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LONDON , June 28, 2022 /PRNewswire/ -- Coating Resins Market is valued at USD 41.52 Billion in 2021 and is expected to reach USD 58.03 Billion by 2028 with a CAGR of 4.9% over the forecast period.
Global Coating Resins Market: Global Size, Trends, Competitive, and Historical & Forecast Analysis, 2022-2028- Surging use of liquid and bio-based epoxy resin is one of the major factors driving the growth of the Global Coating Resins Market.
Coating Resins Market Size, Share & Trends Analysis Report By Resin Type (Acrylic, Alkyd, Vinyl, Polyurethane, Epoxy, Unsaturated Polyester, Saturated Polyester, Amino) By Technology (Waterborne Coatings, Solvent-Borne Coatings, Powder Coatings) By Application (Architectural Coatings, Marine & Protective Coatings, General Industrial Coatings, Automotive Coatings, Wood Coatings, Packaging Coatings, Coil Coatings) Based On Region, And Segment Forecasts, 2022 – 2028
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Coating Resins Market: Market Scope
The global coating resins market has been gaining traction in the last few years and has been growing in the world as that growth has been triggered primarily by the increase in demand form the automobile and construction industry as a surge in the investment and infrastructure demand for the eco-friendly coating systems has been coming all over the world and additionally there is a rise in the consumer purchasing power.
Coating Resins Market: Segmentation Analysis
In terms of segmentation, the market has been segmented on the basis of type and volume. In terms of type, the acrylic resin is a segment which is going to grow the largest in the coating resins market. The acrylic segment is growing immaculately because of its demand in the architectural coatings, floor finishes and also in the automotive coatings. The polyurethane is also increasing in terms of segment where the major end users are using it in the appliances industry where it has been used in the dryer drums, refrigerator and range cabinets. The higher performance properties and the ability for curing the low baking temperatures is among the factors which is increasing the market share.
The powder coatings segment is also going to grow the fastest in terms of the volume. The powder coating technology makes use of the dry resin powders for coating the substrates with the thermoset and thermoplastic films. The coating gets formed after a powder layer is applied with the powder spray gun or the fluidized bed tank to the substrate and then it is heated where the melting of the powder happens. The powder coatings are used largely in the appliance finishing, automotive finishing and outdoor furniture manufacturing along with the building of applications.
Global Coating Resins Market Segmentation:
Coating Resins Market: Key Drivers
The biggest growth driver in the global coating resins market has been the advances in the powder coating like the development of the thin-film powder, lower-temperature cured powder and heat resistance powders are driving the growth of the market. The technological advancements in the powder coating materials and their unique applications as well as advanced curing methods have been enhancing the use of power coating in the heat-sensitive substrates. The medium density fibre board which is a combination panel that bonds the synthetic resin with the wood particles is among the most important advancements in the powder coatings. This is suitable for the powder coating application because it is low porous and has a homogenous surface.
There is a shortage which has been experienced recently for the raw materials particularly the base chemicals for resins that are used in the production of resins in the last decade or so. The shortage was because of the surging prices of oil which was followed by a gap in the demand and supply that has created an increased level of completion from other industries using resins like the adhesives and sealants and composites. This has exerted an upward pressure on the prices, eventually leading to a substitution of the major resins like the epoxy, polyurethane, alkyd and vinyl along with other resins that include the cellulose, vinyl esters and phenolic.
A factor behind the growth of the market is the fact that the emerging markets have invested heavily in the infrastructural development on a large scale and the long-term projects are really growing there. The leading companies have started investing heavily in the higher growth markets. The markets in the emerging economies are creating many opportunities as the purchasing power in these developing countries is quite a lot. This along with the fact that the cheap labour is available in these regions is creating a demand for the industry.
Coating Resins Market: Competitive Analysis
The important players in the global coating resins market are Arkema, BASF SE, Covestro, Allnex Netherlands B.V., The Sherwin-Williams Company, Dow Inc., Evonik Industries AG, Polynt-Reichhold, Huntsman International LLC., and Mitsubishi Chemical Corporation. These are players who are focusing on innovation to grow their products in the best possible manner. This will be a race between who comes up with the most innovative product.
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Coating Resins Market: Key Trends
The global coating resins market has been disrupted majorly by the outbreak of the Coronavirus pandemic and the production of raw materials was majorly affected. These raw materials which were used in the countries like China , Japan , India and Singapore were hubs of the coatings and also the major suppliers of the raw materials. The virus affected the supply in these countries as they were one of the most affected by the pandemic. China in particular was affected as it was hit drastically by the lockdowns.
The countries all over the world tried to stop the spread of the virus and the private buildings, government constructions, refinish automotive business had been hit drastically. The retailers had also started cancelling their bulk orders and that brought about a chain reaction which badly affected the market after the shutdown of the world economy. The end user consumers have not been buying expensive coating technologies now and the distributers and retailers have all suffered due to the pandemic. The activities are expected to grow back to normal post the normalization of the pandemic.
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Coating Resins Market: Regional Analysis
In terms of the region, the Asia Pacific coating resins market has been emerging as the leading producer and the leading consumer of the market. The Asia Pacific market also encompasses the biggest range of the economies with different levels of development economically. The growth in the region has been attributed mainly to the higher growth rate economically along with the heavy investment levels across all the industries like automotive, consumer goods and the appliances, building and construction along with the furniture. The major players of the coating resins market have expanded their production capacities in the Asia Pacific region particularly in the regions of India and China . Low-cost labour is a major reason behind the growth of this region.
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