- Increasing infrastructural development activities in developed and developing countries are driving the market.
- Stringent government regulation in developed and developing countries are expected to restrain market growth.
- The market in Asia Pacific is expected to register highest growth.
Coating resins are polymer compounds made of natural and synthetic origin. Coating resins are used as primary components in manufacturing of coatings and paints. Coating resins act as protective layers for various objects and are mainly used to offer resistance to weather, corrosion, hardness, and stain.
The first five-year cumulative revenue (2018–2022) is projected to be more than $190 billion, which is expected to increase relatively over the latter part of the five-year forecast period. The global coating resins market is estimated to value at nearly $36 billion in 2019, and is expected to register a CAGR of 6.3%.
Global Coating Resins Market: Market Dynamics
Increasing infrastructural development activities in developed and developing countries and rising demand for coatings with properties such as resistance to corrosion, ultraviolet light, high temperatures, and harsh climatic conditions are major factor driving growth of the global market.
Increasing reconstruction activities in both residential and commercial sectors in developed countries, and rising foreign direct investment in developing countries is leading to increasing construction activities are expected to increase demand for coatings and support market growth.
In addition, well developed automotive sector and increasing investments and rising R&D activities for development of innovative coatings by major manufacturers is expected to support growth of the market. In addition, high efficiency, growing product optimization for different applications, and lower prices is resulting in increasing adoption of coating resins in various applications in the automotive sector.
However, stringent government regulation in developed and developing countries related to use of some architectural coatings that emit VOC is expected to restrain market growth.
Global Coating Resins Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global coating resins market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global coating resins market is expected to register a CAGR of 6.3% during the forecast period.
Global Coating Resins Market: Segmental Snapshot
The market report has been segmented on the basis of resin type, application, and region. The resin type segments include acrylic, alkyd, vinyl, polyurethane, epoxy, amino, unsaturated polyester, and saturated polyester. The application segment includes architectural coatings, automotive coatings, general industrial coatings, high performance coatings, wood coatings, and packaging coatings. The region includes the North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
- By Resin Type: The saturated polyester segment is expected to register highest CAGR of over 6.8% over the forecast period in the global market
- By Application: The architectural coatings segment is expected to register highest CAGR of over 6.5% over the next 10 years
- By Region: The market in Asia Pacific is expected to register highest CAGR of over 6.7% in the global coating resins market
Global Coating Resins Market: Competitive Analysis
The research report on the global coating resins market includes profiles of some of the major companies such as Arkema S.A., BASF S.E, Royal DSM N.V., DowDuPont Inc. (E. I. du Pont de Nemours and Company and The Dow Chemical Co.), Allnex Belgium SA/NV, Hexion Inc. (Momentive Specialty Chemicals GmbH), Evonik Industries AG, The Sherwin-Williams Company (The Valspar Corporation), and Polynt S.p.A. (PCCR USA, Inc.).