VM&P Naphtha Market Research Study including Growth Factors, Types and Application to 2032

The VM&P Naphtha market has witnessed a growth from USD 3,450 million to USD 6,210 million from 2023 to 2031 with a CAGR of 5.6%

VM& P Naphtha is the short form of the compound pure varnish maker and painter naphtha. It is a medium boiling and medium evaporating aliphatic hydrocarbon solvent. It has different trade names such as the painter naphtha, petroleum ether, refined solvent naphtha, and petroleum spirit. It is an aliphatic hydrocarbon solvent mixture distilled from petroleum. Its characteristics are similar to mineral spirits, although it is more volatile and dries faster. It produces a faster drying time and has a higher strength and faster evaporation rate than "100% Mineral Spirits".

Furthermore, it can be used for thinning oil-based paint, enamel and varnish. It is commonly used to clean greasy, waxy, oily surfaces and machine parts. It has a nice sweet odor and is suitable for most solvent-based finishes, making it a popular choice for long-term applications. It operates similarly to lighter fluid and is an excellent solvent for removing sticky or label residue. It is used as a solvent in making adhesives, varnishes, lacquers, coatings, rubber, resins, textiles and printing inks, and in diluting paints. For instance, Pro's and DIY'ers, Klean-Strip is the leading brand of solvents, thinners, removers, and cleaners. Klean-Strip VM&P Naphtha can be used in place of paint thinner for oil-based paint, varnish and enamel when a faster drying time is desired. It works to clean greasy, waxy, oily surfaces and machine parts and can also be used when spraying to help prevent runs.

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The increasing demand for paints & coatings is expected to boost the VM&P naphtha market growth during the forecast period due to enhancement properties in coating. In addition, increasing construction and reconstruction activities across the globe and rising government expenditure on developing infrastructure are expected to increase demand for paints and coating products, which is expected to support the VM&P naphtha market's growth. Furthermore, rapid industrialization in developing and developed countries and the wide applicability of aliphatic solvents in various industry verticals are other significant factors expected to drive market growth during the forecast period. Surging demand for paints & coatings from decorative, automotive, industrial, and protective paints & coatings industries is fuelling the growth of the VM&P naphtha market across the globe. Increasing demand for residential and commercial buildings from emerging economies acts as an opportunity for the growth of the VM&P naphtha market.

However, short-term exposure to VM&P naphtha may cause euphoria, dizziness, irritation to skin & eyes, giddiness and nausea & headaches, sometimes resulting in unconsciousness. In addition, long-term effects include headache, muscular weakness, damage to lungs & skin, fatigue, numbness, neurological disorders and blurred vision. Such effect of solvents on the human body is expected to hinder the market growth during the forecast period.

Moreover, real estate activities have experienced significant growth coupled with rapid industrialization in the Middle East Countries like Saudi Arabia and the United Arab Emirates. Therefore, the construction sector has experienced significant growth in the Middle East. The construction industry has a need for paints and coatings, cleaning and degreasing agents, and adhesives, which in turn creates a demand for aliphatic hydrocarbon solvents and thinners such as VM&P naphtha. VM&P naphtha has a high number of applications and can be 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.

Type Insights

Light naphtha boils between 35°C and 130°C and has a higher paraffin content than heavy naphtha. Heavy naphtha, on the other hand, boils between 130°C and 210°C and contains many naphthenes and aromatics. Heavy naphtha is often further refined, while light naphtha is the least processed product in refineries. The heavy naphtha cut is typically sent to a reformer to upgrade it for use as a gasoline blendstock. For example, Shell Chemicals' VM&P Naphtha HT is a highly refined, hydrotreated, medium-evaporating petroleum solvent. Used as a diluent and solvent in fast-drying lacquers, paints, varnishes and inks. The product has high cycloparaffin content and has low aromatics, sulfur, and odor.

Application Insights

VM&P naphthas are primarily C7-C11 refined petroleum solvents, composed of 55% paraffins, 30% monocycloparaffins, 2% dicycloparaffins, and 12% alkylbenzenes. It is mainly used as a thinner and cleaning agent. Small amounts of low surface tension solvents such as VM&P Naphtha have been used to lower the surface tension of liquid coatings. Solvents as additives have the advantage that they evaporate during air drying or baking and do not remain in the coating like surfactants. VM&P Naphtha is an excellent thinner for oil-based paints, enamels and varnishes. Its fast drying properties offer better results in a limited amount of time and fewer passes when spraying.

Regional Insights

Asia Pacific dominated the VM&P naphtha market with a share of more than 37%, followed by North America and Europe. Due to the high demand application from countries like China, India and Japan the market for VM&P naphtha has been increasing. Rise in urbanization, population, and increase in the income of the middle-class population of the region have resulted in increased demand for residential and commercial buildings in the Asia Pacific, thereby contributing to the growth of the aliphatic hydrocarbon solvents & thinners market in this region. For example, in 2018, the Indian government has announced an investment worth USD 31,650 billion for the construction of 100 cities, under the smart cities plan. 100 smart cities and 500 cities are likely to invite investments worth INR 2 trillion (~USD 28.18 billion), over the coming five years creating scope for the application of aliphatic hydrocarbon solvents & thinners in paints and coatings. The Chinese government has rolled out massive construction plans, including making provisions for the movement of 250 million people to its new megacities, over the next ten years creating a major scope for construction activity thereby increasing the market for aliphatic hydrocarbon solvents & thinners over the coming years.

Key Companies Insights

Key players are focusing on technology collaborations, partnerships, mergers and acquisitions strategies to gain competitive advantage and expand product portfolios and business footprints. In addition, constant research and development bring innovative products to market. New product launches and continuous innovation are key strategies adopted by the major players. For example, AMBERLAC 13-038 is a vinyl toluene modified alkyd supplied by VM&P Naphtha that can be used in aerosol coatings, toy coatings, plastic coatings, industrial primers and topcoats. This product is resistant to aliphatic solvents and provides good gloss and colour.

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Some of the key players operating in the global VM&P naphtha market include:

· Exxon Mobil Corporation

· Kleenheat

· bp p.l.c.

· Bharat Petroleum Corporation Limited

· Flaga Gmbh

· Repsol

· Chevron Corporation

· Petroliam Nasional Berhad (PETRONAS)

· Phillips 66 Company

· JGC HOLDINGS CORPORATION

· China Gas Holdings Ltd.

· Shell group of companies

· Reliance Industries Limited

· Saudi Aramco

· Qatargas Operating Company Limited

· Total Se

· Others

Segments

By Type

· Heavy Naphtha

· Light Naphtha

By Application

· Chemicals

· Energy and Additives

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