Allied Market Research published a report, titled, “Paint Thinner Market by Solvent Type (Acetone, Turpentine, Naphtha, Toluene, Methyl Ethyl Ketone, Others), by Application (Paints and Coatings, Industrial Equipment, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031“. According to the report, the global paint thinner industry was estimated at $11.0 billion in 2021, and is anticipated to hit $16.4 billion by 2031, registering a CAGR of 4.1% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chains, competitive scenarios, and regional landscapes.
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Determinants of growth:
Growing population base has led to rapid urbanization in both developed and developing economies such as the U.S., China, India has increased government expenditure on the building & construction sector to develop various infrastructure projects, which in turn has driven the paint thinner market. On the other hand, the cost involved in the formulation of paint thinners is high that results in expensive final products, which impedes the growth to some extent. However, rise in young population coupled with increase in number of car enthusiasts have created lucrative opportunities in the industry.
- Dependence of the paint thinner market on industries such as aerospace, building & construction, and automotive & transportation had a sheer negative impact on the market growth.
- However, rise in awareness about using eco-friendly products among citizens of both developed and developing economies has increased the popularity of paint thinners with minimal or no volatile organic compounds (VOCs) emissions in various end use sectors post Covid-19.
The methyl ethyl ketone segment garnered the highest share:
By solvent type, the methyl ethyl ketone segment held the major share in 2021, generating nearly one-third of the global paint thinner market revenue. The same segment would also showcase the fastest CAGR of 4.6% during the forecast period. This is due to the fact that increasing demand for consumer goods has increased the establishment of chemical manufacturing units in both developed and developing economies where methyl ethyl ketone-based paint thinners are extensively used along with paints for finish coat in steel structures, industrial equipment, and others.
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The paints and coatings segment garnered the major share in 2021:
By application, the paints and coatings segment generated the highest share in 2021, garnering nearly two-thirds of the global paint thinner market revenue and is expected to rule the roost by 2031. The same segment would also portray the fastest CAGR of 4.3% during the forecast period. This is attributed to the increasing population coupled with rapid urbanization, which in turn have surged the demand for both residential and commercial facilities where a wide range of paint thinners are used in conjunction with paints & coatings to enhance the visual appeal, surface durability, chemical protection and pest protection.
Asia-Pacific grabbed the lion’s share:
By region, the Asia-Pacific region contributed to nearly half of the global paint thinner market revenue in 2021, and is projected to rule the roost by 2031. The same region would also showcase the fastest CAGR of 4.4% from 2022 to 2031. This is attributed to the huge advancements made in industries such as building & construction, transportation, industrial, and others across the region.
Key players in the industry:
- Hempel A/S
- Kansai Paint Co., Ltd.
- Kwality Paints and Coatings Pvt. Ltd.
- PPG Industries, Inc.
- RPM International Inc.
- The Sherwin-Williams Company
- Axalta Coating Systems, LLC
- Zigma Paints Pvt. Ltd.
The report analyzes these key players in the global paint thinner market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.
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