Paint Thinners

Paint Thinners Market Outlook

The global paint thinners market is projected to reach approximately USD 6.3 billion by 2035, growing at a compound annual growth rate (CAGR) of 4.8% during the forecast period from 2025 to 2035. This growth can be attributed to the rising demand for paint products in various sectors, including construction, automotive, and manufacturing. The ongoing urbanization and infrastructural development across emerging economies are also driving the paint and coatings industry, thereby accelerating the demand for paint thinners. Furthermore, advancements in formulations and the introduction of eco-friendly alternatives are influencing market dynamics positively, providing a boost to the paint thinners market. The increasing awareness regarding sustainable practices is prompting manufacturers to innovate and develop products that cater to environmentally-conscious consumers.

Growth Factor of the Market

A primary growth factor for the paint thinners market is the booming construction industry, which is continuously creating opportunities for the production and use of paints and coatings. As more residential and commercial projects emerge, the need for paint thinners is on the rise to ensure proper application and finish. Moreover, the automotive sector is witnessing a surge in demand for coatings, primarily due to an increase in vehicle production and sales, creating a parallel demand for effective thinning agents. The burgeoning DIY culture globally, spurred by the rise of home improvement projects, further enhances the market as consumers seek paint thinners to achieve desired finishes in their projects. Additionally, the growing trend towards eco-friendly products is driving manufacturers to innovate with low-VOC (volatile organic compounds) and water-based thinners, expanding the market. Lastly, regional growth in Asia Pacific, driven by rapid industrialization, is also a significant contributor to the market's upward trajectory.

Key Highlights of the Market

• Growth driven by the booming construction and automotive industries.
• Shift towards eco-friendly and low-VOC paint thinner formulations.
• Expansion of distribution channels, particularly online retail.
• Increased DIY home improvement projects boosting consumer demand.
• Technological advancements in product formulations enhancing effectiveness.

By Product Type

Mineral Spirits:

Mineral spirits, commonly used in the paint thinners market, are petroleum-derived solvents known for their effectiveness in thinning oil-based paints and cleaning paintbrushes. They are favored for their mild odor and affordability, making them a popular choice among both professionals and DIY enthusiasts. The rise in oil-based paint applications, particularly in the construction and automotive sectors, is significantly contributing to the demand for mineral spirits. As environmental regulations gradually tighten, manufacturers are also innovating to produce less toxic variants of mineral spirits, enhancing their appeal while ensuring compliance with safety standards.

Turpentine:

Turpentine is a natural solvent derived from pine resin and is widely acknowledged for its strong solvent and paint-thinning capabilities. It is often used in artistic painting, varnishing, and cleaning applications. The increasing popularity of art and craft activities is pushing the demand for turpentine as an effective thinning agent. Additionally, the natural and biodegradable properties of turpentine are appealing to environmentally-conscious consumers, further driving market growth. As the trend towards using natural products continues to gain traction, turpentine is likely to see increased demand in various applications, including the cosmetic and adhesive industries.

Acetone:

Acetone is a highly versatile solvent that is used not only as a paint thinner but also in various industrial applications, including nail polish removers and cleaning agents. Its rapid evaporation rate makes it invaluable in creating a smooth finish on coated surfaces, especially for automotive and industrial paints. The increasing automotive production and the growing preference for acrylic and polyester paints, which often require acetone as a thinner, are propelling the growth of this segment. Additionally, the expansion of the cosmetics sector further enhances the demand for acetone, indicating its broad applicability across diverse consumer markets.

Naphtha:

Naphtha serves as a crucial component in the paint thinners market, utilized mainly for thinning and cleaning oil-based paints. Its effective solvency and ability to blend well with various paint formulations make it a preferred choice for many industrial applications. The growth in industrial coatings, particularly in manufacturing and construction sectors, is driving the demand for naphtha-based thinners. Furthermore, as the push for high-performance coatings continues, naphtha's role as a thinning agent in complex paint formulations will likely remain significant, thus sustaining its market position.

