Coating Resins Market

Global Coating Resins Market is valued at USD 55.86 Billion in 2022 and is projected to reach a value of USD 85.08 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of over the forecast period.

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The construction industry is one of the major end-users of Coating Resins. The Asia-Pacific region is the largest construction market, followed by North America and Europe. In 2018, more than 60% of the world's construction was done in the Asia-Pacific region. The rapid urbanization and industrialization of developing countries such as China and India are some of the key factors driving the growth of the construction industry in this region. The automobile industry is another important end-user of Coating Resins. Light vehicle production (LVP) is expected to grow at a CAGR of 3–4% during 2020–2024. China, the United States, and Japan are some of the major markets for automobiles. The growing middle-class population and rising disposable incomes in developing countries are fueling the demand for automobiles. This, in turn, is expected to drive the demand for Coating Resins in this sector. The packaging industry is also a significant consumer of Coating Resins. The flexible packaging segment is anticipated to grow at a CAGR of 5–6% during 2020–2024. It is anticipated that the increasing demand for powder coatings from the automotive and construction industries will be a primary driver for the expansion of the market.

The first factor for the growth of the market is the expanding number of end-use sectors that have a growing demand for coatings. This is being driven by the expansion of the construction industry, in addition to the rising demand for coatings coming from the automotive and aerospace sectors. The technical advances that have been made in coating technology are another factor that is anticipated to help the expansion of the market for coating resin. Because of this, new and improved Coating Resins have been developed. These resins offer greater performance as well as increased durability. Last but not least, the growing environmental concerns are anticipated to fuel the expansion of the coating resin market. This is because these goods help in lowering emissions and waste, which in turn fuels the growth of the coating resin market. The market for Coating Resins encompasses a wide variety of different types, including acrylic, alkyd, polyurethane, and epoxy, amongst others. As a result of increased demand from the construction and automotive industries, it is anticipated that the market for Coating Resins will expand at a rate that is only slightly faster than average during the next five years. The market for coatings is being driven by rising disposable incomes, which in turn are causing more money to be spent on construction activities. Urbanization is also a contributing factor. During the time covered by this estimate, it is anticipated that the Asia-Pacific region will be the market for Coating Resins that would have the highest rate of growth. The rise in urbanization and the number of people living in cities are the primary forces behind the increased demand for construction machinery.

It is also anticipated that the increasing number of projects to expand infrastructures, such as roads, bridges, dams, and trains, will contribute to the expansion of the industry. In addition, growth in demand for construction equipment is the result of people's changing lifestyles, which are leading to higher levels of discretionary expenditure. However, the market faces some restraints that may hinder its growth. Raw material price fluctuations are one example of this type of constraint. In recent years, there has been a significant amount of fluctuation in the costs of essential raw materials including crude oil and benzene, which are utilized in the production of Coating Resins. Because of this, the price of Coating Resins has increased significantly, which makes it more difficult for end-users to afford them. The rigorous laws that are now in place regarding the usage of particular chemicals that are used in Coating Resins are another factor that is slowing the growth of the market. Because of the carcinogenic properties of hexavalent chromium, for instance, the use of this substance as a pigment in some kinds of Coating Resins is subject to regulation by several different bodies. Because of this, its application has been restricted in a great number of nations, which is slowing the expansion of the market for coating resin.

Impact of the market on the Construction Industry

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The construction industry is one of the key end-use industries for Coating Resins. The market for Coating Resins is directly linked to the health of the construction industry, as the demand for coatings in this sector is mainly driven by new construction activities. When the construction industry is booming, the demand for Coating Resins also increases, as more coatings are required for new buildings and infrastructure. However, when the construction industry slows down, the demand for Coating Resins also decreases, as fewer coatings are required. In recent years, the global construction industry has been growing at a healthy rate, driven by strong economic growth in many parts of the world. This has led to increased demand for Coating Resins and other construction materials and has helped support the growth of the Coating Resins Market. Looking forward, we expect the construction industry to continue to grow at a healthy pace, which should support further growth in the coating resin market.

Top Market Trends

• Increasing demand for water-based Coating Resins: The global water-based Coating Resins Market is expected to grow at a CAGR of 5.8% during the forecast period (2020–2025). This growth is attributed to the increasing demand for these resins from the construction and automotive industries.
• Growing preference for bio-based Coating Resins: The global bio-based Coating Resins Market is expected to grow at a CAGR of 10.5% during the period (2020–2025). This growth is attributed to rising environmental concerns and the need for sustainable products.
• Shift from solvent-based to water-based Coating Resins: The global water-based Coating Resins Market is expected to grow at a CAGR of 5.8% during the period (2020–2025). This growth is attributed to the increasing regulations on volatile organic compounds (VOCs) and the growing preference for eco-friendly products.
• Increasing use of powder coatings: The global powder coatings market is expected to grow at a CAGR of 6.6% during the forecast period (2020–2025). This growth is attributed to the rising demand for these coatings from the automotive and appliance industries.

Market Segmentation

The coating resin market is segmented based on Technology, Type, End User, and Region. Based on Technology, the market is classified into Waterborne Coatings, Solvent-Borne Coatings, Powder Coatings, and Other Technologies. Based on Type, the market is classified into Acrylic, Polyurethane, Alkyd, Epoxy, Vinyl, Amino, Polyester, and Other Types. Based on the End User, the market is classified into Architectural Coatings, Paints and Coatings, Industrial Coatings, Automotive Coatings, Wood Coatings, Protective & Marine Coatings, and Other End Users. Based on region, the Global Coating Resins Market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Based on Technology

The Waterborne Coatings segment is witnessing high growth due to the increasing demand from the automotive and aerospace industries. The growing awareness about the pollution caused by road dust and other airborne particles is resulting in increased demand for coatings that can protect surfaces from such contaminants. The solvent-borne coatings segment is also witnessing high growth due to the increase in the production of commodity chemicals. These chemicals are used in various industrial applications, such as the manufacturing of plastics and elastomers. Powder coatings are also seeing high growth owing to their application in various industrial sectors, such as aerospace and automotive.

