Resin Solvents Market
Resin Solvents Market Analysis, By Type (Polymerized, Unpolymerized), By Application, and By Region - Market Insights 2023 to 2033
Analysis of Resin Solvents Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
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 to 2033) | 5.6% CAGR |
| North America Market Share (2023) | 24.2% |
| East Asia Market Growth Rate (2023 to 2033) | 5.8% CAGR |
| Top Five Companies Market Share | 45.2% |
| Key Companies Profiled | Allnex; Arkema; Ballistol; BASF SE; Evonik; Huntsman Corporation; Kudo Chemicals |
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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 to 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 to 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 to 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 to 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.
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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.
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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
Table of Content
- 1. Market - Executive Summary
- 2. Market Overview
- 3. Market Background and Foundation Data
- 4. Global Demand (Tons) Analysis and Forecast
- 5. Global Market - Pricing Analysis
- 6. Global Market Value (US$ million) Analysis and Forecast
- 7. Global Market Analysis and Forecast, By Type
- 7.1. Polymerized
- 7.2. Unpolymerized
- 8. Global Market Analysis and Forecast, By Application
- 8.1. Adhesives
- 8.2. Inks
- 8.3. Paints & Coatings
- 8.4. Laminates
- 8.5. Sealants
- 9. Global Market Analysis and Forecast, By Region
- 9.1. North America
- 9.2. Latin America
- 9.3. Europe
- 9.4. East Asia
- 9.5. South Asia & Oceania
- 9.6. Middle East & Africa
- 10. North America Market Analysis and Forecast
- 11. Latin America Market Analysis and Forecast
- 12. Europe Market Analysis and Forecast
- 13. East Asia Market Analysis and Forecast
- 14. South Asia & Oceania Market Analysis and Forecast
- 15. Middle East & Africa Market Analysis and Forecast
- 16. Country-level Market Analysis and Forecast
- 17. Market Structure Analysis
- 18. Competition Analysis
- 18.1. Ballistol
- 18.2. Allnex
- 18.3. KRAEMER
- 18.4. BASF SE
- 18.5. Kukdo Chemicals
- 18.6. Arkema
- 18.7. Huntsman Corporation
- 18.8. Evonik
- 18.9. Other Prominent Players
- 19. Assumptions & Acronyms Used
- 20. Research Methodology
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List Of Table
Table 1: Global Market Value (US$ million), By Region, 2018 to 2022
Table 2: Global Market Value (US$ million) and Forecast By Region, 2023 to 2033
Table 3: Global Market Volume (Tons), By Region, 2018 to 2022
Table 4: Global Market Volume (Tons) and Forecast By Region, 2023 to 2033
Table 5: Global Market Value (US$ million), By Type, 2018 to 2022
Table 6: Global Market Value (US$ million) and Forecast By Type, 2023 to 2033
Table 7: Global Market Volume (Tons) By Type, 2018 to 2022
Table 8: Global Market Volume (Tons) and Forecast By Type, 2023 to 2033
Table 9: Global Market Value (US$ million) By Application, 2018 to 2022
Table 10: Global Market Value (US$ million) and Forecast By Application, 2023 to 2033
Table 11: Global Market Volume (Tons) By Application, 2018 to 2022
Table 12: Global Market Volume (Tons) and Forecast By Application, 2023 to 2033
Table 13: North America Market Value (US$ million) By Country, 2018 to 2022
Table 14: North America Market Value (US$ million) and Forecast By Country, 2023 to 2033
Table 15: North America Market Volume (Tons) By Country, 2018 to 2022
Table 16: North America Market Volume (Tons) and Forecast By Country, 2023 to 2033
Table 17: North America Market Value (US$ million) By Type, 2018 to 2022
Table 18: North America Market Value (US$ million) and Forecast By Type, 2023 to 2033
Table 19: North America Market Volume (Tons) By Type, 2018 to 2022
Table 20: North America Market Volume (Tons) and Forecast By Type, 2023 to 2033
