Allied Market Research

2024

Solvent Borne Coatings Market

Solvent Borne Coatings Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Application and by Industry Vertical : Global Opportunity Analysis and Industry Forecast, 2023-2032

MC : Paints, Coatings and Additives

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Author's: | Eswara Prasad
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Solvent Borne Coatings Market Analysis

Solvent borne coatings are liquid coatings applied on a metal surface to prevent corrosion. The main constituent of these coatings are organic compounds, which exhibit better strength than water borne coatings. Therefore, the market is witnessing growth due to the favorable properties of the product. Solvent borne coating can maintain its property even in humid or tropical environment, which makes it an ideal option compared to water borne coatings. It is of majorly two types, one component and two components. The coating is used in the automotive industry, printing inks, etc. Companies, such as Nippon and AkzoNobel, are taking steps to improve technologies related to solvent borne coatings to avoid any harmful effects on the environment. 

COVID-19 scenario:

  • In response to the current pandemic situation, governments are effectively establishing lockdown. 
  • Various industries have been facing the brunt of the lockdown due to being non-operational. 
  • Lockdown has led to negative demand from applications such as automotive industry, paints & coatings sector, printing inks, and others. This has significantly impacted the demand for solvent borne coatings during the lockdown period. 

Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis:

Asia-Pacific is the major contributor to the market due to increase in industrial, building, and construction sectors. The Asia Pacific region has the largest share in the market compared to other regions. Companies using these solvents are trying to reduce the number of recoats for better output. During the forecast period, it is estimated to witness exceptional rise in the use of solvent coatings as performance coatings in transportation to prevent damage in equipment. Increase in use of solvent coatings has led manufacturers to produce coatings with alcohol, xylene, and others. 

Solvent borne coatings are preferred over water borne coatings due to their properties of curing even in high temperatures. This has eventually led to the growth of the market. Moreover, due to less presence of water in its preparation, it leads to less corrosion compared to water borne coatings. There is no presence of spot rusting in solvent borne coatings, which contributes to the global market value. Certain chemicals have been added to these solvents, which resulted in improved characteristics such as anti-clogging, anti-sagging, better settling, and improved anti-corrosion. Therefore, these features resulted in increase in its use and decreased the cost for users. The major contributing companies, such as BASF SE and the Dow Chemical Company, focus on a larger number of industries in using solvent borne coatings.

Solvent borne coatings consist of volatile organic compounds, which produce harmful effects on the environment, which is a major restraint for the market growth. As governments have formed stricter laws for environment safety, solvent borne coating can face a major loss in its market value. Moreover, its property of being highly flammable can also restrain the market growth.  

Key developments

In September 2018, Evonik launched its new chemical substance TEGO 687, which is used to improve the wetting property. This substance in coatings is expected to enhance its sedimentation and consistency property. In January 2015, Dow Corning introduced its new 700P chemical to improve gloss and anti-yellowing property at high temperature. This new addition to the coatings is expected to improve heat resistance, viscosity, and gloss. This would eventually provide cost-effective solutions and increase the product usage. 

Key benefits of the report:

  • This study presents the analytical depiction of the solvent borne coatings market along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the solvent borne coatings market share.
  • The current market is quantitatively analyzed to highlight the solvent borne coatings market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the solvent borne coatings research report:

  • Which are the leading market players active in the market?
  • What are the current trends that will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities of the market?
  • What are the projections for the future that would help in taking further strategic steps?

Solvent Borne Coatings Market Report Highlights

Aspects Details
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By Type
  • One Component System
  • Two Component System
  • Hydrogenated Solvent
  • Oxygenated Solvent
  • Automotive Solvent Borne Coating
  • Industrial Solvent
  • Others
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By Application
  • Transportation
  • Consumer Products
  • Heavy Equipment Industry
  • Machinery Industry
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By Industry Vertical
  • Utilities
  • Oil & Gas Industry
  • Manufacturing Industry
  • Hospitals
  • Others
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By Region
  • North America  (US, Canada)
  • Europe  (Germany, UK, France, rest of Europe)
  • Asia-Pacific  (China, Japan, India, rest of Asia-Pacific)
  • Latin America  (Brazil, Mexico, rest of LATAM)
  • the Middle East 
  • Africa 
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Key Market Players

Croda International PLC, BASF SE, NEI Corporation, Jotun, the Sherwin-Williams Company, the Dow Chemical Company, Nippon Paints Holdings., AkzoNobel, Axalta Coating Systems, PPG Industries

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Solvent Borne Coatings Market

Global Opportunity Analysis and Industry Forecast, 2023-2032