Analysis of Coating Solvent market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The coating solvent market is estimated at USD 9,244 Million in 2022 and is projected to reach USD 14,205 Million by 2032, growing at a CAGR of 4.4% from 2022 to 2032.
Base Year Value (2021A)
USD 8,844 Million
Estimated Year Value (2022E)
USD 9,244 Million
Projected Year Value (2032F)
USD 14,205 Million
Value CAGR (2022-2032)
Collective Value Share of Top 4 Companies
Key Companies Profiled
Globally, coating solvent market is now experiencing a solid growth with a collective CAGR of 4.4% surpassing a net valuation of USD 8,844 Million by 2021.
The demand for coating solvent is mainly attributed to wide use case including aerospace, automotive, manufacturing etc. It has been analyzed that coating solvents accounts nearly 18% of the value share in overall solvents market. This in turn offers coatings solvent as prime ingredients in several other downstream coatings, providing significant momentum to global solvent market during the assessment period.
Paints & coating solvents are expected to witness confinements of regulations imposed by environment regulatory authorities such as EPA’s National Emission Standards for Hazardous Air Pollutants (NESHAPs), which has resulted in restrictions in application of hazardous coating solvents.
Additionally, programs such as the Clean Air Act Amendments (CAAA) and Emergency Planning and Community Right-to-Know Act (EPCRA) for reducing air pollution further put constraints on use of solvents, which has become mandatory for coatings formulators and end-users to comply with.
These regulations will continue to impact prospects of the coating solvents in the near future, in turn driving demand for alternatives such as water-borne coatings and bio-based coating solvents.
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
Historically, expansion strategies of coating solvents manufacturers include partnerships and collaborations with emerging players to leverage their innovative capabilities and enhance regional market footprint has been the key business driver for global coating solvent market. This in turn has resulted in coating solvents consumption of 13.2 Kilo Tons during 2021.
The growth in the automotive industry and construction sector has also influenced the adoption of the coating solvents maintaining a strong demand during the same period. Requirement for higher surface finishing and improved wear/thermal resistance in automotive components creates immense opportunity for adoption of coating solvents in automotive coatings production.
Covid-19 has adversely impacted the overall market dynamics. In addition, manufacturers where seen facing challenges associated with procurement of raw material utilized for coating solvent production. Moreover, there has been a steep improvement seen in the supply chain capabilities after 2020, which has lowered the raw material sourcing and procurement risks faced by manufacturers during 2020 crisis.
On the other side of the plot, 2021-2032 forecast is seen as most profitable for the coating solvent business gaining 150 BPS with surpassing net valuation of USD 14,250 Million by 2032 end. During this period, demand for coating solvents shall elevate on the back of rising government regulations for VOC free coating solution in all types of coating downstream.
The solvent-based coating products are extensively utilized in various downstream applications of end use industries including automotive, aerospace, architectural coatings etc. Unlike water-based coatings, solvent-based coatings are less vulnerable to harsh conditions such as high temperature and humidity making it as consumers’ first choice.
In addition, according to the American Coatings Association, industrial and architectural coatings market has increased rapidly over the past few years owing to widespread adoption of solvent based coating in industries. This growth is ideally underpinned by growing investments offered by companies to cater the need for coating services in different industries including automotive, aerospace, defence etc. In addition, this rapid increase in the solvent based coating adopted by the automotive industry for higher wear resistance capabilities, has translated a significant increase in demand for coating solvents globally.
More Insights, Lesser Cost (-50% off)
Insights on import/export production,
pricing analysis, and more – Only @ Fact.MR
China has been the prime consumer of the overall coating solvent demand. This is attributed to widely scattered key consumers including all the downstream end use industries positioned in China. In addition, China is anticipated to add 1.7X valuation by 2022 end in overall coating solvent revenue. Furthermore, China accounted more than 20% of the revenue share in the global coating solvents business during 2021.
In addition, demand for xylene and toluene also remained rich in China during the assessment period 2017-2021 owing to its prime use case in the production of coating solvents. Xylene and toluene nearly accounted 31% revenue share of overall coating solvent raw material during 2021.
Considering the aforementioned factors, China to projected to gain 200 BPS during 2022-2032 assessment period and shall surpass valuation of USD 2,676 Million by 2032 end.
Crude-based coating solvents have traditionally reigned as most-effective source for production of coating solvents, with consumption to surpass 12.2 Kilo Tons mark by 2022 end accounting ~88% of the consumption share coating solvent type. However, bio-based coating solvents are expected to record a 1.5X volume growth than crude-based coating variants in 2021, underpinned majorly by emphasis on environment protection and preference for low-risk applications.
However, worldwide sales of bio-based coating solvents currently account just 10% share of the global coating solvent market. In the Europe alone, bio-based solvents hold less than 13% of overall coating solvents sales during 2021. However, increased concern for environmental friendly coating solution, bio based coating solvents category is expected to gain significant traction in the near future, while permeating key applications such as architectural coatings and industrial equipment coatings.
Among all the sources available including xylene and toluene, acetone, ethylene dichloride, alcohols, chloromethane and ethyl acetate, alcohol as prominent source of coating solvent is expected to acquire largest value share of about ~39% of the coating solvent market by 2022 end. During the assessment period 2017-2021, alcohol gained 127 BPS maintain a strong demand for source in coating solvents. This is attributed ease of availability of industrial alcohol for synthesis of coating solvents. In addition, xylene and toluene are considered as another impressive source for the production of coating solvents accounting nearly ~37% of the total coating solvents sources by 2022 end.
Don't Need a Global Report?
Save 40% on Country & Region specific reports
Characterized by the occupancy of well-established and diversified regional and international vendors, the global market for coating solvent is fragmented in nature. While international players in the market are concentrating on extending their footprint, regional players are facing challenges in competing them based on cost, technology, and product quality. Marketing strategies such as merger and acquisitions, expansions, new product launches and product innovation can be adopted by key players in the market in order to upswing their market presence and create a larger customer base.
- Premium Report Details -
- Let's Connect -
- Quick Contact -
- Get Started -
Get insights that lead to new growth opportunitiesBuy Now
Get A Special pricing for start-ups and universitiesEnquiry Before Buying
- Humble, Yet Honored -
- Research Methodology -
An Adaptive Approach to Modern-day Research NeedsGet Methodology
- Related Reports -
The global coating solvent market is estimated to be worth over USD 9,244.9 Million by 2022
The global demand is anticipated to surpass a value of USD 14,250 Million by 2032 end
Global demand for coating solvent is expected to rise at a rate of 4.4% from 2022 to 2032
Between 2017 and 2021, the market grew at a 4.1% CAGR
BASF SE, Dow Chemical Company, ExxonMobil and Royal Dutch Shell are the most prominent players in the coating solvent market
The US, China, UK and India are the dominant countries contributing to high demand for coating solvent
Need An Exclusive Report For Your Unique Requirement?