Coating Resins Market By Resin Type (Acrylic, Alkyd, Vinyl, Polyurethane, and Others), By Application (Architectural Coatings, Automotive Coatings, General Industrial Coatings, and Others), and Region - Global Forecast to 2028
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- Data Collections and Interpretation
- Data Validation
- Final Projections and Conclusion
The global coating resins market is estimated to value at nearly US$ 36 Bn in 2019, and is expected to register a CAGR of 6.3%. The global coating resins market is segmented on the basis of resin type, application, and region.
Global Coating Resins Market: Introduction
Coating resins are polymer compounds manufacture from synthetic and natural origin. These resins are utilized as primary components in production of coatings and paints. These resins act as a shield layer for various objects and are primarily used to offer resistance to corrosion, weather, hardness, and stain.
Global Coating Resins Market: Dynamics
High utilization of coating resins in a wide range of applications such as architectural coatings, industrial coatings, liquid coatings, metal coatings, paint and coatings, paint resin manufacturing, and wood coatings, coupled with increasing investments by major players for construction of new manufacturing plants and expansion are other key factors expected to drive growth of the global coating resins market in the near future.
Increasing developments related to interior and exterior wall coatings to enable temperature control in buildings, and growing use of additives in mortar and cement to enhance strength of buildings and weather-proofing are some other key factors expected to drive market growth to a significant extent
Coating resins also enhance properties of mortar, improve brittleness of traditional cement, enhance flexibility and tensile bond strength, and reduce incidence of cracks in cement. Polymer and cement mortar form an interpenetrating network structure and a continuous polymer film in pores. As a result, polymer modified mortar is superior to ordinary cement mortar in all properties after hardening. This is expected to result in high demand for such products.
Governments in developing countries such as India and Indonesia are focusing on boosting revenue growth of the industrial sector, especially the automotive sector, by encouraging FDI and offering various subsidiaries. In addition, countries, especially in Asia Pacific, are known as lucrative manufacturing hubs due to availability of low-cost labor and raw materials. Car manufacturers are currently focusing on expanding existing manufacturing plants and facilities and setting-up new car manufacturing plants in countries in the region. These factors are expected to drive growth of the Asia Pacific coating resins to a significant extent over the forecast period.
However, fluctuating prices of required raw material and rising concerns related to depleting petrochemical reserves are some of the major factors expected to hamper revenue growth of the market.
Introduction of nanomaterials that can be used to achieve higher opacity, better interaction between coating and surface, and remain more durable for a longer period of time. Due to small patricidal size such as 100nm or even less, some nanomaterials can be used in transparent coatings. Nanomaterial-containing coatings have superior properties such as better material and processing properties – increased indentation resistance, high elasticity, fast drying, no expansion after contact with water, high water vapor permeability as compared to conventional coating.
Global Coating Resins Market Analysis, by Resin Type
Among the resin type segments, the acrylic segment is estimated to account for major revenue share, and is expected to maintain its dominance over the forecast period. The saturated polyester segment is expected to register CAGR of over 6.8%. The epoxy segment accounts for second highest share in terms of revenue in the near future.
Global Coating Resins Market Analysis, by Application
Currently, among the application segments, the architectural coatings segment is accounts for major revenue share, and is expected to maintain its dominance over the forecast period. The architectural coatings segment is expected to register CAGR of over 6.5%. The automotive coatings segment is projected to witness second highest growth in terms of revenue in the near future.
Global Coating Resins Market Analysis, by Region
Currently, the market in Asia Pacific is dominating the global market in terms of revenue and is expected to maintain its dominance over the forecast period. Rapid growth of the packaging industry in Asia Pacific is a major factor expected to support growth of the coating resins market in the countries in the region over the forecast period.
High utilization of coating resins such as architectural coatings, industrial coatings, liquid coatings, metal coatings, paint and coatings, paint resin manufacturing, wood coatings, coupled with increasing investments by major players for construction of new manufacturing plants and expansion in countries in the region are among other key factors expected to drive growth of the Asia Pacific coating resins market in the near future.
Adoption of high performance and specialty coating resins in marine and aviation industries has been increasing owing to properties such as excellent corrosion resistance, outstanding stability and durability, tough and longer product life, fast dry time, and high efficiency in curing.
Increasing spending on infrastructure development and rising demand from the construction sector for coating resin-based architectural paints owing to ability of these products to seamlessly bond several thin-layered coats together with minimal or no blisters, and property to act as a layer of protection from harsh weather conditions are among some major factors driving growth of the North America coating resins market currently.
Increasing number of R&D activities related to coating resins to achieve high performance and develop protective coating resins with excellent adhesion and high sustainability properties, and resistance to thermal stress, and new product launches are expected to fuel growth of the North America coating resins market in the next 10 years.
Increasing use of specialty coatings for consumer goods, foils & films, glass coatings, industrial plastics, and vinyl flooring by various industries owing to superior safety, security, acoustical, and design features, coupled with properties such as hardness, flexibility and chemical resistance to keep the appearance of product are expected to fuel growth of the Europe coating resins market in the next 10 years.
Growing construction industry in countries such as Mexico is expected to increase the adoption rate of architectural coatings, which in turn is expected to drive revenue growth of the Latin America coating resins market over the forecast period. Increasing construction activities in Middle East is expected to result in high demand for coatings, and this coupled with increasing demand for coating resins such as acrylic, alkyd, and others are among some major factors expected to boost growth of the global market in the near future. Increasing demand for coating resins from the automotive industry for applications such as structural metal pieces, interior and exterior metal and plastic components, under-the-hood components, car wheels, and door trim is expected to drive growth of the market in Middle East.
Global Coating Resins Market Segmentation:
Global Coating Resins Market Segmentation, by Resin Type:
- Unsaturated Polyester
- Saturated Polyester
Global Coating Resins Market Segmentation, by Application:
- Architectural Coatings
- Automotive Coatings
- General Industrial Coatings
- High Performance Coatings
- Wood Coatings
- Packaging Coatings
Global Coating Resins Market Segmentation, by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Arkema S.A.
- BASF SE
- Royal DSM N.V.
- DowDuPont Inc. ( I. du Pont de Nemours and Company and The Dow Chemical Co.)
- Allnex Belgium SA/NV
- Hexion Inc. (Momentive Specialty Chemicals GmbH)
- Evonik Industries AG
- The Sherwin-Williams Company (The Valspar Corporation
- Polynt S.p.A. (PCCR USA, Inc.)
- 1 Chapter 1
- 1.1 Preface
- 1.2 Assumptions
- 1.3 Abbreviations
- 2 Chapter 2
- 2.1 Report Description
- 2.1.1 Market Definition and Scope
- 2.2 Executive Summary
- 2.2.1 Market Snapshot, By Resin Type
- 2.2.2 Market Snapshot, By Application
- 2.2.3 Market Snapshot, By Region
- 2.2.4 Prudour Opportunity Map Analysis
- 2.1 Report Description
- 3 Chapter 3
- 1 Chapter 1
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