Growth Factors of Coating Resins Market
The global coating resins market size was valued at USD 33.70 billion in 2019 and is projected tgrow tUSD 47.41 billion by 2027, exhibiting a CAGR of 4.7% during the forecast period of 2024-2032.
The pandemic notably disrupted the coating resins marketplace due tsupply chain interruptions, reduced commercial sports, and reduced demand from key sectors like cars and construction. However, the elevated demand for protective coatings in healthcare and hygiene programs partially offset these challenges, helping marketplace restoration as restrictions eased, impeding the coating resins market growth.
The coating resins marketplace is pushed using the developing call for from industries that include car, creation, and electronics, in which those resins are critical for defensive and ornamental coatings. Advancements in eco-friendly and sustainable resin technology, urbanization, and infrastructure improvement alsraise market growth.
The coating resins marketplace is witnessing a significant increase, pushed by increasing calls throughout various end-use industries. Key tendencies encompass the growing call for sustainable and green coatings with reduced VOC emissions and advanced durability, leading tthe expansion of coating resins market share globally. Advancements in nanotechnology are central tdeveloping coatings with more advantageous properties like scratch resistance, anti-microbial houses, and self-cleansing abilities. Furthermore, the growing focus on lightweight materials and gasoline efficiency inside the automotive industry drives demand for lightweight and high-performance coating resins.
Comprehensive Analysis of Coating Resins Market
The coating resins market is segmented using resin kind, formulating generation, and end-use industry. The resin segment consists of acrylics, alkyds, polyurethanes, epoxies, and polyester, with acrylic resins maintaining a main share due ttheir tremendous chemical and climate resistance. Alkyds are cost-powerful and flexible, epoxies provide superior chemical and abrasion resistance, and polyurethanes combine high gloss and flexibility. Regarding formulating technology, water-borne coatings lead the marketplace due ttheir low VOC content material, ease of use, and environmental blessings. The marketplace's cease-use segments encompass architectural coatings, widespread commercial coatings, automotive coatings, and extra, with the architectural coatings segment driven by rising infrastructure spending and the demand for durable materials. Other industries like automotive and industrial coatings are alsfueling the market boom.
The Asia Pacific region led the coating resins market by benefitting a size of USD 14.15 billion in 2019 due tgovernment subsidies, automotive manufacturing, production sports, hobby quotes, and patron spending, all of which might be key components of GDP.
The leading players in the coating resins market significantly shape its growth trajectory and set industry standards. Key players such as BASF SE (Germany), ALLNEX NETHERLANDS B.V. (Netherlands), CovestrAG (Germany), Wacker Chemie AG (Germany), Dow (U.S.), Sherwin-Williams (U.S.), Evonik (Germany), Mitsubishi Chemical Corporation (Japan), TORAY INDUSTRIES, INC. (Japan), Solvay (Belgium), Eastman Chemical Company (U.S.), DIC CORPORATION (Japan), Hexion (U.S.), Perstorp (Sweden), DSM (Netherlands), and Arkema (France) contribute ta competitive landscape, driving innovation and market advancement. These companies are crucial in developing advanced coating resins, fostering market growth and technological progress.
In July 2020, Engineered Polymer Solutions (EPS) added the EPS 2400 series in North America, a new range of six waterborne acrylic resins designed tbe used by wood coating formulators. In business settings, these resins create excessive-overall performance solutions for cabinetry, furniture, and flooring packages.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2016-2027
Base Year 2019
Forecast Period 2020-2027
Historical Period 2016-2018
Unit Value (USD Million) and Volume (KilTons)
Segmentation Resins; Formulating Technology; and End-use Industry
By Resins
Acrylic
Alkyd
Polyurethane
Epoxy
Polyester
Others
By Formulating Technology
Water-based
Solvent-based
Powder
Others
By End-use Industry
Architectural Coatings
General Industrial Coatings
Powder Coatings
Wood Coatings
Automotive OEM Coatings
Automotive Refinish Coatings
Protective Coatings
Packaging Coatings
Others
By Geography
North America (By Resins, Formulating Technology, End-use Industry, and By Country)
U.S. (By End-use Industry)
Canada (By End-use Industry)
Europe (By Resins, Formulating Technology, End-use Industry, and By Country)
Germany (By End-use Industry)
UK (By End-use Industry)
France (By End-use Industry)
Italy (By End-use Industry)
Spain (By End-use Industry)
Russia & CIS (By End-use Industry)
Rest of Europe (By End-use Industry)
Asia Pacific (By Resins, Formulating Technology, End-use Industry, and By Country)
China (By End-use Industry)
Japan (By End-use Industry)
India (By End-use Industry)
ASEAN (By End-use Industry)
Rest of Asia Pacific (By End-use Industry)
Latin America (By Resins, Formulating Technology, End-use Industry, and By Country)
Brazil (By End-use Industry)
Mexic(By End-use Industry)
Rest of Latin America (By End-use Industry)
The Middle East & Africa (By Resins, Formulating Technology, End-use Industry, and By Country)
GCC (By End-use Industry)
South Africa (By End-use Industry)
Rest of Middle East & Africa (By End-use Industry)
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