Paint Thinner Market to Garner $16.4 Billion, Globally, By 2031 at 4.1% CAGR, Says Allied Market Research

Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/32094 Request PDF Brochure:   https://www.alliedmarketresearch.com/request-sample/32094 Determinants of growth: Growing population base has led to rapid urbanization in both developed and developing economies such as the U.S.,China,Indiahas increased government expenditure on the building & construction sector to develop various infrastructure projects, which in turn has driven the paint thinner...

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Determinants of growth:

Growing population base has led to rapid urbanization in both developed and developing economies such as the U.S., China, India has increased government expenditure on the building & construction sector to develop various infrastructure projects, which in turn has driven the paint thinner market. On the other hand, the cost involved in the formulation of paint thinners is high that results in expensive final products, which impedes the growth to some extent. However, rise in young population coupled with increase in number of car enthusiasts have created lucrative opportunities in the industry.

Covid-19 scenario:

The methyl ethyl ketone segment garnered the highest share:

By solvent type, the methyl ethyl ketone segment held the major share in 2021, generating nearly one-third of the global paint thinner market revenue. The same segment would also showcase the fastest CAGR of 4.6% during the forecast period. This is due to the fact that increasing demand for consumer goods has increased the establishment of chemical manufacturing units in both developed and developing economies where methyl ethyl ketone-based paint thinners are extensively used along with paints for finish coat in steel structures, industrial equipment, and others.

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The paints and coatings segment garnered the major share in 2021:

By application, the paints and coatings segment generated the highest share in 2021, garnering nearly two-thirds of the global paint thinner market revenue and is expected to rule the roost by 2031. The same segment would also portray the fastest CAGR of 4.3% during the forecast period. This is attributed to the increasing population coupled with rapid urbanization, which in turn have surged the demand for both residential and commercial facilities where a wide range of paint thinners are used in conjunction with paints & coatings to enhance the visual appeal, surface durability, chemical protection and pest protection.

Asia-Pacific grabbed the lion's share:

By region, the Asia-Pacific region contributed to nearly half of the global paint thinner market revenue in 2021, and is projected to rule the roost by 2031. The same region would also showcase the fastest CAGR of 4.4% from 2022 to 2031. This is attributed to the huge advancements made in industries such as building & construction, transportation, industrial, and others across the region.

Key players in the industry:

The report analyzes these key players in the global paint thinner market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.

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