Coating Resins Market Size - Global Industry, Share, Analysis, Trends and Forecast 2022 - 2030

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

• Global coating resins market revenue is expected to increase by USD 64.3 billion by 2030, with a 5.1% CAGR from 2022 to 2030
• Asia-Pacific region led with more than 43% of coating resins market share in 2021
• Europe coating resins market growth will observe strongest CAGR from 2022 to 2030
• By type, the acrylic segment has accounted market share of over 28% in 2021
• By technology, waterborne coatings segment engaged more than 56% of the total market share in 2021
• Growing demand for ecological and eco-friendly coating solutions, drives the coating resins market size

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

Market Drivers

• Growing demand for ecological and environmentally friendly coating solutions
• Increasing demand for architectural coatings
• Rising demand in the worldwide automobile industry
• Growing demands for coating resins in roadways

Market Restraints

• Availability of alternative products
• Price fluctuations in raw materials

Market Opportunities

• Rising demand for polyurethane resins
• Development of bio-based coatings

Coating Resins Market Report Coverage

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

• Acrylic
• Alkyd
• Epoxy
• Polyurethane
• Vinyl
• Polyester
• Amino
• Others

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

• Waterborne Coatings
• Powder Coatings
• Solvent borne Coatings
• Others

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

• Industrial Coatings
• Wood Coatings
• Automotive Coatings
• Architectural Coatings
• Protective Coatings
• Marine Coatings

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

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

The Middle East & Africa

• South Africa
• GCC Countries
• Rest of the Middle East & Africa (ME&A)