Aliphatic hydrocarbon solvents are mostly used in paints and varnishes, with the most common being mineral spirits, also known as paint thinners. The market for mineral spirits is fast gaining popularity as a substitute for turpentine. Moreover, the growing construction and automotive industries are said to further drive the market for aliphatic hydrocarbon solvents and thinners in the near future.
Drivers, Opportunities, and Restraints
The growing construction industry has led to an increased demand of aliphatic hydrocarbon solvents and thinners, thus boosting the market growth moderately. The market in Asia-Pacific is expected to present some lucrative opportunities due to increasing population, higher disposable incomes, replacement of turpentine by mineral spirits, and the growing automotive and construction industry that has led to increased usage of solvents. Moreover, the paintings & coatings segment is flourishing due to rising demand for construction chemicals coupled with growing machinery and appliances market, thereby also fueling the growth of aliphatic hydrocarbon solvents and thinners market.
However, increased concern regarding hazards of emissions from volatile organic compounds (VOCs) may hamper the growth of this market, globally.
The global aliphatic hydrocarbon solvents & thinners market has been estimated to hit USD 4.5 Billion from USD 4.2 Billion from 2014-2020, growing at a CAGR of 1.4% during the forecast period. As of now, Asia-Pacific holds the largest market share, with China and Korea being the leading markets. This is region is also expected to show a considerable growth over the coming years.
Based on application segment, paints & coatings was the biggest market, followed by pharmaceuticals and adhesives. The paints & coatings segment is also predicted to be the fastest-growing segment of this market between 2015 and 2020. Although among its types, varnish makers & paints accounted for the largest market share, the mineral spirits segment is the fastest growing, mainly because of its solvent properties and cleaning capabilities.
Exxon Mobil Corporation (U.S.), Royal Dutch Shell PLC (Netherlands), CPC Corporation (Taiwan), Recochem Inc. (Canada), W.M. Barr & Company, Inc. (U.S.), Noco Energy Corporation (New York), and Gotham Industries (Canada), among others are some of the companies involved in the market for aliphatic hydrocarbon solvents and thinners.
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As per researchers, the market for aliphatic hydrocarbon solvents and thinners has been analyzed and estimated on the basis of following classification:
- Type: Varnish Makers & Paints, Mineral Spirits, Paraffinic Solvent, Solvent 140, Others
- Application: Paints & Coatings, Pharmaceutical, Adhesives, Printing Inks, Rubber & Polymer, Agricultural Chemicals, Others
- Geography: North America, Europe, Asia-pacific, RoW