Coating Resins Market size is poised to reach USD 107 Billion by the end of 2036, growing at a CAGR of 7% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of coating resins was USD 56 Billion. The reason behind the growth is due to the rising construction sector. Resins are utilized in both functional and decorative flooring, and they are also used as a protective coating a liquid compound used in construction to protect a surface against factors such as chemicals, carbonation, and sunlight. According to estimates, over the next 15 years, global construction work will increase by more than USD 4 trillion.
The growing development of renewable energy projects are believed to fuel the market growth. Coating resins can be utilized to protect the surface of solar panels as these panels are subjected to incredible quantities of natural erosion from water and wind, as well as UV damage. Besides this, these coatings are also used to protect the blades of wind turbines from erosion and wear caused by the extreme environmental conditions they face every day.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~7% |
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Base Year Market Size (2023) |
~ USD 56 Billion |
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Forecast Year Market Size (2036) |
~ USD 107 Billion |
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Regional Scope |
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Application (Architectural, Industrial, Automotive, Wood, Protective & Marine)
The architectural segment in the coating resins market is estimated to gain a robust market share of 51% in the coming years owing to the growing urbanization across the globe. The rise of the urban population has led to the growth of sustainable cities communities and architecture. As a result, the demand for coating resins may rise as it is used for several purposes in architecture. Moreover, coating resins can help increase the lifespan of building and construction by improving the durability of structural parts and also provide long-lasting corrosion protection, adhesion, and adaptability to a wide variety of substrates. By 2045, the world's urban population will have increased by more than 5 billion.
Resin Type (Acrylic, Alkyd, Polyurethane, Vinyl, Epoxy)
Coating resins market from the acrylic segment is set to garner a notable share shortly. Acrylic resins manufactured from alkyl acrylates and methacrylates as homo- and co-polymers, can be utilized for a variety of applications including paint, printing ink, paper, and others. These coatings have emerged as a viable choice for coating formulators and are among the most widely utilized conformal coatings today.
Technology (Water-based, Solvent-based, High Solids, UV-cured)
The water-based segment in the coating resins market is set to garner a significant share during the forecast timeframe. Water-based coating is used as a solvent to spread a resin, making these coatings eco-friendly which can be utilized in a variety of applications such as architectural coatings, industrial coatings, and building.
Our in-depth analysis of the global coating resins market includes the following segments:
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Resin Type |
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Technology |
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Application |
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APAC Market Forecast
Coating resins market in Asia Pacific is predicted to account for the largest share of 44% by 2036 impelled by the growing chemical industry. The Indian chemical sector is poised for rapid growth as a result of the government's attempts to boost bio-based chemical inputs, and robust demand across end-user industries. This has led to the development of several paints, and coatings which are made using coating resins as a primary component. The chemical sector in India, which is lately valued at over USD 210 billion, is predicted to reach to more than USD 290 billion by 2025.
European Market Statistics
The Europe coating resins market is estimated to hold the second largest share of 25%, during the forecast timeframe led by the presence of stringent environmental regulations. EU inhabitants enjoy some of the world's highest environmental standards as the government in the region has developed relatively rigorous restrictions to protect its residents from environmental pressures and health and well-being threats. As a result, the demand for coating resins may witness a huge demand in the region as these coatings are frequently regarded as a more environmentally friendly alternative to solvent-borne coatings which are capable of protecting people from potentially dangerous compounds such as VOCs to promote healthy living. According to European climate legislation, EU countries must reduce greenhouse gas emissions by over 50% by 2030 to meet the goal of being carbon neutral by 2050.
North American Market Analysis
Also, the coating resins market in the North America is poised to hold significant share of 19% by the end of 2036 driven by the presence of aging infrastructure. Aging infrastructure is prevalent throughout the United States since the offshore oil and gas infrastructure and many of the country's roads, bridges, airports, dams, levees, and water infrastructure are aging and becoming more vulnerable to accidents, natural disasters, and stronger hurricanes. Therefore, coating resins are more in demand in the region to provide a tried-and-true approach for extending asset life, and for the restoration and maintenance of the repair projects.
Author Credits: Smruti Ranjan, Rajrani Baghel
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