Less vulnerability of coating solvents to harsh conditions, including humidity, high temperature, etc., contributing to their rising popularity, says Fact.MR.

ROCKVILLE PIKE SUITE, ROCKVILLE, USA, May 31, 2024 /EINPresswire.com/ -- The global coating solvent market (コーティング溶剤市場) is estimated at a value of US$ 10.02 billion in 2024, as mentioned in the recently updated industry research study by Fact.MR, a market research and competitive intelligence provider. Worldwide sales of coating solvents are analyzed to rise at a CAGR of 4.4% from 2024 to 2034.

In recent years, there has been a noteworthy shift to eco-friendly solvents among end users, which is set to present lucrative opportunities for market players. Increasing demand for paints and coatings from several industry sectors, including construction, automotive, furniture, etc., is contributing to global market growth.

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In addition, rising consumer preference for aesthetically appealing vehicles and infrastructure is generating requirements for more effective coating solvents. Furthermore, growing use of these solvents in coating formulations for achieving the desired consistency and viscosity is widening their application scope among end users.

Key Takeaway from Market Study

The market for coating solvents is anticipated to achieve a valuation of US$ 15.41 billion by the end of 2034, reflecting substantial growth driven by various industrial applications. East Asia is expected to play a pivotal role in this expansion, projected to command a significant 24.6% share of the global market by 2034. Within this region, South Korea stands out with its sales of coating solvents predicted to grow at a robust compound annual growth rate (CAGR) of 7.2% from 2024 to 2034. Crude-based coating solvents are expected to dominate the market, holding a substantial 77.3% share by 2034, underscoring their continued preference and utilization in various industrial processes. This dynamic growth trajectory is indicative of increasing demand and advancements in coating technologies across the globe.

“Growing requirements for improved wear/thermal resistance and higher surface finishing in automotive components contributing to rising sales of coating solvents,” says a Fact.MR analyst.

Increasing Popularity of Crude-based Coating Solvents as Cost-effective Solution

Worldwide demand for crude-based coating solvents is projected to increase at a CAGR of 4.2% and reach a worth of US$ 11.91 billion by the end of 2034. Rising sales of these coating solvents are owing to their use as an efficient coating source. Furthermore, crude-based coating solvents provide appropriate viscosity and protection to substrates from grime, scratches, abrasions, dirt, etc. These solvents assist in maintaining integrity without leaving any residue. Moreover, pocket-friendly prices of these solvents are also driving their demand growth across regions.

Key Market Players

Some of the prominent manufacturers of coating solvents are Ineos Group Limited, BASF SE, The Dow Chemical Company Arkema S.A., Celanese Corporation, Solvay SA, Clariant AG, Royal Dutch Shell Plc, Eastman Chemical Co., LyondellBasell Industries N.V., and Exxon Mobil Corporation.

Competitive Landscape

BASF stands out as a leading company in this market, offering a wide range of products, including coating solvents. Renowned for its innovative solutions and robust R&D capabilities, BASF is well-positioned to meet the growing demand for high-performance coating solvents and is projected to experience steady growth.

Fact.MR provides comprehensive insights into the pricing strategies of key coating solvent manufacturers worldwide, along with data on sales growth, production capacity, and potential technological advancements, in its recently updated market report.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the coating solvent market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).

The study divulges essential insights into the market based on reinforced material (crude-based, bio-based (green) and end use (xylene & toluene, acetone, ethylene dichloride, alcohols, chloroethane, ethyl acetate), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).

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Explore More Related Studies Published by Fact.MR Research:

Isobutane Market: (イソブタン市場) Revenue from the global isobutane market is projected to increase from US$ 9.86 billion in 2024 to end up at US$ 18.17 billion by the end of 2034, which equals a rise at a CAGR of 6.3% from 2024 to 2034.

Automotive Coating Market: (自動車コーティング市場) The global automotive coatings market size is calculated at a value of US$ 18.4 billion in 2024. The market has been forecasted to increase at a CAGR of 4.3% and reach US$ 28.1 billion by the end of 2034.

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