Aliphatic Hydrocarbon Solvents & Thinners Market Forecasted at $4.3 Billion by 2025| MarketsandMarkets™
Aliphatic hydrocarbon solvents and thinners are composed of an open chain of hydrogen and carbon atoms. They are widely used in a wide range of industries, such as paint and coatings, printing inks, adhesives, and cleaning products. They are well-known for their low volatility, low toxicity, and low cost. Aliphatic hydrocarbon solvents and thinners are expected to see increased demand in the coming years, owing to increased use in the automotive, construction, and packaging industries, as well as a replacement for more hazardous and volatile solvents. They will also become more competitive in the near future as manufacturers develop new applications and formulations. The global Aliphatic Hydrocarbon Solvents & Thinners Market is projected to grow to USD 4.3 billion by 2025, at a CAGR of 4.5%.
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Aliphatic Hydrocarbon Solvents & Thinners Market: Key Drivers
- Growing demand for aliphatic hydrocarbon solvents and thinners in the paint and coating industry: Due to its characteristics like low flammability and accelerated drying time, aliphatic hydrocarbon solvents and thinners are becoming more and more popular in the paint and coating business. The viscosity of the coating is decreased using these solvents and thinners, which enhances gloss, levelling, and flow.
- Increasing demand from the pharmaceutical and cosmetics industry: Aliphatic hydrocarbon solvents and thinners are used as solvents for active ingredients in the pharmaceutical industry and as a carrier for essential oils in the cosmetics industry. The rising demand for pharmaceutical and cosmetic products is expected to propel the aliphatic hydrocarbon solvents and thinners market forward.
- Growing demand for aliphatic hydrocarbon solvents and thinners in the printing inks industry: In printing inks, aliphatic hydrocarbon solvents and thinners are used to improve drying time and reduce viscosity. Printing inks are used in a variety of industries, including packaging, advertising, and publishing, and are expected to drive the aliphatic hydrocarbon solvents and thinners market.
- Increasing demand in the automotive industry: Aliphatic hydrocarbon solvents and thinners are widely used in the automotive industry because they protect and extend the life of automobile parts and components. They can also be used to clean, degrease, and remove paint. This is fueling demand in the automotive industry for aliphatic hydrocarbon solvents and thinners.
The paints & coatings segment is projected to lead the aliphatic hydrocarbon solvents & thinners market in terms of both value and volume.
Over the forecast period, the paints and coatings segment is expected to be the largest consumer of aliphatic hydrocarbon solvents and thinners. This is primarily due to their high solvency power, low volatility, and low VOC content, which allow them to be used in a wide range of paints and coatings products such as lacquers, enamels, and varnishes. Furthermore, the rising demand for water-based coatings, which require solvents to be manufactured, is expected to drive demand for aliphatic hydrocarbon solvents and thinners over the forecast period. Furthermore, rising demand for aliphatic hydrocarbon solvents and thinners from the automotive and construction industries is expected to drive market growth during the forecast period.
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The varnish makers’ & painters’ naphtha segment is projected to lead the aliphatic hydrocarbon solvents & thinners market in terms of both value and volume.
The varnish makers' and painters' naphtha segment is expected to dominate the aliphatic hydrocarbon solvents & thinners market through 2025. This is due to its increasing use in the production of coatings and paints, which is expected to propel the market. Varnish makers' and painters' naphtha is an aliphatic hydrocarbon solvent and thinner derived from petroleum or coal tar. It is a medium-boiling solvent used in the production of paints, coatings, and other industrial products. In the automotive industry, it is also used as an alternative to turpentine and white spirit. The growing demand for coatings and paints in the automotive, construction, and furniture industries is expected to drive demand for varnish makers' and painters' naphtha, bolstering the growth of the aliphatic hydrocarbon solvents and thinners market.
The aliphatic hydrocarbon solvents & thinners market in the Asia Pacific is projected to grow at the highest CAGR in terms of both value and volume.
The Asia Pacific aliphatic hydrocarbon solvents and thinners market is expected to expand significantly due to rising demand from end-use industries such as automotive, construction, and paints and coatings. China, India, Japan, and South Korea are major contributors to the region's increased demand for aliphatic hydrocarbon solvents and thinners. Aliphatic hydrocarbon solvents and thinners are in high demand in the automotive industry due to their use in the manufacture of interior and exterior components, as well as other parts. Furthermore, the growing use of aliphatic hydrocarbon solvents and thinners in paints and coatings, printing inks, and adhesives and sealants is expected to drive market growth. Moreover, the increasing demand from countries such as India, China, and Japan is expected to drive the market growth in the Asia Pacific.
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Some of the leading players operating in the aliphatic hydrocarbon solvents & thinners market are.
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), LyondellBasell Industries Holdings B.V. (Netherlands) and others.
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