- Proliferating Use of Coating Solvent in Automotive Industry to Drive Market Growth
- In its latest study, Fact.MR provides the supply chain and industry life cycle analysis of the global coating solvent market from the period of 2022 to 2032. Besides, it also highlights various growth opportunities associated with the leading segments in terms of product type and source across six major regions.
NEW YORK, Jan. 5, 2022 /PRNewswire/ -- The coating solvent market is expected to increase at a CAGR of 4.4 percent from 2022 to 2032, from USD 9,244 million in 2022 to USD 14,205 million in 2032.
Demand for coating solvent is high due to a variety of applications, including aerospace, automotive, and manufacturing. Coating solvents account for roughly 18% of the value share in the entire solvents market, according to research. As a result, coatings solvent can be used as a primary element in a variety of downstream coatings, giving the worldwide solvent market a boost over the assessment period.
Paints and coating solvents are projected to be subjected to environmental regulatory limits, such as the EPA's National Emission Standards for Hazardous Air Pollutants (NESHAPs), which have restricted the use of hazardous coating solvents.
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Furthermore, programs to reduce air pollution, including as the Clean Air Act Amendments (CAAA) and the Emergency Planning and Community Right-to-Know Act (EPCRA), have placed further restrictions on the use of solvents, which have become required for coatings formulators and end-users to follow.
In the near future, these rules will continue to have an impact on coating solvent prospects, pushing demand for alternatives such as water-borne coatings and bio-based coating solvents.
The rise of the automotive and construction industries has also influenced the adoption of coating solvents, which has remained in high demand during the same time period. The demand for better surface finishing and wear/thermal resistance in automobile components opens up a huge market for coating solvents in the manufacturing of automotive coatings.
Key Takeaways:
- China is expected to gain 200 BPS during 2022-2032 forecast period
- Crude-based coating solvents to account for ~88% of the consumption share coating solvent type.
- Alcohol as prominent source of coating solvent is expected to capture about ~39% of the coating solvent market share.
Growth Drivers:
- Rising use of solvent based coating adopted by the automotive industry to propel the market growth.
- Coating solvents demand to propel wing to rising government regulations for VOC free coating solution.
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Competitive Landscape
Coating solvents manufacturers' development strategies have traditionally included partnerships and collaborations with emerging companies to utilize their creative skills and expand regional market footprint, which has been the primary business driver for the global coating solvent market.
Key Players in the Coating Solvent Market Include:
- BASF SE
- Arkema S.A.
- Celanese Corporation
- Clariant AG
- Eastman Chemical Co.
- Exxon Mobil Corporation
- Ineos Group Limited
- LyondellBasell Industries N.V.
- Royal Dutch Shell plc
- Solvay SA
- The Dow Chemical Company
More Valuable Insights on Coating Solvent Market
Fact.MR provides an unbiased analysis of the coating solvent market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the global coating solvent market with a detailed segmentation on the basis of:
- By Product Type
- Crude based
- Bio Based (Green)
- By Source
- Xylene and Toluene
- Acetone
- Ethylene Dichloride
- Alcohols
- Chloroethane
- Ethyl Acetate
- By Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
Key Questions Covered in Coating Solvent Market Report
- The report offers insight into the coating solvent market demand outlook for 2022-2032.
- The market study also highlights projected sales growth for coating solvent market between 2022 and 2032.
- Coating solvent market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
- Coating solvent market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.
Explore Fact.MR's Coverage on the Chemical & Materials Domain -
Automotive Coatings Market Insights - Demand and supply trends in the automotive coatings market are still being driven by coating process innovation and automotive design, with automakers researching materials for building multi-substrate designs and manufacturing light-weight cars.
Coating Additives Market Analysis - Coating additives are becoming more and more essential to meet zero-VOC emission standards. Governments all around the world are upping the ante in their efforts to minimize carbon emissions from construction. This has resulted in a significant and rapid shift, which is boosting the market for coating additives.
Aerospace Coatings Market Scope - The need for aerospace coatings has remained strong, owing to the increased use of substrates across aircraft bodies to improve durability and longevity while employing the least amount of material possible. In the Asian region, the short-haul market is expected to develop the most.
Hydrophobic Solvents Market Forecast - Hydrophobic solvents are projected to gain substantial traction across the globe, thanks to the rising building industry and industrial expansion. The use of hydrophobic solvents over traditional protective coatings to shield materials from chemicals is expected to drive the market for hydrophobic solvents.
About Fact.MR
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