Increasing demand from the construction & automobile sector, especially in developing countries, is expected to drive the need for the global coating resins market in the forecast period, 2023-2027. According to TechSci Research report, “Coating Resins Market – By Region, Competition Forecast and Opportunities, 2017-2027”, The global coating resins market is projected to grow at an impressive rate in the forecast period, 2023-2027.
The Important Elements of the Coating Resins Market
Increasing demand from the construction & automobile sector, especially in developing countries, is the primary factor that will primarily affect the coating resins market’s share. Due to its stiffness, resilience, abrasion, impact, and chemical endurance, the demand for coating resins is expected to rise among manufacturers.
Growing pervasiveness, increasing application, and initiatives by government and international bodies are the primary factor for market growth. Additionally, increasing demand for architectural coatings, marine & protective coatings, general industrial coatings, automotive coatings, wood coatings, and packaging coatings are vital for propelling the market share. Thus, the abovementioned reasons are turning the product’s growth and directly impacting the global coating resin market.
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The global coating resin market is segmented based on type, technology, and application.
Based on the type, the market is divided into acrylic, alkyd, vinyl, polyurethane, epoxy, and others. The acrylic segment will hold the largest market share in 2022. Due to its different applications & characteristic of excellent transparency and durability, demand from various industries is growing to fulfill their needs. The growth of cosmetics, consumers, painting, dentistry, and different product impacted the increase in demand and make the acrylic segment dominate the market.
Based on the technology, the market is divided into waterborne coatings, solvent-borne coatings, and powder coatings. The waterborne coatings segment will hold the largest market share in 2022. It is highly demanded in the infrastructural sector due to its eco-friendly characteristics and result. Thus, the rise in Infrastructural and construction activities led to an increase in demand for waterborne coating demand in the projected period and dominated the market.
Based on the application, the market is divided into architectural coatings, marine & protective coatings, general industrial coatings, automotive coatings, wood coatings, packaging coatings, and others. As per estimates, the architectural coatings segment will experience the highest market share during the forecast period. Due to industrialization and urbanization, infrastructural and construction activities are rising where architectural coatings are required, leading to an increase in waterborne coating demand in the projected period.
Major companies operating in the global coating resins market are:
- BASF SE
- Covestro AG
- Arkema S.A.
- Dow Chemical Company
- Allnex USA Inc.
- Evonik Industries AG
- The Sherwin-Williams Company
- Huntsman International LLC
- Mitsubishi Chemicals Corporation
- Toray Industries, Inc.
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” The Asia- Pacific region is expected to dominate the global coating resins market in the coming years owing to its manufacturing expertise, growing economies, and rapidly rising population. A large number of production activities of the coating resin granules are done in the region, as well as consumption due to growing infrastructural activities.
Increasing R&D investment and practices, diverse application of Coating Resins, appropriate marketing environment, and marketers’ efforts are expected to influence the market growth of coating resins.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
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“Coating Resins Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, Segmented By Type (Acrylic, Alkyd, Vinyl, Polyurethane, Epoxy, Others), By Technology (Waterborne Coatings, Solvent-borne Coatings, Powder Coatings), By Application (Architectural Coatings, Marine & Protective Coatings, General Industrial Coatings, Automotive Coatings, Wood Coatings, Packaging Coatings, Others)By Company, By Region, Competition Forecast and Opportunities, 2027, has evaluated the future growth potential of global coating resins market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global coating resins market.”
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