Growing Construction, Automotive Industry to Drive Aliphatic Hydrocarbon Market
The Aliphatic Hydrocarbon Market solvents & thinners market is projected to grow from 3.4 billion in 2020 to USD 4.3 billion by 2025, at a CAGR of 4.5% from 2020 to 2025. Surging demand for paints & coatings from decorative, automotive, industrial, and protective paints & coatings industries is fueling the growth of the market across the globe. Increasing demand for residential and commercial buildings from emerging economies acts as an opportunity for the growth of the aliphatic hydrocarbon solvents & thinners market worldwide.
Competitive Analysis:
Leading players in the aliphatic hydrocarbons market
Pure Chemicals Co.
Safra Co. Ltd.
Philips 66 Company
MK Aromatics Ltd.
HCS Group
Gadiv Petrochemical Industries Ltd.
NOCO Inc.
Ganga Rasaynie (P) Ltd.
Kandla Energy and Chemicals Ltd.
Gulf Chemicals and Industrial Oil Corporation
Gotham Industries
Shell Global
Calumet Specialty Products Partners LP
SK Global Chemical Co. Ltd
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Aliphatic hydrocarbons are widely used in paints and coating, cleaning agents, adhesives, polymers and rubbers, and printing inks, among others. The high boiling point of aliphatic hydrocarbons makes them the perfect component for paints and other coatings that are intended to last long and provide strong protection from moisture, heat, and other elements. The growing demand from the paints and coatings industry is likely to be a major driver for the global aliphatic hydrocarbon market over the forecast period. Paints and coatings are widely used in construction and automotive industries, in addition to other industrial manufacturing, leading to widespread demand from consumers all over the world. The growing demand from the paints and coatings industry for stronger, longer-lasting formulations is likely to lead to a growing demand for aliphatic hydrocarbons in the coming years.
The growing demand for commercial and domestic cleaners is also likely to be a major driver for the global aliphatic hydrocarbons market. The growing level of living standards in emerging economies such as India, Malaysia, China, Indonesia, Thailand, Japan, and South Korea has led to a growing demand for household cleaners. Increasing urbanization in developing countries is likely to remain a major driver for the aliphatic hydrocarbon market over the forecast period. The increasing government monitoring in the area of clean industrial sites and workplace safety standards is also likely to lead to a growing demand for industrial cleaners, thus driving the aliphatic hydrocarbon market.
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Segmentation:
The global aliphatic hydrocarbon market is segmented on the basis of product type, applications, and region.
On the basis of product type, the market is segregated into varnish maker’s painter’s naphtha, mineral spirit, hexane, heptane, and others.
Based on the application, the market is segmented into paints coatings, commercial domestic cleaning, polymer rubber, adhesives, aerosols, printing inks, and others. The paints and coating segment held the largest share of 30% in the global aliphatic hydrocarbon market and is likely to remain the leading revenue generator due to the growing demand for paints and coatings in developing countries around the world. Commercial and domestic cleaning is the second largest application segment, followed by adhesives and aerosols.
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Regional Analysis:
Asia Pacific is likely to hold the largest share in the global aliphatic hydrocarbon market over the forecast period due to the growing construction industry in the region, leading to a growing demand for paints and coatings. The increasing automotive industry is also likely to be a major driver for the aliphatic hydrocarbon market in the region, as the automotive industry needs paints and coatings as well as rubber for the tires, which further aids the growth of the aliphatic hydrocarbon market. Some of the leading producers of tires are located in Asia Pacific, leading to a growing demand for aliphatic hydrocarbons.
North America and Europe are also likely to remain steady contributors to the global aliphatic hydrocarbon market. Growing industrialization in the Middle East is likely to remain a major driver for the aliphatic hydrocarbon market over the forecast period.
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