Xylene:

Xylene, another critical solvent in the paint thinners market, is known for its effectiveness in thinning paints and varnishes while providing a smooth finish. It is often used in professional painting applications due to its slower evaporation rate, allowing for a more controlled application. The demand for xylene is largely driven by its use in industrial coatings and automotive refinishing. However, with the growing concerns regarding xylene's health effects, there is a notable trend towards alternative, less toxic formulations. This shift may lead to changes in market dynamics, encouraging manufacturers to explore safer options while maintaining performance standards.

By Application

Oil-based Paints:

Oil-based paints remain a significant application of paint thinners, as they require effective thinning agents for proper consistency and finish. These paints are widely used in various sectors, including residential, commercial, and industrial applications. The increasing preference for durable and high-gloss finishes is driving the demand for oil-based paints, thereby positively impacting the paint thinners market. Furthermore, advancements in oil-based paint formulations, coupled with the growth of the construction industry, are expected to maintain the relevance of this application in the market.

Latex Paints:

Latex paints, known for their water-soluble properties, require specific thinners to achieve optimal performance. Although they are primarily diluted with water, certain formulations may require specialized thinners for specific applications. The rising trend in DIY home improvement projects has led to an increased use of latex paints, pushing the demand for compatible thinners. The growth of environmentally-friendly products is also influencing this segment, as manufacturers are innovating to create low-toxic thinners that complement the eco-friendly nature of latex paints.

Epoxy Paints:

Epoxy paints are appreciated for their durability and chemical resistance, making them popular in industrial applications. As these paints often require a thinner to achieve the desired application viscosity, the demand for appropriate paint thinners is essential. The growth in sectors such as automotive, manufacturing, and marine is driving the epoxy paints market, thereby boosting the demand for thinners specifically designed for this application. Additionally, the increasing awareness regarding protective coatings is further propelling the use of epoxy paints, indicating a robust growth potential for associated paint thinners.

Varnishes:

Varnishes are widely used to protect wood surfaces and enhance aesthetic appeal, requiring thinners for proper application and consistency. The growing trend of DIY woodworking and furniture restoration projects is significantly contributing to the demand for varnish-related paint thinners. As consumers seek high-quality finishes for their projects, the requirement for effective varnish thinners is becoming increasingly relevant. Moreover, the expanding furniture and woodworking industries are likely to sustain the demand for varnishes and their corresponding thinners, indicating positive growth prospects in this segment.

Others:

The "Others" category encompasses various niche applications of paint thinners, including specialized industrial uses and artistic mediums. This segment caters to unique consumer needs that may not be fulfilled by mainstream products. The increasing popularity of art and craft activities, especially among younger demographics, is driving the demand for specific paint thinners tailored for use in artistic applications. Additionally, sectors such as automotive refinishing and specialized coatings are creating opportunities within this segment, emphasizing the versatility and importance of paint thinners beyond traditional applications.

By Distribution Channel

Hardware Stores:

Hardware stores remain a vital distribution channel for paint thinners, offering a wide range of products to both professional contractors and DIY enthusiasts. These establishments provide easy access to thinners, enabling customers to purchase alongside other painting supplies. The growth of local hardware chains and the expansion of product offerings are contributing to increased sales in this channel. Furthermore, the knowledgeable staff in hardware stores can assist customers in selecting the appropriate thinner for their specific needs, fostering customer loyalty and repeat business.

Home Improvement Stores:

Home improvement stores serve as a significant distribution channel for paint thinners, catering to a diverse customer base that includes homeowners, contractors, and hobbyists. The expansive range of painting products available in these stores makes them a one-stop-shop for customers undertaking painting projects. Additionally, promotional campaigns and seasonal sales events in home improvement stores contribute to increased visibility and sales of paint thinners. The ongoing rise in DIY home improvement projects is likely to further bolster this channel, as consumers seek to achieve professional results at home.

