The aliphatic hydrocarbon solvents & thinners market is estimated to grow from USD 3.4 billion in 2020 to USD 4.3 billion by 2025, at a CAGR of 4.5% from 2020 to 2025. Factors such as increased demand for paints & coatings, which require aliphatic hydrocarbon solvents & thinners, from various end-use industries, such as decorative paints, automotive, industrial, and protective paints & coatings is one of the key factors driving the growth of the aliphatic hydrocarbon solvents & thinners market across the globe.
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Top Aliphatic Hydrocarbon Solvents & Thinners Manufacturers
Some of the leading players operating in the aliphatic hydrocarbon solvents & thinners market are ExxonMobil Chemical, Inc. (US), SK Global Chemical Co., Ltd. (South Korea), Royal Dutch Shell Plc. (Netherlands), Calumet Specialty Products Partners, L.P. (US), Gotham Industries (Canada), Gulf Chemicals and Industrial Oils Co. (Saudi Arabia), Recochem Inc. (Canada), HCS Group (Germany), W.M. Barr (US), Ganga Rasayanie (P) Ltd (India), NOCO Energy Corporation (US), Gadiv Petrochemical Industries Ltd. (Israel), Hunt Refining Company (US), Honeywell International Inc. (US), BASF SE (Germany), and LyondellBasell Industries Holdings B.V. (Netherlands) and others. These players have adopted acquisitions, partnerships, expansions, and new product developments strategies to enhance their positions in the market.
In September 2020, Lyondellbasell Industries Holdings B.V. (Netherlands) agreed with Liaoning Bora Enterprise Group (China) and established a new polyolefin complex in the Liaoning province of northeastern China. The facility has the capacity of 1.1 million metric tons per annum, a flexible naphtha/LPG cracker, and associated polyethylene production capacity of 800,000 metric tons per annum, and 600,000 metric tons per annum of polypropylene.
In May 2019, Calumet Specialty Product Partners, L.P acquired Biosynthetic Technologies, LLC. The acquisition of Biosynthetic Technologies, LLC and its technological capabilities, is in alignment with Calumet’s Specialty Products’ focused growth strategy. Furthermore, the company also announced opening a new R&D facility in Indianapolis. This development is expected to create synergy to offer a competitive edge in the aliphatic hydrocarbon solvents & thinners market in the North America region.
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The Asia Pacific market for aliphatic hydrocarbon solvents & thinners is poised for significant growth, expected to achieve the highest CAGR in both value and volume. Key contributors to this growth include China, India, Japan, and South Korea. Innovations in electronic appliance production techniques, alongside population growth and rising middle-class incomes, are driving increased demand for consumer durables and automobiles in the region. As a result, the demand for aliphatic hydrocarbon solvents & thinners is experiencing substantial expansion in Asia Pacific.
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