The global aliphatic hydrocarbon solvents & thinners market size was USD 4.7 Bn in 2022 and is likely to reach USD 8.4 Bn by 2031, expanding at a CAGR of 6.7% during 2023–2031. The market growth is fueled by the rising demand for aliphatic hydrocarbon solvents & thinners in the construction and automobile sector.
Aliphatic hydrocarbon solvents & thinners are mixtures of saturated, branched chain long or straight chain or cyclic paraffin produced by carefully conducted distillation of crude oil at the precise boiling point. Aliphatic hydrocarbon solvents and thinners are increasingly used in construction, automotive, and other industries for various purposes. With construction activities rapidly growing across the globe, the use of aliphatic hydrocarbon solvents in paints and coating is expected to grow in the coming years.
Aliphatic hydrocarbon solvents are extensively used as thinners in paints & coatings, especially in the building & construction sector. The paints & coating industry is rapidly growing as expected to reach about 179 billion by 2027, accelerating the growth of the aliphatic hydrocarbon solvents and thinners market due to rising demand and applications in various industries.
The aliphatic hydrocarbon solvents and thinners are widely used to provide a protective layer and finish to the vehicle parts. The electric vehicle industry is expected to grow to USD 137.43 billion BY 2028 aiding the growth of the aliphatic hydrocarbon solvents and thinners market proportionately.
In February 2023, scientists discovered a catalyst that converts hydrocarbons into materials that are easily recyclable. The objective of this catalyst is to add functional groups to aliphatic hydrocarbons that include carbon and hydrogen. The mixing of functional groups in the aliphatic hydrocarbons significantly alters the inherent characteristics of the material to be made. This catalyst is used in the production of recyclable, and degradable plastics.
The market report finds that the COVID-19 pandemic has affected the market due to a decline in economic activities and its effect on the demand for solvents and thinners from manufacturers. The demand for automobiles and consumer electronics products was reduced during the pandemic, which created ripple effects on the associated sectors such as the electronics and chemical industries. The production of aliphatic hydrocarbon solvents & thinners slowed during the pandemic due to the disproportionalities in the demand and supply.
Aliphatic Hydrocarbon Solvents & Thinners Market Dynamics
Major Drivers
Increasing demand for aliphatic hydrocarbon solvents & thinners in the automotive, real estate, rubber, and paints industries is expected to drive the market. The automotive, residential real estate, and commercial real estate industry is growing in the worldwide regions. Aliphatic hydrocarbon solvents & thinners are used to provide protection and bring aesthetics to the surface of the structure of automobiles or buildings.
Rising usage of mineral spirits as an alternative to turpentine drives the market. Turpentine is extensively used in the painting and coating industry but during the procedure, turpentine releases some noxious gases that are harmful to the skin and the nervous system. On the other hand, a mineral spirit is a form of aliphatic hydrocarbon solvent which is safe to use in paints and coatings. Moreover, unlike turpentine, the mineral spirit is odorless and it does not cause any health issues. This in turn makes it ideal to use in paints and boosting the market.
Existing Restraints
The risk of emission of poisonous gases due to the cracking of aliphatic hydrocarbon solvents & thinners is likely to hinder the market. The aliphatic hydrocarbons contain Volatile Organic Compounds (VOCs) which are harmful to the environment and health. The personnel working in the industrial setup are likely to be exposed to poisonous gases due to the accidental cracking of aliphatic hydrocarbon solvents & thinners in the production line.
Governments across the globe have imposed strict regulations and safety measures on the usage of aliphatic hydrocarbon solvents & thinners due to their volatile nature and toxicity which is one of the major factors hindering the market growth.
Emerging Opportunities
The rapidly growing automotive and real estate industries is likely to create significant opportunities for the market. The rising disposable income of consumers is driving the growth of the automobile and real estate sector. The aliphatic hydrocarbon solvents & thinners are used to provide protective shields for vehicles and structures and enhance the texture of the surfaces.
