New York, Oct. 21, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Coating Resins Market’ for the forecast period, i.e. 2022 – 2031 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Coating Resins Market Size:
The global coating resins market is estimated to grow at a CAGR of ~6% over the forecast period. The market generated a revenue of ~USD 70 Billion by the end of 2031, up from a revenue of ~USD 50 Billion in the year 2021. Epoxy resins are used to create a variety of building and construction-related products and materials, including floors, adhesives, plastics, paints, coatings, primers, and sealants. There has been growing construction activities all across the world. An important economic indicator is construction spending, which accounts for roughly around 40% of all construction spending in the United States and includes the housing sector. Hence this factor is estimated to boost the growth of the market.
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Additionally, the government investment in construction sector is increasing. For instance, India intends to invest approximately USD 1 trillion in construction over the course of the next five years through its "National Infrastructure Pipeline." Hence this has pushed large number of people towards infrastructure development and construction sector. Over the course of the five years between 2017 and 2022, the number of persons working in the construction business in the US increased by about 3% on average.
Global Coating Resins Market: Key Takeaways
- Asia Pacific to hold the largest market share
- Automotive Segment to propel highest growth
- North America to gain the highest revenue
Development of Paints & Adhesives to Boost Market Growth
Growth in paints & adhesive market is expected to drive the growth of the market. Paints & adhesive are usually used in construction and automotive industry. Further growth in automotive industry is estimated to increase the demand for paints, hence boosting the coating resins market. Including passenger cars, commercial trucks, three-wheelers, two-wheelers, and quadricycles, the automotive sector manufactured a total of approximate 20 million vehicles between April 2021 and March 2022.
Also large number of population is shifting towards cities. According to projections, 68% of the world's population would reside in cities by the year 2050, up from 54% in 2016. Hence to provide accommodation the construction activities is expected to increase, further boosting the growth of the market.
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Global Coating Resins Market: 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.
Growing Chemical Industry to Drive Growth in Asia Pacific Region
The coating resins market in the Asia Pacific is anticipated to garner the largest revenue amongst the markets in all the other regions by the end of 2031. The growth can be attributed to growing chemical industry in this region. Small and medium-sized businesses in India's domestic chemicals sector are anticipated to see about 20% revenue increase in FY22 as a result of improved local demand and higher realisation due to high chemical prices. Further growth in automotive sector in this region is another factor anticipate to boost the growth of the market.
Green Home Development Construction to Favour the Growth in North America Region
Further, the market in North America region is estimated to gain the largest revenue by the end of 2031, owing to the increasing green home development construction in this region. With approximate 124,000 LEED-certified buildings, the most in the world and the nation that founded the LEED movement, the US is a natural leader in the construction of green buildings. A green building has qualities like being near public transportation to lessen its carbon footprint, using water efficiently to use less water inside the structure, recycling systems, and having clean air and low noise levels. Hence their demand is further expected to grow.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Coating Resins Market, Segmentation by Application
- Architectural
- Industrial
- Automotive
- Wood
- Protective & Marine
- Others
The automotive segment is estimated to grow garnering the highest revenue by the end of 2031. The growth in automotive industry is the most important factor expected to boost the growth of the market. Also further investment in automotive sector is also expected to increase the coating resins market. For instance, Tata Motors announced plans to invest approximately USD 2 billion over the following five years in its passenger vehicle division in April 2022. By 2023, the Indian government anticipates that the vehicle industry would bring in about USD 9 billion in domestic and foreign investments.
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Global Coating Resins Market, Segmentation by Technology
- Water-Based
- Solvent-Based
- High Solids
- UV-Cured
- Others
The water-based segment is estimated to hold the notable share over the forecast period. The growth can be attributed to growing furniture manufacturing industry. The demand for water-based coating resins is high by furniture manufacturers. It has been noted that northern and southern India account for the majority of the demand for furniture. In FY21, the Indian furniture market was worth approximate USD 16 billion. By 2026, it is anticipated to reach about USD 36 billion.
Global Coating Resins Market, Segmentation by Resin Type
- Acrylic
- Polyurethane
- Vinyl
- Epoxy
Few of the well-known market leaders in the global coating resins market that are profiled by Research Nester are Arkema group, Allnex Netherlands BV, BASF SE, LANXESS, Koninklijke DSM N.V., The Dow Chemical Company, DIC Corporation, Bayer AG, Celanese Corporation, Eastman Chemical Company, and other key market players.
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Recent Development in the Global Coating Resins Market
- In June 7, 2022, The Brazilian animal nutrition and technology company Prodap, which combines technology offerings, consulting services, and tailored nutritional solutions to promote efficiency and sustainability in animal farming, entered into an agreement to be acquired by Royal DSM, a global purpose-led science-based company.
- In February 18, 2022, Celanese Corporation, a worldwide chemical and specialty materials company, announced that it has signed a definitive deal to acquire a majority1 stake in DuPont's Mobility & Materials ("M&M") division. A large portfolio of engineered thermoplastics and elastomers, well-known brands and intellectual property, global production assets, and a top-tier business will all be acquired by Celanese.
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