Online Retailers:

The rise of e-commerce has transformed the distribution landscape for paint thinners, with online retailers gaining traction as a preferred shopping option. Consumers appreciate the convenience of browsing products from home and the ability to compare prices across various brands. Online platforms often provide detailed product descriptions and customer reviews, assisting buyers in making informed decisions. The COVID-19 pandemic has accelerated the trend towards online shopping, leading to an increase in paint thinner sales through this channel. As more consumers become accustomed to online purchasing, this distribution channel's growth is expected to continue in the coming years.

Paint Stores:

Specialized paint stores are crucial for distributing paint thinners, as they offer a curated selection of high-quality products tailored for professional painters and contractors. These stores often carry a range of thinners that correspond to specific paint types, providing customers with expert advice and product recommendations. The concentrated focus on paint and related products allows these stores to create a knowledgeable environment, enhancing customer satisfaction. Additionally, the trend towards customization and personalized service in paint stores is likely to reinforce their position as a key distribution channel for paint thinners.

Others:

The "Others" category of distribution channels includes various outlets such as specialty shops and direct sales through manufacturers. These channels cater to niche markets and specific consumer needs that may not be met through traditional retail outlets. Specialty shops may focus on artistic supplies, providing unique thinners suitable for specific artistic applications. Moreover, manufacturers who engage in direct sales can build strong relationships with their customers, ensuring that they receive tailored products and expert advice. As the demand for specialized products continues to grow, these alternative distribution channels are likely to gain prominence.

By Ingredient Type

Methanol:

Methanol is frequently used as a solvent and paint thinner, particularly in industrial applications. It is characterized by its ability to dissolve a wide range of organic compounds, making it effective for thinning and cleaning purposes. The increasing demand for high-performance coatings and adhesives in various sectors is driving the use of methanol as a key ingredient in paint thinners. However, the volatility of methanol and its associated health risks have prompted manufacturers to develop safer alternatives, potentially reshaping the ingredient landscape in the paint thinners market.

Toluene:

Toluene is widely employed as a solvent in paint thinners due to its effectiveness in dissolving resins and other components. It provides excellent performance characteristics, making it a popular choice for various industrial applications. The growth of the automotive and construction industries is propelling the demand for toluene-based thinners. Nevertheless, due to its potential health hazards, there is an increasing push towards the development of safer, low-toxicity alternatives that can meet regulatory requirements while maintaining performance standards.

Ethyl Acetate:

Ethyl acetate is recognized for its favorable environmental profile and is often used in eco-friendly formulations of paint thinners. Its ability to dissolve various types of coatings makes it an attractive option for manufacturers aiming to reduce VOC emissions. The growing consumer awareness regarding health and environment is driving the demand for ethyl acetate-based products. As regulations tighten, the shift towards low-VOC thinners is likely to boost the market for ethyl acetate, encouraging further innovation in product formulations.

Methyl Ethyl Ketone:

Methyl ethyl ketone (MEK) is another important ingredient in paint thinners, known for its ability to enhance the performance of coatings and adhesives. It is widely used in industrial applications due to its strong solvency properties. The increasing demand for high-performance coatings across various sectors, including automotive and manufacturing, is likely to sustain the growth of MEK in the paint thinners market. However, similar to other solvents, the regulatory landscape surrounding MEK is evolving, prompting companies to explore alternative formulations to ensure compliance with health and safety standards.

Others:

The "Others" category encompasses various lesser-known ingredients that may be utilized in specialized formulations of paint thinners. This includes solvents like isopropyl alcohol and other proprietary blends that cater to specific applications or consumer preferences. As manufacturers strive to differentiate their products, the development of unique formulations using alternative ingredients is likely to create niche opportunities in the paint thinners market. The growing emphasis on sustainability and environmental responsibility will further fuel innovation in this segment, leading to the emergence of new and safer thinning options for consumers.

By Region

The paint thinners market is witnessing significant growth across various regions, driven by the expanding construction and automotive sectors. North America currently holds a substantial share of the market, estimated at around 30%, with a projected CAGR of 4.5% during the forecast period. The presence of well-established automotive and construction industries in the United States and Canada is contributing to the demand for paint thinners. Additionally, the push towards eco-friendly products has led to increased investment in the development of low-VOC thinners in this region, reinforcing its market leadership.

