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(MoneyNewsWire.Net, March 28, 2018 ) The global aliphatic hydrocarbon solvents & thinners market was valued at USD 4.12 Billion in 2015 and is projected to reach USD 5.41 Billion by 2026, at a CAGR of 2.5% from 2016 to 2026. Replacement of turpentine by mineral spirits, high growth in the paints and coatings industry, and growing penetration of aliphatic hydrocarbon solvents & thinners in the Asia-Pacific region are the factors projected to drive the growth of the market in the near future. The booming construction industry and the economies in the Middle East region are some of the untapped opportunities for the aliphatic hydrocarbon solvents & thinners industry.
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The varnish makers & painters naphtha segment is projected to be the fastest-growing segment of the aliphatic hydrocarbon solvents & thinners market, by type, from 2016 to 2026. It is a petroleum solvent similar in strength to mineral spirits, but is more volatile and has a faster drying time, which makes it widely applicable across several application segments such as paint & coatings, cleaning & degreasing, and others. It is known to have a pleasant sweet smell and is ideal for most solvent-based finishes, making it popular for lengthy projects. All these properties help in making this segment the most sought after type in the aliphatic hydrocarbon solvents & thinners market.
The paints & coatings segment accounted for the largest market share in 2015. Aliphatic hydrocarbon solvents & thinners are widely used in the paints & coatings industry as they help dry the paint quickly and create several types of paints for various purposes such as buildings, automotive, and others, which is not possible using other solvents. Due to this, paints & coatings is the largest application for aliphatic hydrocarbon solvents & thinners.
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The Asia-Pacific region was the largest aliphatic hydrocarbon solvents & thinners market in 2015 as two of the world’s most populated countries, China and India, are present in this region. High infrastructure growth in the region is expected to boost the demand for paints & coatings, which will consequently lead to the growth of the aliphatic hydrocarbon solvents & thinners market in the region.
The factors inhibiting the growth of the aliphatic hydrocarbon solvents & thinners market are environmental regulations and industries switching to green solvents. Key players operating in the aliphatic hydrocarbon solvents & thinners market, such as ExxonMobil Chemical (U.S.), SK Global Chemical Co. Ltd. (South Korea), Royal Dutch Shell Plc (Netherlands), and Calumet Specialty Products Partners (U.S.), among others, have adopted various strategies to increase their market shares. New product launches, acquisitions, and expansions are some of the key strategies adopted by market players to achieve growth in the aliphatic hydrocarbon solvents & thinners market.
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