Table 21: North America Market Value (US$ million) By Application, 2018 to 2022
Table 22: North America Market Value (US$ million) and Forecast By Application, 2023 to 2033
Table 23: North America Market Volume (Tons) By Application, 2018 to 2022
Table 24: North America Market Volume (Tons) and Forecast By Application, 2023 to 2033
Table 25: Latin America Market Value (US$ million) By Country, 2018 to 2022
Table 26: Latin America Market Value (US$ million) and Forecast By Country, 2023 to 2033
Table 27: Latin America Market Volume (Tons) By Country, 2018 to 2022
Table 28: Latin America Market Volume (Tons) and Forecast By Country, 2023 to 2033
Table 29: Latin America Market Value (US$ million) By Type, 2018 to 2022
Table 30: Latin America Market Value (US$ million) and Forecast By Type, 2023 to 2033
Table 31: Latin America Market Volume (Tons) By Type, 2018 to 2022
Table 32: Latin America Market Volume (Tons) and Forecast By Type, 2023 to 2033
Table 33: Latin America Market Value (US$ million) By Application, 2018 to 2022
Table 34: Latin America Market Value (US$ million) and Forecast By Application, 2023 to 2033
Table 35: Latin America Market Volume (Tons) By Application, 2018 to 2022
Table 36: Latin America Market Volume (Tons) and Forecast By Application, 2023 to 2033
Table 37: Europe Market Value (US$ million) By Country, 2018 to 2022
Table 38: Europe Market Value (US$ million) and Forecast By Country, 2023 to 2033
Table 39: Europe Market Volume (Tons) By Country, 2018 to 2022
Table 40: Europe Market Volume (Tons) and Forecast By Country, 2023 to 2033
Table 41: Europe Market Value (US$ million) By Type, 2018 to 2022
Table 42: Europe Market Value (US$ million) and Forecast By Type, 2023 to 2033
Table 43: Europe Market Volume (Tons) By Type, 2018 to 2022
Table 44: Europe Market Volume (Tons) and Forecast By Type, 2023 to 2033
Table 45: Europe Market Value (US$ million) By Application, 2018 to 2022
Table 46: Europe Market Value (US$ million) and Forecast By Application, 2023 to 2033
Table 47: Europe Market Volume (Tons) By Application, 2018 to 2022
Table 48: Europe Market Volume (Tons) and Forecast By Application, 2023 to 2033
Table 49: East Asia Market Value (US$ million) By Country, 2018 to 2022
Table 50: East Asia Market Value (US$ million) and Forecast By Country, 2023 to 2033
Table 51: East Asia Market Volume (Tons) By Country, 2018 to 2022
Table 52: East Asia Market Volume (Tons) and Forecast By Country, 2023 to 2033
Table 53: East Asia Market Value (US$ million) By Type, 2018 to 2022
Table 54: East Asia Market Value (US$ million) and Forecast By Type, 2023 to 2033
Table 55: East Asia Market Volume (Tons) By Type, 2018 to 2022
Table 56: East Asia Market Volume (Tons) and Forecast By Type, 2023 to 2033
Table 57: East Asia Market Value (US$ million) By Application, 2018 to 2022
Table 58: East Asia Market Value (US$ million) and Forecast By Application, 2023 to 2033
Table 59: East Asia Market Volume (Tons) By Application, 2018 to 2022
Table 60: East Asia Market Volume (Tons) and Forecast By Application, 2023 to 2033
Table 61: South Asia & Oceania Market Value (US$ million) By Country, 2018 to 2022
Table 62: South Asia & Oceania Market Value (US$ million) and Forecast By Country, 2023 to 2033
Table 63: South Asia & Oceania Market Volume (Tons) By Country, 2018 to 2022
Table 64: South Asia & Oceania Market Volume (Tons) and Forecast By Country, 2023 to 2033
Table 65: South Asia & Oceania Market Value (US$ million) By Type, 2018 to 2022
Table 66: South Asia & Oceania Market Value (US$ million) and Forecast By Type, 2023 to 2033
Table 67: South Asia & Oceania Market Volume (Tons) By Type, 2018 to 2022
Table 68: South Asia & Oceania Market Volume (Tons) and Forecast By Type, 2023 to 2033
Table 69: South Asia & Oceania Market Value (US$ million) By Application, 2018 to 2022
Table 70: South Asia & Oceania Market Value (US$ million) and Forecast By Application, 2023 to 2033
Table 71: South Asia & Oceania Market Volume (Tons) By Application, 2018 to 2022