In Europe, the paint thinners market is estimated to account for approximately 25% of the global share, with steady growth anticipated due to stringent regulations regarding VOC emissions. The shift towards sustainable practices is encouraging manufacturers to innovate and produce environmentally-friendly thinners, aligning with the region's commitment to environmental protection. Meanwhile, the Asia Pacific region is emerging as a lucrative market, projected to grow at the highest CAGR of 5.5% during the forecast period. Rapid industrialization, coupled with a booming construction sector in countries like China and India, is significantly driving the demand for paint thinners in this region. The increasing focus on infrastructure development is expected to sustain this growth in the coming years, ultimately shaping the competitive landscape of the paint thinners market.

Opportunities

The paint thinners market presents a myriad of opportunities driven by evolving consumer preferences and regulatory landscapes. A notable opportunity lies in the development of eco-friendly and sustainable paint thinner formulations. As consumers increasingly seek products that align with environmentally-conscious practices, manufacturers have the chance to invest in R&D aimed at creating low-VOC and biodegradable thinners. This could not only enhance brand reputation but also cater to a growing segment of environmentally-aware consumers. Moreover, partnerships with construction and automotive industries can lead to collaborative innovations, opening avenues for tailored solutions that meet industry-specific demands. The rise of the DIY culture also presents a significant opportunity, as more consumers engage in home improvement projects. By launching targeted marketing campaigns and product lines catering to DIY enthusiasts, companies can capitalize on this growing trend and expand their market reach.

Another opportunity exists in the expansion of distribution channels, particularly through online retail platforms. With the increasing shift towards e-commerce, companies that effectively utilize digital marketing strategies can enhance product visibility and reach a broader audience. Additionally, the integration of user-friendly online platforms can facilitate seamless purchasing experiences for consumers, thus driving sales growth. The ongoing global economic recovery post-pandemic is also likely to boost construction activities, thereby increasing the demand for paint thinners. Manufacturers who are agile and responsive to market trends will be well-positioned to leverage these opportunities, enhancing their competitive advantage and market share.

Threats

The paint thinners market is not without its challenges and threats, one of which includes the evolving regulatory landscape surrounding VOC emissions. Governments worldwide are increasingly implementing stringent regulations to mitigate environmental impacts, which may pose a threat to traditional solvent-based products. Manufacturers must adapt to these changes by investing in compliant formulations, which could lead to increased production costs and potential disruptions in the supply chain. Moreover, the rise of alternative products, including water-based paints and thinners, poses a competitive threat to traditional paint thinners. As consumers become more aware of the health risks associated with solvent-based products, the shift towards safer, low-VOC alternatives may influence market dynamics and pressure manufacturers to innovate rapidly to retain market relevance.

Furthermore, fluctuations in raw material prices could pose a significant threat to the paint thinners market. Many of the primary ingredients used in paint thinners, such as toluene and xylene, are derived from petrochemical sources, making their prices subject to market volatility influenced by global oil prices. Such fluctuations can impact profit margins and create supply chain challenges for manufacturers. Additionally, the ongoing geopolitical tensions and trade conflicts may further exacerbate these challenges by disrupting supply chains and increasing operational costs. Overall, staying ahead of these threats requires manufacturers to adopt strategic measures, such as diversifying supply sources and investing in R&D for sustainable product alternatives.

Competitor Outlook

• PPG Industries, Inc.
• BASF SE
• Sherwin-Williams Company
• AkzoNobel N.V.
• Dow Inc.
• RPM International Inc.
• Eastman Chemical Company
• Valspar Corporation
• Hempel A/S
• Royal DSM N.V.
• 3M Company
• Arkema S.A.
• ExxonMobil Corporation
• Huntsman Corporation
• Celanese Corporation

The competitive landscape of the paint thinners market is characterized by a mix of established players and emerging companies, all striving to enhance their market position through innovation and strategic initiatives. Major players such as PPG Industries, BASF, and Sherwin-Williams dominate the market landscape, leveraging their extensive product portfolios and global reach to capture a significant share of the market. These companies are actively investing in research and development to create eco-friendly formulations that comply with stringent regulatory standards, paving the way for a sustainable future in the paint thinners segment. Furthermore, they are expanding their distribution networks through collaborations and partnerships, ensuring a wide-reaching customer base across various regions.

