Paint Thinners Market: Global Industry Analysis and Forecast (2022-2029)

Paint Thinners Market was valued at US$ 20.3 Bn.in 2021. Global Paint Thinners Market size is expected to grow at a CAGR of 6.2 % through the forecast period.
Paint Thinners Market Overview:
Paint removers are solvents that can break up paint and decrease thickness of paint it for use in sprayer implements or while basically requiring a more slender combination to work with. A solvent is a substance that breaks up a solute and converts it into a solution. Generally these are accessible in fluid structure yet it can be strong or vaporous. They are sorted into methanol, ethanol, butanol, propylene glycolcol, toluene and hydrocarbons. These items can break down, retain and weaken different substances in an exceptionally fine dissemination without transforming them synthetically. The rising advancement and interest for bio-based items attribute to worldwide market development during the forecast period.To know about the Research Methodology :- Request Free Sample Report
Paint Thinners Market Dynamics:
Market Drivers: The growing interest from the paints and coatings industry is supposed to help the market development. Properties such a temperature, obstruction, solidness and cost viability make this item exceptionally used to keep away from clusters or globs and give the ideal consistency in various applications. Besides the rising interest for paints because of the fast growth in the development business and flooding framework advancement in nations, for example, China, India and USA will help the market of paint thinners and coatings to flourish.

Paint thinner is likewise utilized as a dissolvable in drug and paints enterprises. Ascend in geriatric populace and lowering of rate of birth across the globe has filled the interest for drug items. The drug business is projected to grow in the following couple of years because of constant development in items and extending uses of existing items. The automobile market is likewise expected to be a noticeable end-client for paints thinner and coatings. This is assessed to increase the interest for paint thinner during the forecast period.

Infrastructure spending is on the rise in developing countries like China, India, Indonesia, and Malaysia. Rapid urbanization is occurring in developing countries. In emerging countries, the demand for good water, power, and transportation infrastructure is growing. Moreover, during the forecast period, the manufacturing sector is expected to increase rapidly. Paint thinner is a vital component in oil-based paints. It is used in the manufacturing business for cleaning, polishing, and purification.

Paint thinner is also used in the pharmaceutical and paint industries as a solvent. The global demand for pharmaceutical products has been spurred by an increase in the geriatric population and a decrease in the birth rate. The pharmaceutical sector is expected to grow in the coming years as a result of new innovation and expanded applications of existing goods. Paints and coatings are projected to be used extensively in the automotive industry. During the forecast period, this is expected to increase demand for paint thinner market.

Market Restraints: Chemical based solvents can influence human wellbeing in various ways. They influence the climate as well as the wellbeing of living creatures. Additionally the specialists who work routinely in synthetic industrial sectors have to deal with serious medical problems because of exposure to such substances. These are a few elements which restrain the growth of paint thinners market.
Paint Thinners Market Segment Analysis:
Based on Product Type, The Paint thinner market is fragmented into alcohols, ketones, esters and others. The alcohol segment dominated the market with 34.8% share in 2021. The development is because of the rising interest for ethanol, methanol, n-butanol and isopropanol for different applications. Ethanol balances its utilization in fragrances, vegetable essences and medications while methanol is exceptionally utilized in adhesives and ink applications. Consequently the rising reception of these items will help the market growth.

Ketones are widely used as a dissolvable solvent from their low sub-atomic weight. They observe their application in surface covering and printing inks. In addition, expanding interest for esters to eliminate natural solutes from aqueous solutions will lead to a significant development to the esters section through the forecast period.

Based on the Application, The paint thinner market is segmented into paints and coatings, printing ink, Industrial cleaning, glues and others. The paints and coatings section dominated and is supposed to develop at the most elevated CAGR inferable from its high utilization in the development business. The rapid development in the construction business combined coupled with advancement in paints to make them more reasonable is adding to the development of this application segment.

