Global Solvent Based Coatings Industry Insights, 2015-2030: Adoption of PET Technology is Increasing

DUBLIN, March 16, 2020 /PRNewswire/ -- The "Solvent Based Coatings Global Market Report 2020" report has been added to ResearchAndMarkets.com's offering.

This report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider solvent based coatings market, and compares it with other markets.

The global solvent based coatings market was worth $23.69 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 8% and reach $32.14 billion by 2023.

The solvent based coatings market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. Asia-Pacific accounts for around 58% of the market.

Solvent based coatings are beneficial in humid environments. The time required to dry for solvent based coatings is very less when compared to the water-based coatings which are less efficient in humid environments. Solvent based coatings are composed of liquifying agents that are helpful in speeding up the drying process through chemical reaction with oxygen available in the environment. This nature of solvent based coatings makes it is easy to apply in humid environment and at different temperature zones. Moreover, many industries prefer solvent based coatings to avoid chemical reactions owing to its quick drying nature. For example, companies like Jamestown Coating Technologies produces industrial paints, which are solvent based and are more durable when compared to water based coatings. Thus, the nature of quick-dry in solvent based coatings benefits its application in humid environments and thereby contributes to the growth of the market.

Solvent based coating release Volatile Organic compounds (VOC) into the environment causing environmental damage and affecting human health. VOCs are carbon compounds that become gas at room temperature and become the main reason for air pollution. Governments across the world are coming up with different regulatory acts to curb the emission of VOC. For instance, to reduce the emission of VOC, Hong Kong government has implemented a regulation that restricts products exceeding the standard emission of VOC in the country. Thus, the emission of VOC in the atmosphere from solvent based coatings limits the growth of the market.

The adoption of PET technology is increasing as it enables homogenous distribution of mineral particles during painting. It is an acrylic polymer capable of encapsulating mineral pigments in organic phase, which is a solvent phase. The main performance of the coatings comes from the bulk of the binder composition, however additional polymer features such as crosslinking, oxidative or UV (Ultra Violet) curing and specific morphology can boost overall performance, improving the dirt pick up resistance in most cases. PET technology is being widely adopted by many customers and establishments to improve paint longevity and enhance resistance to climate variations and dirt from manmade and natural sources. Some of the major companies who adopted this technology are Vermont Photo Inkjet, AkzoNobel N.V., Sherwin-Williams Company and RPM International Inc.

In October 2018, Akzo Nobel N.V., a Netherlands-based chemical manufacturing company that manufactures specialty chemicals such as decorative paints and coatings, surfactants, polymer, and other chemical products acquired Fabryo Corporation S.R.L. for an undisclosed amount. The acquisition helped AkzoNobel in becoming a leader in the Romanian decorative paints market. Fabryo Corporation S.R.L. is a Romania-based company that specializes in producing products such as paints, lacquers, enamels, and solvent-based coatings.

Major players in the market are BASF, AkzoNobel, PPG, Sherwin-Williams, Henkel, Valspar, 3M, HB Fuller, Eastman Chemical Company, and Arkema SA.

Key Topics Covered

1. Executive Summary

2. Solvent Based Coatings Market Characteristics

3. Solvent Based Coatings Market Size And Growth
3.1. Global Solvent Based Coatings Historic Market, 2015 - 2019, $ Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Solvent Based Coatings Forecast Market, 2019 - 2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market

4. Solvent Based Coatings Market Segmentation
4.1. Global Solvent Based Coatings Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

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

4.2. Global Solvent Based Coatings Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

• Automotive Solvent Borne Coatings
• Industrail Solvent Borne Coatings
• Printing Inks

5. Solvent Based Coatings Market Regional And Country Analysis
5.1. Global Solvent Based Coatings Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5.2. Global Solvent Based Coatings Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

Companies Mentioned

• BASF
• AkzoNobel
• PPG
• Sherwin-Williams
• Henkel
• Valspar
• 3M
• HB Fuller
• Eastman Chemical Company
• Arkema SA
• Clariant AG
• Celanese Corporation
• The Dow Chemical Company
• Exxon Mobil
• INEOS
• LyondellBasell Industries Holdings B.V.
• Royal Dutch Shell
• Solvay
• Williams Hayward Protective Coatings Inc.
• Inver S.P.A.
• NEI Corporation
• Laviosa Chimica Mineraria SpA
• Croda International
• TOLSA Group

For more information about this report visit https://www.researchandmarkets.com/r/k8xx6z

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