The Global Paint Thinner Market was valued at USD 10.8 Billion in 2023 and is projected to reach USD 14.3 Billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 4.1% during the forecast period (2023–2030). This steady growth is propelled by the robust expansion of the global construction and automotive industries, coupled with the rising demand for high-performance coatings and increasing regulatory pressure to adopt environmentally compliant formulations.

As the coatings industry evolves toward low-VOC (Volatile Organic Compounds) and sustainable solutions, the focus intensifies on the key chemical suppliers and manufacturers driving innovation in solvent technology. In this analysis, we profile the Top 10 Companies in the Paint Thinner Industry—a blend of chemical giants, specialty manufacturers, and sustainability pioneers shaping the future of surface preparation and coating application worldwide.

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2023-2030 Global and Regional Paint Thinner Industry Status and Prospects Professional Market – View in Detailed Research Report

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🔟 1. Akzo Nobel N.V.

Headquarters: Amsterdam, Netherlands
Key Offering: Specialty Thinners for Decorative, Industrial, and Automotive Coatings

Akzo Nobel, through its renowned brand International Paint, is a global leader in paints and coatings. The company develops and distributes a comprehensive portfolio of high-performance thinners tailored for various resin systems, including epoxy, polyurethane, and alkyd coatings, serving professional painters and industrial clients.

Sustainability & Innovation Initiatives:

• Pioneering water-based and low-VOC thinner formulations

• “People. Planet. Paint.” sustainability framework targeting carbon neutrality

• R&D investments in bio-based and circular raw materials for solvents

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9️⃣ 2. BASF SE

Headquarters: Ludwigshafen, Germany
Key Offering: Solvents & Thinners for Industrial Applications (Laropal®, Shellsol®)

BASF is one of the world’s largest chemical producers, with a massive solvents division that supplies key ingredients for paint thinners. Its high-purity products, such as aromatic and aliphatic hydrocarbons, are critical components in formulations for the automotive, construction, and industrial maintenance sectors.

Sustainability & Innovation Initiatives:

• Development of solvent recovery and recycling technologies

• Portfolio expansion of environmentally compatible solvents with lower ecotoxicity

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8️⃣ 3. PPG Industries, Inc.

Headquarters: Pittsburgh, Pennsylvania, USA
Key Offering: PPG Thinners for Automotive Refinish, Industrial, and Architectural Coatings

PPG Industries is a leading global supplier of paints, coatings, and specialty materials. The company produces a wide array of thinners and reducers designed to optimize the performance of its coating systems, ensuring proper viscosity, drying times, and finish quality for diverse applications.

Sustainability & Innovation Initiatives:

• Commitment to 40% of sales from sustainably advantaged products by 2025

• Advancements in compliant thinner formulas for stringent environmental regulations

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7️⃣ 4. The Sherwin-Williams Company

Headquarters: Cleveland, Ohio, USA
Key Offering: Thinners & Reducers for Pro Industrial, Automotive, and DIY markets

Sherwin-Williams operates a vast distribution network and manufactures a complete line of thinners under brands like Krylon and Sherwood. Their products are essential for brush cleaning, viscosity adjustment, and surface preparation across professional and consumer segments.

Sustainability & Innovation Initiatives:

• Expansion of low-odor, green-certified thinner options

• Integration of thinner products into comprehensive waste minimization programs

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2023-2030 Global and Regional Paint Thinner Industry Status and Prospects Professional Market – View in Detailed Research Report

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6️⃣ 5. Dow Chemical Company

Headquarters: Midland, Michigan, USA
Key Offering: Glycol Ethers, Alcohols, and other Oxygenated Solvents

Dow is a foundational supplier to the thinner industry, producing key oxygenated solvents like Propylene Glycol Methyl Ether (PGME) and Ethylene Glycol Butyl Ether (EGBE). These chemicals are vital components in high-performance thinners for industrial and specialty coatings due to their effective solvency and evaporation rates.

Sustainability & Innovation Initiatives:

• Leadership in circular economy models for chemical production

• Innovations in safer solvent alternatives with improved environmental profiles

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5️⃣ 6. LyondellBasell Industries N.V.

