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Crude-based Coating Solvent Market Is Projected To Reach USD 14,205 Million By 2032, Growing At A CAGR Of 4.4% From 2022 To 2032

01-14-2022 05:18 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Fact.MR

The Crude-based Coating Solvent market is estimated at USD 9,244 Million in 2022 and is projected to reach USD 14,205 Million by 2032, growing at a CAGR of 4.4% from 2022 to 2032.

Globally, coating solvent market is now experiencing a solid growth with a collective CAGR of 4.4% surpassing a net valuation of USD 8,844 Million by 2021.

The demand for coating solvent is mainly attributed to wide use case including aerospace, automotive, manufacturing etc. It has been analyzed that Crude-based Coating Solvent accounts nearly 18% of the value share in overall solvents market. This in turn offers coatings solvent as prime ingredients in several other downstream coatings, providing significant momentum to global solvent market during the assessment period.

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The solvent-based coating products are extensively utilized in various downstream applications of end use industries including automotive, aerospace, architectural coatings etc. Unlike water-based coatings, solvent-based coatings are less vulnerable to harsh conditions such as high temperature and humidity making it as consumers’ first choice.

In addition, according to the American Coatings Association, industrial and architectural coatings market has increased rapidly over the past few years owing to widespread adoption of solvent based coating in industries. This growth is ideally underpinned by growing investments offered by companies to cater the need for coating services in different industries including automotive, aerospace, defence etc. In addition, this rapid increase in the solvent based coating adopted by the automotive industry for higher wear resistance capabilities, has translated a significant increase in demand for coating solvents globally.

Global Coating Solvent Market by Category
By Product Type, Global Coating Solvent Market is segmented as:
• Crude based
• Bio Based (Green)

By Source, Global Coating Solvent Market is segmented as:
• Xylene and Toluene
• Acetone
• Ethylene Dichloride
• Alcohols
• Chloroethane
• Ethyl Acetate

Xylene & Toluene and Alcohols – Top-Seller Variants of Coating Solvents
With evolving requirements of the end-users coating solvents manufacturers have introduced various products, ranging from xylene and toluene to alcohols. These two top-seller variants of coating solvents will collectively account for approximately 75% volume share. Gains are also expected from acetone, which is foreseen to record a relatively faster volume growth in 2018 and beyond.

Formulators are continuously putting efforts for the development of coating solvents with the aid of new and improved polymers. These developments are primarily aimed at utilization of suitable solvent combinations, however manufacturer efforts are being tugged by environmental regulations. Key regulations, such as the National Emission Standards for Hazardous Air Pollutants (NESHAPs) of EPA, Clean Air Act Amendments (CAAA), and Emergency Planning and Community Right-to-Know Act (EPCRA) have significantly confined prospects of the coating solvents, particular those formulated using petrochemicals.

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APEJ to Lead with Over 30% Volume Share than Other Regional Markets
Fact.MR report opines that Asia-Pacific excluding Japan (APEJ) is expected to spearhead the coating solvents market, accounting for over 30% volume share than all the other regional markets assessed in the report. Majority of APEJ’s coating solvents market is expected to be concentrated in China, with global sales estimated to exceed 2,300 units in 2018. Majority of the demand is driven by end-use industries who focus on decreasing the number of recoats, and improve lifespan of their structures and products.

However, recent initiative by Chinese cities to phase out the solvent-based coatings is expected to hamper future prospects of the coating solvents market in APEJ as a consequence. Authorities in Chinese cities have mandated the industries to substitute the solvent-based coatings with water-based alternatives. Key cities that have taken this step include, Taizhou, Zhongshan, Nanjing, Tianjin, and Shanghai.

Shanghai Housing and Urban Development Management Commission has announced prohibition of coating solvents for woodware and exterior walls in the construction industry. In addition, Nanjing government has ordered over 800 vehicle maintenance enterprises for upgrading their solvent-based coatings to eco-friendly alternatives such as water-borne and bio-based variants.

Key Question answered in the survey of Keyword market report:
• Market Estimates Coating Solvent and Forecasts of Coating Solvent
• Market Size Coating Solvent
• Market Analysis of Coating Solvent
• Statistical analysis of Coating Solvent
• Key Drivers Impacting the Coating Solvent market
• Which are the Key drivers impacted by Coating Solvent market
• Restraints Shaping U.S. Market Growth
• Market Survey of Coating Solvent

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