The special boiling point solvents market is expected to witness moderate growth, at an estimated CAGR of 3%, over the forecast period. One of the major factors driving the market is the rising demand for paints and coatings in various industries. A surging adhesives market and demand from the rubber industry are also expected to drive the market.
- Environmental concerns, issues regarding health and safety, and the rising popularity of water as a solvent are anticipated to hinder the growth of the market studied.
- Asia-Pacific accounted for the largest share of around 40%. The region is also expected to be registering the fastest CAGR over the forecast period.
Key Market Trends
Rising Demand for Paints and Coatings
- Special boiling point solvents are used in paints & coatings formulations to dissolve other compounds, such as pigments, binders, additives, etc.,
- After the paint is applied on any surface, these solvents evaporate, and hence, allows the resin & pigment to produce a film of paint on the surface and to dry very quickly. These solvents are essential in coating formulations, as they control viscosity of paints, and have a strong effect on film quality, which is majorly dependent on the solvents' rate of evaporation during drying period.
- Solvent-borne paints, also called as oil-based paints, can have various combinations of solvents, as a diluent, including aliphatic, aromatics, alcohols, ketones, and white spirit. These include organic solvents, such as petroleum distillate, esters, and glycol ether.
- Solvent-borne paints are manufactured by using liquefying agents that evaporate during a chemical reaction with oxygen. The air surrounding a solvent-borne coating helps to speed up the reaction, thereby reducing the drying time.
- Solvent-borne coatings are less susceptible to environmental conditions, such as temperature and humidity, during the curing phase, as compared to water-based coatings. This is one of the reasons for the rising preference of solvent-based coatings.
- Asia-Pacific is one of the fastest-growing markets for paints and coatings, due to rapid growth in decorative and industrial coatings.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region dominated the global market share. Special boiling point solvents are used to provide long-lasting protection and brilliant performance in extreme weather conditions to paints and coatings.
- Currently, China produces more than half of the Asia-Pacific coatings and is home to more than 10,000 paint companies, among which, local producers occupy more than half of the domestic paint market share.
- The coatings market is growing at a high rate in China, with increasing downstream demand. The booming construction and automotive industries are likely to propel the market for paints and coatings, which, in turn, is expected to drive the special boiling point solvents, during the forecast period.
- Due to insufficient environmental protection measurements, many medium and small-sized coatings manufacturers are shutting down their facilities in China, which is likely to hinder the market growth.
- However, the increased investment in the coating industry from giant companies is likely to stimulate the market in China.
- All the aforementioned factors may contribute to the growth of the market in the Asia-Pacific region.
The special boiling point solvents market is consolidated and is focused on research and innovation. Major players of the market are Royal Dutch Shell PLC, ExxonMobil Chemical, Total SA, HCS Group GmbH., DHC Solvent Chemie GmbH, etc.
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