Headquarters: Rotterdam, Netherlands
Key Offering: Base Chemicals for Thinners (Acetone, Butanol, Ethanol)

As one of the largest plastics, chemicals, and refining companies globally, LyondellBasell is a major producer of essential solvents. Its output of acetone, butanol, and ethanol provides the building blocks for numerous paint thinner formulations used in everything from household paints to industrial enamels.

Sustainability & Innovation Initiatives:

• Circular and Low-Carbon Solutions segment focused on sustainable feedstocks

• Investment in advanced recycling technologies to create circular solvents

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4️⃣ 7. Eastman Chemical Company

Headquarters: Kingsport, Tennessee, USA
Key Offering: Specialty Solvents (Oxsol, esters, ketones) for demanding applications

Eastman Chemical specializes in high-performance solvents that offer superior properties for challenging coating applications. Its Oxsol and other specialty solvent lines are designed to provide excellent solvency with favorable health and safety characteristics compared to traditional options.

Sustainability & Innovation Initiatives:

• Development of bio-based and recycled-content solvents

• Focus on solvent innovations that reduce user exposure and environmental impact

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3️⃣ 8. ExxonMobil Corporation

Headquarters: Irving, Texas, USA
Key Offering: Aromatic and Aliphatic Solvents (Solvesso, Isopar, Exxsol)

ExxonMobil’s Chemical division is a leading global supplier of hydrocarbon solvents, which are fundamental components of many paint thinners. Its Solvesso (aromatic) and Exxsol (aliphatic) brands are industry standards for their consistent quality and performance in resin dissolution and viscosity control.

Sustainability & Innovation Initiatives:

• Commitment to advanced recycling for plastic waste, contributing to circular feedstocks for chemicals

• Ongoing product stewardship to enhance the environmental profile of solvent offerings

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2️⃣ 9. Shell Chemicals

Headquarters: London, United Kingdom
Key Offering: Hydrocarbon Solvents (Shellsol, Aromatic 100/150)

Shell Chemicals produces a broad range of high-purity solvents that are critical for the paints and coatings industry. Their Shellsol products are widely used as thinners in industrial maintenance, marine, and protective coatings due to their controlled evaporation rates and solvency power.

Sustainability & Innovation Initiatives:

• Integration of sustainability criteria into solvent product design and manufacturing

• Exploring pathways for bio-based and circular hydrocarbon feedstocks

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1️⃣ 10. Mitsubishi Chemical Corporation

Headquarters: Tokyo, Japan
Key Offering: Specialty Chemicals and Solvents for High-Performance Coatings

Mitsubishi Chemical is a key player in the Asian market and globally, offering a diverse portfolio of chemical products, including specialty solvents for the coatings industry. The company serves the automotive, electronics, and industrial sectors with high-purity thinner components.

Sustainability & Innovation Initiatives:

• Focus on developing safer solvent alternatives with reduced environmental footprint

• KAITEKI vision framework emphasizing sustainable solutions for society

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2023-2030 Global and Regional Paint Thinner Industry Status and Prospects Professional Market – View in Detailed Research Report

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🌍 Outlook: The Future of Paint Thinner is Greener and Smarter

The paint thinner market is undergoing a significant transformation. While traditional solvent-based formulations still dominate many industrial applications, the industry is aggressively innovating to meet stricter environmental regulations and growing demand for sustainable products.

📈 Key Trends Shaping the Market:

• Rapid adoption of Bio-based and Green Solvents derived from renewable resources

• Stringent global regulations (REACH, VOC directives) driving formulation changes

• Advances in Solvent Recovery and Recycling Technologies to minimize waste

• Growing demand for High-Performance, Low-VOC Thinners in automotive and aerospace coatings

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2023-2030 Global and Regional Paint Thinner Industry Status and Prospects Professional Market – View in Detailed Research Report

The companies listed above are not only supplying essential chemicals for global industry—they are leading the critical shift toward safer, more sustainable formulating practices that protect both workers and the environment.