The global coating resins market size is projected to exceed around USD 51.3 billion by 2026, the market is estimated to grow at 5.0% CAGR during the forecast period. The increase in paints & coatings in the industrial and automotive sector is one of the major factors that is expected to boost the growth of the global coating resins market.
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Coating resins are polymer materials that are also known as binders that grip a coating formulation together and provide a bond to the surface on which the coating is applied. Coating resins are polymer latex which is a liquid coating formulation that includes several components such as and solvents, pigments, and additives. Coating resins fix the complete coating system together. The powder coating systems have a comparable structure, apart from the solvents. The coating resins market is projected to increase at a moderate pace during the forecast period owing to the increase in the consumption of coatings and paints across the globe due to the development in the end-use industries. The rapid development in the construction and automotive industries and extensive adoption of innovative coating technologies are expected to create opportunities for the coating resins manufacturers in the coming years. The coating resins market in the Asia Pacific region is projected to create profitable opportunities due to the growth in economic activities in this region. Also, the Asia Pacific region is implementing strict VOC emission regulations that are expected to fuel the demand for coating resins in the region. The awareness about the environmental impact of coating products is growing among consumers in this region.To avoid air pollution, the National environmental standards have been announced, also the VOC emission standards for the coating industry have also become increasingly strict in the past few years. The water-based coatings are most extensively used in the automotive industry and currently it is gaining popularity in the furniture and industrial coatings as it is eco-friendly.
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The demand for paints and coatings in various sectors such as automotive and industrial is increasing at a faster pace. Paints and coatings offer surface finish and shield from climatic conditions. The increase in development in the automotive industry is fuelling the demand for coating resins that are durable, fuel-efficient and prevents corrosion. The growing population and development in economic conditions have led to an increase in expenditure on infrastructure development globally. This is projected to expand the demand for decorative coatings in the coming years. The surge in the disposable income of consumers in developing nations has fuelled the demand for passenger cars. The automotive companies are establishing manufacturing facilities in developing countries owing to the low labor cost and favorable government regulations. These automotive manufacturers are progressively shifting toward the high-performance OEM coatings. These factors are anticipated to fuel the demand for help coating resins. Also, the auto refinish coatings market is also estimated to increase the demand for coating resins, due to various factors, such as the implementation of innovative technologies and increasing disposable income in the developing countries.
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 water-based 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.
The major players associated with the global 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 research and development activities in eco-friendly formulations are led across the globe. There is a high degree of competition among the key players operating in the global coating resins market. Moreover, the players are also strategically focused on partnership, acquisition, and product launch in order to compete in the market and gain a leading position in the coating resins market. The changing customers’ requirements aids manufacturers to offer innovative technology that caters best as per need. These factors are anticipated to offer lucrative growth opportunities for the prominent players in the coating resins market.
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