The report "Aliphatic Hydrocarbon Solvents & Thinners Market by Type (Varnish Makers’& Painters’ Naphtha, Mineral Spirits, Hexane, Heptane, Paraffinic Solvent, Pentane, and Solvent 140), Application, Region - Global Forecast to 2025", is projected to grow from USD 3.4 billion in 2020 to USD 4.3 billion by 2025, at a CAGR of 4.5% from 2020 to 2025. 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.

Driver: Replacement of turpentine with mineral spirits

Turpentine is extensively used in the painting and art industries but is known to release noxious vapors and has a strong odor. Mineral spirits are common aliphatic solvents that perform the same function as turpentine without releasing any vapors or odors. Turpentine is a skin, eye, mucous membrane, and upper respiratory tract irritant in humans. It can also cause skin sensitization and affect the central nervous system, gastrointestinal, and urinary tract. These factors lead to the replacement of turpentine with mineral spirits or odorless mineral spirits, driving the aliphatic hydrocarbon solvent & thinners market

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Restraint: Manufacturers switching to green solvents

Personnel working in aliphatic solvents & thinners manufacturing units are in constant contact with solvents, which may cause damage to their nervous, reproductive, and respiratory systems. Restrictive regulations on the use of solvents have made organic solvents an attractive option for manufacturers of aliphatic solvents & thinners. The green solvents segment is expected to witness growth in the coming years such as ethanol, glycerol, ethyl acetate, and d-Limonene are used in cosmetics, lotions, soaps, paints, coatings, pharmaceuticals, adhesives, and others.

Opportunity: Growth opportunities from emerging economies in the Middle East

There has been significant growth in real estate activities along with rapid industrialization in the Middle East. Countries such as Saudi Arabia and the UAE want to reduce their dependence on the oil industry for economic growth and focus on other industries. Thus, the construction industry has witnessed major growth in the Middle East. The construction industry requires paints & coatings, cleaning & degreasing agents, and adhesives, which, in turn, is leading to the demand for aliphatic solvents & thinners.

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 market is projected to grow at the highest CAGR from 2020 to 2025 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.

The varnish makers’ & painters’ naphtha segment is projected to lead the aliphatic hydrocarbon solvents & thinners market in terms of both value and volume from 2020 to 2025

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 market in the Asia Pacific is projected to grow at the highest CAGR in terms of both value and volume from 2020 to 2025. 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.

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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 market.

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