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The coatings raw materials market size is estimated to grow at a CAGR of 5.42% between 2023 and 2028. The market size is forecast to increase by USD 21,989.09 million. The growth of the market depends on several factors such as increasing demand for alkyd resins in paints and coatings, growing demand for coating raw materials in the construction industry, and increasing demand for coating raw materials in APAC.
This coatings raw materials market report extensively covers market segmentation by type (resins, pigments and fillers, solvents, and additives), distribution channel (offline and online), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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Our researchers analyzed the data with 2023 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.
Increasing demand for alkyd resins in paints and coatings is notably driving the market growth. Alkyd resins are polyester-based materials that are usually modified with oil or fatty acids. These resins can be further modified using a variety of other chemicals or materials. Chemicals such as polybasic acids, polyhydric alcohols, oils, fatty acids, and modifying agents can be used in a combined form to produce alkyds with specifically designed properties. Alkyd resins are used to manufacture protective coatings as they can significantly enhance the weathering properties of protective coatings. Alkyd resins are among the key raw materials used to make various synthetic paints and coatings as they are exceptionally compatible with a wide range of coating polymers.
However, these resins are also used to manufacture industrial coatings, concrete floors, and road paints. The sustained and high consumption of paints and coatings during the forecast period will fuel demand for alkyd resins. Therefore, increasing demand for alkyd resins in paints and coatings will drive the growth of the global coatings raw materials market during the forecast period.
Growing demand for printing inks is an emerging trend shaping the market growth. The printing ink industry is poised to grow at a healthy rate during the forecast period. Advances in water-based ink technology are supporting the growth of the global coatings raw materials market and have remained a major driving factor. Coatings raw materials such as resins, solvents, pigment and fillers, and binders are used in the printing industry to make printing inks, especially black ink, which exhibits good dispersibility properties for plastic film and molding applications. Coatings raw materials are also used to manufacture water-resistant inks that are used for printing.
Moreover, the presence of these raw materials in printing inks improves smoothness, enhances gloss, and augments scratch resistance. The printing ink industry is expected to grow by USD 3 billion from 2020 to 2024. Growing production of printing inks will drive demand for coatings raw materials during the period under review and, therefore, will drive the growth of the global coatings raw materials market during the forecast period.
Stringent VOC regulations are a significant challenge hindering market growth. Volatile Organic Compounds (VOC) are a major challenge to the environment. VOCs are chemicals that vaporize at room temperature to cause ground-level air pollution. In countries such as the US, stringent regulations are in place on the use of paints and coatings that harm the environment. Key market vendors had to accommodate this new requirement and install new dispensers capable of handling fast-drying, low-, or no-VOC colorants for architectural paints. Although this regulation was restricted to Southern California, its effective implementation was possible only through concerted advertising and promotional efforts on the benefits of VOC-free paints.
Similarly, the US Environmental Protection Agency (EPA) has regulated VOCs at the federal level under the 40 CFR 59 standard, which regulates products such as solvents, resins, and pigment binders in applications, including aerosol coatings, automobile refinish coatings, architectural coatings, and consumer products. These materials are regulated to prevent further environmental hazards. Such regulations on the use of VOCs will negatively impact the global coatings raw materials market 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 Coatings Raw Materials 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.
Akzo Nobel NV - The company offers coatings raw material for different types of color systems under the brand name FLEXGLAZE, PROGLAZE neutral dry glaze, C-MIX intermix system, and others.
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 resins segment is estimated to witness significant growth during the forecast period. Resins are derived from both synthetic and natural sources. Synthetic resins are extracted from petrochemical products, while natural resins are procured from plants and trees. Acrylic resins, alkyd resins, urethane resins, and epoxy resins include some resin categories. Cellulosic, silicone/polysiloxane, silicate, and vinyl are other varieties of resins. Globally, acrylic resins are the most commonly used binders in paints and coatings applications.
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The resins segment was the largest segment and was valued at USD 29,007.84 million in 2018. Various resins of the epoxy family are extensively used in electrodeposition (ED) and industrial coatings, particularly in the transportation, industrial maintenance, and marine markets. Epoxy resins are also widely used in powder coatings. In recent years, high-solid and ultra-high solid-liquid epoxy resins have dominated the global market. Meanwhile, the liquid epoxy resin is used in concrete surfaces, tank linings, and other applications. Other resins that are used as coatings raw materials include amino, polyester (with low-bake versions as the growth area), cellulosic, silicone/ polysiloxane, silicate, and vinyl resins. These factors will drive the growth of the resins segment of the global coatings raw materials market during the forecast period.
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APAC is estimated to contribute 51% 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. Rapid industrialization, the growing construction industry, and the burgeoning automotive industry in countries such as China, India, Malaysia, Indonesia, Vietnam, Japan, and South Korea will boost the demand for coatings raw materials in the region. In countries such as India and China, the growing construction industry will drive demand for coatings raw materials during the forecast period. In China, the Three George Dam, the South-to-North Water transfer project, and the Beijing Airport expansion are some of the construction projects expected to be completed during the forecast period.
Similarly, in India, the construction of Navi Mumbai International Airport in Mumbai, the Chenab River Railway Bridge in Jammu and Kashmir, and the Delhi-Mumbai Industrial Corridor will see strong demand for coatings raw materials. Therefore, increasing railway networks in India and China will also boost the consumption of coatings raw materials which in turn will drive the market growth in the region during the forecast period.
In 2020, the outbreak of COVID-19 severely affected the growth of several industries in the region, including the construction and automotive industries. However, in 2021, as the number of active COVID-19-infected cases declined, several markets, including the market in the region, gradually resumed business operations owing to the large-scale COVID-19 vaccination drives conducted by the governments and adherence to social distancing norms. Such factors are expected to drive the growth of the regional coatings raw materials market during the forecast period.
The coatings raw materials market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Coatings Raw Materials Market Scope |
|
Report Coverage |
Details |
Page number |
178 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.42% |
Market Growth 2024-2028 |
USD 21,989.09 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.91 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 51% |
Key countries |
US, China, Germany, France, and Italy |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Akzo Nobel NV, Altana AG, Arkema Group, BASF SE, CATHAY INDUSTRIES, Dow Chemical Co., Eastman Chemical Co., Evonik Industries AG, Heubach GmbH, Huntsman International LLC, MEGARA RESINS SA, Momentive Performance Materials Inc., OPC Polymers, Polynt Spa, PPG Industries Inc., PTT Public Co. Ltd., Synthomer Plc, Synthopol Chemie Dr. rer. pol. Koch GmbH and Co. KG, Vibrantz Technologies, and W. R. Grace and Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
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 Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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