Solvent Based Coatings Global Market Report 2024

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 observed during the historical period can be attributed to a range of factors, including increased utilization of solvent-based coatings in industrial applications, architectural coatings, the automotive and transportation sectors, and for corrosion protection purposes.

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 anticipated growth in the forecast period can be attributed to several factors, including the development of sustainable formulations in solvent-based coatings, the demand for high-performance coatings, innovations in wood coatings, and the utilization of these coatings in the oil and gas industry. Major trends expected in the forecast period include the adoption of green solvent-based coatings, the use of nano coatings, the development of specialty and customized formulations, and the integration of digital transformation in coating application processes.

Solvent-based coatings offer distinct advantages in humid environments due to their rapid drying characteristics, especially when compared to water-based coatings, which are less efficient in such conditions. These coatings contain liquefying agents that expedite the drying process through a chemical reaction with the available oxygen in the environment. This quick-drying nature makes solvent-based coatings well-suited for application in humid conditions and at various temperatures. Many industries prefer solvent-based coatings due to their rapid drying, helping avoid chemical reactions. For example, Jamestown Coating Technologies produces solvent-based industrial paints known for their durability compared to water-based alternatives. Consequently, the quick-drying property of solvent-based coatings makes them suitable for application in humid environments, contributing to the growth of the solvent-based coatings market.

The primary types of solvent-based coatings in the market include one-component system solvent-borne coatings and two-component system solvent-borne coatings. A two-component (2K) solvent-borne coating formulation typically comprises a dispersion as the first component and an acrylate binder with hydroxyl functionalities as the second component. Solvent-based coatings find application in various sectors, including automotive, industrial, and printing inks, and are used across a wide range of industry verticals, including utilities, oil and gas, manufacturing, healthcare facilities, and other industrial sectors.

The solvent based coatings market research report is one of a series of new reports 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.

The growing demand from the oil and gas industry is expected to drive the expansion of the solvent-based coatings market. The oil and gas sector encompasses activities related to the exploration, extraction, refining, distribution, and marketing of hydrocarbon products, primarily crude oil and natural gas. Solvent-based coatings offer long-lasting protection against corrosion, durability, resistance to temperature and ultraviolet (UV) exposure, rapid drying, and ease of application in this industry. For instance, in September 2023, the US Energy Information Administration reported an increase in US crude oil production to 12.78 million barrels per day (b/d) in 2023, up from the previous record of 11.91 million b/d in 2022. Furthermore, the US consumed an average of 86.6 billion cubic feet of natural gas per day (Bcf/d) in 2022, the highest annual consumption of natural gas compared to 2021. Therefore, the rising demand from the oil and gas industry is a driving force behind the solvent-based coatings market's growth.

The solvent-based coatings release volatile organic compounds (VOC) into the environment, causing environmental harm and impacting human health. VOCs are carbon compounds that vaporize at room temperature and are a primary contributor to air pollution. Governments worldwide are enacting regulatory measures to reduce VOC emissions. For example, the Hong Kong government has introduced regulations restricting products that exceed standard VOC emission limits. Consequently, the emission of VOCs into the atmosphere from solvent-based coatings poses a limitation to the growth of the solvent-based coatings market.

The adoption of PET (polyethylene terephthalate) technology is on the rise. PET technology facilitates the homogeneous distribution of mineral particles during painting. It is an acrylic polymer capable of encapsulating mineral pigments in the organic solvent phase. The performance of coatings is significantly influenced by the bulk of the binder composition. However, additional polymer features such as crosslinking, oxidative or UV curing, and specific morphology can enhance overall performance, improving resistance to dirt accumulation and climate-induced variations. This technology is being widely embraced to enhance paint longevity and resilience against dirt from natural and man-made sources. Prominent companies, including Vermont Photo Inkjet, AkzoNobel N.V., Sherwin-Williams Company, and RPM International Inc., have adopted PET technology.

Leading companies operating in the solvent-based coatings market are focusing on innovative products like the Tego Flow 380 leveling agent to boost their market revenues. Leveling agents are additives used in the coatings, paints, and ink industries to enhance surface properties and appearance. For example, in March 2023, Evonik Industries AG, a Germany-based specialty chemicals manufacturer, launched the Tego Flow 380 leveling agent. This product is well-suited for solvent-borne coatings, particularly clear coats, known for its excellent anti-popping qualities and exceptional compatibility. Its very low viscosity simplifies processing and finds applications in the automotive and general industrial coatings sector.

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.

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.

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

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.

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

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


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