Based on Type

The Acrylic segment is expected to dominate the market with a revenue share of 57% in 2028. This is largely due to the increasing demand for acrylic coatings in the automotive and aerospace industries. The polyurethane segment is expected to grow at a faster rate than the other segments owing to its higher performance characteristics such as low volatile content and resistance against weathering. The alkyd segment is expected to grow at a slower rate than the other segments owing to its higher production costs. The epoxy segment is expected to grow at a slower rate than the other segments owing to its high price point. The vinyl segment is estimated to grow at a slower rate than the other segments owing to its limited adoption in industrial applications. Amino resins are projected to be the fastest-growing type of coating resin during the forecast period. This is primarily due to the growing demand from the automotive and aerospace industry for durable and weatherproof coatings. Polyester resins are also expected to grow at a moderate rate during this period, as they are used in a wide variety of applications, such as textile printing, packaging, and construction. However, the growth of other types of Coating Resins is hindered by the limited availability of these materials in some regions.

Based on End User

Architectural coatings dominated the market in 2017 and are projected to maintain their lead throughout the forecast period. This is due to the increasing demand from the construction and real estate industries for high-quality finishes on buildings. In terms of application, automotive coatings are projected to grow at the highest rate owing to the increasing adoption of these solutions in the automotive industry. Other important application areas for automotive coatings include paint protection for vehicles and aircraft, aircraft parts, and other metal surfaces. From 2023 to 2030, the segment is expected to grow at a compound annual growth rate (CAGR) of 4.6%. This is because governments in emerging economies are putting policies in place that make it easier to build infrastructure. The largest market for automotive coatings is in Asia and the Pacific, followed by North America and Europe. The Asia Pacific region is expected to continue to be the fastest-growing market for automotive coatings, due to the rapidly expanding automotive industries in China and India. The architectural sector is the second largest end-user industry for Coating Resins. Europe and Asia-Pacific are the next biggest markets for architectural coatings, after North America. The Asia-Pacific region is expected to be the fastest-growing market for architectural coatings. This is because China's and India's economies are growing quickly, which leads to more building projects.

Based on Region

The growth of the Coating Resins Market is expected to be highest in North America owing to increasing demand from the automotive and aerospace industries. In Europe, the market is expected to grow at a modest pace owing to an increase in industrial and construction applications. Asia Pacific is anticipated to be the fastest-growing region owing to rising demand from the agricultural and pharmaceutical sectors. In Latin America, the market is expected to grow at a higher rate owing to increasing demand from the beverage industry. Meanwhile, the market in the Middle East & Africa is projected to grow at a slower rate owing to a limited installed base of coatings. Asia Pacific is projected to be the fastest growing market with a CAGR of 6.2% over the forecast period owing to rapid economic growth and increasing industrialization in this region. As the global economy continues to rebound from the pandemic, many industries are starting to invest in growth again. The coatings resins market is one of those industries that is seeing an uptick in demand.

Competitive Landscape

The key players in the Global Coating Resins Market include- Allnex Holdings S.A R.L. (Luxembourg), BASF SE (Germany), LANXESS (Germany), Royal DSM N.V. (Netherlands), DowDuPont Inc. (US), DIC Corporation (Japan), Bayer AG (Germany), Celanese Corporation (US), Arkema S.A. (France), Solutia Inc. (US), INEOS Group Holdings S.A. (UK), Huntsman International LLC. (US), Evonik Industries AG (Germany) and others.

Recent Advancements

In the past few years, there have been significant advancements in the field of Coating Resins. These new resins offer superior performance in terms of durability, resistance to chemicals and weathering, and overall appearance. Additionally, they are often more environmentally friendly than traditional resins, making them a great choice for both consumers and businesses.

• Some of the most popular types of Coating Resins on the market today include acrylics, polyurethanes, epoxy resins, and polyesters. Each type has its own unique set of benefits and drawbacks, so it's important to choose the right one for your specific needs. Acrylics, for example, are known for their high gloss finish and excellent durability, but they can be more expensive than other types of resins. Polyurethanes are another popular choice due to their flexibility and resistance to yellowing or fading, but they may not be as durable as acrylics.
• Government initiatives such as the Volatile Organic Compounds (VOC) Reduction Program in North America and Europe have also played a major role in shaping the coating resin market. These programs are aimed at reducing environmental pollution caused by VOC emissions from various industries, including the coatings industry. This has led to an increased demand for low-VOC and VOC-free Coating Resins from manufacturers.
• In January 2020, Dow launched two new products – an acrylic emulsion resin for high-gloss architectural coatings and a polyester resin for powder coatings – under its VORAZE TM brand.
• When it comes to the awareness of different types of Coating Resins available on the market, water-based acrylics are by far the most popular type, followed by polyurethanes and epoxies. Among those familiar with Coating Resins, water-based acrylics are also perceived as being the easiest to use.
• Nippon Paint Holdings company has announced a new range of coatings resins to be launched in 2021. This includes a new high-performance acrylic coating, which is intended for use on aluminum and steel surfaces. The company says that this coating can achieve up to 95% transparency, making it ideal for vehicle manufacturing. In addition, the company is also releasing a new silicone-based coating designed for use on plastic and other materials. This coating is said to have high resistance to water and grease, making it an ideal choice for applications such as electrical equipment and packaging.

Segmentation of the Global Coating Resins Market: