The Paint Thinners Market is segmented by Product (Acetone, Turpentine, Naphtha, Toluene, Methyl Ethyl Ketone (MEK), Dimethylformamide (DMF), 2-Butoxyethanol, Others), Application (Epoxy Paint Thinner, Alkyd Paint Thinner, Polyurethane Paint Thinner, Acrylic Paint Thinner, Others), and Region (North America, Europe, Asia-Pacific, and the Rest of the World).
Market Dynamics
The global growth of the paint thinners market size is primarily driven by:
- Increasing use of paints in various applications including automobiles, buildings and aircrafts among others.
- Growing demand for oil-based paints across applications is expected to substantially add to the market growth.
- Rising demand for high-quality paint thinners is likely to create lucrative opportunities for the players operating in the global market during the review period.
Segment Analysis
Application Trends
The market has been divided into epoxy paint thinner, alkyd paint thinner, polyurethane paint thinner, acrylic paint thinner, and others. The epoxy paint thinner application accounted for the largest market share in 2020. The segment growth can be attributed to increasing product use across verticals.
Regional Trends
The market in Asia-Pacific accounted for the largest share in 2020 and is expected to grow at a significant CAGR during the review period. The regional market growth can be attributed to the increasing product demand in numerous industries particularly automotive and building & construction. The market growth in the North American region is expected to grow at a considerable CAGR during the review on account of the presence of established end-use industries.
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