Solvent Based Coatings Global Market Report 2023

“Solvent Based Coatings Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on solvent based coatings market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for solvent based coatings ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The solvent based coatings market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

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

Companies Mentioned: BASF; AkzoNobel; PPG; Sherwin-Williams; Henkel

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time series: Five years historic and ten years forecast.

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,

Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.

Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.

Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Major players in the solvent based coatings market are: BASF, AkzoNobel, PPG, Sherwin-Williams, Henkel, Valspar, 3M, HB Fuller, Eastman Chemical Company, and Arkema SA.

The global solvent based coatings market will grow from $38.09 billion in 2022 to $41.81 billion in 2023 at a compound annual growth rate (CAGR) of 9.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The solvent based coatings market is expected to grow from $58.73 billion in 2027 at a CAGR of 8.9%.

The solvent-based coatings market consists of the sales of alkyd, polyester high solids, single component epoxy, 2-component urethane & epoxy, fluoropolymer 2-component, and non-isocyanate 2-component acrylic solvent-based coatings. Values in this market are: 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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.

Asia Pacific was the largest region in the solvent based coatings market in 2022. Western Europe was the second-largest region in the solvent based coatings market. 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.

The main types of solvent-based coatings are one-component system solvent-borne coatings and two-component system solvent-borne coatings. A two-component (2K) solvent-borne coating formulation consisting of dispersion as a first component and an acrylate binder with hydroxyl functionalities. The solvent-based coatings are applied in automotive solvent-borne coatings, industrial solvent-borne coatings, and printing inks that are used in utilities, oil and gas industries, manufacturing industries, hospitals, and other industry verticals.

Solvent-based coatings are beneficial in humid environments. The time required to dry for solvent-based coatings is very little 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 oxygen available in the environment. This nature of solvent-based coatings makes them easy to apply in a humid environment and at different temperature zones. 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, which are solvent-based and are more durable when compared to water-based coatings. Thus, the nature of quick-dry in solvent-based coatings benefits its application in humid environments and thereby contributes to the growth of the market.

Solvent-based coatings release volatile organic compounds (VOC) into the environment, causing environmental damage and affecting human health. VOCs are carbon compounds that become gas at room temperature and are the main reason for air pollution. Governments across the world are coming up with different regulatory acts to curb the emission of VOCs. For instance, to reduce the emission of VOC, the Hong Kong government has implemented a regulation that restricts products that exceed the standard emission of VOC in the country. Thus, the emission of VOCs into the atmosphere from solvent-based coatings limits the growth of the market.

The adoption of PET technology is increasing as it enables the homogenous distribution of mineral particles during painting. It is an acrylic polymer capable of encapsulating mineral pigments in the organic phase, which is a solvent phase. The main performance of the coatings comes from the bulk of the binder composition. However, additional polymer features such as crosslinking, oxidative or UV (Ultra Violet) curing, and specific morphology can boost overall performance, improving the dirt pick-up resistance in most cases. PET technology is being widely adopted by many customers and establishments to improve paint longevity and enhance resistance to climate variations and dirt from manmade and natural sources. Some of the major companies that have adopted this technology are Vermont Photo Inkjet, AkzoNobel N.V., Sherwin-Williams Company, and RPM International Inc.

The countries covered in the solvent based coatings market are: Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, and Australia.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values - that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The solvent based coatings market research report is one of a series of new reports from The Business Research Company that provides solvent based coatings market statistics, including solvent based coatings industry global market size, regional shares, competitors with a solvent based coatings market share, detailed solvent based coatings market segments, market trends and opportunities, and any further data you may need to thrive in the solvent based coatings industry. This solvent-based coatings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.