In terms of value, the global aliphatic solvents market is anticipated to expand at a CAGR of 5% from 2020 to 2030 and reach US$ 3 Bn by 2030. Asia Pacific dominated the global aliphatic solvents market in terms of volume in 2019.
It is estimated to lead the global aliphatic solvents market during the forecast period. The paints & coatings application segment is projected to offer lucrative opportunities to the global aliphatic solvents market in the near future.
The aliphatic solvents market in North America is anticipated to expand at a rapid pace during the forecast period. The aliphatic solvents market in Europe is projected to expand at a healthy CAGR during the forecast period.
Aliphatic Solvents Market: Major Drivers
Aliphatic solvents play a significant role in paints and coatings in the desired consistency and help avoid globs or clums. Aliphatic solvents play a vital role in coating formulations even if they are not present in the final stage due to evaporation and control viscosity for the application. Industrial coatings made with aliphatic solvents dry up to 10 times faster than low-solvent alternatives at room temperature, making painting fast and easy along with other benefits such as long-lasting protection and strong performance in extreme weather conditions.
Aliphatic solvents are a powerful group of solvents possessing outstanding properties such as slow evaporation that helps provide several smooth, flawless applications of paints for an attractive, more durable finish. Paints and coatings are widely used in construction, automotive & transportation, and wood industries. They are primarily employed to protect structures from any external damage in the building & construction industry. Paints and coatings are employed in various applications in decorating residential and non-residential infrastructure & buildings, industrial equipment, automobiles & marine, and industrial wood.
There has been a significant growth in real estate activities across the globe, along with rapid industrialization in the Middle East. Countries such as Saudi Arabia and the UAE aim to reduce their dependence on the oil industry for economic growth and focus on other industries. Thus, the construction industry has witnessed major growth in the Middle East. The construction industry requires paints & coatings, cleaning & degreasing agents, and adhesives. This is driving the demand for aliphatic solvents.
Aliphatic Solvents Market: Key Application
Based on application, the paints & coatings segment held notable share of the global aliphatic solvents market in 2019. This trend is estimated to continue during the forecast period. The rubbers & polymers segment of the global aliphatic solvents market is anticipated to expand at a healthy CAGR during the forecast period, owing to the increase in demand for rubber in the tire industry. Hydrocarbon waxes act as ozone resistance additives in rubber, thereby increasing the durability of rubber.
Source: TMR