Asia-Pacific Special Boiling Point Solvents Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Solvent Base, Application

Asia-Pacific Special Boiling Point Solvents Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Solvent Base, Application

  • May 2021 •
  • 115 pages •
  • Report ID: 6103153 •
  • Format: PDF
The Asia Pacific special boiling point solvents market is expected to grow from US$ 510.77 million in 2019 to US$ 663.51 million by 2027; it is estimated to grow at a CAGR of 3.3% 2019-2027. Asia Pacific is one of the fastest-growing markets for paints and coatings due to the rapid growth of decorative and industrial coatings. Special boiling point solvents are mainly used to provide long-lasting protection and excellent performance in extreme weather conditions for paints and coatings. China currently produces more than half of Asia-Pacific coatings and is home to more than 10,000 paint companies, with local producers accounting for more than half of the domestic market share of paint. The market for coatings is developing at a high rate in China, with rising downstream demand. Further, the booming construction and automotive industries are likely to boost the demand for paints and coatings, which, in turn, are expected to drive the special boiling point solvents market during the forecast period. Moreover, due to insufficient environmental protection measurements, many medium and small coating manufacturers are shutting down their facilities in China, which is likely to hinder the market growth. However, increased investments by giant companies in the coating industry are likely to stimulate the market in China. All these factors are expected to propel the demand for special boiling point solvents in Asia-Pacific.

In case of COVID-19, Asia Pacific, especially India, witnessed an unprecedented rise in number of coronavirus cases, which led to the discontinuation of solvent manufacturing activities.Other chemicals & materials manufacturing has subsequently impacted the demand for special boiling point solvents during the early months of 2020.

Moreover, decline in the overall manufacturing activities has led to discontinuation of solvent manufacturing projects, thereby reducing the demand for special boiling point solvents.Similar trend was witnessed in other Asia Pacific countries such as Japan, China, and Australia.

However, the countries are likely to overcome this drop in demand with the economic activities regaining their pace, especially in the beginning of 2021.

Based on application, the paints & coatings segment led the Asia Pacific special boiling point solvents market in 2019.Special boiling point solvents are used in paint and coating formulations to dissolve other compounds such as pigments, binders, and additives.

These solvents evaporate when the paint is applied to the surface, allowing the resin and pigment to form a film of paint on the surface and dry quickly.These solvents are essential for coating formulations since they control the viscosity of the paints and have a substantial effect on the film quality, which is mainly dependent on the evaporation rate of the solvents during the drying period.

Solvent-borne paints, also known as oil-based paints, may contain a variety of solvent combinations, including aliphatic, aromatic, alcohol, ketone, and white spirit.These include organic solvents such as petroleum distillates, esters, and glycol ethers.

Solvent-borne coatings are less susceptible to environmental conditions such as temperature and humidity, during the curing phase compared to water-based coatings. This is one of the reasons for the increasing preference for solvent-based coatings.

The overall Asia Pacific special boiling point solvents market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining an overview and forecast for the Asia Pacific special boiling point solvents market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.

The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the Asia Pacific special boiling point solvents market. Key companies operating in the market include Royal Dutch Shell Plc, Exxon Mobil Corporation, Total SA, Bharat Petroleum Corporation Limited, Brenntag Holding GmbH, HCS Group GmbH, and KH Chemicals.

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