Replacement of turpentine by mineral spirits and rapid growth of paints & coatings industry to boost global aliphatic hydrocarbon solvents & thinners market through 2024
According to TechSci Research report, “Global Aliphatic Hydrocarbon Solvents & Thinners Market By Type, By Application, By Region, Competition, Forecast & Opportunities, 2024’’, global aliphatic hydrocarbon solvents & thinners market is projected to grow from $ 4.48 billion in 2018 to $ 5.18 billion by 2024, exhibiting a CAGR of 5.7%. Key factors fueling global aliphatic hydrocarbon solvents & thinners market include replacement of turpentine by mineral spirits and rapidly growing paints & coatings industry across the globe. However, environmental regulations regarding aliphatic hydrocarbon solvents & thinners are likely to hamper the growth of the market. Regionally, aliphatic hydrocarbon solvents & thinners market has been segmented into North America, South America, Europe, Asia-Pacific and Middle East & Africa. Among these regions, Asia-Pacific accounted for the largest share in global aliphatic hydrocarbon solvents & thinners market, owing to the rapid infrastructure growth in the region which is boosting demand for paints & coatings that use aliphatic hydrocarbon solvents & thinners.
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Global aliphatic hydrocarbon solvents & thinners market has been segmented into type, application and region. Based on type, the market is categorized into varnish makers & painter’s naphtha, mineral spirits, hexane, heptane and others. Varnish makers & painter’s naphtha segment is anticipated to be the fastest growing segment in global aliphatic hydrocarbon solvents & thinners market. Varnish makers & painter’s naphtha is a petroleum solvent similar in strength to mineral spirits but is more volatile and has a faster drying time, which makes it widely applicable across several application segments such as paint & coatings, cleaning & degreasing, and others. It is known to have a pleasant sweet smell and is ideal for most solvent-based finishes, thereby making it a preferable choice. All these properties help in making this segment the most sought after type in aliphatic hydrocarbon solvents & thinners market.
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“Among applications, paints & coatings segment dominates global aliphatic hydrocarbon solvents & thinners market. Aliphatic hydrocarbon solvents & thinners are extensively used in paints & coatings industry as they aid in drying the paint quickly and create various types of paints for numerous purposes in industries like automotive, buildings & construction, etc., which is impossible using other solvents.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Aliphatic Hydrocarbon Solvents & Thinners Market By Type, By Application, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global aliphatic hydrocarbon solvents & thinners market and provides statistics and information on market size, structure and future market growth. The report offers decision makers superior market intelligence, thereby enabling them conduct thorough investment appraisal. Besides, the report also analyzes the evolving market trends along with drivers, challenges and opportunities in global aliphatic hydrocarbon solvents & thinners market.
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