CHICAGO, July 24, 2019 /PRNewswire/ -- According to the new market research report "Aliphatic Hydrocarbon Solvents & Thinners Market by Type (Varnish Makers & Painters Naphtha, Mineral Spirit, Hexane, Hepteane), Application (Paints & Coatings, Cleaning & Degreasing, Adhesives, Aerosols, Rubber & Polymer) - Global Forecast to 2024", published by MarketsandMarkets™, the Aliphatic Hydrocarbon Solvents & Thinners Industry is projected to grow from USD 4.6 billion in 2019 to USD 5.2 billion by 2024, at a CAGR of 2.7% from 2019 to 2024. 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.
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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
Based on application, the paints & coatings segment of the aliphatic hydrocarbon solvents & thinners industry is projected to grow at the highest CAGR from 2019 to 2024, in terms of both, value and volume. 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. Increased demand for paints & coatings from various end-use industries, such as decorative, automotive, industrial, and protective paints & coatings is driving the growth of the paints & coatings segment of the aliphatic hydrocarbon solvents & thinners market, worldwide.
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The varnish makers' & painters' naphtha segment is projected to lead the aliphatic hydrocarbon solvents & thinners industry in terms of both, value and volume from 2019 to 2024
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. It is also used to make varnish and to fuel camping cook stoves and lamps as well as to process fuels, such as gasoline and kerosene. A majority of the manufacturers across the globe produce aliphatic hydrocarbon solvents & thinners, which is a type of varnish makers' & painters' naphtha.
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 during the forecast period
The Aliphatic Hydrocarbon Solvents & Thinners Industry in the Asia Pacific is projected to grow at the highest CAGR in terms of both, value and volume from 2019 to 2024. 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.
ExxonMobil Chemical, Inc. (US), SK Global Chemical Co., Ltd. (South Korea), Royal Dutch Shell Plc (Netherlands), Calumet Specialty Products Partners, L.P. (US), Gotham Industries (Canada), Gulf Chemicals and Industrial Oils Co. (Saudi Arabia), Recochem Inc. (Canada), HCS Group (Germany), W.M. Barr (US), Ganga Rasayanie (P) Ltd (India), NOCO Energy Corporation (US), Gadiv Petrochemical Industries Ltd. (Israel), Hunt Refining Company (US), Honeywell International Inc. (US), BASF SE (Germany), and LyondellBasell Industries Holdings B.V. (Netherlands) are some of the leading players operating in the aliphatic hydrocarbon solvents & thinners industry.
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