Global Solvent Borne Coatings Market Overview, 2023-28

Global Solvent Borne Coatings Market Overview, 2023-28

The solvent-borne coatings market is expected to promise high growth owing to increasing demand due to their anti-corrosion properties. The demand for solvent-borne coatings has increased to coat metal parts and equipment in harsh environments in recent years. Increasing demand from applications including automotive solvent-borne coatings, industrial solvents, printing inks, transportation, and consumer products is expected to drive the growth of the market. In essence, solvent-borne coatings serve as liquid protective layers that are applied to a metal surface to stop corrosion. Their primary components are organic compounds, and solvent-borne coatings display curing properties, as a result of which they demonstrate greater strength than water-borne coatings. As a result, they make a good choice for a corrosion control method. The solvent-borne coating industry is a dynamic and thriving sector that plays a vital role in various applications and industries worldwide. Solvent-borne coatings find extensive usage in industries such as automotive, construction, aerospace, marine, and industrial manufacturing. With their excellent adhesion and resistance to corrosion, weathering, and chemical exposure, solvent-borne coatings ensure long-lasting and high-quality finishes. These coatings offer a wide array of colours, textures, and finishes, allowing for endless creative possibilities and customization. Moreover, advancements in technology have further enhanced the performance and sustainability of solvent-borne coatings, making them an indispensable solution for diverse applications. As the demand for reliable and efficient coatings continues to rise, the solvent-borne coating industry remains at the forefront, constantly innovating and delivering exceptional solutions to meet the evolving needs of various sectors. With regards to utility in sticky or tropical conditions, dissolvable-borne coatings are significantly more successful than water-borne coatings because of the distinction in base material utilised. The curing process of water-borne coatings is heavily dependent on the reaction between the chemical components of the coating and the surrounding air. Water vapour evaporation, on the other hand, is absolutely necessary for the curing process in solvent-borne coatings. Thus, dissolvable-borne coatings are seeing colossal development in tropical nations.

According to the research report, Global Solvent Born Coating Market Overview, 2023–2028, published by Bonafide Research, the global solvent-born coating market is anticipated to cross USD 54.03 Billion, increasing from USD 39.98 Billion in 2022. The market is expected to grow at a CAGR of 5.21% by 2023–2028. Solvent-borne coatings are known for their excellent performance characteristics, such as high durability, adhesion, and resistance to wear, corrosion, and weathering. These coatings provide robust protection to surfaces, ensuring long-lasting finishes and an enhanced product lifespan. Solvent-borne coatings are highly versatile and can be used across various industries and applications. They are suitable for automotive, aerospace, construction, industrial equipment, and marine sectors, among others. This versatility makes them a preferred choice for manufacturers looking for a single coating solution for multiple needs. Due to its extensive range of colours, textures, and finishes, it allows for enhanced aesthetic appeal and customization. This is particularly important in industries such as automotive and consumer goods, where visual appeal plays a significant role in consumer preferences. Solvent-borne coatings exhibit excellent resistance to chemicals, solvents, and corrosive substances. This makes them ideal for applications where protection against chemical exposure is critical, such as in chemical processing plants, industrial facilities, and the oil and gas industries. The global solvent-borne coating market benefits from a well-established infrastructure and supply chain network. Manufacturers have access to a wide range of raw materials, additives, and equipment necessary for the production and distribution of solvent-borne coatings, ensuring a steady supply to meet market demand. The rapid urbanisation and industrialization in emerging economies, particularly in Asia-Pacific and Latin America, have led to increased demand for solvent-borne coatings. As these regions witness growth in the automotive, construction, and industrial sectors, the need for high-performance coatings to protect assets and infrastructure rises.

Based on the report, the global market is segmented into five regions, including North America, Europe, Asia Pacific, South America, the Middle East, and Africa. Among them, Asia Pacific will dominate the market in 2022. Asia-Pacific is home to some of the world's fastest-growing economies, such as China, India, and Southeast Asian countries. These economies have experienced significant industrialization, urbanisation, and infrastructure development, leading to increased demand for solvent-borne coatings across various sectors. The Asia-Pacific region has witnessed a substantial surge in the automotive industry, with countries like China, Japan, and South Korea being major automotive manufacturing hubs. Solvent-borne coatings are widely used in automotive production for their exceptional performance, durability, and aesthetic appeal, driving the demand for these coatings in the region. Furthermore, the construction industry in Asia Pacific is experiencing remarkable growth due to infrastructure development, urbanisation, and rising disposable incomes. Solvent-borne coatings find extensive usage in architectural coatings, protective coatings for buildings, and infrastructure projects, further fueling the demand in the region. Asia Pacific has become a global manufacturing hub, attracting investments from multinational companies. Industries such as electronics, machinery, consumer goods, and packaging require high-quality coatings for product finishing, protection, and aesthetics, leading to a significant demand for solvent-borne coatings. As well, the governments in the Asia-Pacific region have implemented supportive policies to encourage industrial growth, technological advancements, and sustainable development. Investments in research and development, infrastructure projects, and manufacturing facilities have created a conducive environment for the solvent-borne coating market to thrive.

Based on type, the segment includes the one-component system and the two-component system of solvent-borne coating. Generally, both types of component systems have their own important One- and two-component systems of solvent-borne coatings offer excellent performance and durability. They provide robust protection against corrosion, abrasion, weathering, and chemical exposure. These coatings are known for their long-lasting properties, making them ideal for demanding applications. One- and two-component systems of solvent-borne coatings exhibit excellent adhesion to various substrates, including metals, plastics, and concrete. This strong adhesion ensures long-term bonding and minimises the risk of coating delamination or failure. Based on the application segment, this includes automotive solvent-borne coatings, industrial solvent-borne coatings, and printing inks. Solvent-borne coatings are used more in the industrial sector; solvent-borne coatings are extensively used in the automotive industry for applications such as vehicle bodies, parts, and components. These coatings provide excellent corrosion resistance, durability, and aesthetic appeal to automotive finishes. The aerospace industry relies on solvent-borne coatings for aircraft exteriors, interiors, and components. These coatings offer protection against harsh environmental conditions, chemicals, and abrasion while also meeting stringent aerospace standards. Based on the industrial vertical segment, which includes utilities, oil and gas industries, manufacturing industries, hospitals, and other industry verticals, at the global level, the oil and gas industry is contributing to the growth of solvent-borne coatings.

Considered in this report

• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report

• Global Solvent Born Coating market with its value and forecast along with its segments
• Region-wise Solvent Born Coating market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions & Countries covered in the report:

• North America (United States, Canada, Mexico)
• Europe (Germany, United Kingdom, France, Spain, Italy, Russia)
• Asia-Pacific (China, Japan, India, Australia, South Korea)
• South America (Brazil, Argentina, Colombia)
• Middle-East & Africa (UAE, Saudi Arabia, South Africa)

By Type:

• One Component System Solvent Borne Coating
• Two Component System Solvent Borne Coating

By Application:

• Automotive Solvent Borne Coatings,
• Industrial Solvent Borne Coatings,
• Printing Inks

By Industry Vertical:

• Utilities,
• Oil & Gas Industry,
• Manufacturing Industry,
• Hospitals,
• Other Industry Verticals

The approach of the report:

This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Smart Lighting industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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