Coating Thinners Market Trends and Forecast
The future of the global coating thinners market looks promising with opportunities in the architecture, machinery & equipment, automotive, medical device, aerospace & defense, chemical & material, and marine markets. The global coating thinners market is expected to grow with a CAGR of 9.2% from 2024 to 2030. The major drivers for this market are increasing demand for eco-friendly and low-VOC (volatile organic compound) coatings and rising use of specialized coatings like UV-curable or high-performance paints necessitates specific thinners for optimal performance.
• Lucintel forecasts that turpentine is expected to witness the highest growth over the forecast period.
• Within this market, architecture is expected to witness the highest growth.
• APAC is expected to witness the highest growth over the forecast period.
Country Wise Outlook for the Coating Thinners Market
• United States: Sherwin-Williams announced the launch of low-VOC coating thinners to comply with stricter environmental regulations, aiming to reduce emissions in the industrial applications.
• Germany: BASF introduced new eco-efficient thinners for automotive coatings, emphasizing reduced carbon footprint and improved application performance.
• China: AkzoNobel expanded its production facilities for thinners in China, focusing on meeting the growing demand for high-quality coatings in the construction and automotive sectors.
• India: Asian Paints launched a range of water-based thinners to cater to the domestic marketÄX%$%Xs shift towards eco-friendly coatings, aligning with government initiatives for sustainable manufacturing practices.
• Brazil: PPG Industries partnered with local distributors to introduce advanced thinners for protective coatings, supporting infrastructure projects and industrial maintenance in BrazilÄX%$%Xs growing market.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Coating Thinners Market by Segment
The study includes a forecast for the global coating thinners market by type, application, and region.
Coating Thinners Market by Type [Value from 2018 to 2030]:
• Mineral Spirits
• Turpentine
• Naphtha
• Toluene
• Methyl Ethyl Ketone (MEK)
• Dimethylformamide (DMF)
• 2-Butoxyethanol
• Others
Coating Thinners Market by Application [Value from 2018 to 2030]:
• Architecture
• Machinery & Equipments
• Automotive
• Medical Devices
• Aerospace & Defense
• Chemical & Material
• Marine
• Others
Coating Thinners Market by Region [Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Coating Thinners Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies coating thinners companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the coating thinners companies profiled in this report include-
• AkzoNobel
• Henkel
• Sherwin-Williams
• RPM International
• Axalta
• BASF
• Kansai Paint
• 3M
• ExxonMobil Chemical
• PPG
Recent Development in the Coating Thinners Market
• PPG Industries launched a new line of low-VOC thinners, enhancing environmental compliance and performance in their coatings solutions.
• Nippon Paint developed innovative thinners with improved drying times and reduced environmental impact, catering to the automotive and industrial coatings sectors.
• AkzoNobel introduced sustainable thinners formulated from renewable resources, aimed at reducing carbon footprint across their global operations.
• RPM International expanded its portfolio with low-odor thinners, meeting customer demands for safer and more efficient coating applications in diverse markets.
• Jotun Group invested in research for biodegradable thinners, supporting their commitment to sustainability and regulatory compliance in the marine and protective coatings sectors.
Features of the Global Coating Thinners Market
Market Size Estimates: Coating thinners market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Coating thinners market size by type, application, and region in terms of value ($B).
Regional Analysis: Coating thinners market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, applications, and regions for the coating thinners market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the coating thinners market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the growth forecast for coating thinners market?
Answer: The global coating thinners market is expected to grow with a CAGR of 9.2% from 2024 to 2030.
Q2. What are the major drivers influencing the growth of the coating thinners market?
Answer: The major drivers for this market are increasing demand for eco-friendly and low-VOC (volatile organic compound) coatings and rising use of specialized coatings like UV-curable or high-performance paints necessitates specific thinners for optimal performance.
Q3. What are the major segments for coating thinners market?
Answer: The future of the coating thinners market looks promising with opportunities in the architecture, machinery & equipment, automotive, medical device, aerospace & defense, chemical & material, and marine markets.
Q4. Who are the key coating thinners market companies?
Answer: Some of the key coating thinners companies are as follows:
• AkzoNobel
• Henkel
• Sherwin-Williams
• RPM International
• Axalta
• BASF
• Kansai Paint
• 3M
• ExxonMobil Chemical
• PPG
Q5. Which coating thinners market segment will be the largest in future?
Answer: Lucintel forecasts that turpentine is expected to witness the highest growth over the forecast period.
Q6. In coating thinners market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness the highest growth over the forecast period.
Q7. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the coating thinners market by type (mineral spirits, turpentine, naphtha, toluene, methyl ethyl ketone (MEK), dimethylformamide (DMF), 2-butoxyethanol, and others), application (architecture, machinery & equipment, automotive, medical devices, aerospace & defense, chemical & material, marine, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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