Solvent Borne Coatings Market To Reach $52.67 Billion By 2030

Solvent Borne Coatings Market Growth & Trends

The global solvent borne coatings market size is expected to reach USD 52.67 billion by 2030, expanding at a CAGR of 3.8% during the forecast period, as per a new report by Grand View Research, Inc. This is attributable to the superior product properties, its wide range of applications, and the increasing demand from various end-use industries. They are known for their excellent durability, protection against weathering, and resistance to corrosion. These coatings provide a durable, hard, and glossy finish, making them ideal for industrial applications where resistance to abrasion and chemical exposure is crucial.

Solvent-borne coatings have several benefits over other types. They quickly dry, can be applied to a range of substrates, and are highly durable and weather resistant. They also provide excellent color & gloss retention, making them ideal for interior and exterior applications where aesthetics is essential. The demand for solvent-based paints and coatings has been on the rise, particularly in developing economies, owing to their unique characteristics and advantages. These products are well-suited for use in offshore oil and gas applications in environments characterized by low heat and high humidity.

Additionally, they are capable of covering large surface areas with a substantial thickness. Moreover, they demonstrate enhanced adhesion and exceptional water resistance, making them highly suitable for decorative finishes on complex shapes and external surfaces across various industries, including offshore oil and gas. As a result, there is an anticipated continued growth in the demand for these products in the foreseeable future, driven by the increasing adoption of paint anodization processes.

However, the solvents utilized in these coatings contain volatile organic compounds (VOCs), which contribute to the formation of smog and air pollution. Moreover, prolonged exposure to these solvents can pose health hazards, such as headaches, dizziness, and nausea. Consequently, alternative technologies such as waterborne and powder coatings have emerged as more environment-friendly options in recent years.

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Solvent Borne Coatings Market Report Highlights

• The market is estimated to advance at a compound annual growth rate (CAGR) of 3.8% from 2023 to 2030. This is attributed to the advancing automotive and industrial manufacturing activities worldwide

• Two-component type emerged as the fastest growing segment with a CAGR of 4.0% from 2023 to 2030. This is attributed to their superior performance in terms of durability and resistance. Two-component systems typically have better chemical resistance and adhesion and are used for more demanding applications, such as industrial coatings

• Two-component systems have a longer pot life, allowing for more extended work time, which can be beneficial in certain applications. The growing demand for high-performance coatings in industries like automotive, aerospace, and marine is driving the demand for two-component system solvent-borne coatings

• The industrial application segment is expected to expand at the highest CAGR of 4.2% from 2023 to 2030. This is attributed to the durability, water & chemical resistance, and adhesion characteristics of solvent borne coatings, which makes them ideal for use in various industrial applications

• Asia Pacific is poised to emerge as the fastest-expanding region with a CAGR of 4.6% from 2023 to 2030. This is attributed to the fact that the region is a hub of large automotive companies such as Toyota, Honda, Hyundai, Suzuki, and Tata Motors, resulting in the growing product application in the regional automotive industry

Solvent Borne Coatings Market Segmentation

Grand View Research has segmented the global solvent-borne coatings market on the basis of type, application, and region:

Solvent Borne Coatings Type Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• One Component

• Two Component

Solvent Borne Coatings Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Automotive

• Industrial

• Printing Inks

• Other Applications

Solvent Borne Coatings Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • Netherlands

  • Russia

  • Switzerland

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Malaysia

  • Indonesia

  • Vietnam

  • Australia

  • New Zealand

• Central & South America

  • Brazil

  • Argentina

  • Chile

  • Colombia

• Middle East & Africa

  • Saudi Arabia

  • South Africa

  • Iran

  • Oman

  • UAE

  • Qatar

  • Kuwait

  • Angola

  • Nigeria

List of Key Players in the Solvent Borne Coatings Market

• BASF SE

• PPG Industries

• The Sherwin-Williams Company

• Akzo Nobel N.V.

• RPM International

• Axalta Coating Systems

• Glass Paint Technology

• The Lubrizol Corporation

• NEI Corporation

• DOW