Paint Thinner Market 2021-2031: Share and Forecast
The Paint Thinner Market is expected to register a CAGR of 6% from 2024 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
The report is segmented by Type (Methyl Ethyl Ketone, Acetone, Turpentine, Toluene, and Others). The report further presents analysis based on End Use (Building and Construction, Automotive and Transportation, Industrial Equipment, and Others). The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Paint Thinner Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Paint Thinner Market Segmentation
Type- Methyl Ethyl Ketone
- Acetone
- Turpentine
- Toluene
- Building and Construction
- Automotive and Transportation
- Industrial Equipment
Strategic Insights
Paint Thinner Market Growth Drivers- Growing Demand in Construction and Renovation: The paint thinner market is driven by the increasing demand for paint and coatings in the construction and renovation sectors. As infrastructure development and housing projects grow, the need for high-quality paints and coatings rises. Paint thinners are essential in adjusting paint viscosity for smooth application, further boosting market demand in both residential and commercial sectors.
- Increased Automotive Production: Paint thinners are crucial in the automotive industry for vehicle painting and refinishing. As global automotive production increases, the demand for automotive coatings grows, driving the need for paint thinners. These products help in thinning paints, ensuring smooth finishes and optimal performance, contributing to the expanding market in automotive manufacturing and maintenance.
- Rise in DIY and Home Improvement Trends: With a growing trend in DIY home improvement, especially during the pandemic, consumers are increasingly purchasing paint thinners. Homeowners and hobbyists use paint thinners for cleaning brushes, thinning paints, and creating custom finishes. This shift toward DIY projects is a significant driver, boosting the paint thinner market as more people engage in home improvement and decoration activities.
- Shift Towards Eco-Friendly Formulations: As environmental regulations become stricter, the demand for eco-friendly and low-VOC (volatile organic compound) paint thinners is increasing. Consumers and industries are opting for green alternatives to reduce the environmental impact. The trend toward sustainable products will drive innovation in the paint thinner market, leading to the development of environmentally friendly formulations with minimal harmful emissions.
- Technological Innovations in Paint Application: Advances in paint application technologies, such as spray systems and automated paint processes, are likely to drive the demand for specialized paint thinners. These innovations require precise formulations of thinners to optimize performance and application efficiency. As the industry embraces new technologies, the paint thinner market will evolve to meet the requirements of more advanced painting techniques.
- Increasing Demand for High-Performance Coatings: The demand for high-performance coatings in industries like automotive, aerospace, and industrial manufacturing is rising. These coatings require specialized paint thinners for proper application. With the need for durable, protective finishes in critical applications, the demand for specific paint thinners that enhance the performance and application of these advanced coatings will increase, influencing market growth.
- Expansion in Emerging Markets: Rapid urbanization and industrialization in emerging markets, particularly in Asia-Pacific, present significant opportunities for the paint thinner market. As the construction, automotive, and manufacturing industries in these regions grow, the demand for paint thinners is expected to rise. Companies can explore these markets by developing region-specific formulations to cater to local preferences and regulations.
- Increased Use in Furniture and Wood Coatings: The growing demand for wooden furniture and décor items creates an opportunity for paint thinners in the furniture industry. Paint thinners are widely used for thinning varnishes, lacquers, and wood stains. As the global trend for home décor and customization grows, the furniture industry presents a lucrative opportunity for paint thinner manufacturers.
- Adoption of Paint Thinners in Marine Coatings: The use of paint thinners in marine coatings is an emerging opportunity due to the growing maritime industry. Marine vessels require durable and protective coatings, which often need to be thinned for application. As shipping, fishing, and recreational boating industries expand, the demand for specialized paint thinners for marine coatings is likely to grow, offering a valuable market segment for expansion.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Paint Thinner Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Paint Thinner Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
Have a question?
Shejal
Shejal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Based on geography, Asia Pacific held the largest share of the paint thinner market.
