According to a new report published by Allied Market Research, titled, “Paint Thinner Market,” 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.
The global paint thinner market is expected to possess high growth potential in the coming years as paint thinners are used along with a wide range of paints are used in architectural, industrial, automotive, aerospace, and other applications for surface protection, material strengthening, cleaning, degreasing, and corrosion resistance purposes. In addition, paint thinners possess excellent significant properties such as high evaporation/drying rate, less viscous, chemical resistance, and corrosion resistance that make it best suited for automotive coating applications. Paint thinners when applied on automotive surfaces in conjunction with paints, serves as a protective coating in under hood parts and engine components. Furthermore, factors such as flexibility in operation, ease of application, and minimal or no volatile organic compounds (VOCs) levels enhance performance of paint thinners in several end-use industries.
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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.
Impact Of Covid-19 On the Paint Thinner Market:
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.
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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.
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Key findings of the study:
- By solvent type, the methyl ethyl ketone segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 4.6% from 2022 to 2031.
- By application, the paints & coatings application segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 4.3% from 2022 to 2031.
- By region, Asia-Pacific garnered the highest share of 48.1% in 2021, in terms of revenue, growing at a CAGR of 4.4%.
The major players operating in the Paint Thinner Market:
- 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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