The aliphatic hydrocarbon solvents & thinners market is projected to grow from 3.4 billion in 2020 to USD 4.3 billion by 2025, at a CAGR of 4.5% from 2020 to 2025. Increased demand for paints & coatings, which require aliphatic hydrocarbon solvents & thinners, from various end-use industries, such as decorative paints, automotive, industrial, and protective paints & coatings is one of the key factors driving the growth of the aliphatic hydrocarbon solvents & thinners market across the globe.
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Based on type, the aliphatic hydrocarbon solvents & thinners market has been segmented into varnish makers’ & painters’ naphtha, mineral spirits, hexane, heptane, and others. The varnish makers’ & painters’ naphtha segment is projected to grow at the highest CAGR from 2020 to 2025 in terms of both, value and volume. Varnish makers’ & painters’ naphtha or Naphtha is a type of hydrocarbon which is produced through the distillation of aliphatic hydrocarbons. Various properties, such as high volatility, faster drying time, and pleasant sweet smell makes varnish makers’ & painters’ naphtha widely applicable across several segments. These are used in paints & coatings, and cleaning & degreasing applications. They are also employed for most solvent-based finishes as well as for cleaning.
Based on application, the aliphatic hydrocarbon solvents & thinners market has been segmented into paints & coatings, cleaning & degreasing, adhesives, aerosols, rubbers & polymers, printing inks, and others. The paints & coatings segment is projected to lead the market in terms of both, value and volume during the forecast period. Aliphatic hydrocarbons, such as mineral spirits are used for oil-based and alkyd paints, primers, and varnishes. All types of paint thinners are majorly mineral spirits. Varnish makers’ & painters’ naphtha is used by professional painters as a paint thinner. The largest demand for solvents is from the paints & coatings industry, because the mix of solvents used in this industry are continually changing, and these satisfy increasing demands for enhanced performance.
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Asia Pacific, Middle East & Africa, and North America are significant regional markets for aliphatic hydrocarbon solvents & thinners. The increasing demand for varnish makers’ & painters’ naphtha or naphtha from the paints & coatings end-use industry, among others has led to the growth of the aliphatic hydrocarbon solvents & thinners market across the globe. China & India have high demand for paints & coatings applications due to high investments in infrastructure till 2025.
Various leading manufacturers of aliphatic hydrocarbon solvents & thinners have adopted acquisitions, expansions, partnerships, and new product developments strategies to cater to the increased demand for aliphatic hydrocarbon solvents & thinners from various end-use industries.
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ExxonMobil Chemical, Inc. (US), SK Global Chemical Co., Ltd. (South Korea), Royal Dutch Shell Plc. (Netherlands), Calumet Specialty Products Partners, L.P. (US), Gotham Industries (Canada), Gulf Chemicals and Industrial Oils Co. (Saudi Arabia), Recochem Inc. (Canada), HCS Group (Germany), W.M. Barr (US), Ganga Rasayanie (P) Ltd (India), NOCO Energy Corporation (US), Gadiv Petrochemical Industries Ltd. (Israel), Hunt Refining Company (US), Honeywell International Inc. (US), BASF SE (Germany), and LyondellBasell Industries Holdings B.V. (Netherlands) are some of the leading players operating in the aliphatic hydrocarbon solvents & thinners market. These players have adopted the acquisitions, partnerships, expansions, and new product developments strategies to enhance their positions in the market.
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