New York , March 12, 2024 (GLOBE NEWSWIRE) -- The global coating resins market size is predicted to grow at a CAGR of over 7% from 2024 to 2036. The market is projected to garner a revenue of USD 107 billion by the end of 2036, up from a revenue of USD 56 billion in the year 2023. The size of the market is attributed to the increasing construction industry across the world. The demand for resins in the functional and decorative floor to protect the surface of the construction from carbonation and other environmental factors such as sunlight, and chemicals are proliferating the market size. In 2022, the U.S. spent over USD 1.2 trillion for private sector construction as per the reports.
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Further, the escalating number of renewable energy projects to protect the solar panel surface from corrosion and other natural factors such as climate change, wind, rain, and UV rays fuel the coating resins market growth. Also, the wind turbines are coated with resins to improve shelf-life. The Inflation Reduction Act was released in 2022 in the U.S. and sanctioned further incentives for solar panel installation which is projected to rise the installations to 39% from 2023 to 2027.
Coating Resins Industry: Key Takeaways
- Market in Asia Pacific region to propel the highest growth.
- The Architectural segment to garner the highest growth
- Market in Europe region to grow at the highest rate
Enhancement in the Paints and Adhesives Industry is Driving the Growth of the Coating Resins Market
The increasing application of coating resins in the manufacturing of paints and coatings to function are corrosion, weather, stain, and toughness protectors is propagating market growth in the coming years. The U.S. exported USD 14 billion worth of architectural coatings in the year 2020. Also, the OEM coatings worth USD 8 billion were sold in the same year to enhance the appearance, durability, and functionality of the new goods manufactured. These coatings protect and improve the beauty of interiors and exterior surfaces in institutional, residential, and commercial buildings.
Coating Resins Industry: Regional Overview
The global coating resins market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rapid Growth in the Chemical Industry is Reckoned to Boost the Market Growth in the Asia Pacific Region
Asia Pacific region market is estimated to reckon a market share of 44% in the coming years. An increasing number of chemical industries in the region with the rapid growth in bio-based chemical inputs amplifies market trends in the coming years. Further, this improved the demand for paints and coatings thereby propelling the market. DIC recently opened two subsidiaries in India one in Mumbai, DIC South Asia Private Limited, and the other in Badlapur, IDEAL CHEMI PLAST PRIVATE LTD. The market in India is growing at an annual rate of about 10% which led to the establishment of the Application Lab by the company to provide comprehensive solutions and supply resins along with compounding formulations and samples.
Rising Environmental Standards by the Government to Protect from Volatile Organic Compounds is Shooting Up the Market Expansion in the Europe Region
Europe region market is projected to secure a noteworthy market share of 25% during the forecast period. The rising number of stringent regulations by the government to protect the health of the people from environmental hazards is driving the coating resins market size. The solvent-borne resin coatings can protect from dangerous elements such as volatile organic compounds and promote the well-being of the residents. In EEA and other associated countries, the death of more than 1,100 people less than 18 years of age was estimated to be caused by air pollution.
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Coating Resins Segmentation by Application
- Architectural
- Industrial
- Automotive
- Wood
- Protective & Marine
The application market from the architectural segment is predicted to secure the largest market share of 51% during the forecast period. The market size is attributed to the increasing number of urban populations worldwide. This rising population needs a place to live which increases the construction of sustainable communities and architecture. The architectures are given a final coat of resins to expand their durability and appearance. As per the reports, the real estate and architecture data centers may rise by 20 million square feet by the end of 2025 in India.
Coating Resins Segmentation by Resin Type
- Acrylic
- Alkyd
- Polyurethane
- Vinyl
- Epoxy
The acrylic segment is reckoned to register a noteworthy market share in the coming years owing to its application in paints, printing inks, paper, and other industries. Acrylic resins are of great value in construction, interiors, automobiles, plastics, exteriors, and other end-user industries on account of their hardness, flexibility, durability, and weather ability. In India, plastic raw materials were the biggest category that is being exported and it accounts for 28% of the total exports between 2022-2023.
Coating Resins Segmentation by Technology
- Water-Based
- Solvent-Based
- High Solids
- UV-Curved
A few of the well-known market leaders in the global coating resins market that is profiled by Research Nester are Arkema Group, Allnex Netherlands BV, BASF SE, LANXESS, Koninklijke DSM N.V., The Dow Chemical Company, Bayer AG, Celanese Corporation, Eastman Chemical Company, and others.
Recent Development in the Market
- Koninklijke DSM N.V. is planning to acquire Prodap to mix the technology offerings, consulting services, and customized nutritional solutions, driving efficiency, and sustainability in animal farming.
- Celanese Corporation owns owning Mobility & Materials business of DuPont. The firm has planned to purchase a portfolio of world-class organizations of engineered thermoplastics, elastomers, and worldwide production assets.
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