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.
- 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.
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.
Key Players Operating in Global Market
Key players operating in the global paint thinner market include:
- Akzo Nobel N.V
- PPG Industries, Inc.
- The Sherwin-Williams Co.
- BASF SE
- Chugoku Marine Paints, Ltd.
- Axalta Coating Systems, LLC
- Nippon Paint Holdings Co., Ltd.
- Kansai Paint Co. Ltd.
- Hempel A/S
- KCC CORPORATION.
- RPM International Inc.
Global Paint Thinner Market: Research Scope
Global Paint Thinner Market, by Material
- Methyl Ethyl Ketone
Global Paint Thinner Market, by Type
- Epoxy Paint Thinner
- Alkyd Paint Thinner
- Polyurethane Paint Thinner
- Acrylic Paint Thinner
Global Paint Thinner Market, by Application
- Paints & coatings
- Industrial Equipment
Global Paint Thinner Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
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