Coating Solvent Market Trends and Forecast
The future of the global coating solvent market looks promising with opportunities in the building coating, furniture coating, automotive coating, and aerospace coating markets. The global coating solvent market is expected to grow with a CAGR of 4.3% from 2024 to 2030. The major drivers for this market are growing construction and automotive sectors, advances in solvent technology and formulation techniques, and rising trend towards waterborne and high-solid coatings.
• Lucintel forecasts that petrochemical based is expected to witness higher growth over the forecast period.
• Within this market, building coating is expected to witness the highest growth.
• APAC is expected to witness the highest growth over the forecast period.
Country Wise Outlook for the Coating Solvent Market
• United States: Several key players, including Sherwin-Williams and PPG Industries, have announced initiatives to reduce VOC emissions in solvent-based coatings by 20% by 2025, aligning with government targets for environmental sustainability.
• China: Government initiatives promoting eco-friendly solvents have spurred investments from local companies like Nippon Paint China, aiming to develop low-VOC formulations to meet stringent environmental regulations.
• Germany: BASF has launched a new line of bio-based solvents, targeting a 15% market share by 2023, supported by government subsidies for sustainable chemical innovations.
• India: Asian Paints and Berger Paints India have committed to doubling production capacity of water-based solvents by 2024, responding to government incentives promoting water conservation and reducing solvent emissions in coatings.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Coating Solvent Market by Segment
The study includes a forecast for the global coating solvent market by type, application, and region.
Coating Solvent Market by Type [Value from 2018 to 2030]:
• Petrochemical Based
• Bio Based
Coating Solvent Market by Application [Value from 2018 to 2030]:
• Building Coating
• Furniture Coating
• Automotive Coating
• Aerospace Coating
• Others
Coating Solvent Market by Region [Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Coating Solvent Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies coating solvent companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the coating solvent companies profiled in this report include-
• Dowdupont
• Exxon Mobil
• Shell
• Arkema
• Eastman Chemical
• Clariant
• Solvay
Recent Development in the Coating Solvent Market
• BASF SE: BASF SE announced a strategic partnership with a leading coatings manufacturer to develop low-VOC solvent formulations, aiming to meet stringent environmental regulations in key markets like Europe and North America.
• Akzo Nobel N.V.: Akzo Nobel launched a new line of bio-based coating solvents derived from renewable sources, positioning itself as a sustainability leader in the coatings industry while expanding its market share in Asia-Pacific.
• PPG Industries, Inc.: PPG Industries introduced a breakthrough solvent technology that enhances the durability and scratch resistance of automotive coatings, addressing growing demand for high-performance solutions in the global automotive sector.
• Sherwin-Williams Company: Sherwin-Williams invested in expanding its production capacity for waterborne coating solvents in Latin America, anticipating rising demand driven by infrastructure development and increasing adoption of eco-friendly coatings.
• Arkema S.A.: Arkema S.A. launched a series of next-generation solvent solutions with reduced toxicity and improved performance characteristics, catering to the stringent regulatory requirements in the European and North American markets.
Features of the Global Coating Solvent Market
Market Size Estimates: Coating solvent market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Coating solvent market size by type, application, and region in terms of value ($B).
Regional Analysis: Coating solvent market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, applications, and regions for the coating solvent market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the coating solvent market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the growth forecast for coating solvent market?
Answer: The global coating solvent market is expected to grow with a CAGR of 4.3% from 2024 to 2030.
Q2. What are the major drivers influencing the growth of the coating solvent market?
Answer: The major drivers for this market are growing construction and automotive sectors, advances in solvent technology and formulation techniques, and rising trend towards waterborne and high-solid coatings.
Q3. What are the major segments for coating solvent market?
Answer: The future of the global coating solvent market looks promising with opportunities in the building coating, furniture coating, automotive coating, and aerospace coating markets.
Q4. Who are the key coating solvent market companies?
Answer: Some of the key coating solvent companies are as follows:
• Dowdupont
• Exxon Mobil
• Shell
• Arkema
• Eastman Chemical
• Clariant
• Solvay
Q5. Which coating solvent market segment will be the largest in future?
Answer: Lucintel forecasts that petrochemical based is expected to witness higher growth over the forecast period.
Q6. In coating solvent market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness the highest growth over the forecast period.
Q7. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the coating solvent market by type (petrochemical based and bio based), application (building coating, furniture coating, automotive coating, aerospace coating, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Coating Solvent Market Market, Coating Solvent Market Market Size, Coating Solvent Market Market Growth, Coating Solvent Market Market Analysis, Coating Solvent Market Market Report, Coating Solvent Market Market Share, Coating Solvent Market Market Trends, Coating Solvent Market Market Forecast, Coating Solvent Market Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.