Paint Thinners Market Synopsis

the global Paint Thinners market size was valued at $21.36 billion in 2023, and is projected to reach $37.02 billion by 2032, registering a CAGR of 6.3% from 2024 to 2032.

Paint thinner is a versatile solvent widely employed across various industries, including automotive, construction, furniture manufacturing, and home improvement. Its diverse range of applications includes surface preparation, paint thinning for optimal consistency, and equipment cleanup. In the automotive sector, paint thinners aid in removing old paint layers, degreasing surfaces, and ensuring proper viscosity for spray application.

In construction and home improvement, they are essential for preparing surfaces like wood, metal, or concrete, enabling smooth finishes and enhanced coating durability. Moreover, paint thinners are invaluable in industrial settings for cleaning machinery and surfaces, as well as in artistic endeavors for blending oil-based paints and cleaning brushes. However, given their volatile nature and potential health risks, it's crucial to handle them with care, ensuring proper ventilation and adherence to safety protocols during use.   

The global market for paint thinners is experiencing significant growth, driven primarily by the rising demand for paints across various sectors. Urbanization and infrastructure development, particularly in the construction industry, are key contributors to this surge. With the construction of new buildings, bridges, and roads on the rise, there is an increasing need for paints and coatings to protect and enhance these structures.

Consequently, there is a heightened demand for paint thinners, essential for thinning paints, cleaning tools, and preserving coatings. Furthermore, the automotive industry plays a crucial role in driving the paint thinners market, as the increasing production and sales of vehicles worldwide necessitate a greater supply of automotive paints and coatings. Paint thinners are indispensable in automotive paint shops for tasks such as cleaning spray guns, mixing paints, and eliminating overspray.

Similarly, the manufacturing sector relies heavily on paints and coatings for various applications, including machinery, equipment, and consumer products. As manufacturing activities expand globally due to technological advancements and consumer demand, the need for paint thinners also grows, as they are essential for cleaning and maintaining industrial coatings, ensuring product durability and quality.

With growing environmental awareness, there is a significant opportunity for manufacturers to develop new eco-friendly paint thinners with lower Volatile Organic Compound (VOC) levels. VOCs released from conventional paint thinners are harmful pollutants that contribute to air pollution and negative health impacts. Stringent regulations and changing consumer preferences towards sustainability are driving the demand for environmentally friendly alternatives. Manufacturers can capitalize on this trend by investing in research and development to create thinner products that reduce VOC emissions while maintaining effectiveness. By leveraging different ingredients and advanced technology, companies can develop products that align with environmental regulations and industry needs. Promoting these eco-friendly solvents offers several benefits, including supporting corporate sustainability objectives, enhancing brand image, and attracting eco-conscious customers and businesses. Additionally, it ensures compliance with regulatory standards and fosters innovation, positioning companies as leaders in eco-friendly technology within the competitive paint thinners industry.

Global Paint Thinners Market, Segmentation

The Paint Thinners market is segmented based on material type, type, application, and region.

Material Type:

Mineral Spirits holds a prominent position in the global paint thinners market due to several key factors. Its longstanding history and positive reputation have established it as a trusted supplier of paint thinning solutions, earning the confidence of both customers and industry professionals. The company's commitment to research and development ensures the continual creation of new products that meet evolving market demands, further solidifying its market dominance. Moreover, Mineral Spirits' strategic focus on expanding its international presence through a robust distribution network enhances product availability across different regions, providing a competitive edge in market penetration and accessibility.

Application:

The dominance of architectural coatings in the paint thinners market can be attributed to several key factors. The substantial size and influence of the construction and renovation sector drive the demand for architectural coatings across residential, commercial, and industrial projects, unlike more niche sectors like automotive or wood finishing. The extensive surface areas typically involved in architectural projects require significant paint usage, leading to a heightened need for paint thinners for proper application and cleanup. Moreover, the growing trend of DIY applications further reinforces the leading position of architectural coatings, as homeowners and enthusiasts increasingly undertake painting projects themselves, necessitating paint thinners for dilution and tool cleaning, thereby increasing demand within the architectural coatings industry.

Region:

Rapid industrialization and urban expansion, particularly in countries like China and India, have spurred significant growth in sectors such as manufacturing and construction, leading to a heightened demand for paints across various applications and consequently increasing the usage of paint thinners. The thriving construction industry in the Asia-Pacific (APAC) region, coupled with ongoing infrastructure development projects in both residential and commercial sectors, further solidifies the region's dominance in the market for architectural coatings and paint thinners. Additionally, the burgeoning automotive and manufacturing industries in APAC significantly contribute to the rising need for paint thinners, driven by increased production and utilization of vehicles and products, thereby fueling demand in the region. Furthermore, the availability of raw materials for paint thinner production could potentially provide a competitive advantage for the APAC region, influencing cost and availability and making it an attractive market for manufacturing and distribution.

Some of the leading Paint Thinners market players are

• PPG Industries (USA)
• Sherwin-Williams (USA)
• Nippon Paint (Japan)
• RPM International (USA)
• Axalta (USA)
• Masco (USA)
• Benjamin Moore (USA)
• ICP Group (USA)
• Rust-Oleum Corporation (USA)
• Hempel A/S (Denmark)
• Jotun (Norway)
• BASF (Germany)
• DAW (Germany)
• MIPA SE (Germany)
• Beckers Group (Sweden)
• AkzoNobel (Netherlands)
• SKSHU Paints (China)
• Asian Paints (India)
• Berger Paints (India)
• DIC Corporation (Japan)
• Kansai Paint (Japan)
• Nippon Paint Holdings Co. Ltd (Japan)
• KCC Corp. (South Korea)
• Noroo Paint (South Korea), And Other Active Players

Key Industry Developments

• In February 2024, KANSAI HELIOS had signed a share purchase agreement with GREBE Holding in Weilburg, Germany to acquire its entire industrial coatings business (WEILBURGER Coatings), an industrial coatings producer, especially in the fields of non-stick, high temperature, railway, and other industrial specialty coatings. WEILBURGER had a turnover of approximately €150 million.
• In January 2024, MIPA SE had taken over the industrial coatings division of HAERING GmbH from Unterheinriet (near Heilbronn) with retroactive effect. Production of the acquired products was to be relocated to Mipa Group sites during the first quarter, and customer support was to be gradually taken over by MIPA SE. The HAERING GmbH sites and the HAERING brand and its product names were not part of the takeover. Terms were not disclosed.

Key Findings of the Study

• The global paint thinners market was valued at $21.36 billion in 2023 and is projected to reach $37.02 billion by 2032, with a CAGR of 6.3% from 2024 to 2032, according to the report by Introspective Market Research.
• Mineral Spirits holds a significant position in the market due to its longstanding history, positive reputation, and commitment to research and development, which ensures the creation of innovative products meeting evolving market demands.
• Architectural coatings dominate the paint thinners market, driven by the substantial size and influence of the construction and renovation sector, along with the growing trend of DIY applications, contributing to increased demand within the architectural coatings industry.
• The Asia-Pacific (APAC) region exhibits substantial growth potential in the paint thinners market due to rapid industrialization and urban expansion, particularly in countries like China and India. The thriving construction industry in APAC, coupled with the burgeoning automotive and manufacturing sectors, further strengthens the region's dominance in the market.