The world market for paint thinners is projected to exceed $1.3 billion by the year 2015. This is primarily driven by a rapid rise in architectural construction and industrial activity in the emerging markets, which created significant demand for paints that in turn rocketed demand for paint thinners in these markets.
The global paint thinners market is feeling the ill effects of the economic recession; similar to the way the global paints and coatings industry is enduring. Until mid-2008, the global paint thinners industry relished significant growth, both in value and volume terms. However, the industry began to suffer in the latter part of the year as the global economy slipped into a recession. Most end-use markets for paints and coatings, such as the residential housing, commercial construction and automotive markets, began to shrivel in the last quarter of 2008, resulting in a declining demand for paints and coatings, and resultantly for thinners used in these products. With prospects in the end use markets further deteriorating through most of the year 2009, the paint thinners market became a lackluster affair by the end of 2009, with the exception of few markets in Asia-Pacific.
Europe dominates the world paint thinners market as stated by the new market research report on paint thinners market. Though the aftermath of global recession adversely affected the European paint thinners market, demand is expected to emerge from Eastern European countries, owing to rapid growth in the industrial sector of the region. Asia-Pacific represents the fastest growing market for paint thinners. The rapid economic growth in most of the emerging countries resulted in rampant architectural construction and industrial activity, which created significant demand for paints that in turn rocketed demand for paint thinners in these markets. The global economic recession that shattered some of the major global economies failed to create similar impact on Asian economies such as India and China. Infrastructure development in these countries remained positive, although the global recession decelerated growth of development to a certain extent. Resultantly, growth in demand for paints and coatings, and consequently for paint thinners, decelerated in Asia-pacific. Going forward, Asia-pacific is expected to continue fuelling growth in the global paint thinners market, with considerable growth opportunities arising from other emerging regions, such as Latin America.
The report titled Paint Thinners: A Global Strategic Business Report provides a comprehensive review of market trends, regional overview, product overview, and recent industry activity. The study analyzes market data and analytics in terms of value sales for regions including The US, Japan, Europe, Asia-Pacific and Rest of World. Additionally, the report also provides volume analytics for the US and Japanese markets. Key players profiled in the report include Akzo Nobel India Limited, ANGUS Chemical Company, Benjamin Moore & Co., Berger Paints India Limited, Dichem Srl, Kansai Paint Co. Ltd, Kansai Nerolac Paints Limited, Marlin Srl, Orica Limited, PPG Industries Inc., Sico Inc., The Valspar Corporation, and Wattyl Pty Ltd, among others.
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