Chicago, Aug. 30, 2022 (GLOBE NEWSWIRE) -- Coating Resins Market is projected to grow from USD 53.9 billion in 2022 to USD 70.9 billion by 2027, at a CAGR of 5.7% between 2022 and 2027, according to a new report by MarketsandMarkets™. Lower price and higher efficiency drive the coating resins market.
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Architectural is the fastest-growing segment of the overall coating resins market.
The drivers for the global architectural coatings market are the general economic trends and construction activities. The COVID-19 pandemic has created many challenges for businesses, governments, organizations, and societies worldwide, including the architectural industry. The uncertainties about this pandemic have affected the heavy & civil engineering sector. Despite the effects of COVID-19, a few civil engineering activities have been maintained to some extent and are likely to continue in the very short term. The global construction market is expected to reach USD 15.2 trillion in 2030. Urbanization is expected to increase growth in emerging markets. By 2050, the global population growth could add another 2.5 billion people to urban areas with almost 90% of this happening within Asia and Africa.
China is the largest coating resins market in Asia Pacific during the forecast period.
China is the world’s largest producer and consumer of coatings. Many major players are investing in the country to build new manufacturing facilities due to the availability of cost-effective labor and raw materials. In March 2021, Allnex announced to open a new production base in Pinghu city with an initial construction investment of USD 200 million to manufacture environment-friendly, high-class resins. The market in China is driven by the rise in demand from housing activities, new construction and renovation activities, government and private investments in residential and non-residential projects, and the growth of consumer spending power.
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According to the newsletter of Orr & Boss, the lockdowns due to COVID-19 had an impact on the general manufacturing activity in China. For the last two months (March 2022 and April 2022), the purchasing managers index is below 50, indicating contraction, although the contraction is nowhere near as steep as in the initial COVID-19 lockdown of the first quarter of 2020. In 2022, prices of raw materials continue to increase but not at the rate that they were increasing in 2021. Raw material prices for paint & coatings remain about 15% above the level that the historical correlation with oil prices would suggest. The supply of raw materials is improving, but freight and labor remain problematic, especially in the US. The lockdowns in China will slow the return to normalization in the availability of raw materials. Despite these headwinds, the raw material supply situation is expected to gradually improve. The key players operating in the market are Arkema (France), BASF SE (Germany), Covestro AG (Germany), Allnex (Germany), and Dow (US) are the key players in the global coating resins market.
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