LONDON--(BUSINESS WIRE)--Technavio has announced the top five leading vendors in their recent global aliphatic hydrocarbon solvents and thinners market report from 2017-2021. This research report also lists 12 other prominent vendors that are expected to impact the market during the forecast period.
Increasing number of construction projects drives growth in the paints and coating industry, which further drives the demand for aliphatic hydrocarbon solvents and thinners. The presence of numerous chemical, paint, coating, and pharmaceutical industries in China, Japan, South Korea, and India has made APAC the key leading region. The use of solvents causes adverse health effects. As such, the stringent environmental regulations inhibit the market's growth. Also, environment-friendly bio solvents pose challenges to the market's growth.
Competitive vendor landscape
There is intense competition in the global aliphatic hydrocarbon solvents and thinners market. The market is witnessing slow growth because of the emergence of environment-friendly solvents. The vendors focus on reducing the adverse effects on health and environment by creating solvents that emit less VOCs.
“Increasing developments in APAC and the rising population in China and India drive the demand for aliphatic hydrocarbon solvents and thinners. Growing economy and the emerging middle-class population segment drive development in the region. The growth rate of the paints and coatings market in APAC is estimated to be around 6%,” says Shakeel Iqbal, a lead specialty chemicals research analyst from Technavio.
Aliphatic hydrocarbon solvents and thinners are used in many industries. However, they are highly toxic. The use of these solvents is maximum in the paints and coatings industry. These are used in painting applications. Though mineral spirits are odorless and preferred over turpentine, they too are toxic.
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Top five aliphatic hydrocarbon solvents and thinners market vendors
The chemicals segment of Exxon Mobil generated revenues worth USD 26,058 million in 2016. Under the chemicals and fluids segment, the company provides hydrocarbon fluids. These fluids are available in a variety of distillation ranges and evaporation rates and are used as solvents, dispersants, and carriers in many applications.
SK global chemical
SK global chemical provides performance chemicals that are used as raw materials in applications such as construction, home electronics, and textile industries. The company has a production capacity of 3 million tons a year. High-purity hydrocarbons is a product category of the performance chemicals segment.
Globally, Shell operates as an independent oil and gas company. It mainly operates through the integrated gas, upstream, and downstream segments. The downstream segment of the company includes oil products and chemicals. In 2016, the company sold 17,292 thousand tons of chemicals. The company offers various solvents including hydrocarbon solvents.
Calumet Specialty Products Partners
Calumet Specialty Products Partners produces high-quality specialty hydrocarbon and fuel products such as lubricating oils, white mineral oils, solvents, petrolatums, waxes, and fuel. In 2016, the company generated a revenue of USD 3,599.40 million. The international sales were less than 10% of the total sales.
Gotham Industries is a Canadian company established in 1973. The company manufactures and packages chemicals, solvents, cleaners, automotive liquids, and paints. Also, the company manufactures its own plastic containers.
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