Akzo Nobel N.V, 3M, PPG Industries, Inc. are some of the key players operating in the paint thinner market
Based on type, acetone, is expected to witness the fastest growth during the forecast period
The Paint Thinner Market is estimated to witness a CAGR of 6% from 2023 to 2031
Rising Automotive Production is driving the market growth
Biodegradable Alternatives is expected to be the key market trends.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Paint Thinner Market - By Type
1.3.2 Paint Thinner Market - By End Use Industry
1.3.3 Paint Thinner Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. PAINT THINNER MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. EXPERT OPINIONS
5. PAINT THINNER MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. PAINT THINNER MARKET - GLOBAL MARKET ANALYSIS
6.1. PAINT THINNER - GLOBAL MARKET OVERVIEW
6.2. PAINT THINNER - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. PAINT THINNER MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. METHYL ETHYL KETONE
7.3.1. Overview
7.3.2. Methyl Ethyl Ketone Market Forecast and Analysis
7.4. ACETONE
7.4.1. Overview
7.4.2. Acetone Market Forecast and Analysis
7.5. TURPENTINE
7.5.1. Overview
7.5.2. Turpentine Market Forecast and Analysis
7.6. TOLUENE
7.6.1. Overview
7.6.2. Toluene Market Forecast and Analysis
7.7. OTHERS
7.7.1. Overview
7.7.2. Others Market Forecast and Analysis
8. PAINT THINNER MARKET - REVENUE AND FORECASTS TO 2028 - END USE INDUSTRY
8.1. OVERVIEW
8.2. END USE INDUSTRY MARKET FORECASTS AND ANALYSIS
8.3. BUILDING AND CONSTRUCTION
8.3.1. Overview
8.3.2. Building and Construction Market Forecast and Analysis
8.4. AUTOMOTIVE AND TRANSPORTATION
8.4.1. Overview
8.4.2. Automotive and Transportation Market Forecast and Analysis
8.5. INDUSTRIAL EQUIPMENT
8.5.1. Overview
8.5.2. Industrial Equipment Market Forecast and Analysis
8.6. OTHERS
8.6.1. Overview
8.6.2. Others Market Forecast and Analysis
9. PAINT THINNER MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Paint Thinner Market Overview
9.1.2 North America Paint Thinner Market Forecasts and Analysis
9.1.3 North America Paint Thinner Market Forecasts and Analysis - By Type
9.1.4 North America Paint Thinner Market Forecasts and Analysis - By End Use Industry
9.1.5 North America Paint Thinner Market Forecasts and Analysis - By Countries
9.1.5.1 United States Paint Thinner Market
9.1.5.1.1 United States Paint Thinner Market by Type
9.1.5.1.2 United States Paint Thinner Market by End Use Industry
9.1.5.2 Canada Paint Thinner Market
9.1.5.2.1 Canada Paint Thinner Market by Type
9.1.5.2.2 Canada Paint Thinner Market by End Use Industry
9.1.5.3 Mexico Paint Thinner Market
9.1.5.3.1 Mexico Paint Thinner Market by Type
9.1.5.3.2 Mexico Paint Thinner Market by End Use Industry
9.2. EUROPE
9.2.1 Europe Paint Thinner Market Overview
9.2.2 Europe Paint Thinner Market Forecasts and Analysis
9.2.3 Europe Paint Thinner Market Forecasts and Analysis - By Type
9.2.4 Europe Paint Thinner Market Forecasts and Analysis - By End Use Industry
9.2.5 Europe Paint Thinner Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Paint Thinner Market
9.2.5.1.1 Germany Paint Thinner Market by Type
9.2.5.1.2 Germany Paint Thinner Market by End Use Industry
9.2.5.2 France Paint Thinner Market
9.2.5.2.1 France Paint Thinner Market by Type
9.2.5.2.2 France Paint Thinner Market by End Use Industry
9.2.5.3 Italy Paint Thinner Market
9.2.5.3.1 Italy Paint Thinner Market by Type
9.2.5.3.2 Italy Paint Thinner Market by End Use Industry
9.2.5.4 United Kingdom Paint Thinner Market
9.2.5.4.1 United Kingdom Paint Thinner Market by Type
9.2.5.4.2 United Kingdom Paint Thinner Market by End Use Industry
9.2.5.5 Russia Paint Thinner Market
9.2.5.5.1 Russia Paint Thinner Market by Type
9.2.5.5.2 Russia Paint Thinner Market by End Use Industry
9.2.5.6 Rest of Europe Paint Thinner Market
9.2.5.6.1 Rest of Europe Paint Thinner Market by Type
9.2.5.6.2 Rest of Europe Paint Thinner Market by End Use Industry
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Paint Thinner Market Overview
9.3.2 Asia-Pacific Paint Thinner Market Forecasts and Analysis
