Paint Thinner Market: Introduction
• Paint thinner is a common solvent that is used in the paints industry. It is primarily utilized to change the viscosity of paint. It is also employed to change the thickness of paints. Paint thinner prevents the hardening of the paint when it is kept in the open. The dissolving characteristic of paint thinner makes it preferable in case of oil paints. It is also used to cleaning industrial equipment and tools by removing grease, tar buildup, and stains from the machine surface.
• Common paint thinners that are widely utilized in the industry are mineral spirits, acetone, toluene, ethyl ketone, glycol ethers, etc. Paint thinners are used in various end-use industries such as paints, manufacturing, industrial equipment, pharmaceuticals, coating & polishing, etc.
Key Drivers Paint Thinner Market
• Spending on infrastructure projects is increasing among developing countries such as China, India, Indonesia, and Malaysia. Developing countries are witnessing rapid urbanization. The need of good water, power, and transportation infrastructure is increasing in developing countries. Furthermore, the manufacturing sector is also projected to expand at a rapid pace during the forecast period. Paint thinner is a key solvent used in oil-based paints. It is utilized for cleaning, polishing, and purification in the manufacturing industry.
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• Paint thinner is also employed as a solvent in pharmaceutical and paints industries. Rise in geriatric population and lowering of birth rate across the globe has fueled the demand for pharmaceutical products. The pharmaceutical industry is projected to expand in the next few years due to continuous innovation in products and widening applications of existing products. The automobile industry is also expected to be a prominent end-user for paints and coatings. This is estimated to augment the demand for paint thinner during the forecast period.
Key Restraint Paint Thinner Market
• Paint thinner releases harmful fumes that can be absorbed by the body. Side-effects such as headache, nausea, and irritation can occur in case of inhalation. Paint thinners are highly flammable and hence, they need to be stored carefully in open ventilated spaces. Consequently, industries is focusing on the development of bio-based solvents that can act as alternatives to traditional paint thinner. These factors act as key restraints for the paint thinner market.
Covid-19 Impact on Paint Thinner Market
• The COVID-19 pandemic has had a severe impact on the paint thinner market. Global lock-down has impacted the manufacturing and logistics sectors. Demand for paint thinner solvent depends entirely on the performance of the end-use industry. Lower demand for paint thinner in paints and industrial equipment manufacturing is due to the disturbance in manufacturing and piled up inventory of raw products in these sectors caused by the pandemic. However, the demand for pharmaceutical products was significantly high in the pandemic as compared to that in the last few years. The pandemic situation is easing and hence, the paint thinner market is estimated to expand considerably in the near future.
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Global Paint Thinner Market: Regional Outlook
• In terms of region, the global paint thinner market can be classified into North America, Latin America, Europe, Middle East & Africa, and Asia Pacific
• Asia Pacific is expected to be a prominent market for paint thinners. The paints and infrastructure sectors in developing countries is projected to expand considerably in the near future. Young population in the region and favorable government spending policies are further boosting these sectors.
• The market in North America, Latin America, and Europe is anticipated to expand at a sluggish pace in the near future due to sluggish expansion of manufacturing and construction industries. However, the pharmaceutical industry is in these regions is estimated to expand considerably due to the ageing population in these regions.
• The market in Middle East & Africa is anticipated to expand at a sluggish pace as compared to that in other regions. Expansion of the market in the region is expected to be driven by construction and automobile industries.
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Key Players Operating in Global Market
Key players operating in the global paint thinner market include:
• 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
• Kansai Paint Co. Ltd.
• Hempel A/S
• KCC CORPORATION.
• RPM International Inc.
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