Printing inks is the subsequent driving fragment in the market. Solvents, for example, methanol, ethyl acetic acid derivation and fragrant hydrocarbons are utilized in printing applications. The development of adhesive section is credited to the rising interest for composites, metal, glass and plastic applications.
Paint Thinners Market Regional Insights:
The Asia- Pacific region dominated the market with 35 % share in 2021. Rising development activities and developing interest from the automobile area in nations, like China, India, Japan, and Southeast Asia, are supposed to drive the market through the forecast period. Besides, the simple accessibility of unrefined components, combined with less rigid regulations regarding VOC outflows when contrasted with the law in North America and Europe, has given immense growth experiences to the paint thinners market.

A low labour cost in the arising countries of Asia Pacific has drawn in numerous unfamiliar financial backers to set up their assembling offices in the locale. Consequently, the developing number of manufacturing units is supporting the development exercises in the locale, which, thus, is expected to increase the interest for paints and coatings through the forecast period.

The Europe region is expected to witness significant growth at a CAGR of 5.2% through the forecast period. Europe is the second-biggest market and represented more than 27% portion of the global income in 2021. Extending the development area in different nations, including the U.K., the Netherlands, Germany, Hungary, Poland, Sweden, and Ireland, is supposed to push the demand through the forecast period.

The objective of the report is to present a comprehensive analysis of the global Paint Thinners Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Paint Thinners Market dynamic, structure by analyzing the market segments and projecting the Server Operating System Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Paint Thinners Market make the report investor’s guide.
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Paint Thinners Market


Base Year
2021
Forecast Period
2022-2029


Historical Data
CAGR
Market Size in 2021
Market Size in 2029


2017 to 2021
6.2%
US$ 20.3 Bn
US$ 32.84 Bn


Segments Covered


by Type
• Alcohol
• Ketones
• Esters
• Others
by Application
• Painting and coating
• Printing Ink
• Industrial cleaning
• Adhesives


Regions Covered


North America
• United States
• Canada
• Mexico
Europe
• UK
• France
• Germany
• Italy
• Spain
• Sweden
• Austria
• Rest of Europe
Asia Pacific
• China
• S Korea
• Japan
• India
• Australia
• Indonesia
• Malaysia
• Vietnam
• Taiwan
• Bangladesh
• Pakistan
• Rest of APAC
Middle East and Africa
• South Africa
• GCC
• Egypt
• Nigeria
• Rest of ME&A
South America
• Brazil
• Argentina
• Rest of South America



Paint Thinners Market Key Players
• Akzo Nobel N.V
• 3M
• PPG Industries, Inc.
• The Sherwin-Williams Co.
• BASF SE
• Chugoku Marine Paints, Ltd.
• Axalta Coating Systems, LLC
• Nippon Paint Holdings Co., Ltd.
• Jotun Corp.
• Kansai Paint Co. Ltd.
• Hempel A/S
• KCC CORPORATION.
• RPM International Inc.
• Eastman Chemical Company
• Beckers Group
• Henkel AG & Company
• Gandhar Oil
• ExxonMobil Corporation
• Honeywell International
• INEOS GROUP

Frequently Asked Questions:

1. Which region has the largest share in Global Paint Thinners Market?
Ans: Asia Pacific region held the highest share in 2021.

2. What is the growth rate of Global Paint Thinners Market?
Ans: The Global Paint Thinners Market is growing at a CAGR of 6.2% during forecasting period 2022-2029.

3. What is scope of the Global Paint Thinners Market report?
Ans: Global Paint Thinners Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Paint Thinners Market?
Ans: The important key players in the Global Paint Thinners Market are – Akzo Nobel N.V, 3M, PPG Industries, Inc., The Sherwin-Williams Co., BASF SE, Chugoku Marine Paints, Ltd., Axalta Coating Systems, LLC, Nippon Paint Holdings Co., Ltd., Jotun Corp., Kansai Paint Co. Ltd., Hempel A/S, KCC CORPORATION., RPM International Inc., Eastman Chemical Company, Beckers Group, Henkel AG & Company, Gandhar Oil, ExxonMobil Corporation, Honeywell International, and INEOS GROUP

5. What is the study period of this Market?
Ans: The Global Paint Thinners Market is studied from 2021 to 2029.