Enjoy complimentary customisation on priority with our Enterprise License!
The coating resins market size is estimated to grow by USD 18.22 billion at a CAGR of 5.97% between 2022 and 2027. 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. Additionally, increasing consumer awareness regarding the importance of protective coatings for maintaining and extending the life of products is driving demand for these in various consumer applications.
It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
To learn more about this report, View Report Sample
This market report extensively covers market segmentation by type (acrylic coating resin, polyurethane coating resin, epoxy coating resin, alkyds coating resin, and vinyl and other coating resins), application (architecture coating, general industrial coating, automotive coating, high performance coating, and other coatings) and geography (APAC, Europe, North America, South America, and Middle East and Africa).
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.
Get a glance at the market contribution of various segments View the PDF Sample
The acrylic coating resin segment was the largest segment and was valued at USD 11.69 billion in 2017. 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.
For more insights on the market share of various regions Download PDF Sample now!
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 driven by various factors, such as the increasing demand for eco-friendly and environment-provided coating systems. These resins offer properties like shine retention, structural coatings, and meteorology resistance, making them ideal for various applications in the building and construction sector. With a focus on architectural development and pathways marking, the market is witnessing a shift towards bio-oriented coatings and zero- or non-VOC to comply with strict regulations. The market includes a range of resin types, including acrylic, alkyd, waterborne, solvent-borne coatings, and powder coatings, catering to diverse needs in the industry. Our researchers analyzed the data with 2022 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 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.
Moreover, 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 report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The market is witnessing significant growth driven by the demand for corrosion resistance, hardness, and stain resistance in various industries. Factors such as meteorology resistance properties and maintenance cost are also influencing market dynamics. Industries like the manufacture of automobiles are adopting advanced dust coating technologies, including thin-coating dust and Ultra Violet-cured specks of dust, to enhance product durability. Additionally, the market is experiencing a surge in demand for powder coating elements and medium density fibreboard for applications in outdoor furniture manufacturing and appliance finishing. Stricter environmental regulations are driving the market towards more eco-friendly and high-performance materials, leading to increased investments and collaboration among market participants.
The market is experiencing growth across various segments, including Pathway roads and Metallic parts, driven by advances in technology. Manufacturers are focusing on developing less-temperature cured specks of dust and excessive-heat clear coating materials to meet the demand for durable and high-performance. In the appliances industry, there is a growing preference for thermoplastic and thermoset films due to their properties, such as porosity and stain resistance. This market is witnessing substantial development in developing regions, with acquiring authority and factory participants playing key roles in the expansion of production sites and the introduction of new product lines.
Market Scope |
|
Report Coverage |
Details |
Page number |
181 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.97% |
Market growth 2023-2027 |
USD 18.22 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.41 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 46% |
Key countries |
US, China, India, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Arkema Group, BASF SE, Covestro AG, DIC Corp., Dow Chemical Co., Eastman Chemical Co., Evonik Industries AG, Hexion Inc., Huntsman International LLC, 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. |
Market dynamics |
Parent market analysis, Market Forecasting, 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 market 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 Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.