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Aliphatic Solvents & Thinners Market | Key players operating in the market include ExxonMobil Chemical, Inc., SK Global Chemical Co., Ltd., Royal Dutch Shell Plc, Calumet Specialty Products Partners
Aliphatic Hydrocarbon Solvents and Thinners Market, Aliphatic Hydrocarbon Solvents & Thinners
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.
Browse 116 market data Tables and 41 Figures spread through 171 Pages and in-depth TOC on "Aliphatic Solvents & Thinners Market - Global Forecast to 2024"
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The aliphatic hydrocarbon solvents & thinners market is projected to grow from USD 4.6 billion in 2019 to USD 5.2 billion by 2024, at a CAGR of 2.7% from 2019 to 2024. Increased demand for paints & coatings, which require aliphatic hydrocarbon solvents & thinners, from various end-use industries, such as decorative paints, automotive, industrial, and protective paints & coatings is one of the key factors driving the growth of the aliphatic hydrocarbon solvents & thinners market across the globe.
Aliphatic hydrocarbons are carbon-based compounds comprising linear, branched or non-aromatic chains of carbon atoms. Aliphatic hydrocarbons are classified into 2 types, namely, saturated and unsaturated. The saturated hydrocarbon contains only a single bond and maximum number of hydrogen atoms while the unsaturated type comprises one or more double bonds and less than the maximum number of hydrogen atoms. These aliphatic hydrocarbon solvents are produced by the distillation of crude oil by the appropriate boiling point range fraction, after which, these are improved upon by adding color and odor. There are 2 types of aliphatic hydrocarbons, namely, methane (CH4) and ethane (C2H6). Thinners are generally used in the paints industry as solvents. These can be classified as mineral spirits, acetone, mineral turpentine, naphtha, etc.
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The aliphatic hydrocarbon solvents & thinners market is projected to grow from USD 4.6 billion in 2019 to USD 5.2 billion by 2024, at a CAGR of 2.7% from 2019 to 2024. Increased demand for paints & coatings, which require aliphatic hydrocarbon solvents & thinners, from various end-use industries, such as decorative paints, automotive, industrial, and protective paints & coatings is one of the key factors driving the growth of the aliphatic hydrocarbon solvents & thinners market across the globe.
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. These players have adopted the acquisitions, partnerships, expansions, and new product developments strategies to enhance their positions in the market.
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In May 2019, Calumet Specialty Product Partners, L.P acquired Biosynthetic Technologies, LLC. The acquisition of Biosynthetic Technologies, LLC and its technological capabilities, is in alignment with Calumet’s Specialty Products’ focused growth strategy. Furthermore, the company also announced opening a new R&D facility in Indianapolis. This development is expected to create synergy to offer a competitive edge in the aliphatic hydrocarbon solvents & thinners market in the North America region.
In March 2017, ExxonMobil Chemical, Inc. announced the expansion of its hydrocarbon fluid asset capacity by 250,000 tons annually in Antwerp, Belgium, Baytown, Texas, and Jurong Island, Singapore. These capacity expansions aided the company in producing a higher volume of hydrocarbon fluids, such as Isopar. This development broadened the portfolio of differentiated hydrocarbon fluids used for adhesive and coating applications.
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