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LANDON, GREATER LANDON, UK, September 3, 2024 /EINPresswire.com/ -- The solvent based coatings market has experienced robust growth in recent years, expanding from $41.65 billion in 2023 to $45.79 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to industrial applications, architectural coatings, automotive and transportation, corrosion protection.
Strong Future Growth Anticipated
The solvent based coatings market is projected to continue its strong growth, reaching $65.29 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to sustainable formulations, high-performance coatings, wood coatings innovation, oil and gas industry.
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Growth Driver Of The Solvent Based Coatings Market
The increasing demand from the oil and gas industry is expected to propel the growth of the solvent based coatings market going forward. The oil and gas industry refers to a sector of the global economy that involves the exploration, extraction, refining, distribution, and marketing of hydrocarbon products, primarily crude oil and natural gas. In the oil and gas industry, solvent-based coatings provide long-lasting protection against corrosion, durability, temperature and ultraviolet (UV) resistance, quick drying, and ease of application.
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Major Players And Market Trends
Key players in the solvent based coatings market include BASF SE, Akzo Nobel NV, PPG Industries Inc., Sherwin-Williams Company, Henkel AG & Co. KGaA, Valspar Corporation, 3M Company, H.B. Fuller Company.
Major companies operating in the solvent based coatings market are focusing on innovative products such as Tego flow 380 leveling agent to drive revenues in their market. Leveling agents are additives used in the coatings, paints, and ink industries to improve the surface properties and appearance of the applied material.
Segments:
1) By Type: One Component System Solvent Borne Coating, Two Component System Solvent Borne Coating
2) By Application: Automotive Solvent Borne Coatings, Industrial Solvent Borne Coatings, Printing Inks
3) By Industry Vertical: Utilities, Oil & Gas Industry, Manufacturing Industry, Hospitals, Other Industry Verticals
Geographical Insights: Asia-Pacific Leading The Market
Asia-Pacific was the largest region in the solvent based coatings market in 2023. Western Europe was the second-largest region in the solvent based coatings market report. The regions covered in the solvent based coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Solvent Based Coatings Market Definition
Solvent-based coatings contain organic compounds like solvents and constitute liquefying agents that evaporate through a chemical reaction with oxygen. Solvent-based coatings include high levels of organic compounds than water-based coatings and offer a long durability.
Solvent Based Coatings Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Solvent Based Coatings Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on solvent based coatings market size, solvent based coatings market drivers and trends, solvent based coatings market major players, solvent based coatings competitors' revenues, solvent based coatings market positioning, and solvent based coatings market growth across geographies. The solvent based coatings market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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