Aliphatic Hydrocarbon Solvents & Thinners Market is projected to grow from USD 3.4 billion in 2020 to USD 4.3 billion by 2025, at a CAGR of 4.5% from 2020 to 2025.
Coatings Industry to Boost Aliphatic Hydrocarbon Solvents & Thinners Market Demand
Increased demand for paints & coatings, which require aliphatic hydrocarbon solvents & thinners, from various end-use industries, such as decorative, automotive, and industrial, is one of the key factors driving the growth of the aliphatic hydrocarbon solvents & thinners market across the globe.
The paints & coatings segment is projected to lead the aliphatic hydrocarbon solvents & thinners market in terms of both value and volume during the forecast period.
Aliphatic hydrocarbon solvents & thinners are primarily used in the production of paints & coatings because the mix of solvents used in this industry are continually changing, and these satisfy increasing demands for enhanced performance.
Varnish Makers’ & Painters’ Naphtha Segment
Based on type, the varnish makers’ & painters’ naphtha segment of the aliphatic hydrocarbon solvents & thinners market is projected to grow at a higher CAGR than all other segments during the forecast period in terms of both value and volume.
Varnish makers’ & painters’ naphtha has a high number of applications wherein it can be used. It is used as a thinner for paints & coatings, as a solvent in hydrocarbon cracking, in laundry soaps, organic chemistry, cleaning fluids, and various other applications.
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 from 2020 to 2025. China, India, Japan, and South Korea are key countries contributing to the increased demand for aliphatic hydrocarbon solvents & thinners in this region.
Innovations in production techniques of electronic appliances, rise in population, and increase in the income of the middle-class population, have resulted in increased demand for consumer durables and automobiles in the Asia Pacific, thereby contributing to the growth of the aliphatic hydrocarbon solvents & thinners market in this region.
Source: M&M