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The coating resins market size is estimated to grow by USD 19.4 billion at a CAGR of 6.02% between 2023 and 2028. The growing construction industry, particularly in emerging economies, is driving demand for protective coatings to enhance the durability and longevity of buildings and infrastructure. Increasing industrialization globally is also contributing to market growth, as industries such as manufacturing and automotive require these to protect their assets from corrosion and wear. Protective coatings have gained significant importance in various consumer applications due to increasing consumer awareness regarding their role in maintaining and extending the life of products. Moreover, these coatings act as a shield against environmental factors such as UV radiation, moisture, and chemicals, thereby preventing damage and ensuring the durability of the underlying substrate. One type of protective coating that has gained popularity is polyamide resins. These resins offer excellent chemical resistance, hardness, and flexibility, making them ideal for use in automotive, industrial, and construction industries. In the automotive sector, polyamide resins are used in the production of clearcoats, which provide a glossy finish and protect the vehicle's paint from scratches and fading. It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018 to 2022.
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The market share growth by the acrylic coating resin segment will be significant during the forecast period. Acrylic resin refers to a polymeric substance (in solution, dispersion, or solid form) that contains acrylic monomers. Additional monomers can also be added to the polymer chains to produce resins with various qualities or at a reduced cost.
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The acrylic coating resin segment was the largest segment and was valued at USD 12.20 billion in 2018. Attributes such as good chemical and photochemical resistance, excellent transparency, and weather resistance are often present in acrylic resins. By selecting the right monomer and changing the molecular weight, acrylic resins can be widely customized, ranging from extremely hard to sticky, depending on the performance requirements. Acrylic resins are applicable in a variety of industrial and consumer items, including optical lenses, light guide plates, and adhesives. Therefore, the rising use of acrylic resins owing to their various advantages, will fuel the growth of the segment in the market during the forecast period.
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APAC is estimated to contribute 46% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Countries like China, India, Japan, South Korea, and Southeast Asian nations have fueled increased demand for various applications, thereby driving the growth of the regional market. The flourishing automotive industry in APAC has contributed significantly to the expansion of the market in focus. Countries like China, Japan, and South Korea are major automobile manufacturing hubs, driving the demand for high-performance automotive. They play an essential role in automotive topcoats, providing protection, gloss, and color retention, making them essential for the growth of the automotive sector.
The market is expected to experience significant growth due to the increasing demand for protective layers in various industries. Polymer compounds, such as acrylic resins, play a crucial role in the production of coating resins, offering benefits like corrosion resistance, toughness, weather resistance, and stain resistance. The automotive manufacturing industry and industrial coatings segment are major consumers of coating resins, with a focus on sustainable products and green manufacturing. Powder coatings and waterborne technology are gaining popularity due to their eco-friendly nature and reduced emission levels. Architectural coatings, automotive OEM coatings, and general industrial coatings are other significant market segments. The use of renewable resources in eco-friendly coatings, such as thermoplastic, UV curable coatings, is also driving market growth. Structural coatings, including dust coating technology, are essential in industries like medium density fibreboard and architectural development. Chemical resistance is another key factor driving the demand for coating resins. The market is expected to witness continued growth, with a focus on developing innovative, sustainable, and high-performance coatings.
The growing construction industry is a major factor notably driving the market growth. The growth of the construction industry significantly impacts the demand for various applications. Both developed and emerging economies are experiencing rapid urbanization and population growth, leading to increased demand for new infrastructure, residential buildings, commercial spaces, and public facilities. Architectural coatings, including paints, varnishes, and stains, are essential components of the construction industry, providing protection and enhancing the appearance of buildings, bridges, and other structures against damage from weather, UV radiation, and environmental contaminants. These are formulated with various resins to achieve specific properties such as fast drying times, shine retention, and durability. Additionally, there is a growing demand for eco-friendly and environment-provided coating systems that align with sustainable building designs.
