Paint Thinner Market Projected To Hit $16.4 billion By 2031 | Growth With Recent Trends & Demand

Paint thinner is a solvent that is used to make paints less viscous. It is mixed in a proper ratio in paints (depending on the paint type) to liquefy and make the paint easier to spread. Paint thinners are used as cleaners and degreasers to remove the remains of paints and varnishes from brushers, sprayers, applicators, and other surfaces. In addition to this, it is widely employed in conjunction with several paints & coatings for enhancing the aesthetics and corrosion resistance purposes.

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The paint thinner market was valued at $11.0 billion in 2021, and is estimated to reach $16.4 billion by 2031, growing at a CAGR of 4.1% from 2022 to 2031.

Increase in investments in building infrastructure in countries such as the U.S., China, Japan, Mexico, and India, have led the building & construction sector to witness a significant growth where paint thinner is widely employed for painting and cleaning of metallic structures, window frames, and others. Furthermore, factors such as increasing disposable income, technological upgrades, and spurring rise in original equipment manufacturers (OEMs) have led the automotive sector to witness a significant growth. Paint thinners are widely used along with various paints sector for enhancing the spread ability of paints on vehicle surfaces. Furthermore, it acts as a degreaser used for cleaning of various auto parts in automobile sector. These factors altogether are anticipated to fuel the growth of the paint thinner market during the forecast period.

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However, habitual exposure to paint thinners and their types can cause eye irritation, liver disorder, and skin irritations in humans. In addition to this, chronic exposure to paint thinners may lead to kidney function disorder, cardiovascular, and gastrointestinal disorders, and it has an adverse effect on the central peripheral nervous system of workers who have been working in the chemical industry and getting frequent exposure to paint thinners. Furthermore, paint thinners get accumulated in the sediments of rivers, lakes, streams, and coastal areas. These chemicals can build up in the fatty tissues of fish and other aquatic animals in high concentrations, which may pose a serious health issue to people who have been eating PCBs deposited seafood frequently. These factors together may hamper the growth of paint thinners in the market.

Key Market Players:
Jotun, RPM International Inc., PPG Industries, Inc., Akzo Nobel N.V., The Sherwin-Williams Company, Kwality Paints and Coatings Pvt. Ltd., Axalta Coating Systems, LLC, Hempel A/S, Kansai Paint Co., Ltd., Zigma Paints Pvt. Ltd.

COVID-19 analysis:
The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe. The paint thinner market has been negatively impacted due to the wake of COVID-19 pandemic. The dependence of paint thinner market on building & construction, automotive & transportation, industrial, aerospace, and other sectors that were severely impacted during the COVID-19 pandemic has led the paint thinner market to witness a downfall. 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. Moreover, several automotive companies had either shutdown or shrank their operations due to the risk of infections among the workforces. This has temporarily hampered the demand for paint thinners market amid the COVID-19 pandemic.
In addition, the falling income of customers and international travel restrictions has led to contraction of the demand of paint thinners among the aerospace sectors. For instance, according to a report published by Airlines for America, the commercial airline passenger volume in September 2020 was 68% less than September 2019, affecting long-term existential threat to manufacturers, the supply chain, and to the entire air travel industry. Furthermore, COVID-19 has put a temporary break on various aircraft manufacturing projects, which in turn has shrunk the demand for paint thinners used for interior coating and cleaning applications among the aerospace & aviation sectors. In addition, the paint thinner market has witnessed a downfall in demand among the construction sectors, owing to temporary halt on various building and construction project amid the COVID-19 pandemic.

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