(I-BusinessNews.Com, March 16, 2019 ) Â TheÂ coating solvents marketÂ will record a modest growth, with global sales estimated at over 11,500 Â000 units in 2018, according to a new report of Fact.MR. Tier 1 players are expected to hold nearly 50% share of the coating solvents market. Key expansion strategies of these coating solvents manufacturers include partnerships and collaborations with emerging players to leverage their innovative capabilities and enhance regional market footprint.
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Prevailing trends, including environment-friendly, green, and sustainability have led to regulatory evolutions in the coatings industry. This in turnhas led to increase in content of bio-based raw materials such as solvents in coating formulations. Several paints and surface coatings currently available in the market bear labels such as Âeco-friendlyÂ and Âenvironmental friendlyÂ, alluding at rising demand for bio-based solvents. This niche form of solvents currently holds just over 10% of the coating solvents sales, however bio-based solvents are expected to witness rapid growth in demand, according to the European Solvents Industry Group (ESIG).
The report has identified key segments of the coating solvents market, and these have been systematically represented with the help of a taxonomy table. The coating solvents market has been split categorically into product type, source, and region. All the segments in the coating solvents market have been scrutinized in detail, and imperative numbers such as Y-o-Y, revenues, volume, and their share in coating solvents market have been delivered. Petrochemical-based coating solvents and bio-based/green coating solvents are key source type segments assessed in the coating solvents market report.
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ÂAs consumers become more environment-conscious, sustainable products & solutions continue to encroach on public as well as private perceptions. Increasing interest in the use of renewable raw materials is a palpable trend witnessed across several industries, and paints & coatings industry is no exception. This has further led the shift from petrochemical-based coating solvents to bio-based coating solvents,Â says a lead analyst at Fact.MR.
Insights and forecast offered in this report on the coating solvents market is based on a robust research methodology. A perfect mix of secondary and primary researches has been used to arrive at insights and data on the coating solvents market. The methodology employed has facilitated the analysts in arriving at accurate size of the coating solvents market.
Fact.MR report opines that Asia-Pacific excluding Japan (APEJ) is expected to spearhead the coating solvents market, accounting for over 30% volume share than all the other regional markets assessed in the report. Majority of APEJÂs coating solvents market is expected to be concentrated in China, with global sales estimated to exceed 2,300 units in 2018. Majority of the demand is driven by end-use industries who focus on decreasing the number of recoats, and improve lifespan of their structures and products.
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