Leading Companies Fueling Growth and Innovation in the Solvent Based Coatings Market

The solvent based coatings industry is set for significant expansion as it evolves to meet growing demands across various sectors. With increasing industrial activities and technological advancements, this market is positioned to achieve remarkable growth by 2030. Let's explore the current market size, key players, driving forces, and important trends shaping the future of solvent based coatings.

Expected Growth Trajectory of the Solvent Based Coatings Market by 2030
The solvent based coatings market is projected to experience substantial growth over the coming years, reaching a market size of $63.41 billion by 2030. This corresponds to a compound annual growth rate (CAGR) of 7.8%. Several factors contribute to this expansion, including the rise in industrial equipment manufacturing, heightened demand for corrosion-resistant coatings, ongoing development of oil and gas infrastructure, advancements in low volatile organic compound (VOC) solvents, and an increasing need for maintenance coatings. Key trends expected to influence the market involve sustained use in heavy-duty applications, a growing preference for coatings with high durability, broadening industrial coating uses, rising application in automotive finishes, and a shifting focus towards performance despite environmental considerations.

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Leading Companies Influencing the Solvent Based Coatings Market
The solvent based coatings sector features strong competition among major industry players. Prominent companies include BASF SE, Akzo Nobel NV, PPG Industries Inc., Sherwin-Williams Company, Valspar Corporation, Williams Hayward Protective Coatings Inc., Inver SPA, RPM International Inc., Axalta Coating Systems Ltd., Behr Paint Co., Benjamin Moore & Co., Kansai Paint Co. Ltd., Nippon Paint Holding Co. Ltd., Jotun Group, Berger Paints Ltd., Asian Paints Ltd., Hempel A/S, Noroo Paint & Coatings Co., Ltd., Beckers Group, Tikkurila Oyj, KCC Corporation, Teknos Group Oy, DIC Corporation, and Ashland Inc.

A recent notable development occurred in July 2024, when US-based Axalta Coating Systems acquired CoverFlexx Group for an undisclosed sum. This strategic acquisition aims to strengthen Axalta's refinish coatings operations, particularly in North America. CoverFlexx Group specializes in producing and distributing solvent-based coatings, including high-quality paints and protective products used primarily for automotive refinishing.

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Emerging Innovations and Trends in the Solvent Based Coatings Market
Market leaders are increasingly focusing on product innovation to drive growth and differentiate themselves. One example is the introduction of advanced additives designed to enhance coating performance. In March 2023, Evonik Industries AG, a German specialty chemicals manufacturer, launched the Tego Flow 380 leveling agent. This additive is tailored for solvent-borne coatings, especially clear coats, offering excellent anti-popping properties and superior compatibility with various formulations. Its very low viscosity facilitates easy processing, making it ideal for automotive and general industrial coatings.

Expanding Product Segments Within the Solvent Based Coatings Market
The solvent based coatings market is broadly categorized by type, application, and industry vertical. By type, it includes one-component system solvent borne coatings and two-component system solvent borne coatings. Applications are primarily divided into automotive solvent borne coatings and industrial solvent borne coatings. The market also serves several industry verticals such as utilities, oil and gas, manufacturing, and other sectors.

Breaking down further, one-component system solvent borne coatings encompass alkyd coatings, acrylic coatings, epoxy coatings, polyester coatings, and polyurethane coatings. The two-component system solvent borne coatings segment includes epoxy-polyamine coatings, epoxy-polyamide coatings, and polyurethane coatings. This segmentation highlights the diverse range of products designed to meet specific performance needs across different industries.

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This release was published on openPR.