Furthermore, the expansion of the construction sector encompasses not only urban areas but also infrastructure developments such as bridges, airports, and transportation facilities. The market is driven by the need for these to preserve these critical infrastructure assets from corrosion and wear. Therefore, the growth of the construction industry is a key driver expected to fuel market growth in the forecast period.
The growing popularity of bio-based coating resins is an emerging trend shaping the market growth. Increasing demand for organic materials is expected due to the increase in petrochemical raw material prices, such as olefins, phthalates, and aromatic vinyl compounds. In addition, the development of more environmentally friendly alternatives to conventional hydrocarbon-based resins has been driven by an increasing focus on carbon footprint reduction worldwide. Bio-based resins are mostly being adopted for use in automotive, electronics, and sports applications. For instance, with the certification of several bio-attributed acrylic monomers utilizing the mass balance technique, Arkema announces a significant advancement in its innovative sustainable offering.
Moreover, Arkema is now able to provide customized acrylic additives and resins with certified bio-attributed for a variety of applications with the help of these monomers, which establishes the group as the leader of the market and a significant partner for clients in the provision of bio-attributed acrylic materials. Given the growing demand for bio-based resins, several companies have concentrated on new plant construction. The growing focus of the market on biobased resins is expected to drive market growth during the forecast period.
Stringent regulations related to coating resins are a significant challenge hindering market growth. Globally, the coatings are directed to comply with strict regulations. To govern the market, regulatory organizations have implemented various regulations. Polyamide resin coatings must comply with these regulations for various end-user applications such as construction. Some of the regulations are the Toxic Substances Control Act (TSCA), administered by the US Environmental Protection Agency (EPA), which regulates the introduction of new or pre-existing chemicals.
However, the aromatic and aliphatic polyamide resins are listed under TCSA and National Emission Standards for Hazardous Air Pollutants (NESHAP) are standards for hazardous air pollutants that are suspected of causing cancer or other serious health effects. However, regarding the use of resins, coatings must comply with stringent government regulations. Such stringent regulations on the production and the profit margins of suppliers and coatings are anticipated to impede market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Arkema Group - The company offers coating resins such as waterborne and resins.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The global coating resins market is expected to experience significant growth due to the increasing demand for protective layers in various industries. The use of coating resins in industrial coatings, such as epoxy resin and polyurethane coatings, is on the rise due to their superior properties, including corrosion resistance, toughness, weather resistance, and stain resistance. The shift towards sustainable products and energy efficiency is driving the demand for bio-based resins and eco-friendly coatings derived from renewable resources. The market for architectural coatings, including acrylic resin and waterborne coatings, is expected to grow due to the ongoing architectural development and the increasing demand for sustainable and low VOC (volatile organic compounds) coatings. The automotive OEM coatings segment is also expected to experience growth due to the need for chemical resistance and dust coating technology in medium density fibreboard and industrial furniture. The market for specialty chemicals and advanced materials, including alkyd resins, solvent borne coatings, and powder coatings, is expected to grow due to their unique properties and manufacturing technology. The implementation of environmental regulations is also driving the demand for coating solutions that are free from volatile organic solvents. The market for packaging coatings, coil coatings, and general industrial coatings is also expected to grow due to the increasing demand for protective layers in various industries.
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Market Scope |
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Report Coverage |
Details |
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Page number |
185 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.02% |
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Market growth 2024-2028 |
USD 19.4 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.6 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 46% |
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Key countries |
China, US, India, Germany, and Japan |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Arkema SA, BASF SE, Covestro AG, DIC Corp., Dow Inc., Eastman Chemical Co., Evonik Industries AG, Hexion Inc., Huntsman Corp., Kukdo Chemical Co. Ltd., Mitsubishi Chemical Group Corp., Olin Corp., PETRONAS Chemicals Group Berhad, Polynt SpA, PTT Public Co. Ltd., Solvay SA, The Sherwin Williams Co., Toray Industries Inc., Wacker Chemie AG, and Wanhua Chemical Group Co. Ltd. |
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Market dynamics |
Parent market analysis, market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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