Solvent Based Coatings Market Report 2026

The solvent based coatings market size has grown strongly in recent years. It will grow from $43.97 billion in 2025 to $46.96 billion in 2026 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to early adoption of solvent based technologies, demand for durable coatings, growth of automotive manufacturing, expansion of industrial infrastructure, limited alternatives in harsh environments.

The solvent based coatings market size is expected to see strong growth in the next few years. It will grow to $63.41 billion in 2030 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to growth of industrial equipment production, demand for corrosion resistant coatings, expansion of oil and gas infrastructure, innovation in low VOC solvents, rising maintenance coatings demand. Major trends in the forecast period include continued use in heavy duty applications, growing demand for high durability coatings, expansion of industrial coating applications, rising use in automotive finishes, focus on performance over environmental constraints.

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. Therefore, the rising demand from the oil and gas industry is a driving force behind the solvent-based coatings market's growth.

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.

In July 2024, Axalta Coating Systems, a U.S.-based paint and coatings manufacturer, acquired CoverFlexx Group for an undisclosed amount. This acquisition is a strategic move to expand Axalta's refinish coatings business, particularly in North America. CoverFlexx Group, a U.S.-based company, specializes in manufacturing and selling solvent-based coatings, including premium paints and protective coatings for automotive refinish.

Major companies operating in the solvent based coatings market are BASF SE, Akzo Nobel NV, PPG Industries Inc., Sherwin-Williams Company, Valspar Corporation, Williams Hayward Protective Coatings Inc., Inver 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, Berger Paints Ltd., Asian Paints Ltd., Hempel A/S, Noroo Paint & Coatings Co., Ltd., Beckers Group, Tikkurila Oyj, KCC Corporation, Teknos Group Oy, DIC Corporation, Ashland Inc.

Asia-Pacific was the largest region in the solvent based coatings market in 2025. 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, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the solvent based coatings market report are China, India, Japan, Australia, Indonesia, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, Taiwan, New Zealand, UK, Germany, France, Italy, Spain, Austria, Belgium, Denmark, Finland, Ireland, Netherlands, Norway, Portugal, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.

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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