9.3.3 Asia-Pacific Paint Thinner Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific Paint Thinner Market Forecasts and Analysis - By End Use Industry
9.3.5 Asia-Pacific Paint Thinner Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Paint Thinner Market
9.3.5.1.1 Australia Paint Thinner Market by Type
9.3.5.1.2 Australia Paint Thinner Market by End Use Industry
9.3.5.2 China Paint Thinner Market
9.3.5.2.1 China Paint Thinner Market by Type
9.3.5.2.2 China Paint Thinner Market by End Use Industry
9.3.5.3 India Paint Thinner Market
9.3.5.3.1 India Paint Thinner Market by Type
9.3.5.3.2 India Paint Thinner Market by End Use Industry
9.3.5.4 Japan Paint Thinner Market
9.3.5.4.1 Japan Paint Thinner Market by Type
9.3.5.4.2 Japan Paint Thinner Market by End Use Industry
9.3.5.5 South Korea Paint Thinner Market
9.3.5.5.1 South Korea Paint Thinner Market by Type
9.3.5.5.2 South Korea Paint Thinner Market by End Use Industry
9.3.5.6 Rest of Asia-Pacific Paint Thinner Market
9.3.5.6.1 Rest of Asia-Pacific Paint Thinner Market by Type
9.3.5.6.2 Rest of Asia-Pacific Paint Thinner Market by End Use Industry
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Paint Thinner Market Overview
9.4.2 Middle East and Africa Paint Thinner Market Forecasts and Analysis
9.4.3 Middle East and Africa Paint Thinner Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa Paint Thinner Market Forecasts and Analysis - By End Use Industry
9.4.5 Middle East and Africa Paint Thinner Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Paint Thinner Market
9.4.5.1.1 South Africa Paint Thinner Market by Type
9.4.5.1.2 South Africa Paint Thinner Market by End Use Industry
9.4.5.2 Saudi Arabia Paint Thinner Market
9.4.5.2.1 Saudi Arabia Paint Thinner Market by Type
9.4.5.2.2 Saudi Arabia Paint Thinner Market by End Use Industry
9.4.5.3 U.A.E Paint Thinner Market
9.4.5.3.1 U.A.E Paint Thinner Market by Type
9.4.5.3.2 U.A.E Paint Thinner Market by End Use Industry
9.4.5.4 Rest of Middle East and Africa Paint Thinner Market
9.4.5.4.1 Rest of Middle East and Africa Paint Thinner Market by Type
9.4.5.4.2 Rest of Middle East and Africa Paint Thinner Market by End Use Industry
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Paint Thinner Market Overview
9.5.2 South and Central America Paint Thinner Market Forecasts and Analysis
9.5.3 South and Central America Paint Thinner Market Forecasts and Analysis - By Type
9.5.4 South and Central America Paint Thinner Market Forecasts and Analysis - By End Use Industry
9.5.5 South and Central America Paint Thinner Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Paint Thinner Market
9.5.5.1.1 Brazil Paint Thinner Market by Type
9.5.5.1.2 Brazil Paint Thinner Market by End Use Industry
9.5.5.2 Argentina Paint Thinner Market
9.5.5.2.1 Argentina Paint Thinner Market by Type
9.5.5.2.2 Argentina Paint Thinner Market by End Use Industry
9.5.5.3 Rest of South and Central America Paint Thinner Market
9.5.5.3.1 Rest of South and Central America Paint Thinner Market by Type
9.5.5.3.2 Rest of South and Central America Paint Thinner Market by End Use Industry
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. PAINT THINNER MARKET, KEY COMPANY PROFILES
11.1. AKZO NOBEL N.V
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. 3M
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. PPG INDUSTRIES, INC.
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. THE SHERWIN-WILLIAMS CO.
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. BASF SE
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. CHUGOKU MARINE PAINTS, LTD.
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. AXALTA COATING SYSTEMS, LLC
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. NIPPON PAINT HOLDINGS CO., LTD.
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. JOTUN
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. KANSAI PAINT CO. LTD.
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1.Akzo Nobel N.V
2.3M
3.PPG Industries, Inc.
4.The Sherwin-Williams Co.
5.BASF SE
6.Chugoku Marine Paints, Ltd.
7.Axalta Coating Systems, LLC
8.Nippon Paint Holdings Co., Ltd.
9.Jotun
10.Kansai Paint Co. Ltd.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Get Free Sample For