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The coatings raw materials market size is forecast to increase by USD 24.39 billion at a CAGR of 5.7% between 2024 and 2029.
The coatings raw materials industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.
The resins segment is estimated to witness significant growth during the forecast period.
In the dynamic world of coatings raw materials, acrylic and alkyd resins dominate the landscape. Acrylic resins, derived from synthetic sources, are the most widely used binders in paints and coatings applications due to their superior performance and versatility. They are integral to decorative paints and have gained popularity for their eco-friendly attributes, as they emit fewer volatile organic compounds (VOCs) compared to traditional solvent-based alternatives. Alkyd resins, derived from natural and synthetic sources, have been the second-most common type of resin in coatings formulations. However, their usage has been on the decline, particularly in regions like North America and the EU, due to stringent environmental regulations limiting volatile organic compound emissions.
Materials science continues to evolve, with innovations in powder coatings, water-based formulations, and UV-curable resins gaining traction. Powder coatings offer eco-friendly advantages, as they generate minimal waste and require no solvents. Water-based coatings, on the other hand, provide a more sustainable alternative to solvent-based coatings, contributing to the growing trend of sustainability initiatives in various industries, including general industry, electronics, and transportation. Ultraviolet (UV)-curable resins are gaining popularity due to their quick curing properties, making them suitable for high-performance applications in aerospace, automotive, and industrial coatings. High-performance resins, such as polyurethane and acrylic, are increasingly being used in protective coatings for infrastructure development, energy production, and resource extraction, ensuring product durability and weather resistance under harsh conditions.
Eco-friendly alternatives, such as bio-based resins and additives, are being adopted to meet the demands of regulatory standards and consumer preferences for sustainable, low-emission products. Specialty resins, including elastomeric and thermosetting resins, cater to specific application techniques and industries, such as flooring, closures, and furniture. In the realm of infrastructure development, materials science plays a crucial role in creating eco-friendly, high-performance solutions for construction materials, including cupboards, sidings, and architectural applications. These materials must meet stringent regulatory standards for durability, weather resistance, and adhesion, ensuring long-term sustainability and performance. In the energy sector, high-performance resins are essential for protecting critical infrastructure, such as wind turbines, solar panels, and oil & gas equipment, from harsh environmental conditions.
The mining industry also relies on resilient coatings to protect equipment from corrosion and weathering. The market is a diverse and dynamic landscape, driven by advancements in materials science, regulatory requirements, and consumer preferences for eco-friendly, high-performance solutions. From electric vehicles and aerospace to infrastructure development and resource extraction, the applications for coatings raw materials are vast and ever-evolving.
The Resins segment was valued at USD 30.15 billion in 2019 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 52% 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.
The market is experiencing significant growth due to the surge in infrastructure development, particularly in countries like China and India. In China, the construction industry's expansion, driven by projects such as the Three Gorges Dam, South-to-North Water transfer project, and Beijing Airport expansion, will fuel the demand for high-performance resins, elasticity additives, and corrosion-resistant powders. Similarly, in India, the construction of Navi Mumbai International Airport, Chenab River Railway Bridge, and the Delhi-Mumbai Industrial Corridor will necessitate the use of eco-friendly, water-based formulations, and durable coatings for architectural applications. The automotive industry's evolution, with the rise of electric vehicles, is another critical factor driving market growth.
Materials science advancements in UV-curable acrylics and solvent-based coatings are essential for manufacturing high-performance batteries and improving electric cars' energy efficiency. Moreover, the increasing focus on sustainability and regulatory compliance in industries like aerospace, electronics, and oil & gas is leading to the adoption of eco-friendly alternatives to traditional solvent-based coatings. Efficiency and durability are crucial factors in the market, especially in industries like general industry, mining, and shipbuilding. Coatings with superior weather resistance and adhesion properties are essential for protecting infrastructure and equipment from harsh conditions. In addition, the increasing emphasis on product durability and eco-friendly initiatives is driving the demand for high-performance resins and formulations in various industries.
In the flooring sector, water-based coatings and powder technologies are gaining popularity due to their low VOC content and ease of application. These coatings offer excellent performance, making them suitable for use in various applications, including closures, cupboards, and furniture. The regulatory landscape is also evolving, with stricter environmental regulations and ecological standards driving the demand for eco-friendly coatings. In conclusion, the market is witnessing significant growth due to the surge in infrastructure development, the automotive industry's evolution, and the increasing focus on sustainability and regulatory compliance across various industries. The market's dynamics are shaped by factors such as the demand for high-performance coatings, the adoption of eco-friendly alternatives, and the need for coatings with superior durability and weather resistance.
Our researchers analyzed the data with 2024 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The coatings raw materials market forecasting 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 coatings raw materials market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, coatings raw materials market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
Akzo Nobel- The company specializes in providing a range of coatings raw materials for various color systems under recognized brand names, including FLEXGLAZE, PROGLAZE neutral dry glaze, and C-MIX intermix system.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key 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 industry 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 encompasses a diverse range of products, including alkyd resins, acrylics, and powder services, used in various industries for corrosion prevention, design, and surface protection. Wood coatings, such as those for furniture and cupboards, often employ waterborne and sustainable solutions for durability and eco-friendliness. Industrial paint, including high-performance and self-healing formulations, safeguards metal structures in sectors like aviation, semiconductor manufacturing, and oil & gas. Abrasion-resistant and UV-resistant coatings are essential for vehicle refinish and nautical applications. Innovation trends in the market include the development of water-based and high-performance materials for industrial, aerospace, and general industry use.
Performance testing is crucial in ensuring the longevity and protective capabilities of these coatings in diverse applications, from flooring and capping and closures to emission reduction in various industries.
Dive into Technavio's robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Coatings Raw Materials Market insights. See full methodology.
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Market Scope |
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Report Coverage |
Details |
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Page number |
209 |
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Base year |
2024 |
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Historic period |
2019-2023 |
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Forecast period |
2025-2029 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.7% |
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Market growth 2025-2029 |
USD 24.39 billion |
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Market structure |
Fragmented |
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YoY growth 2024-2025(%) |
5.2 |
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Key countries |
US, China, Japan, India, South Korea, UK, Canada, Germany, Brazil, and Australia |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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1 Executive Summary
2 Technavio Analysis
3 Market Landscape
4 Market Sizing
5 Historic Market Size
6 Qualitative Analysis
7 Five Forces Analysis
8 Market Segmentation by Type
9 Market Segmentation by Distribution Channel
10 Market Segmentation by Application
11 Customer Landscape
12 Geographic Landscape
13 Drivers, Challenges, and Opportunity/Restraints
14 Competitive Landscape
15 Competitive Analysis
16 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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