Overview and Scope
Solvent-based coatings contain organic compounds like solvents and constitute liquefying agents that evaporate through a chemical reaction with oxygen. Solvent-based coatings include high levels of organic compounds than water-based coatings and offer a long durability.
Sizing and Forecast
The solvent based coatings market size has grown strongly in recent years. It will grow from $41.65 billion in 2023 to $45.79 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to industrial applications, architectural coatings, automotive and transportation, corrosion protection.
The solvent based coatings market size is expected to see strong growth in the next few years. It will grow to $65.29 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to sustainable formulations, high-performance coatings, wood coatings innovation, oil and gas industry. Major trends in the forecast period include green solvent-based coatings, nano coatings, specialty and customized formulations, digital transformation in coating application.
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Segmentation & Regional Insights
The solvent based coatings market covered in this report is segmented –
1) By Type: One Component System Solvent Borne Coating, Two Component System Solvent Borne Coating
2) By Application: Automotive Solvent Borne Coatings, Industrial Solvent Borne Coatings, Printing Inks
3) By Industry Vertical: Utilities, Oil & Gas Industry, Manufacturing Industry, Hospitals, Other Industry Verticals
Asia-Pacific was the largest region in the solvent based coatings market in 2023. Western Europe was the second-largest region in the solvent based coatings market report. The regions covered in the solvent based coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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Major Driver Impacting Market Growth
Solvent-based coatings are beneficial in humid environments. The time required to dry solvent-based coatings is very short when compared to water-based coatings, which are less efficient in humid environments. Solvent-based coatings are composed of liquefying agents that help speed up the drying process through a chemical reaction with the oxygen available in the environment. This nature of solvent-based coatings makes them easy to apply in a humid environment and at different temperatures. Moreover, many industries prefer solvent-based coatings to avoid chemical reactions owing to their quick-drying nature. For example, companies like Jamestown Coating Technologies produce industrial paints that are solvent-based and more durable when compared to water-based coatings. Thus, the nature of quick-dry in solvent-based coatings benefits their application in humid environments and thereby contributes to the growth of the solvent based coatings market.
Key Industry Players
Major companies operating in the solvent based coatings market include BASF SE, Akzo Nobel NV, PPG Industries Inc., Sherwin-Williams Company, Henkel AG & Co. KGaA, Valspar Corporation, 3M Company, H.B. Fuller Company, Eastman Chemical Company, Arkema SA, Clariant AG, Celanese Corporation, Dow Chemical Company, ExxonMobil Corporation, Ineos Group Limited, Shell plc, Solvay SA, Williams Hayward Protective Coatings Inc., Inver SPA, NEI Corporation, Laviosa Chimica Mineraria SpA, RPM International Inc., Axalta Coating Systems Ltd., Behr Paint Co., Benjamin Moore & Co., Kansai Paint Co. Ltd., Nippon Paint Holding Co. Ltd., Jotun Group, Evonik Industries AG, Huntsman Corporation, Mitsubishi Chemical Group Corporation, NOF Corporation, Saudi Arabia’s Basic Industries Corporation, Shin-Etsu Chemical Co. Ltd., Sumitomo Chemical Co. Ltd., Chemours Company, Berger Paints Ltd., Asian Paints Ltd.
The solvent based coatings market report table of contents includes:
1. Executive Summary
2. Solvent Based Coatings Market Characteristics
3. Solvent Based Coatings Market Trends And Strategies
4. Solvent Based Coatings Market – Macro Economic Scenario
5. Global Solvent Based Coatings Market Size and Growth
….
30. Solvent Based Coatings Market Competitive Landscape And Company Profiles
31. Solvent Based Coatings Market Other Major And Innovative Companies
32. Global Solvent Based Coatings Market Competitive Benchmarking
33. Global Solvent Based Coatings Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Solvent Based Coatings Market
35. Solvent Based Coatings Market Future Outlook and Potential Analysis
36. Appendix
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