The global coating resins Market is projected worth US$ 51.3 billion by 2026 and the market is projected to show case 5.0% CAGR during the forecast period. The coating resins market is driven by an increase in demand for paint & coatings in the automotive sector.
The rapid expansion in the automotive industry is driving the demand for paints and coatings that are durable; prevent corrosion; and improve the fuel efficiency of the vehicles. Growing population and development in economic conditions are the major factors that have resulted in an increase in expenditure on infrastructure development globally. This is projected to expand the demand for decorative coatings in the upcoming years. Also, the strict regulations are being levied on VOC emissions from paints and coatings. The solvent-based coating is the most extensively used coatings. However, the high VOC content in the coatings has led to the replacement by water-based formulations with VOC content. Amino resins and alkyd are the major segments expected to grow significantly in the global coating resins market.
The development of water-based technology is attributed to the surge in the adoption of low VOC emission coatings globally. Also, consumer awareness about the environmental impact of coating products is growing. The water-based coating is anticipated to hold the major share in the global coating resins market. Also, the development in the construction, and automotive industries and widespread adoption of innovative coating technologies are expected to create growth opportunities for the key manufacturers in the global coating resins market.
The global coating resins market is segmented into type, technology, application, and region. On the basis of type, the global coating resins market is segmented into Acrylic, Epoxy, Alkyd, Vinyl, Polyurethane, Amino, Polyester, and others. On the basis of technology, the global coating resins market is segmented into Solvent-based, UV Cured, and High Solids. On the basis of application, the global coating resins market is segmented into Industrial Coatings, Automotive Coatings, Wood Coatings, Protective Coatings, Architectural Coatings, and Marine Coatings. On the basis of the region, the global coating resins market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Based on the application, the global coating resins market can majorly be segmented into six sub-segments, which are industrial coatings, automotive coatings, wood coatings, protective coatings, architectural coatings, and marine coatings. The architectural coatings sub-segment is expected to dominate the global coating resins market. The segment is projected to expand at a significant pace during the forecast period owing to the growth in construction and infrastructure development and rise in consumption of paints and coatings in order to improve the aesthetic appearance of structures. The automotive coatings segment is expected to grow at a rapid pace during the forecast period. Also, the industrial coatings and marine coatings sub-segments are anticipated to create profitable opportunities for the coating resins market.
The Asia Pacific region is expected to dominate the global coating resins market followed by North America and Europe region. Asia Pacific region is the key manufacturer of the paints and coatings products that are produced from coating resins. The coating resins market in the region is expected to increase at a rapid pace in the coming years owing to the substantial surge in consumption of paints and coatings in the region.
The major players associated with the coating resins market are Royal DSM N.V., Allenex Netherlands B.V., Lanxess, DIC Corporation, BASF SE, Arkema S.A, DosswDuPont, and Celanese Corporation, etc.The coating resins market experiences competition from other industries such as adhesives and packaging, as coating resins are employed in these industries as well.The global coating resins market is ruled by large players. Also, the presence of huge numbers of small and medium players are highly competitive in the global coating resins market.
Key manufacturers in the global coating resins market are focused on investing heavily in research and development activities in order to manufacture innovative coating resins for effective applications. Additionally, the key players in the global coating resins market are focusing mainly on merger and acquisition and developing strategic partnerships with other players in order to expand their business geographically as well as by capturing huge market share.
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