Coating resins market is projected to reach USD 30.66 Billion by 2030, registering a CAGR of 5.3% throughout the forecast period.
Coating resins provide specific protective attributes including resistance to alkali, corrosion, fire, and chemicals. In addition, coating resins exhibit fast drying, high gloss, color retention, good adhesion, stain resistance, and pigment dispersion properties when used in architectural applications. The increasing demand for coating resins in the building and construction industry is expected to drive market growth during the forecast period. Furthermore, the rising use of powder and water-based coating resins in the automotive industry is projected to further drive market growth in the coming years.
The global coating resins market has been segregated on the basis of type, technology, application, and region.
By type, the global coating resins market has been segmented into acrylic, alkyd, epoxy, polyurethane, vinyl, and others. The acrylic segment is projected to account for the largest share of the market during the forecast period due to the excellent surface protection, dirt resistance, gloss retention, resistance to chemicals, water and stains, and drying characteristics of acrylic coating resins. These resins are used in primers, stains, sealers, and topcoats. The increasing demand for acrylic resins in various industries is likely to drive market growth during the forecast period.
On the basis of technology, the global coating resins market has been segregated into water-borne, solvent-borne, powder, UV-cured, and others. The water-borne and powder coating technologies have been gaining significance in recent years due to the increasing demand for low volatile organic compound (VOC) content coatings. The powder coating segment is expected to dominate the market during the review period owing to the high transfer efficiency, good exterior durability, and largely recoverable overspray of these coatings. Also, it is cost-effective and easy to use with minimal VOC content. The increasing use of powder coatings in industrial and automotive applications is projected to favor market growth during the review period.
Based on application, the global coating resins market has been divided into industrial, automotive, architectural, packaging, electronics, and others. The architectural segment accounted for the majority share of the global coating resins market in 2017. This can be attributed to the robust growth of the building and construction industry where coating resins are used for roofs, walls, and decks.
Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa are the five key regions studied for the global coating resins market. In 2017, Asia-Pacific dominated the global coating resins market owing to increasing product demand in the automotive and building and construction industries. Moreover, rapid industrialization coupled with the growing use of coating resins in industrial coatings is further driving the growth of the regional market.
The other significant markets for coating resins are North America and Europe. Increasing demand for the product in industrial and automotive applications is expected to favor the growth of these regional markets.
Some of the prominent players in the global coating resins market are Arkema SA (France), DowDuPont (US), BASF SE (Germany), Allnex Group (Germany), Wacker Chemie AG (Germany), Royal DSM NV (Netherlands), Aekyung Chemical Co. Ltd (South Korea), DIC Corporation (Japan), Tosoh Corporation (Japan), Westlake Chemical Corporation (US), Nippon Shokubai Co. Ltd (Japan), Neville Chemical Company (US), and Ferro Coating Resins (South Africa).
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