading to a subsequent surge in the requirement of solvents and thinners which is supporting the aliphatic hydrocarbon solvents & thinners market worldwide. Furthermore, the discernible upsurge in the rubber industry is also leading to a swell in the aliphatic hydrocarbon solvents & thinners market size, especially due to the augmented demand for mineral spirits, petroleum naphtha, petroleum distillate, cyclohexane, octane, hexanes, heptanes, and pentane or isopentane nonane. Some of the well-known aliphatic hydrocarbons or aliphatic compounds are aliphatic mineral spirits and aliphatic naphtha solvent.
It is interesting to note that the trade of petroleum oils, aromatic hydrocarbons, and other chemicals such as naphtha and other solvents increased by 25% as compared to 2017 and attained $771 billion mark in 2018. This is much attributable to the demand for thinners from the paints and coatings market. Evidently, the demand influx led to lucrative aliphatic hydrocarbon solvents & thinners market size of $4.35 billion in 2018, and it is further going to increase at a steady CAGR of 2.5% during the forecast period of 2019-2025.
Paints & Coatings Application Segment of the Aliphatic Hydrocarbon Solvents & Thinners Market to Increase at a CAGR of 2.7% through to 2025 –
Invariably across the world, the most lucrative application for the market players is found to be the paints & coatings market. This is because of the foreseeable growth in the demand for paints in the automotive, real estate, and the industrial construction sectors. The infrastructure insurgence across the globe to fulfill the requirements mentioned in the sustainable development goals (SDGs) of the United Nations (UN) is further going to augment the demand for paints and coatings in the infrastructure sector, and there will be a subsequent impact on the market size.
While 2018 witnessed an enormous demand worldwide, APAC held the maximum market share of 39% in 2018. It is predominantly attributable to the abundance of paint manufacturers in China, India, and other APAC countries.
The opportunities are also evident in the fact that in 2018, APAC had the largest paints and coatings market share of 44%.
Furthermore, Nippon Paint Holdings Co., Ltd had expanded its manufacturing capacity in China during FY-2016, and this has been making an impact on the aliphatic hydrocarbon solvents and thinners market demand in the country. In the upcoming years, China and India are substantially going to drive the global construction industry which is going to attain $8 trillion market by 2030. This will augment the demand for paints and coatings, and there will be a subsequent increase in the market size.
Aliphatic Hydrocarbon Solvents & Thinners Market Companies –
The companies with the maximum market share are SK Global Chemical Co., Ltd., Honeywell International Inc., ExxonMobil Chemical, Inc. Royal Dutch Shell PLC, Calumet Specialty Products Partners, L.P., Gotham Industries, Recochem Inc., Gulf Chemicals and Industrial Oils Co., W.M. Barr, HCS Group, NOCO Energy Corporation, Ganga Rasayanie (P) Ltd., Hunt Refining Company, Gadiv Petrochemical Industries Ltd., BASF SE, and LyondellBasell Industries Holdings BV.