Coating Resins Market – Opportunities And Challenges

PUNE, India, 2020-Jan-3 — /EPR Network/ —  Coating resins bind the coating ingredients together and enable them stick to the surface to which they have been applied. They determine the coating’s performance and appearance characteristics, such as their water or scratch resistance, ability to protect against corrosion, and gloss or matt finish. The coating resins market size is estimated at USD 29.5 billion in 2018 and is projected to reach USD 37.9 billion by 2023, at a CAGR of 5.1%. The growth of end-use industries, such as building & construction, packaging, general industrial, automotive, marine, aerospace, and furniture, is a key factor driving the growth of the coating resins market.

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Based on resin type, the polyurethane segment is projected to account for the largest share and witness the highest CAGR during the forecast period because of its use in varied applications. The major end-use industries for powdered polyurethanes are the main appliance market coatings, such as refrigerators, dryer drums, and range cabinets. The high performance characteristics of polyurethanes, such as their ability to cure at lower-baking temperatures, and the improved total coating solids, that is, the ability to obtain decreased volatile organic compound content; offset the high cost of polyurethanes.

Based on technology, the powder coating technology is projected to register highest CAGR among technology segments in the global coating resins market. Powder coatings are mainly used in automotive, appliance finishing, outdoor furniture manufacturing, architectural, among other industries. A major factor driving this growth is the growth of powder coatings due to increasing stringent environmental regulations for zero or non-VOC coatings.

Based on application, the architectural coatings segment is estimated to account for the largest share during the forecast period.  Increase in environmental awareness has led to innovations in the coating industry to provide quality products, which are affordable, of high quality, possess value added features, and meet global trends. Similarly, growing safety standards will raise the demand for fireproof and waterproof coatings on buildings. This is shifting the global focus toward architectural coatings. The drivers of demand growth, for global architectural coatings, are general economic trends along with industrial and construction activities.

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The APAC coating resins market is projected to register the highest CAGR during the forecast period. China is estimated to be the largest coating resins market in the APAC region. China and India, among other countries in the region are expected to lead the growth in this region. Furthermore, established coating resins manufacturers in Europe are further expanding their presence in the APAC region through joint ventures and strategic partnerships to tap into the emerging opportunities in this region. The coating resins market in China, India, Thailand, and Brazil is expected to grow rapidly due to the growth in end-use industries. The growth opportunities in these countries are expected to support the growth of the APAC coating resins market in the near future. The major players, such as Arkema S.A. (France), BASF SE (Germany), Royal DSM N.V. (Netherlands), and Allnex Netherlands B.V. (Germany), have framed their strategies to focus more on penetrating and creating bases in these emerging markets.

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  • Industrial Coatings Market
  • Adhesive Resin Market
  • Decorative Paints Coatings Market
  • Paints Coatings Market
  • Conformal Coatings Market

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