Albany NY, United States, May 23, 2022 (GLOBE NEWSWIRE) -- The global market for coating resins is making continuous strides on the back of growing demand for eco-friendly formulations, new technologies, and expanding application areas of coatings. A wide range of coating formulations have been commercialized to meet applications in the automotive and marine industries. A TMR study projects the global coating resins market valuation to expand at CAGR of 5.2% during the forecast period of 2022–2031.
The demand for coating resins has proliferated in the automotive industry, both from variety of objectives paints are expected to meet in vehicles and from remarkable expansion of the automobile and automotive sector in emerging economies. Several coating resins manufacturers have reaped massive revenue gains in the coating resins market from growing sales of decorative coatings.
Growing adoption of acrylic coating resins has played a pivotal role in propelling the growth opportunities in coating resins market, notes the TMR study. Implementation of VOC emission regulations have shaped the directions of the coating resins market. A booming paints and coatings industry has been spurring the demand for bevy of coatings such as water-based coatings, UV-cured coatings, and high-solid coatings.
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Key Findings of Coating Resins Market Study
- Demand for Acrylic Coating Resins Underpins Enormous Avenues: The authors of the TMR study project the acrylic segment to hold a major share of the global coating resins market. It held a share of 27.7% in 2021. The opportunities in the segment are projected to expand at CAGR of 5.1% during the forecast period. Growing popularity of reinforced plastics and composite materials has been spurring sales of products. These resins are applied for a wide range of surfaces.
- Water-based Coating Resins and Other Environmentally Friendly Formulations Expanding Avenues: Numerous countries are promoting the use of low-VOC paints. Growing awareness about the benefits of environmental risks of VOC emissions. In this regard, the TMR study found that water-based resin systems have gained widespread popularity over the past few years. It held a leading share of 50.34% of the global market in 2021. Products in the water-based segment are cost-effective than solvent-borne coatings. Aside from coating resins, the demand for coating resins with low hazardous air pollutants (HAPs) has also gathered traction in various end-use industries in the coating resins market.
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Coating Resins Market: Key Drivers
- Rapid pace of urbanization, notably in Asia Pacific, has been a key pivot for the expansion of end-use industries where paints and coatings are used, thus driving the uptake of coating resins. Of note, a booming demand in automotive coatings has spurred the sales of products in the coating resins market.
- Advancements made in technologies used for protective coatings are propelling the expansion of the coating resins market. The vast scope of commercialization of protective coatings is thus a key factor bolstering the outlook.
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Coating Resins Market: Regional Growth Dynamics
- Asia Pacific held a major share—accounting for 43.7%--of the global coating resins market in 2021. Substantial consumption of acrylic and alkyds has been generating sizable revenue shares of the Asia Pacific coating resins market.
- North America and Europe have also been prominently lucrative coating resins markets. Rise in consumption of architectural coatings, industrial coatings, and automobile coatings.
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Coating Resins Market: Key Players
Some of the key players in the coating resins market are Evonik Industries AG, International LLC, Huntsman, INEOS Group Holdings S.A., Solutia Inc., Arkema S.A., Celanese Corporation, Bayer AG, DIC Corporation, DowDuPont Inc., Royal DSM N.V, LANXESS, BASF SE, and Allnex Holdings S.à r.l.
Global Coating Resins Market – Segmentation
Global Coating Resins Market: Segmentation
Global Coating Resins Market, by Type
- Acrylic
- Polyurethane
- Alkyd
- Epoxy
- Vinyl
- Amino
- Polyester
- Others
Global Coating Resins Market, by Technology
- Water-based
- Solvent-based
- High Solids
- UV-cured
- Others
Global Coating Resins Market, by Application
- Architectural Coatings
- Industrial Coatings
- Automotive Coatings
- Wood Coatings
- Protective & Marine Coatings
- Others
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