Coating Resins Market Size & Share, by Resin Type (Acrylic, Alkyd, Polyurethane, Vinyl, Epoxy); Technology (Water-based, Solvent-based, High Solids, UV-cured); Application (Architectural, Industrial, Automotive, Wood, Protective & Marine) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 4245
  • Published Date: Sep 28, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

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.


Coating Resins Market
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Coating Resins Market: Growth Drivers and Challenges

Growth Drivers

  • Development of Paints & Adhesives– Coating resins are polymer intensifiers that are used in the manufacture of paints and coatings as they function as protective coatings and are solely utilized for corrosion, toughness, weather resistance, and stain resistance. Recent calculations revealed that the global paints and adhesives industry generated a revenue of approximately USD 160 billion in the year 2020.
  • Growing Automotive Industry- The recent high demand for automobiles is anticipated to increase the demand for coating resins as are employed as additives to provide extra protective layers and to create a sleek, glossy appearance to the vehicles. As per recent statistics, the global automotive industry is forecasted to reach approximately USD 9 trillion by 2030.

Challenges

  • Stringent Regulatory Policies by Government - The government is adopting new regulatory policies across the world and all the manufacturers must cope with the new policies periodically. The industry negotiators wish to see regulations on the air quality standards or emission limit values so they are left with the selection of control options. The products which do not meet the regulations of the government are not allowed into the European Market.
  • Fluctuation in Prices of Raw Materials Such as Petrochemicals and Natural Resources
  • Safety and Health Concerns of the Workers

Coating Resins Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~7%

Base Year Market Size (2023)

~ USD 56 Billion

Forecast Year Market Size (2036)

~ USD 107 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Coating Resins Segmentation

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:

     Resin Type

  • Acrylic
  •  Alkyd
  • Polyurethane
  • Vinyl
  •  Epoxy

     Technology

  • Water-based
  •  Solvent-based
  • High Solids
  •  UV-cured

     Application

  • Architectural
  • Industrial
  •  Automotive
  • Wood
  • Protective & Marine

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Coating Resins Industry- Regional Synopsis

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.

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Coating Resins Market Size
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Companies Dominating the Coating Resins Market

top-features-companies
    • Arkema group
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Allnex Netherlands BV
    • BASF SE
    • LANXESS
    • Koninklijke DSM N.V.
    • The Dow Chemical Company
    • Bayer AG
    • Celanese Corporation
    • Eastman Chemical Company

In the News

  • Koninklijke DSM N.V. is acquiring Prodap, which is expected to combine technology offerings, consulting services, and customized nutritional solutions and drive efficiency and sustainability in animal farming.
  • Celanese Corporation acquiring Mobility & Materials (“M&M”) business of DuPont. The company has planned to buy a portfolio of engineered thermoplastics and elastomers, global production assets, and a world-class organization.

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 4245
  • Published Date: Sep 28, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Rising construction sector and the growing development of renewable energy projects are the major factors driving the growth of the market.

The market size of Coating Resins is anticipated to attain a CAGR of 7% over the forecast period, i.e., 2024-2036.

The major players in the market are Allnex Netherlands BV, BASF SE, LANXESS, Koninklijke DSM N.V., The Dow Chemical Company, DIC Corporation, Bayer AG, Celanese Corporation, Eastman Chemical Company

The architectural segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Coating Resins Market Report Scope
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