Paint thinner market seen reaching $16.4 billion by 2031

Allied Market Research says the global paint thinner market will grow from $11.0 billion in 2021 to $16.4 billion by 2031, driven by urbanization, construction activity and industrial demand. Asia-Pacific, methyl ethyl ketone and paints and coatings are expected to lead the market over the forecast period. Why it matters: - The paint thinner market is expanding alongside construction, industrial manufacturing and coatings demand. - The projected rise to $16.4 billion by 2031 signals steady demand across solvents, paints and coatings, and industrial equipment uses. - The growth outlook matters for paint makers, chemical suppliers and regional manufacturers competing for share in a market shaped by urbanization and infrastructure spending. What happened: - Allied Market Research published a report on the global paint thinner market on June 12, 2026. - The report estimates the market at $11.0 billion in 2021. - The report projects the market will reach $16.4 billion by 2031. - The forecast implies a 4.1% CAGR from 2022 to 2031. - The report covers solvent types, applications, regional trends, investment pockets, value chains and competition. - The report includes segments for acetone, turpentine, naphtha, toluene, methyl ethyl ketone and others. - The report includes applications in paints and coatings, industrial equipment and others. - More information is available in the request sample brochure . The details: - Rising urbanization in developed and developing economies has increased government spending on building and construction projects. - Higher formulation costs make paint thinners more expensive, which slows market growth. - A younger population and more car enthusiasts are creating new demand opportunities. - Methyl ethyl ketone held the largest solvent-type share in 2021, generating nearly one-third of market revenue. - Methyl ethyl ketone is projected to post the fastest solvent-type CAGR at 4.6% through the forecast period. - Demand for consumer goods has supported new chemical manufacturing units that use methyl ethyl ketone-based paint thinners. - Methyl ethyl ketone-based thinners are used with paints for finish coats on steel structures and industrial equipment. - The paints and coatings segment generated nearly two-thirds of global revenue in 2021. - The paints and coatings segment is projected to be the fastest-growing application at 4.3% CAGR. - Paint thinners in paints and coatings are used to improve visual appeal, surface durability, chemical protection and pest protection. - Asia-Pacific accounted for nearly half of global revenue in 2021. - Asia-Pacific is projected to grow at the fastest regional CAGR of 4.4% from 2022 to 2031. - The region’s lead is tied to advances in building and construction, transportation and industrial activity. - The report names Hempel A/S, Jotun, Kansai Paint Co., Ltd., Kwality Paints and Coatings Pvt. Ltd., PPG Industries, Inc., RPM International Inc., The Sherwin-Williams Company, Axalta Coating Systems, LLC and Zigma Paints Pvt. Ltd. as key players. - The report says these companies are using expansion, new product launches and partnerships to strengthen market position. - Additional report details are available in the full release . Between the lines: - The report points to a market that is being pulled by construction and industrial activity more than by consumer use alone. - Asia-Pacific’s lead suggests the next round of growth will likely come from manufacturing and infrastructure-heavy economies. - The fastest-growing segments are also tied to industrial end uses, which may favor suppliers with exposure to coatings and equipment markets. What’s next: - Allied Market Research expects the market to keep growing through 2031 at a moderate pace. - Companies in the sector are likely to focus on expansion, product launches and partnerships to defend or gain share. - The report’s regional and segment data may guide investment decisions in Asia-Pacific and in methyl ethyl ketone-based products. The bottom line: - Paint thinner remains a steady-growth chemicals market, with Asia-Pacific and coatings demand doing most of the heavy lifting.