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Aliphatic Hydrocarbon Solvents & Thinners Market Size
Aliphatic Hydrocarbon Solvents & Thinners Market is anticipated to showcase stellar growth between 2024 and 2032, due to the increasing vehicular sales worldwide and the rapid advancements across the automotive sector.
The rising number of construction activities along with the thriving real estate activities, specifically in the Middle East and the U.S. is leading to the increasing consumption of solvents or diluents in thinners and paints. As per a Reuters report, the construction spending in the U.S. has increased by 13.9% on a year-on-year basis in December 2023. The increasing rate of industrialization across the globe has also influenced the adoption of corrosion inhibitors and industrial rubber. However, stringent regulations regarding emissions, volatility in raw material prices, and the growing adoption of alternative solvent options may restrain the industry expansion to some extent in the forecast period.
Aliphatic Hydrocarbon Solvents & Thinners Market Trends
The growing focus on sustainable and bio-based solvents to meet environmental regulations and consumer demands for eco-friendly products is accelerating their appeal. Companies are increasingly investing in R&D activities to introduce new solvent formulations with lower VOC emissions and reduced environmental impacts. The high demand for high-performance solvents that offer exceptional cleaning and drying properties while maintaining safety and regulatory compliance is increasing the product consumption.
The development of safer and more efficient solvent extraction processes and the use of advanced purification techniques are positively shaping the market growth trajectory. The adoption of aliphatic hydrocarbon solvents and thinners is further increasing in various end-use industries, such as paints and coatings, adhesives, and cleaning applications.
Aliphatic Hydrocarbon Solvents & Thinners Market Analysis
Based on type, the demand for varnish makers & painters naphtha is expected to pick up substantial pace through 2032, ascribing to the burgeoning need to fuel camping cookstoves and lamps. Varnishes are increasingly utilized in the protective coatings industry, owing to the rising application scope in decorative objects, such as wooden surfaces, and paintings. This is mainly due to their ability to enhance the appearance of interior wood paneling, wooden floors, and furniture. The rising need to eliminate greasy residues and the growing limitations of mineral spirits are other factors adding to the segment growth.
Aliphatic hydrocarbon solvents & thinners market revenue from paints & coatings applications will foresee immense traction up to 2032, owing to increasing demand from the automotive sector. The rapid strides across buildings & construction and the growing popularity of high-rise buildings have stirred the higher adoption of various materials that help in enhancing performance, color, and odor. Government Construction Strategy suggested that the construction output across the U.K. exceeds £110 billion per annum, accounting for 7% of GDP. Hence, the growing need for paints and coatings in buildings will outline the segment growth.
Asia Pacific aliphatic hydrocarbon solvents & thinners market size is anticipated to expand at notable rate from 2024 to 2032. This can be attributed to the rapid industrialization and increasing infrastructural development, particularly in emerging economies such as China and India. The expanding automotive and construction sectors are also contributing to high product demand as these solvents are extensively used in paints, coatings, and cleaning applications. As per the China Association of Auto Manufacturers estimates, car sales in China are anticipated to reach around 31 million units in 2024. The growing manufacturing sector and the rising investments in the chemical industry are also increasing the appeal of these solvents and thinners.
Aliphatic Hydrocarbon Solvents & Thinners Market Share
Major players in the aliphatic hydrocarbon solvents & thinners industry are employing inorganic growth strategies like mergers and acquisitions, forming partnerships, and introducing innovative products to secure a competitive edge and expand their product portfolio.
Some of the key aliphatic hydrocarbon solvents & thinners companies are:
- ExxonMobil Chemical (ExxonMobil)
- SK Global Chemical Co. Ltd. (SK Innovation Co.)
- Kandla Energy & Chemicals Limited (Unit of Arham Petrochem Private Limited)
- Merck
- Royal Dutch Shell
- Mitsubishi Shoji Chemical Corporation
- Umwelt Chemicals
- Hi Tech Chemicals.
Aliphatic Hydrocarbon Solvents & Thinners Industry News:
- In October 2022, RHI Magnesita India Limited completed the acquisition of the refractory business portfolio from Hi-Tech Chemicals Limited, in an all-cash transaction valued at US$ 75.73 million.