Table 72: South Asia & Oceania Market Volume (Tons) and Forecast By Application, 2023 to 2033
Table 73: MEA Market Value (US$ million) By Country, 2018 to 2022
Table 74: MEA Market Value (US$ million) and Forecast By Country, 2023 to 2033
Table 75: MEA Market Volume (Tons) By Country, 2018 to 2022
Table 76: MEA Market Volume (Tons) and Forecast By Country, 2023 to 2033
Table 77: MEA Market Value (US$ million) By Type, 2018 to 2022
Table 78: MEA Market Value (US$ million) and Forecast By Type, 2023 to 2033
Table 79: MEA Market Volume (Tons) By Type, 2018 to 2022
Table 80: MEA Market Volume (Tons) and Forecast By Type, 2023 to 2033
Table 81: MEA Market Value (US$ million) By Application, 2018 to 2022
Table 82: MEA Market Value (US$ million) and Forecast By Application, 2023 to 2033
Table 83: MEA Market Volume (Tons) By Application, 2018 to 2022
Table 84: MEA Market Volume (Tons) and Forecast By Application, 2023 to 2033
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List Of Figures
Figure 1: Global Market Value (US$ million) and Volume (Tons) Forecast, 2023 to 2033
Figure 2: Global Market Absolute $ Opportunity (US$ million), 2023 to 2033
Figure 3: Global Market Value (US$ million) and Volume (Tons) By Region, 2023 & 2033
Figure 4: Global Market Y-o-Y Growth Rate By Region, 2023 to 2033
Figure 5: Global Market Value (US$ million) and Volume (Tons) By Type, 2023 & 2033
Figure 6: Global Market Y-o-Y Growth Rate By Type, 2023 to 2033
Figure 7: Global Market Value (US$ million) and Volume (Tons) By Application, 2023 & 2033
Figure 8: Global Market Y-o-Y Growth Rate By Application, 2023 to 2033
Figure 9: North America Market Value (US$ million) and Volume (Tons) Forecast, 2023 to 2033
Figure 10: North America Market Absolute $ Opportunity (US$ million), 2023 to 2033
Figure 11: North America Market Value (US$ million) and Volume (Tons) By Country, 2023 & 2033
Figure 12: North America Market Y-o-Y Growth Rate By Country, 2023 to 2033
Figure 13: North America Market Value (US$ million) and Volume (Tons) By Type, 2023 & 2033
Figure 14: North America Market Y-o-Y Growth Rate By Type, 2023 to 2033
Figure 15: North America Market Value (US$ million) and Volume (Tons) By Application, 2023 & 2033
Figure 16: North America Market Y-o-Y Growth Rate By Application, 2023 to 2033
Figure 17: North America Market Attractiveness Analysis By Country, 2023 to 2033
Figure 18: North America Market Attractiveness Analysis By Type, 2023 to 2033
Figure 19: North America Market Attractiveness Analysis By Application, 2023 to 2033
Figure 20: Latin America Market Value (US$ million) and Volume (Tons) Forecast, 2023 to 2033
Figure 21: Latin America Market Absolute $ Opportunity (US$ million), 2023 to 2033
Figure 22: Latin America Market Value (US$ million) and Volume (Tons) By Country, 2023 & 2033
Figure 23: Latin America Market Y-o-Y Growth Rate By Country, 2023 to 2033
Figure 24: Latin America Market Value (US$ million) and Volume (Tons) By Type, 2023 & 2033
Figure 25: Latin America Market Y-o-Y Growth Rate By Type, 2023 to 2033
Figure 26: Latin America Market Value (US$ million) and Volume (Tons) By Application, 2023 & 2033
Figure 27: Latin America Market Y-o-Y Growth Rate By Application, 2023 to 2033
Figure 28: Latin America Market Attractiveness Analysis By Country, 2023 to 2033
Figure 29: Latin America Market Attractiveness Analysis By Type, 2023 to 2033
Figure 30: Latin America Market Attractiveness Analysis By Application, 2023 to 2033
Figure 31: Europe Market Value (US$ million) and Volume (Tons) Forecast, 2023 to 2033
Figure 32: Europe Market Absolute $ Opportunity (US$ million), 2023 to 2033
Figure 33: Europe Market Value (US$ million) and Volume (Tons) By Country, 2023 & 2033
Figure 34: Europe Market Y-o-Y Growth Rate By Country, 2023 to 2033
Figure 35: Europe Market Value (US$ million) and Volume (Tons) By Type, 2023 & 2033
Figure 36: Europe Market Y-o-Y Growth Rate By Type, 2023 to 2033