Another critical aspect of the competitive landscape is the growing presence of mid-sized players and regional manufacturers. These companies are capitalizing on niche markets by offering specialized products tailored to the evolving needs of consumers. For instance, companies focusing on low-VOC and biodegradable thinners are gaining traction among environmentally-conscious consumers, creating a competitive edge in the market. Additionally, the rise of e-commerce has allowed these smaller players to reach broader audiences, challenging traditional distribution models. As competition intensifies, manufacturers will need to emphasize product differentiation, quality, and customer service to maintain their market share.

In terms of key companies, AkzoNobel N.V. stands out with its commitment to sustainability, actively developing innovative coatings and thinners with reduced environmental impact. The company invests heavily in R&D to meet consumer demand for safer products while maintaining high-performance standards. Similarly, Dow Inc. focuses on creating advanced materials and solutions that enhance the performance of paint thinners, ensuring they remain competitive in an evolving market. RPM International Inc. is known for its diversified portfolio, catering to various end-user sectors, including construction and automotive, which broadens its market presence. These strategic initiatives by major players, alongside emerging companies, are shaping the future of the paint thinners market, driving growth and innovation.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 BASF SE
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Dow Inc.
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 3M Company
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Hempel A/S
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Arkema S.A.
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 AkzoNobel N.V.
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Royal DSM N.V.
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Valspar Corporation
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Celanese Corporation
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Huntsman Corporation
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 PPG Industries, Inc.
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 ExxonMobil Corporation
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 RPM International Inc.
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Eastman Chemical Company
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Sherwin-Williams Company
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Paint Thinners Market, By Application
    • 6.1.1 Oil-based Paints
    • 6.1.2 Latex Paints
    • 6.1.3 Epoxy Paints
    • 6.1.4 Varnishes
    • 6.1.5 Others
  • 6.2 Paint Thinners Market, By Product Type
    • 6.2.1 Mineral Spirits
    • 6.2.2 Turpentine
    • 6.2.3 Acetone
    • 6.2.4 Naphtha
    • 6.2.5 Xylene
  • 6.3 Paint Thinners Market, By Ingredient Type
    • 6.3.1 Methanol
    • 6.3.2 Toluene
    • 6.3.3 Ethyl Acetate
    • 6.3.4 Methyl Ethyl Ketone
    • 6.3.5 Others
  • 6.4 Paint Thinners Market, By Distribution Channel
    • 6.4.1 Hardware Stores
    • 6.4.2 Home Improvement Stores
    • 6.4.3 Online Retailers
    • 6.4.4 Paint Stores
    • 6.4.5 Others

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Paint Thinners Market by Region
  • 10.6 Middle East & Africa - Market Analysis
    • 10.6.1 By Country
      • 10.6.1.1 Middle East
      • 10.6.1.2 Africa

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Paint Thinners market is categorized based on

By Product Type

• Mineral Spirits
• Turpentine
• Acetone
• Naphtha
• Xylene

By Application

• Oil-based Paints
• Latex Paints
• Epoxy Paints
• Varnishes
• Others

By Distribution Channel

• Hardware Stores
• Home Improvement Stores
• Online Retailers
• Paint Stores
• Others

By Ingredient Type

• Methanol
• Toluene
• Ethyl Acetate
• Methyl Ethyl Ketone
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• PPG Industries, Inc.
• BASF SE
• Sherwin-Williams Company
• AkzoNobel N.V.
• Dow Inc.
• RPM International Inc.
• Eastman Chemical Company
• Valspar Corporation
• Hempel A/S
• Royal DSM N.V.
• 3M Company
• Arkema S.A.
• ExxonMobil Corporation
• Huntsman Corporation
• Celanese Corporation