COATING RESINS MARKET OVERVIEW
The global coating resins market was valued at USD 40.42 billion in 2020 and is expected to reach USD 54.7 billion by 2026, growing at a CAGR of 5.17% during the forecast period.
The demand for coating resins is increasing at a rapid rate across all regions. The rise in living standards, growing disposable income, rapid urbanization, and government initiatives are significant factors driving the market for coating resins. The substantial investment by the government to create accessible accommodation for the growing population pool of urban dwellers is contributing to the rapid growth of the construction industry, which will positively impact the global industry. The significant change happening in the coating industry is the continuous adoption of coating technologies to offer better products every time. These new coating technologies include water-borne coatings, powder-borne coatings, high solids coating, two-component systems, and radiation-curable coatings. The water-borne coating is the most preferred formulation in the coatings resin market. Coating resins are also gaining high traction across the marine industry.
- APAC dominated the coating resins market in 2020 and is expected to grow in the coming years.
- Solvent-borne formulation holds the largest market share. It is expected to grow at a CAGR of more than 4% from 2020-2026.
- The coating resins market in Europe is growing in line with the global market.
The wood coating resin products market is growing due to growing urbanization in emerging economies across the Asia Pacific, Latin America, and European regions.
The rising production of wooden artifacts and decorative items also triggering the demand for wood coatings resin.
COATING RESINS MARKET SEGMENTATION
This research report includes a detailed segmentation by
- Coating Type
COATING RESINS MARKET SEGMENTS
- Water-borne coatings are widely adopted due to low or no VOC emissions. Water-borne coatings account for the largest share in the coating resin market.
- The major trends accelerating the industry for coating resins are the continuous development and demand for higher performance to extend material life and reduce maintenance costs. Coating resins give the vehicle an aesthetic and glossy look and prevent it from dent, UV, scratch, and corrosion.
- The wood coating resin products market is growing due to growing urbanization in emerging economies across the Asia Pacific, Latin America, and European regions.
- The global architectural coatings industry is in a development mode, driven by the growing construction industry, rebounding of the US housing industry, and the continuing demand for sustainable paints and coating, especially in the emerging economies of the Asia-Pacific region.
- Increasing disposable income, rising living standards, and growing population are the prime reasons for the rising demand for motor vehicles globally, which will fuel the growth of the coating resins industry.
In North America, the US is the biggest market for coating resins, followed by Canada. In North America, with the several projects under pipeline for residential & non-residential, the demand for greenhouse and government investment for the construction of non-residential projects is likely to boost the demand for coating resins industry in the future years. North America is expected to witness significant growth in the coating resins industry. The growing construction industry is driving the demand for acrylic resin, particularly in Asia-Pacific, North America, and Europe.
The coating resins market is highly competitive and is characterized by the presence of various key players. Companies are concentrating on delivering environment-friendly coating with low or no VOC content to intensify the competition. Mergers and acquisitions benefit the companies in purchasing raw materials, distribution, and R&D, driven mainly by amalgamation. To survive in the intensive competitive environment, the manufacturers need to introduce new or improved coating additives products and adapt to the constantly changing trend. For instance, key players such as BASF SE are focusing on innovation. Over the years, the company has invested in online channels. This investment has opened a new sales channel. In the next few years, the company can leverage this opportunity by knowing its customer better.
The global coating resins market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
- Coating Type
- Architectural Coating
- Industrial Coating
- Marine Coating
- Automotive Coating
- Wood Coating
- Coil Coating
- Packaging Coating
- North America
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia