Coating solvents are additives used for imparting certain performance properties to coatings, which offers the coatings with desired consistency. Coating solvents have relatively greater benefits than water-borne and bio-based coating solvents in the production of coatings. Most used types of coating solvents available in the market include xylene and toluene, ethylene dichloride, chloroethane, acetone, alcohols, and ethyl acetate.
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This report titled “Coating Solvents Market Forecast, Trend Analysis, and Competition Tracking – Global Market Insights 2018 to 2027,” is an exhaustive compilation of valuable insights and accurate forecast on the coating solvents market for the period between 2018 and 2027. A detailed assessment on key aspects that influence the coating solvents market growth has been provided in the report.
The primary aim of the report is to provide authentic information on the coating solvents market, to enable readers in collecting and devising appropriate strategies. This will further help readers to align well with changing dynamics of the coating solvents market. Additionally, the report offers an overview of the coating solvents market, which offers better understanding on future prospects of the coating solvents market.
Bio-based Coating Solvents Gain Emphasis Abreast Sustainability
Prevailing trends, including environment-friendly, green, and sustainability have led to regulatory evolutions in the coatings industry. This in turnhas led to increase in content of bio-based raw materials such as solvents in coating formulations. Several paints and surface coatings currently available in the market bear labels such as “eco-friendly” and “environmental friendly”, alluding at rising demand for bio-based solvents. This niche form of solvents currently holds just over 10% of the coating solvents sales, however bio-based solvents are expected to witness rapid growth in demand, according to the European Solvents Industry Group (ESIG).
High Traction of Water-borne Coatings
Solvent-based coatings have traditionally remained the first preference among various industrial sectors and coatings manufacturers alike, owing to their cost-effective, yet attractive, durable finish. However regulations on VOC content, and environmental impact of solvent-based coatings have led the end-use industries and manufacturers to focus on the use of water-borne coatings. Very low solvent emissions, and excellent mechanical properties and resilience, are key attributes of water-borne coatings that are driving their adoption.
Polyurethane dispersions and water-based self-crosslinking emulsions are gradually replacing their solvent-based counterparts in various end-use industries. Additionally, water-borne UV curable coatings are becoming popular choices for industrial applications, as these ensure excellent block resistance post-cure, thereby facilitating stacking, packaging, and shipping of coated parts directly from the production lines.
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Growing Momentum of Performance Coatings
Performance coatings have witnessed increased demand in the recent past, particularly to prevent damage to installations and transportation equipment. End-user demand for performance coatings has been set in context of various factors ranging from high pressure on efficiency and increased international trade to growing focus on environment conservation. Performance coatings being developed currently are associated with high-solid systems, owing to the introduction of pigments that feature high density. However, future development of performance coatings is expected to include water-borne coating solvents, as emphasis grows on endurance profiles and low-risk applications.
Tier 1 Players Sell Nearly 50% of All Coating Solvents
Coating solvents market continues to remain clustered among Tier 1 players, who currently account for nearly 50% share of global sales. Expanding their regional footprint is a key strategy of these players which has led to several collaborations, partnerships, and acquisition activities with emerging players with innovative products.
Tier-1 players such as BASF SE and The Dow Chemical Company are strengthening their go-to market strategies for reaching target customers. The coating solvents market will remain moderately fragmented among Tier 2 and Tier 3 players, wherein strategic partnerships with leading players and product innovation for tapping latent opportunities are key expansion strategies.
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