The global reactive diluents market size is expected to grow from USD 952 million in 2020 to USD 1,309 million by 2025, at a Compound Annual Growth Rate (CAGR) of 6.6% during the forecast period. The major factors driving the market include the growth of the global construction sector and the increasing use of composite materials. The outbreak of novel coronavirus (COVID-19) will act as restraining factor for the reactive diluents market in 2020.
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Aliphatic is projected to lead the global reactive diluents market
The market has been segmented based on type into three categories, namely, aliphatic, aromatic, and cycloaliphatic. Among these types, the aliphatic segment is expected to be the fastest-growing type during the forecast period. The demand for aliphatic reactive diluents is the highest due to their low-cost raw materials and simple manufacturing process. It is widely used in major industries, such as construction and automobile.
The paints & coatings application accounts for the largest share in the global reactive diluents market.
The reactive diluents market has been segmented based on application into four categories, namely, paints & coatings, composites, adhesives & sealants, and others. The paints & coatings application accounts for the largest market share. The growing demand for various types of coatings, such as automotive coatings, industrial coatings, coil coatings, floor coatings, marine coatings, and can coatings, is driving the market in this application.
APAC is expected to hold the largest market share of the global reactive diluents market
APAC is expected to be the largest market for reactive diluents during the forecast period. This region has many developing countries. The rising urbanization and improving standard of living are also expected to drive the APAC market. The various government policies and initiatives to attract foreign investors are expected to increase the demand for reactive diluents. The demand in this region is also high due to the presence of a large industrial base. The major end-use industries of reactive diluents in the region are construction and automotive.
Major companies in the reactive diluents market are Hexion (US), Huntsman Corporation (US), Kukdo Chemical (South Korea), Aditya Birla Chemicals (India), Evonik Industries (Germany), Adeka Corporation (Japan), Cargill (US), EMS-Griltech (Switzerland), Olin Corporation (US), Sachem (US), Arkema (France), Bluestar Wuxi Petrochemical (China), Atul Chemicals (India), Cardolite (US), DIC Corporation (Japan), Hubei Phoenix Chemical Company (China), Ipox Chemicals (Hungary), Sakamoto Yakuhin Kogyo (Japan), Geo Specialty Chemicals (US), BASF SE (Germany), Nippon Shokubai Co. Ltd (Japan), Air Products and Chemicals (US), Royce (US), King Industries (US), and Leuna-Harze (Germany).
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