The global coating resins market is estimated to garner a revenue of USD 70 Billion by the end of 2031 by growing at a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of USD 50 Billion in the year 2021. The primary growth factor for the increment of utilization of coating resins is the growth in construction processes across the world. Recently, the high spending in construction sector is expected to propel the market growth in the assessment period. The total spending made in the construction sector of the United States was calculated to be USD 2 trillion in 2020. Further, the U.S. construction industry accounted for 4.4% of the total GDP in 2021.
Coating resins are polymer compounds that are used to applied to the surface of an object and provide hardness, corrosion resistance, weather resistance, and stain resistance. By using coatings resins, it will also provide quick drying periods, gloss retention, and excellent weathering. Coating resins are the most popular method of deploying protective coating layers in a wide range of applications, including architectural, automotive, paints & coatings, and other industrial uses. Aggressive investments by governments in the construction sector to cater the needs of the burgeoning population have pushed people towards infrastructure development and construction sector. This is a vital reason that is anticipated to increase the adoption rate of coating resins in the coming true. In the year 2020, the construction sector of the United States had 682,000 employers and approximately 8 million employees.
Development of Paints & Adhesives –Recent calculations revealed that the global paints and adhesives industry generated a revenue of approximately USD 160 billion in the year 2020. Further, in 2019, the global market volume of paints and coatings was valued to be 11 billion gallons.
The coating resinsmarket is segmented and analyzed for demand and supply by application into architectural, industrial, automotive, wood, protective & marine, and others. Out of these, the automotive segment is expected to garner the highest revenue by 2031, owing to the blooming of the automotive industry. As per recent statistics, the global automotive industry is forecasted to reach approximately USD 9 trillion by 2030. Also, the recent high demand for automobiles is anticipated to increase the demand for coating resins to provide extra protective layers to the vehicles. As per the International Organization of Motor Vehicle Manufacturers (OICA), the global sales of vehicles increased to 56,398,471 units in 2021 from 53,917,153 units in 2020. whereas the global production of vehicles is calculated to be 57,054,295 units in 2021, an increase from 55,908,989 units in 2020.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global coating resins market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in Asia Pacific is projected to hold the largest market share by the end of 2031, owing to the high revenues generated by the region. As of 2020, the chemical industries of Asia Pacific region contributed to at least 60% of the revenues generated by the global chemical industry. Further, the expansion of the automotive industry in the region is another growth factor for the utilization of coating resins. As per recent estimates, India is set to become the world's 3rd largest automotive industry. Also, India’s automotive industry generated almost USD 220 billion in 2021, which is equivalent to 7% of total India’s GDP.
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global coating resins market includes the following segments:
By Resin Type
FREQUENTLY ASKED QUESTIONS
The growth in construction process and high investments in developing infrastructures is expected to propel the market growth.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2031.
The fluctuation of raw materials along with stringent regulatory policies are some of the factors that are expected to hamper the market growth.
The market in Asia Pacific is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market areArkema group, Allnex Netherlands BV, BASF, LANXESS, Koninklijke DSM N.V., The Dow Chemical Company, DIC Corporation, Bayer AG, Celanese Corporation, Eastman Chemical Company, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by resin type, technology, application, and by region
The automotive segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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