Aliphatic Hydrocarbon Solvents & Thinners Market Expected to Reach $4.3 Billion by 2025
The aliphatic hydrocarbon solvents & thinners market is estimated to grow from USD 3.4 billion in 2020 to USD 4.3 billion by 2025, at a CAGR of 4.5% from 2020 to 2025. Factors such as increased demand for paints & coatings, which require aliphatic hydrocarbon solvents & thinners, from various end-use industries, such as decorative paints, automotive, industrial, and protective paints & coatings is one of the key factors driving the growth of the aliphatic hydrocarbon solvents & thinners market across the globe.
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ExxonMobil Chemical, Inc. (US), SK Global Chemical Co., Ltd. (South Korea), Royal Dutch Shell Plc. (Netherlands), Calumet Specialty Products Partners, L.P. (US), Gotham Industries (Canada), Gulf Chemicals and Industrial Oils Co. (Saudi Arabia), Recochem Inc. (Canada), HCS Group (Germany), W.M. Barr (US), Ganga Rasayanie (P) Ltd (India), NOCO Energy Corporation (US), Gadiv Petrochemical Industries Ltd. (Israel), Hunt Refining Company (US), Honeywell International Inc. (US), BASF SE (Germany), and LyondellBasell Industries Holdings B.V. (Netherlands) are some of the leading players operating in the aliphatic hydrocarbon solvents & thinners market. These players have adopted the acquisitions, partnerships, expansions, and new product developments strategies to enhance their positions in the market.
In September 2020, Lyondellbasell Industries Holdings B.V. (Netherlands) entered into an agreement with Liaoning Bora Enterprise Group (China) and established a new polyolefin complex in the Liaoning province of northeastern China. The facility has the capacity of 1.1 million metric tons per annum, a flexible naphtha/LPG cracker, and associated polyethylene production capacity of 800,000 metric tons per annum, and 600,000 metric tons per annum of polypropylene.
In May 2019, Calumet Specialty Product Partners, L.P acquired Biosynthetic Technologies, LLC. The acquisition of Biosynthetic Technologies, LLC and its technological capabilities, is in alignment with Calumet’s Specialty Products’ focused growth strategy. Furthermore, the company also announced opening a new R&D facility in Indianapolis. This development is expected to create synergy to offer a competitive edge in the aliphatic hydrocarbon solvents & thinners market in the North America region.
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The Asia Pacific region is expected to witness the highest Compound Annual Growth Rate (CAGR) in both value and volume within the aliphatic hydrocarbon solvents & thinners market from 2020 to 2025. Key contributors to this growth include China, India, Japan, and South Korea. The surge in demand for aliphatic hydrocarbon solvents & thinners in the region is attributed to innovations in the production of electronic appliances, a growing population, and an increase in the income of the middle-class, leading to heightened demand for consumer durables and automobiles. These factors collectively drive the expansion of the aliphatic hydrocarbon solvents & thinners market in the Asia Pacific.
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