In this work a multi-criteria analysis and an optimization tool were developed, which allows the substitution of fossil-based solvents with bio-based alternatives based on Hansen solubility parameters and various physical parameters, such as the boiling point, evaporation rate, viscosity or wetting behavior. The proof of concept was achieved by formulating two different paints used in coil coatings using the bio-based solvents, and they performed equally as well as their fossil-based counterparts. A potential decrease in CO₂ emissions was determined by a life cycle assessment and cradle-to-grave analysis of bio- and fossil-based solvents, which showed a large sustainability bonus when using solvents based on biomass. The introduced methodology provides initial insights into substituting currently used solvents systematically. Overall, implementing bio-based solvents is a viable drop-in method to decrease the environmental impact of paints and coatings, while maintaining the same performance.