Figure 37: Europe Market Value (US$ million) and Volume (Tons) By Application, 2023 & 2033
Figure 38: Europe Market Y-o-Y Growth Rate By Application, 2023 to 2033
Figure 39: Europe Market Attractiveness Analysis By Country, 2023 to 2033
Figure 40: Europe Market Attractiveness Analysis By Type, 2023 to 2033
Figure 41: Europe Market Attractiveness Analysis By Application, 2023 to 2033
Figure 42: East Asia Market Value (US$ million) and Volume (Tons) Forecast, 2023 to 2033
Figure 43: East Asia Market Absolute $ Opportunity (US$ million), 2023 to 2033
Figure 44: East Asia Market Value (US$ million) and Volume (Tons) By Country, 2023 & 2033
Figure 45: East Asia Market Y-o-Y Growth Rate By Country, 2023 to 2033
Figure 46: East Asia Market Value (US$ million) and Volume (Tons) By Type, 2023 & 2033
Figure 47: East Asia Market Y-o-Y Growth Rate By Type, 2023 to 2033
Figure 48: East Asia Market Value (US$ million) and Volume (Tons) By Application, 2023 & 2033
Figure 49: East Asia Market Y-o-Y Growth Rate By Application, 2023 to 2033
Figure 50: East Asia Market Attractiveness Analysis By Country, 2023 to 2033
Figure 51: East Asia Market Attractiveness Analysis By Type, 2023 to 2033
Figure 52: East Asia Market Attractiveness Analysis By Application, 2023 to 2033
Figure 53: South Asia & Oceania Market Value (US$ million) and Volume (Tons) Forecast, 2023 to 2033
Figure 54: South Asia & Oceania Market Absolute $ Opportunity (US$ million), 2023 to 2033
Figure 55: South Asia & Oceania Market Value (US$ million) and Volume (Tons) By Country, 2023 & 2033
Figure 56: South Asia & Oceania Market Y-o-Y Growth Rate By Country, 2023 to 2033
Figure 57: South Asia & Oceania Market Value (US$ million) and Volume (Tons) By Type, 2023 & 2033
Figure 58: South Asia & Oceania Market Y-o-Y Growth Rate By Type, 2023 to 2033
Figure 59: South Asia & Oceania Market Value (US$ million) and Volume (Tons) By Application, 2023 & 2033
Figure 60: South Asia & Oceania Market Y-o-Y Growth Rate By Application, 2023 to 2033
Figure 61: South Asia & Oceania Market Attractiveness Analysis By Country, 2023 to 2033
Figure 62: South Asia & Oceania Market Attractiveness Analysis By Type, 2023 to 2033
Figure 63: South Asia & Oceania Market Attractiveness Analysis By Application, 2023 to 2033
Figure 64: MEA Market Value (US$ million) and Volume (Tons) Forecast, 2023 to 2033
Figure 65: MEA Market Absolute $ Opportunity (US$ million), 2023 to 2033
Figure 66: MEA Market Value (US$ million) and Volume (Tons) By Country, 2023 & 2033
Figure 67: MEA Market Y-o-Y Growth Rate By Country, 2023 to 2033
Figure 68: MEA Market Value (US$ million) and Volume (Tons) By Type, 2023 & 2033
Figure 69: MEA Market Y-o-Y Growth Rate By Type, 2023 to 2033
Figure 70: MEA Market Value (US$ million) and Volume (Tons) By Application, 2023 & 2033
Figure 71: MEA Market Y-o-Y Growth Rate By Application, 2023 to 2033
Figure 72: MEA Market Attractiveness Analysis By Country, 2023 to 2033
Figure 73: MEA Market Attractiveness Analysis By Type, 2023 to 2033
Figure 74: MEA Market Attractiveness Analysis By Application, 2023 to 2033
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Competitive landscape highlights only certain players
Complete list available upon request
- FAQs -
What is the Global Resin Solvents Market Size?
The global resin solvents market is estimated at US$ 1.5 billion in 2023.
How will the Market Perform Over the Forecast Period?
During 2023-2033, sales of Resin Solvents increased at 5.6% CAGR.
What is North America Market Outlook?
The North American market is estimated to capture a prominent share in the resin solvents market.
Which Application Holds the Highest Market Share?
Coatings application is likely to hold the maximum share in the resin solvents market.
Who are the Major Players in the Resin Solvents Market?
Ballistol, Allnex, KREAMER, BASF SE, Kudo Chemicals, Arkema, Huntsman Corporation, and Evonik are some of the prominent market players in the resin solvents market.
Resin Solvents Market