The Global Coating Resins Market Size accounted for USD 41.7 Billion in 2021 and is estimated to achieve a market size of USD 64.3 Billion by 2030 growing at a CAGR of 5.1% from 2022 to 2030. One of the major factors of the coating resins market growth is the increasing use of liquid & bio-based epoxy resin. Furthermore, rising demand for electrical cables from commercial, residential, as well as industrial applications is expected to drive the coating resins market value in the coming years.
Coating Resins Market Report Key Highlights
The Paints and Coatings business is rapidly expanding, and it is one of the world's largest consumers of resins. Coating Resins serve as binders, binding the entire composition together. This business has matured; conversely, it is evolving and transitioning to novel technology and an eco-friendly solution as the understanding of VOC emissions grows. Furthermore, paints and coatings are utilized to improve the surface quality and protect against environmental conditions. As a consequence, demand for coating resins is increasing in the automotive, industrial, and marine sectors.
Global Coating Resins Market Trends
Coating Resins Market Report Coverage
|Market||Coating Resins Market|
|Coating Resins Market Size 2021||USD 41.7 Billion|
|Coating Resins Market Forecast 2030||USD 64.3 Billion|
|Coating Resins Market CAGR During 2022 - 2030||5.1%|
|Coating Resins Market Analysis Period||2018 - 2030|
|Coating Resins Market Base Year||2021|
|Coating Resins Market Forecast Data||2022 - 2030|
|Segments Covered||By Type, By Technology, By Application, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Royal DSM N.V., Bayer AG, Allenex Netherlands B.V., INEOS Group Holdings S.A., Lanxess, BASF SE, DIC Corporation, DosswDuPont, Arkema S.A, and Celanese Corporation.
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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 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, strict regulations are being levied on VOC emissions from paints and coatings. The solvent-based coating is the most extensively used coating. However, the high VOC content in the coatings has led to the replacement of 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. Water-based coating is anticipated to hold the major share of the global coating resin 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.
Coating Resins Market Segmentation
The global coating resins market segmentation is based on type, technology, application, and geography.
Coating Resins Market By Type
According to a coating resins industry analysis, the acrylic-type segment ruled the market with the largest market share in 2021. When compared to other resins, acrylic coating resins have a more sticky consistency. They are used in cement, supported plastics, coatings, as well as composite materials like fiberglass and carbon fiber, which remain in salvageable condition under extreme conditions. Acrylic coating resins can be used on a variety of surfaces. This provides the covered area with a gleaming, scratch-resistant finish that protects the surface from moisture and material deterioration.
Coating Resins Market By Technology
In terms of technology, waterborne coatings are predicted to lead the global market with the highest market share in the projected timeframe. Water-borne coatings are widely employed in a protective covering, construction, architecture, commercial wood, metal packaging, automotive OEM & refinish, and other industries. Due to consumer desire for an environmentally friendly protective layer and government rules restricting VOC emissions, this coating is surpassing solvent coating.
Coating Resins Market By Application
According to the coating resins market forecast, 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 the 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.
Coating Resins Market Regional Outlook
The Middle East & Africa
Asia-Pacific Dominates The Global Coating Resins Market
Geographically, 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.
Coating Resins Market Players
Some of the top coating resins market companies offered in the professional report include Royal DSM N.V., Bayer AG, Allenex Netherlands B.V., INEOS Group Holdings S.A., Lanxess, BASF SE, DIC Corporation, DosswDuPont, Arkema S.A, and Celanese Corporation.
The estimated value of global coating resins market in 2021 was accounted to be USD 41.7 Billion.
The projected CAGR coating resins market during the analysis period of 2022 to 2030 is 5.1%.
The prominent players of the global coating resins market are Royal DSM N.V., Bayer AG, Allenex Netherlands B.V., INEOS Group Holdings S.A., Lanxess, BASF SE, DIC Corporation, DosswDuPont, Arkema S.A, and Celanese Corporation.
Asia-Pacific held the dominating coating resins market during the analysis period of 2022 to 2030.
Europe region exhibited fastest growing CAGR for coating resins market during the analysis period of 2022 to 2030.
Growing demand for ecological and environmentally friendly coating solutions and increasing demand for architectural coatings drives the growth of global coating resins market.
Based on technology, waterborne coatings segment is expected to hold the maximum share of the coating resins market.