Aliphatic Hydrocarbon Solvents and Thinners Market Projected to Reach $1.5 Billion by 2030, says MarkWide Research
According to a new report published by MarkWide Research, titled, “Aliphatic Hydrocarbon Solvents and Thinners Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2023-2030”, the global aliphatic hydrocarbon solvents and thinners market is expected to witness substantial growth over the forecast period. The market is projected to reach a valuation of $1.5 billion by 2030, registering a healthy CAGR of 5.8% during the forecast period.
The report provides a comprehensive analysis of key market trends, drivers, challenges, and opportunities that are likely to influence the growth of the aliphatic hydrocarbon solvents and thinners market during the forecast period. Aliphatic hydrocarbon solvents and thinners are widely used in various applications such as paints and coatings, adhesives, cleaning agents, and chemical processing. These solvents find significant usage due to their low toxicity, high solvency power, and excellent evaporation rate.
The rising demand for aliphatic hydrocarbon solvents and thinners across diverse industries is primarily driven by the growth in end-use sectors such as construction, automotive, and industrial manufacturing. The expanding paints and coatings industry, coupled with the increasing adoption of adhesives in various applications, is expected to fuel the demand for these solvents. Moreover, the rapid industrialization and urbanization in developing economies are contributing to the growth of the construction and automotive sectors, further boosting the market growth.
The report segments the global aliphatic hydrocarbon solvents and thinners market based on product type, application, and region. Based on product type, the market is categorized into mineral spirits, hexane, heptane, and others. Among these, mineral spirits account for a significant market share owing to their wide-ranging applications in paints, coatings, and cleaning agents. By application, the market is divided into paints and coatings, adhesives, cleaning agents, aerosols, rubber and polymer manufacturing, and others.
Regionally, North America holds a prominent share in the aliphatic hydrocarbon solvents and thinners market, followed by Europe and the Asia Pacific. The growing construction and automotive sectors in North America are driving the demand for these solvents in the region. Europe is witnessing steady growth due to the well-established paints and coatings industry. Meanwhile, the Asia Pacific region is anticipated to showcase the highest growth rate during the forecast period, attributed to rapid industrialization, urbanization, and infrastructural developments in countries like China and India.
The market for aliphatic hydrocarbon solvents and thinners is competitive in nature, with several players operating in the global and regional markets. Key players profiled in the report include ExxonMobil Corporation, Royal Dutch Shell PLC, LyondellBasell Industries N.V., SK Global Chemical Co., Ltd., and Calumet Specialty Products Partners, L.P., among others. These players are focusing on strategies such as mergers and acquisitions, collaborations, and product innovations to strengthen their market presence and expand their product portfolios.
In conclusion, the global aliphatic hydrocarbon solvents and thinners market is poised for substantial growth over the forecast period of 2023 to 2030. Factors such as the rising demand from end-use industries, technological advancements, and increasing investments in research and development activities are driving the market growth. As environmental regulations become more stringent, manufacturers are also investing in the development of eco-friendly and sustainable solvents, which is anticipated to open new growth avenues for the market. MarkWide Research’s comprehensive report offers valuable insights into the market trends and dynamics, helping industry stakeholders make informed business decisions in this evolving landscape.