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Solvent Based Coatings Market Thrives with Projected Growth to $45.79 Billion in 2024
Solvent-Based Coatings Market
The solvent-based coatings market has demonstrated robust growth, surging from $41.65 billion in 2023 to an anticipated $45.79 billion in 2024, exhibiting an impressive compound annual growth rate (CAGR) of 9.9%. This upward trajectory is poised to continue, with the market projected to reach $65.29 billion in 2028, sustaining a CAGR of 9.3%.
Advantages Of Solvent-Based Coatings In Humid Environments:
Solvent-based coatings prove advantageous in humid environments due to their quick-drying nature compared to less efficient water-based coatings. Comprising liquefying agents that expedite the drying process through a chemical reaction with oxygen, solvent-based coatings are easily applicable in various temperatures and humidity levels. Industries, exemplified by Jamestown Coating Technologies, prefer these coatings for their durability and quick-drying characteristics, contributing to the market's growth.
Explore the Global Solvent Based Coatings Market with a Detailed Sample Report:
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Oil And Gas Industry's Rising Demand Fuels Solvent-Based Coatings Market Growth:
The escalating demand from the oil and gas industry is expected to propel the solvent-based coatings market forward. Solvent-based coatings in this sector offer long-lasting protection against corrosion, durability, temperature and UV resistance, and quick-drying capabilities. The surge in U.S. crude oil output and natural gas consumption, as reported by the U.S. Energy Information Administration, underscores the significant role of solvent-based coatings in meeting industry demands.
Key Players:
Major companies contributing to the dynamic 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, Eastman Chemical Company, Arkema SA, Clariant AG, Celanese Corporation, Dow Chemical Company, ExxonMobil Corporation, Ineos Group Limited, Shell PLC, Solvay SA, Williams Hayward Protective Coatings Inc.
Advancements In Pet Technology Transforming The Solvent Based Coatings Industry:
The adoption of PET technology is transforming the solvent-based coatings landscape by enabling the homogenous distribution of mineral particles during painting. This acrylic polymer, employed by major companies like AkzoNobel N.V. and Sherwin-Williams Company, enhances paint longevity and resistance to climate variations and dirt, contributing to the industry's evolution.
Increasing Focus On Product Innovations To Provide Reliable Services:
Key players in the solvent-based coatings market are prioritizing product innovations to enhance their offerings. Evonik Industries AG, for instance, introduced the Tego Flow 380 leveling agent, suitable for solvent-borne coatings with excellent anti-popping qualities and compatibility. The low viscosity of Tego Flow 380 simplifies processing, making it a valuable addition to automotive and general industrial coatings.
Regional Dominance and Market Segmentation:
Asia-Pacific stands out as the largest region in the solvent-based coatings market in 2023, closely followed by Western Europe. The comprehensive market report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Market Segmentation:
The solvent based coatings market covered in this report is segmented -
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
Access the Complete Report for In-Depth Analysis:
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Solvent Based Coatings Global Market Report 2024 from TBRC covers the following information:
• Market size date 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, 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 on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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