Enjoy complimentary customisation on priority with our Enterprise License!
The thinners and paint strippers market is projected to grow by USD 5.51 billion with a CAGR of 4.6% during the forecast period 2021 to 2026.
This thinners and paint strippers market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the thinners and paint strippers market segmentation by application (furniture refinishing, building renovation, industrial repair, vehicle maintenance, and others) and geography (North America, Europe, APAC, South America, and the Middle East and Africa). The thinners and paint strippers market report also offers information on several market vendors, including 3M Co., Akzo Nobel NV, Asian Paints Ltd., BASF SE, Cosmos Colour, Ecochem, EZ Strip Inc., Franmar Chemical, Green Products Co, GSP Sandblasting and Painting Inc., Henkel AG and Co. KGaA, Innovative Chemical Products, Nippon Paint Holdings Co. Ltd., PPG Industries Inc., Sika AG, SolvChem Inc., Tetraclean, The Savogran Co., and The Sherwin Williams Co. among others.
Download Report Sample to Unlock the Thinners and Paint Strippers Market Size for the Forecast Period and Other Important Statistics
The increasing demand for thinners and paint strippers in the paints and coatings industry is notably driving the thinners and paint strippers market growth, although factors such as health hazards of using thinners and paint strippers may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the thinners and paint strippers industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Thinners and Paint Strippers Market Driver
The increasing demand for thinners and paint strippers in the paints and coatings industry is one of the key drivers fueling the thinners and paint strippers market growth. Thinners and paint strippers are used in many applications, including furniture refurbishing, building renovations, vehicle maintenance, and industrial repair. Besides enhancing the aesthetics of the substrates, thinners and paint strippers offer various functional benefits, such as paint thickness moderation, insulation, and light absorption. Thus, thinners and paint strippers such as acetone and dichloromethane are predominantly used as a solvent in the paints and coatings industry to protect against the risk of combustion, which, in turn, will foster the growth of the market during the forecast period.
Key Thinners and Paint Strippers Market Trend
Fluctuating crude oil prices are one of the key thinners and paint strippers market trends propelling the market growth. Industrial production of methylene chloride, a paint thinner, involves the direct chlorination of methanol. Methyl Ethyl Ketone (MEK) is another widely used substance that is employed as a paint stripper. These substances are petrochemical in nature and are derivatives of natural gas and oil. As a result, changes in the price of crude oil will negatively impact the cost of petroleum fraction products, such as MEK and methylene chloride, which will adversely affect the growth of the market during the forecast period. However, there are trends that may propel the market growth in the near future.
Key Thinners and Paint Strippers Market Challenge
Health hazards of using thinners and paint strippers are one of the factors limiting the thinners and paint strippers market growth. Paint thinners release hazardous fumes that can be inhaled by people. This could result in unpleasant symptoms such as headache, nausea, and discomfort. Furthermore, solvents such as methylene chloride, a chemical used in paint strippers, can be hazardous to human health. Cancer can result from long-term exposure to methylene chloride. Furthermore, paint thinners can be extremely flammable. Therefore, they must be stored carefully in well-ventilated areas. All these factors will hinder the growth of the market during the forecast period.
This thinners and paint strippers market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global thinners and paint strippers market as a part of the global specialty chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the thinners and paint strippers market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the thinners and paint strippers market encompasses successful business strategies deployed by the key vendors. The thinners and paint strippers market is fragmented, and the vendors are deploying growth strategies such as innovation, price, operational cost, and product quality to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The vendor profiles are designed to help clients improve their market position and information on production and sustainability along with this the report provides a detailed analysis of several leading Companies.
Our In-house experts produce extensive information on the value chain and parent market of thinners and paint strippers market, which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-to-end understanding of product insight and profit and also optimization and evaluation of business strategies The players across the value chain include selective data and analysis from entire research findings as per the scope of the report.
For more insights on the market share of various regions Request PDF Sample now!
25% of the market’s growth will originate from North America during the forecast period. The US is the key market for thinners and paint strippers market in North America. Market growth in this region will be faster than the growth of the market in Europe and South America.
The growing demand for wooden furniture refinishing, coupled with the increasing number of affluent consumers will facilitate the thinners and paint strippers market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 had a detrimental influence on the growth of the regional market. However, lockdown restrictions were lifted in many countries in the region due to the initiation of large-scale vaccination drives in 2021. Thus, the regional market is expected to grow substantially during the forecast period.
To gain further insights on the market contribution of various segments Request a PDF Sample
The thinners and paint strippers market share growth in the furniture refinishing segment will be significant during the forecast period. Dichloromethane, often known as methylene chloride, is the most frequent solvent, which is used as a paint remover for furniture refinishing. Thus, the growing sales of premium furniture products, aided by increasing urbanization and the surging disposable income of people over the last decade, have resulted in the growing demand for furniture refinishing across residential and commercial spaces. This, in turn, will propel the growth of the market during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the thinners and paint strippers market size and actionable market insights on the post-COVID-19 impact on each segment.
Thinners and Paint Strippers Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.6% |
Market growth 2022-2026 |
$5.51 billion |
Market structure |
Fragmented |
YoY growth (%) |
3.1 |
Regional analysis |
North America, Europe, APAC, South America, and the Middle East and Africa |
Performing market contribution |
North America at 25% |
Key consumer countries |
US, China, India, UK, and Germany |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
3M Co., Akzo Nobel NV, Asian Paints Ltd., BASF SE, Cosmos Colour, Ecochem, EZ Strip Inc., Franmar Chemical, Green Products Co, GSP Sandblasting and Painting Inc., Henkel AG and Co. KGaA, Innovative Chemical Products, Nippon Paint Holdings Co. Ltd., PPG Industries Inc., Sika AG, SolvChem Inc., Tetraclean, The Savogran Co., and The Sherwin Williams Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.