Aliphatic Solvents Market size is expected to reach USD 10 Billion by the end of 2036, growing at a CAGR of 8% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of aliphatic solvents was over USD 4 Billion. Over the course of the forecast period, the worldwide market is anticipated to rise at a rapid pace due to the growing need for paints and coatings for the expanding number of commercial and residential structures brought on by increasing urbanization and population. Approximately 52% of the coatings manufactured globally are used for both the upkeep and decoration of newly constructed and pre-existing structures, such as public buildings, factories & residences, and public buildings. Moreover, approximately 35% of the coatings are applied to industrial objects for protection or decoration.
Furthermore, the increasing focus on sustainability and the growing demand for environmentally friendly solvents would drive the development of new and creative aliphatic solvents in the next years. The aliphatic solvents market is anticipated to see further growth prospects as bio-based aliphatic solvents are developed.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~ 8% |
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Base Year Market Size (2023) |
~ USD 4 Billion |
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Forecast Year Market Size (2036) |
~ USD 10 Billion |
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Regional Scope |
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Application (Paints & Coatings, Adhesives, Rubbers & Polymers, Oil & Gas, Aerosol, Cleaning & Degreasing)
Based on application, paint & coatings segment in the aliphatic solvents market is anticipated to hold 30% of the revenue share by 2036. In the paint and coatings industry, aliphatic solvents are frequently employed as diluents & solvents for resins, binders, and pigments. The rise of the construction industry, the need for high-performance coatings, and the trend toward low-VOC coatings are driving the need for aliphatic solvents in the paint & coatings sector. Cleaning and degreasing are two other significant uses for aliphatic solvents, especially in the industrial and automotive sectors. The growing demand for aliphatic solvents as thinners and diluents in paints and coatings is a result of the expanding building and construction sector. Processors employ these solvents as cleaning and degreasing chemicals in addition to construction adhesives, paints, and coatings that are specifically designed for the construction sector. According to estimates, between 27,000 and 50,000 new homes will be produced in the UK year starting in 2018, expanding the aliphatic solvents market potential.
Type (Varnishes, Hexane, Heptane, Mineral Spirit, Gasoline)
Based on type, mineral sprits segment in the aliphatic solvents market is predicted to hold largest revenue share of about 25% during the forecast period. With the greatest market share, mineral spirits are the most often used aliphatic solvents. Mineral spirits are multipurpose solvents that are frequently used in ink, paints and coatings, and cleaning products. Although their market shares are smaller than that of mineral spirits, other aliphatic hydrocarbon solvents and thinners, such as painter's naphtha, varnish makers' naphtha, hexane, and heptane, also hold sizable market shares.
Our in-depth analysis of the global market includes the following segments:
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Type |
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Application |
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APAC Market Forecast
Aliphatic solvents market in Asia Pacific region is projected to hold largest revenue share of about 30% during the forecast period. The majority of the world's demand for aliphatic solvents is currently met by the Asia Pacific region because of the need for paints & coatings in the building & construction, automotive, and other industries. China is the world's largest vehicle producer, and the country's market continues to be the key driver of aliphatic solvents growth. It is anticipated that China's robust chemical manufacturing industry and massive public and private infrastructure development will operate as the primary growth drivers for rising consumption across the country. With yearly chemical exports valued at over USD 72 billion, China is the aliphatic solvents market leader in this sector. In addition, as of 2020, China's domestic chemical consumption was valued at USD 1.77 trillion.
North American Market Statistics
Aliphatic solvents market in North America region is attributed to hold second largest revenue share of about 27% during the forecast period. The market in North America is anticipated to increase as a result of the region's increasing need for ecologically friendly solvents. The region's need for aliphatic solvents is also anticipated to be fueled by the expanding building and infrastructure sectors, as well as the rising demand for premium paints and coatings, printing inks, adhesives, and sealants.
Author Credits: Smruti Ranjan, Rajrani Baghel
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