Paint Thinner Market Value to Cross $16.4 Billion By 2031 | Top Companies and Industry Growth Insights

Paint thinner is a solvent that is used to liquefy (reduce the viscosity) various paints. Different paint thinners such as polyurethane paint thinners, acetone-based paint thinners, toluene paint thinners, and others are used to enhance the spreadability and finish of paints. Paint thinners are employed for degreasing, cleaning, and in conjunction with paints in various end-use sectors such as building & construction, automotive, mariner, industrial, aerospace, and others.

Growing population base has led to rapid urbanization in both developed and developing economies such as the U.S., China, India, and others. This has increased government spending on building & construction sector to develop various upcoming infrastructure projects.

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Paint thinners are widely used in pipelines, concrete floors, warehouses, hospitals, and others construction sites to break down oil-based paints, primers, and stains. Moreover, paint thinners aid in removal of paint on brushes, rollers, and general cleanup of spills or splatters on wall or other building spaces, which in turn has made customers more linear toward using paint thinners. These factors are anticipated to fuel the demand for paint thinners in the growing building & construction sector. Furthermore, factors such as increase in disposable income, technological upgrades, and spurring rise in original equipment manufacturers (OEMs) have led the automotive & transportation sector to witness a significant growth.

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Paint thinners have the potential to reduce the optimum viscosity of paints and allow them to easily apply over vehicle surfaces that make it best suited for automotive coating applications. Furthermore, it serves the requirement for high gloss, superior smoothness, and beautiful aesthetics of luxury cars. Moreover, paint thinners are highly preferred for auto refinish, interior coating, and car detailing applications of under hood parts and engine components.

COVID-19 impact on the Paint Thinner market:

► The paint thinner market has been negatively impacted due to the wake of COVID-19 pandemic owing to its dependence on building & construction, automotive & transportation, industrial, aerospace, and other sectors. According to a report published by Society of Indian Automobile Manufacturers (SIAM), sale of passenger cars and sport utility vehicles declined by 52%, and 45% respectively in March 2020

► However, the rise in awareness for using eco-friendly products among citizens of both developed and developing economies may surge the popularity of paint thinners with minimal or no volatile organic compounds (VOCs) emissions in various end use sectors post COVID-19 scenario. Furthermore, the building & construction and transportation activities are projected to get back on track and start functioning with full capacity post COVID-19 period, which is expected to enhance the performance of the paint thinner market.

Key Benefits For Stakeholders:

► This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the paint thinner market analysis from 2021 to 2031 to identify the prevailing paint thinner market opportunities.

► The market research is offered along with information related to key drivers, restraints, and opportunities.

► Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.

► In-depth analysis of the paint thinner market segmentation assists to determine the prevailing market opportunities.

► Major countries in each region are mapped according to their revenue contribution to the global market.

► Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.

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Key Market Players:

► Akzo Nobel N.V

► Axalta Coating Systems

► LLC

► Hempel A/S

► Jotun

► Kansai Paint Co. Ltd

► Kwality Paints and Coatings Pvt. Ltd

► PPG Industries Inc

► RPM International Inc

► The Sherwin-Williams Company

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