Scope of Aliphatic Hydrocarbon Solvents & Thinners Market Report
The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Aliphatic Hydrocarbon Solvents & Thinners Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Type (Varnish Makers & Painters Naphtha, Hexane, Mineral Spirits, Paraffinic Solvent, Heftane, Solvent 140, and Pentane) and Application (Adhesives, Paints & Coatings, Cleaning & Degreasing, Aerosols, and Rubber & Polymer)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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Royal Dutch Shell Plc; Phillips 66 Company; Exxon Mobil Corporation; BASF SE; Sasol Limited; Ashland Global Holdings Inc.; NOCO; LyondellBasell Industries Holdings B.V.; Calumet Specialty Products Partners, L.P.; Recochem Corporation; W. M. Barr; Ganga Rasayanie P. Ltd. and SolvChem
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Aliphatic Hydrocarbon Solvents & Thinners Market Segment Insights
Type Segment Analysis
Based on type, the aliphatic hydrocarbon solvents & thinners market is segmented into varnish makers & painters naphtha, hexane, mineral spirits, paraffinic solvent, heftane, solvent 140, and pentane. The varnish makers & painters naphtha segment is expected to expand at a robust growth rate during the projection period owing to its usage in hydrocarbon cracking, organic chemistry, laundry soaps, and cleaning fluids. Naphtha works as an outstanding thinner for oil-based enamels, paints, varnishes, and stains.
The hexane segment is anticipated to hold a significant share of the market in the projected period owing to the affordability and low toxicity of hexane-based solvents and thinners. Hexane is used to extract edible oils from seeds and vegetables in an eco-friendly and cost-efficient way. Hexane is used to manufacture adhesives and products that are used as a potent cleaning agent while manufacturing textiles, printing materials, roofs, and shoes.
Application Segment Analysis
On the basis of application, the global market is segregated into adhesives, paints & coatings, cleaning & degreasing, aerosols, rubber & polymer. The paints & coatings segment is projected to register a considerable CAGR during the forecast period due to rising demand for protective coatings and paints in the automobile and real estate industry.
The use of coatings and paints in automobiles enhances the texture of the surface of the cars and provides protection from external influences such as minor scratches and corrosion. In real estate sectors, paints and coatings are used in architectural enhancements including exterior and interior house paints, sealers, varnishes, and primers.
Regional Analysis
In terms of region, the global aliphatic hydrocarbon solvents & thinners market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market during the projection period due to rising urbanization and growing sales of automobiles. The rising disposable income of individuals due to industrialization has fueled the growth of the real estate sector.
Aliphatic hydrocarbon solvents are commonly used in paints and coatings and the increasing construction activities in the region are expected to create a favorable market for aliphatic hydrogen solvents. In 2021, the construction industry output was around USD 4.8 trillion and is expected to grow immensely in the coming years as governments present in the region are coming up with favorable policies for construction activities, creating new opportunities for the market players.
The market of North America is anticipated to expand at a rapid pace during the forecast period owing to the rising infrastructure development and adoption of electric vehicles (EVs). The evolution of EVs has affected the market positively signifying the rising demand for aliphatic hydrocarbon solvents & thinners for protecting the surface areas such as the vehicle body and internal parts of the vehicles.
The objects and parts used in infrastructural development such as columns of bridges, hinges, and molds are required to be protected from external influences such as wind, rain, and scorching heat for safety reasons. The aliphatic hydrocarbon solvents & thinners protect these integral parts by forming a thin protective layer over the objects.
Segments
The aliphatic hydrocarbon solvents & thinners market has been segmented on the basis of
Type
- Varnish Makers & Painters Naphtha
- Hexane
- Mineral Spirits
- Paraffinic Solvent
- Heftane
- Solvent 140
- Pentane
Application
- Adhesives
- Paints & Coatings
- Cleaning & Degreasing
- Aerosols
- Rubber & Polymer
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Royal Dutch Shell Plc
- Phillips 66 Company
- Exxon Mobil Corporation
- BASF SE
- Sasol Limited
- Ashland Global Holdings Inc.
- NOCO
- LyondellBasell Industries Holdings B.V.
- Calumet Specialty Products Partners, L.P.
- Recochem Corporation
- W. M. Barr
- Ganga Rasayanie P. Ltd.
- SolvChem
Competitive Landscape
Key players competing in the global aliphatic hydrocarbon solvents & thinners market are Royal Dutch Shell Plc; Phillips 66 Company; Exxon Mobil Corporation; BASF SE; Sasol Limited; Ashland Global Holdings Inc.; NOCO; LyondellBasell Industries Holdings B.V.; Calumet Specialty Products Partners, L.P.; Recochem Corporation; W. M. Barr; Ganga Rasayanie P. Ltd. and SolvChem.
These chemical companies in the solvents and thinners segment adopted development strategies including partnerships, mergers, collaboration, acquisitions, product launches, and production expansion to offer diversified products and services portfolios for gaining competitive advantage in the market. For instance,
- In September 2022, BASF SE announced that it has extended its partnership with Univar Solutions, a global solutions provider to users of specialty chemicals and ingredients. The partnership is expected to expand product offerings such as solvents and thinners for industrial use.
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