Global Coating Solvents Market : Top Booming Key Players(BASF Dow ,DuPont ,Exxon Mobil ,Shell Arkema)

Coating Solvents Market: Improvement in Performance of Coatings

Coating solvents are additives used to impart certain properties to coatings such as desired consistency. Coating solvents offer relatively greater benefits than water-borne and bio-based coating solvents used in the production of coatings. Major types of coating solvents include xylene and toluene, ethylene dichloride, chloroethane, acetone, alcohols, and ethyl acetate.

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Key Drivers of Global Coating Solvents Market

Increasing demand for coating solvents for use in performance coatings is expected to act as a major driving factor for the global coating solvents market during the forecast period. Performance coatings have witnessed increased demand over the last few years, particularly for use in prevention of damage to installations and transportation equipment.
However, performance coatings that are being developed currently are associated with high-solid systems, owing to introduction of pigments with high density. On the other hand, future performance coatings are expected to contain water-borne coating solvents. This can be attributed to growing focus on endurance profiles and low-risk applications.
Due to rising number of end-use applications of coating solvents, manufacturers have actively introduced various coating solvents such as xylene, toluene, and even alcohols. A few top-selling variants of coating solvents collectively hold around 75% of the market share, in terms of volume.
Growing building & construction sector in countries of Asia Pacific is driving the demand for various equipment and architectural coatings used in the construction of residential as well as commercial complexes. This, in turn, is anticipated to augment the demand for coating solvents in the near future.

Bio-based Segment to Witness Significant Growth

Properties such as eco-friendliness nature and sustainability have led to evolution of regulations in the coatings industry. This, in turn, has led to increase in usage of bio-based raw materials in the manufacture of solvents in coating formulations.
Several paints and surface coatings currently available in the marketplace bear labels such as ‘eco-friendly’ and ‘environmental friendly.’ This indicates the rising demand for bio-based solvents. According to the European Solvents Industry Group (ESIG), bio-based solvents are expected to witness rapid increase in the demand in the near future.

Availability of Substitutes and Stringent Regulations to Hamper Market

Coating solvents are used in various industrial sectors and by a large number of coating manufacturers, owing to their cost-effective nature and durable finish that they offer. However, regulations on VOC content and hazardous impact of solvent-based products on the environment have made end-use industries and manufacturers focus on the use of water-based products.
Polyurethane dispersions and water-based self-crosslinking emulsions are gradually replacing their solvent-based counterparts in various applications. Additionally, water-borne UV-curable coatings are largely being used in industrial applications, as these ensure excellent block resistance after curing. This, in turn, enables stacking, packaging, and shipping of coated parts directly from production lines.
Coating solvents are expected to face regulations imposed by environment regulatory authorities such as EPA’s National Emission Standards for Hazardous Air Pollutants (NESHAPs). NESHAPs have listed several solvents according to their environmental footprint, restricting their use in several applications.

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Asia Pacific Expected to Hold a Significant Share of Global Coating Solvents Market

In terms of region, the global coating solvents market can be divided into: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Asia Pacific dominates the global market for coating solvents and the market in the region is estimated to expand significantly during the forecast period. The market in the region is anticipated to be largely driven by increasing investments in the building & construction sector and growing industrial sector in developing countries of Asia Pacific such as China and India.
The Asia Pacific is expected to acquire significant volume share as compared to other regional markets. Moreover, the coating solvents market in Asia Pacific is expected to be concentrated in China in the near future. Mainstream demand is driven by end-use industries that focus on reducing the count of recoats and increasing the lifespan of their products and structures.
Several cities in China are working toward restricting the use of solvent-based coatings. This, in turn, is likely to hamper the Asia Pacific coating solvents market in the near future. Manufacturers in China have started using water-based coatings as a substitute for solvent-based coatings. Major cities such as Zhongshan, Taizhou, Nanjing, Shanghai, and Tianjin have implemented the use of water-based coatings.

Key Players Operating in Market

The global coating solvents market continues to remain consolidated among a few large players, which currently account for nearly 50% share of the global market, in terms of revenue. Companies are focusing on the expansion in their regional footprint, which is a key strategy of these players. This has led to several collaborations, partnerships, and acquisition activities with emerging players.

Major players operating in the global coating solvents market, such as BASF SE and The Dow Chemical Company, are strengthening their strategies for reaching large number of target customers. However, the global market is likely to remain moderately fragmented among small and domestic players, wherein strategic partnerships with leading players and product innovation for tapping various opportunities would be key growth strategies.

Key players operating in the global coating solvents market include:

BASF
Dow
DuPont
Exxon Mobil
Shell
Arkema
Eastman Chemical
Clariant
Solvay
INEOS
Celanese
LyondellBasell Industries
Sasol
BioAmber
Peng Chen New Materials Technology

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