Resin Solvents Market

Resin Solvents Market Growth Outlook (2023 to 2033)

The global resin solvents market is set to estimate a valuation of US$ 1.5 billion in 2023 and it is expected to grow at a CAGR of 5.6% to reach US$ 2.5 billion by the end of 2033.

The resin solvent market is a growing industry that provides solvents for various applications in the chemical and industrial sectors. The market is driven by increasing demand for solvents in paints, coatings, adhesives, and printing inks. Key players in the market include BASF SE, Huntsman Corporation, and Evonik.

Report Attributes	Details
Estimated Market Value (2023E)	US$ 1.5 Billion
Forecasted Market Value (2033F)	US$ 2.5 Billion
Global Market Growth Rate (2023-2033)	5.6% CAGR
North America Market Share (2023)	24.2%
East Asia Market Growth Rate (2023-2033)	5.8% CAGR
Top Five Companies Market Share	45.2%
Key Companies Profiled	Allnex Arkema Ballistol BASF SE Evonik Huntsman Corporation Kudo Chemicals

Historic and Future Path for Resin Solvents Market

The growth of the construction and automotive industries is fueling the demand for solvents. The rise in disposable income and changing consumer preferences towards eco-friendly products are driving the demand for green solvents, which is expected to boost market growth. However, environmental concerns and stringent regulations on VOC emissions are expected to challenge market growth in the coming years.

Key players in the market are focusing on developing eco-friendly and low-VOC solvents to address these challenges and gain a competitive edge.

• Short Term (2023-2026): Growing construction sector in developed as well as developing countries is likely to have a positive impact on the growth of the resin solvents market.
• Medium Term (2026-2029): Demand for sustainable and eco-friendly products from the end-users is likely to keep the market moving during the assessment period.
• Long Term (2029-2033): Efforts led by the market players to remain competitive in the market and investment in research and development to curb the demand pool by offering quality and reliable products.

On the back of the aforementioned facts, the high silica fiber market is anticipated to grow at a CAGR of 5.6% during the forecast period from 2023-2033, According to the Fact.MR, a market research and competitive intelligence provider.

Market share analysis of resin solvents based on application and region is provided in a nutshell in the above image. Under the application segment, the paints and coatings sub-segment dominates with a 38.6% market share in 2023.

Market Dynamics Outlook

“Rapid Expansion of Construction Industry to Lift the Market”

Over the years, the construction industry has grown at a significant pace in developed as well as developing countries across the globe. The building and construction industry is projected to grow at a significant pace due to the growing population and urbanization. Urbanization and changing lifestyles are considered the prime factors for the growth of the construction industry.

• Many countries are spending over 5% of their gross domestic products on infrastructure and the construction sector. This is likely to create a positive environment for the growth of the paints & coatings market.
• Paints and coatings are widely used for the decoration and protection of buildings. The paints and coatings market was valued at over US$ 160 billion in 2022 and is expected to move further at over 5.0% CAGR.

The paints and coatings industry is witnessing the trend of using low-VOC and environmentally friendly technologies such as water-based coatings, and powder coatings. This shift is observed due to strict regulations on the use of VOC emissions in North America and Europe. Awareness about VOC emission is increasing in Asia Pacific as well. This will boost the demand for low-VOC coatings during the forecast period.

“Environmental Regulation to Hamper Resin Solvents Market”

The use of solvents has adverse effects on the environment and human health, which has led to stringent regulations on the use of certain types of solvents. This has limited the use of some solvents in the resin solvents market. Also, some solvents used in resin manufacturing are not easily available in some regions, which can limit the production capacity and availability of resins.

In addition, the constantly changing raw material prices can have an adverse impact on the growth of the resin solvents market, because of uncertain production and supply & demand gap, the prices of resin solvents vary from country to country. These factors are anticipated to have a negative impact on the growth of the resin solvents market.

Country-wise Insights

Why the US Likely Increase Demand for Resin Solvents in the Coming Years?

The U.S. paints and coating industry was valued at over US$ 20 billion in 2022. Rising demand for commercial construction activities and the growing automotive industry is considered the prime factor for the growth of the paints and coatings industry in the US.

Paints and coatings are widely used, they are applied on different equipment to ensure resistance to wear and tear and operation efficiency. The growing construction sector in the US is likely to boost the demand for paints and coating during the forecast period, which bolster the demand growth of resin solvents.

Why China is Emerging as a Most Lucrative Market for Resin Solvents?

China is likely to dominate the global resin solvents market during the forecast period. The Chinese market is estimated to witness increased demand for resin solvents from the building and construction sectors. The rising trend of urbanization and growing industrialization in China is likely to drive construction sector and have a positive impact on the growth of the resin solvents market.

• For instance, China’s construction industry was valued at over US$ 4.5 trillion in 2022 and is anticipated to move further owing to increased government spending on the construction and infrastructure sector.

Also, the increasing number of paints and coating manufacturers in China is likely to open multiple doors for resin solvent manufacturers. China to capture over 60% of the market share in the East Asia region.

Category-wise Insights

Which Application is Likely to Capture the Highest Market Share?

Adhesives are likely to capture the highest share of the resin solvents market. Growing demand for adhesive resins in a number of end-use industries is likely to create high demand for resin solvents in the assessment period. Adhesive resins are widely used for packaging consumer goods, food & beverage, seafood & meats, tubes, and bottles.

In the plastic industry, resin solvent adhesives are recommended as binding agents for the enhancement of the tensile strength of respective plastic. Adhesive resins that are present in emulsion form provide the benefit of resistance to moisture and elasticity. Hence, driving the demand for the resin solvent as adhesives.

Which Type is Likely to Capture Maximum Market Share?

Polymerized resins are formed by the polymerization of monomers, resulting in higher molecular weight and more complex structure compared to non-polymerized resins.

Polymerized resins offer improved performance compared to non-polymerized resins, with higher mechanical strength, greater resistance to chemicals, and improved adhesion properties. Further, polymerized resins have lower volatility than non-polymerized resins, which makes them safer to handle and use in industrial applications. This also reduces the amount of volatile organic compounds (VOCs) emitted during processing and use, making them more environmentally friendly.

Also, polymerized resins can be formulated using sustainable raw materials and production processes, reducing their environmental impact and making them more attractive to customers who prioritize sustainability.

Market Titans Key Strategies

Some of the market players in the resin solvents market are Ballistol, Allnexs, KREAMER, BASF SE, Kudo Chemicals, Arkema Huntsman Corporation, and Evonik.

Resin solvent market players are adopting sustainability and environmental stewardship as a key strategy, considering the increasing global focus on sustainability and regulatory requirements related to VOC emissions and environmental impact.

This involves developing environmentally friendly solvent alternatives, implementing waste reduction measures, promoting recycling and reuse, and obtaining certifications for eco-friendly products, which improvise their market position and brand value in the eyes of potential customers.

It reduces the overall operational cost coupled with enabling the company to withstand the government regulations imposed to protect the environment from commercialization and industrialization.

Fact.MR has provided detailed information about the price points of key manufacturers of resin solvents positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Resin Solvents Industry Research

• By Type :

  • Polymerized
  • Unpolymerized

• By Application :

  • Adhesives
  • Inks
  • Paints & Coatings
  • Laminates
  • Sealants

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA