Global Aliphatic Hydrocarbon Solvents and Thinners Market, By Type (Varnish Makers’ and Painters’ Naphtha, Hexane, Heptane, Mineral Spirits, Gasoline, Paraffinic Solvent, Pentane, and Solvent 140), Application (Paints and Coatings, Cleaning and Degreasing, Adhesives, Aerosols, Rubbers and Polymers, Printing Inks, and Others) - Industry Trends and Forecast to 2031.
Aliphatic Hydrocarbon Solvents and Thinners Market Analysis and Size
Aliphatic hydrocarbon solvents and thinners market is advancing with innovations in low-VOC and eco-friendly formulations. Latest methods include enhanced distillation and refining techniques. Growth is driven by increased demand in paints, coatings, and industrial cleaning. Technological advancements focus on improving safety and environmental impact, with bio-based alternatives gaining traction. The market benefits from stringent regulations favouring greener solutions.
The global aliphatic hydrocarbon solvents and thinners market size was valued at USD 3.88 billion in 2023, is projected to reach USD 5.51 billion by 2031, with a CAGR of 4.50% during the forecast period 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Varnish Makers’ and Painters’ Naphtha, Hexane, Heptane, Mineral Spirits, Gasoline, Paraffinic Solvent, Pentane, and Solvent 140), Application (Paints and Coatings, Cleaning and Degreasing, Adhesives, Aerosols, Rubbers and Polymers, Printing Inks, and Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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Exxon Mobil Corporation (U.S.), Shell International B.V. (U.K.), LANXESS (Germany), Ashland inc. (U.S.), SASOL (South Africa), Honeywell International Inc. (U.S.), BASF SE (Germany), HCS Group GmbH (Germany), LyondellBasell Industries Holdings B.V. (U.S.), SK geo centric Co., Ltd (South Korea), Calumet Specialty Products Partners, L.P. (U.S.), Gulf Chemical & industral Oils (U.S.), Recochem Inc. (Canada), Ganga Rasayanie P. Ltd. (India), WM Barr (U.S.), Gadiv Petrochemical Industries Ltd. (Israel), Hunt Refining Company (U.S.), and SolvChem (U.S.)
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Market Opportunities
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Market Definition
Aliphatic hydrocarbon solvents and thinners are organic compounds primarily composed of hydrogen and carbon atoms arranged in straight or branched chains. They are derived from petroleum and are used to dissolve or thin oil-based paints, varnishes, and other coatings. These solvents are characterized by their relatively low reactivity, mild odor, and effective grease-cutting properties.
Aliphatic Hydrocarbon Solvents and Thinners Market Dynamics
Drivers
- Growing Paints and Coatings Industry
The growing paints and coatings industry, driven by heightened demand in the construction and automotive sectors, significantly boosts the aliphatic hydrocarbon solvents and thinners market. For instance, in the construction industry, these solvents are essential for architectural coatings used in buildings, ensuring durability and aesthetic appeal. Similarly, in the automotive sector, they are vital for industrial maintenance coatings, providing protection and longevity to vehicle exteriors, thereby propelling market growth.
- Increasing Demand for Cleaning and Degreasing Agents
The demand for cleaning and degreasing agents is driving the aliphatic hydrocarbon solvents and thinners market. These agents are widely used in industrial and institutional cleaning applications, ensuring equipment and surfaces remain free from contaminants. For instance, the maintenance of manufacturing machinery and automotive parts often requires effective degreasing solutions, leading to increased consumption of these solvents. The growth in maintenance activities across various sectors further propels market demand.
Opportunities
- Increasing Automotive Production
The increasing automotive production significantly drives the aliphatic hydrocarbon solvents and thinners market. These solvents are essential in cleaning and degreasing automotive parts, ensuring optimal performance and longevity. Additionally, there is a growing demand for automotive refinishes and coatings, which rely heavily on these solvents for application and durability. For instance, the surge in electric vehicle manufacturing has amplified the need for high-quality, effective solvents in both assembly and maintenance processes.
- Expansion in the Chemical Industry
The expansion of the chemical industry significantly drives the aliphatic hydrocarbon solvents and thinners market. These solvents are crucial in chemical synthesis and various formulations, meeting the rising demand for specialty chemicals and industrial applications. For instance, in the production of adhesives and sealants, aliphatic hydrocarbons are preferred for their effectiveness and compatibility, thereby fueling market growth as industries seek high-performance solutions.
Restraints/Challenges
- Substitution by Bio-based Alternatives
Growing environmental consciousness fuels demand for bio-based solvents, potentially limiting traditional aliphatic hydrocarbon solvent market growth. Concerns over ecological impact drive consumers towards eco-friendly alternatives, posing a significant challenge to the dominance of conventional solvents. This trend pressures manufacturers to adapt to changing preferences or face declining market share.
- Price Volatility of Crude Oil
The price volatility of crude oil, the primary source of aliphatic hydrocarbons, hampers the market by disrupting production costs and eroding profit margins. Fluctuating prices create uncertainty, hindering long-term planning for manufacturers in the aliphatic hydrocarbon solvents and thinners market, exacerbating economic risks and impacting competitiveness.
This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Recent Development
- In September 2020, LyondellBasell and Bora formed a joint venture, BLYB, to cater to the resurgent demand for polyolefins in China. The collaboration merges expertise from both companies, focusing on aliphatic hydrocarbon solvents and thinners. Bob Patel, LyondellBasell's CEO, highlighted the venture's aim to meet China's escalating need for polyolefin products amidst promising long-term growth trends.
Aliphatic Hydrocarbon Solvents and Thinners Market Scope
The market is segmented on the basis of type, and application. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Varnish Makers’ and Painters’ Naphtha
- Hexane
- Heptane
- Mineral Spirits
- Gasoline
- Paraffinic Solvent
- Pentane
- Solvent 140
Application
- Paints and Coatings
- Cleaning and Degreasing
- Adhesives
- Aerosols
- Rubbers and Polymers
- Printing Inks
- Others
Aliphatic Hydrocarbon Solvents and Thinners Market Regional Analysis/Insights
The market is analysed and market size insights and trends are provided by type, and application as referenced above.
The countries covered in the market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific is expected to dominate the aliphatic hydrocarbon solvents and thinners market due to surging automotive sales and population growth. The region's expanding industrial sectors and infrastructure development fuel demand, driving the adoption of these solvents for various applications across diverse industries.
North America is expected to expand at a significant growth in the aliphatic hydrocarbon solvents and thinners market over the forecast period, driven by a rapid rise in the paint coating industry. This surge underscores the region's pivotal role in shaping market dynamics and driving innovation.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Aliphatic Hydrocarbon Solvents and Thinners Market Share Analysis
The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.
Some of the major players operating in the market are:
- Exxon Mobil Corporation (U.S.)
- Shell International B.V. (U.K.)
- LANXESS (Germany)
- Ashland inc. (U.S.)
- SASOL (South Africa)
- Honeywell International Inc. (U.S.)
- BASF SE (Germany)
- HCS Group GmbH (Germany)
- LyondellBasell Industries Holdings B.V. (U.S.)
- SK geo centric Co., Ltd (South Korea)
- Calumet Specialty Products Partners, L.P. (U.S.)
- Gulf Chemical & industral Oils (U.S.)
- Recochem Inc. (Canada)
- Ganga Rasayanie P. Ltd. (India)
- WM Barr (U.S.)
- Gadiv Petrochemical Industries Ltd. (Israel)
- Hunt Refining Company (U.S.)
- SolvChem (U.S.)
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