Market Overview

The global special boiling point solvents market is expected to witness moderate growth, at an estimated CAGR of 3.02% over the forecast period of 2019-2024. One of the major factors driving the market is the growing demand for paints & coatings in various industries. A surging adhesives market and demand from the rubber industry are also expected to drive the market.

• Environmental concerns, issues regarding health and safety, and the rising popularity of water as a solvent are anticipated to hinder the growth of the market studied.
• Asia-Pacific accounted for the largest share of around 39% in 2018. The region is also expected to be growing the fastest with a CAGR of 3.91% over the forecast period.

Scope of the Report

The special boiling point solvents market report includes:

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Key Market Trends

Growing Demand for Paints & Coatings

• Solvent-borne paints, also called oil-based paints, can have various combinations of solvents, as the diluent, including aliphatic, aromatics, alcohols, ketones, and white spirit. These include organic solvents, such as petroleum distillate, esters, and glycol ether.
• Solvent-borne paints are manufactured by using liquefying agents that evaporate during a chemical reaction with oxygen. The air surrounding a solvent-borne coating helps to speed up the reaction, thereby, reducing the drying time.
• Solvent-borne coatings are less susceptible to environmental conditions, such as temperature and humidity, during the curing phase, as compared to water-based coatings. This is a major advantage, due to which solvent-based coatings are preferred.
• Asia-Pacific is one of the fastest-growing markets for paints & coatings, due to the rapid growth in decorative and industrial coatings.
• Investments in the Chinese transportation sector have increased in the recent past. China’s transport ministry and National Development and Reform Commission (NDRC) invested USD 724 billion between 2016-2018, for constructing 303 key transportation projects, which include railways, highways, waterways, airports, and urban rail. The investment plan is expected to enhance the country’s connectivity between major cities, which helps for wider economic and social development of the region.
• China accounts for almost 40% of global furniture production. The production is further increasing at a rapid rate, due to the rising domestic demand, coupled with the increasing export to European countries.
• The number of packaged cans in China is likely to expand by more than 6% in the next few years. Additionally, major beverage-can manufacturers, such as Crown Holdings, are likely to expand the capacity of the beverage can production in the country, to meet the rapidly growing demand. These factors, in turn, are fueling the demand for paints and coatings in the country.
• The production of automobiles in India reached a total of 29,075,605 with an increase of 14.78% in 2018. The rapid increase of automobiles impacts the growth of consumptions of the coatings market which in turn drives the special boiling point solvents market.

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