In terms of revenue, the Global Coating Resins Market is expected to reach USD 73.3 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 5.40% from 2022 to 2028.
The Coating Resins are utilized for heavy or light-duty vehicles and passenger automobiles to get mechanical strength, adhesion to metals, and heat resistance in different end-user industries like the automotive industry. Growth in demand for electrical wires from residential, commercial, and industrial applications will likely propel the Coating Resins market in the next few years. In addition, various market participants are looking forward to offering environmentally friendly products and processes for an extensive range of industries, which will fuel market growth in the future.
Key Highlights from Report:
· Based on the Technology, Waterborne Coatings is anticipated to dominate the Coating Resins market with the largest market share in the forecast period. Water-borne coatings are used extensively in a protective coating, building, architecture, industrial wood, automobile OEM & refinish, metal packaging, and other sectors. This coating is outselling solvent coating because of the consumer demand for environmentally friendly coating and government regulations limiting VOC emissions.
· By Types, the Acrylic segment accounted for the highest CAGR in the forecast period. It is a low-cost material expansively used as a resin type in Coating Resins, which provides better water resistance and stain protection.
· Geographically, Asia Pacific held the largest market share in 2021 and will be the most profitable market in the forecast period. This is because of the rising demand for renovation and repair of commercial buildings, malls, houses, and schools, along with the mounting government and foreign investments in this region.
The Paints & Coatings industry is increasing significantly, being one of the top consumers of resins worldwide. The Coating Resins act as binders, holding the complete formulation together. This industry is grown-up; conversely, it is undergoing evolution and is changing to novel technologies and eco-friendly products owing to an increase in awareness of VOC emissions globally. In addition, the paints and coatings are used to give a better surface finish and protect from climatic conditions. As a result, demand for paints and coatings from the industrial, automotive, and marine sectors is rising. All these factors are projected to press on the paints and coating demand and, as a result, drive the Coating Resins market over the forecast period.
The surging population and development in economic conditions are resulting in a growth in housing expenses and infrastructure development worldwide. This will augment the demand for decorative coatings in the coming years. Increasing demand for roadway markings is expected to drive Coating Resins to demand over the forecast period. Furthermore, the rising number of roadway networks evokes marking of proper safety signage use like lane changing and zebra crossing. The Coating Resins-based roadway markings provide weather resistance properties that cut road maintenance expenditures. Also, companies in the market of Coating Resins market are adopting new technologies such as solvent-based, water-based, and high solids.
However, the factors limiting coating pitches' usage include variable natural substance costs and diminishing petrochemical stocks. Such variables can obstruct market growth.
Asia Pacific has been recognized as a leading producer and consumer of Coating Resins and is anticipated to observe significant market growth in the coming years. The region’s market growth can be attributable to the increasing automotive production, construction activities, interest rates, government subsidies, and consumer expenses, all of which are vital components of GDP. China and India are significant contributors to this regional market. Key market players in the Coating Resins market are raising their production capacity in Asia Pacific, mainly in India and China. Moreover, the benefits of relocating the production to APAC comprise the availability of skilled and low-cost labor, lower production expenses, and the potential to better provide for the local emerging market. This is expected to fuel the market development in Asia Pacific.
The Global Coating Resins Market is Segmented as follows:
- Waterborne Coatings
- Solvent Borne Coatings
- Powder Coatings
- Other Technologies
- Other Types
- End User
- Architectural Coatings
- Paints & Coatings
- Industrial Coatings
- Automotive Coatings
- Wood Coatings
- Protective & Marine Coatings
- Other End Users
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Coating Resins Market is:
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)
The Global Coating Resins Market Scope can be Tabulated as below:
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|