Coating Resins Market Size to Reach Revenues of USD 54.7 Billion by 2026 - Arizton
CHICAGO, Oct. 26, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this global coating resins market report.
The coating resins market is expected to grow at a CAGR of over 5.17% during the period 2020−2026.
Key Highlights Offered in the Report:
- Coating resin manufactures have immense opportunities across the globe due to the growth of several industries, such as architecture, automotive, marine, aerospace, construction, and infrastructure development, furniture, and paper.
- Solvent borne, water-borne and powder-borne are the different types of formulation.
- Among all the formulation types, the water-borne formulation segment dominated the market in 2020, accounting for more than 44% of the share.
- A major growth driver for the segment is the increasing adoption of water-borne formulations by several end-user industries which are green and eco-friendly coatings. Also, the rising stringency of government regulations for VOC emissions is expected to accelerate the growth of the segment.
- The architecture industry is the largest and projected to grow at the same trajectory in the coating resin market during the forecast period.
- APAC is a leading market for coating resins. The market is expected to grow at a CAGR of 5.64% during the forecast period.
Key Offerings:
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by formulation, coating type, end-use, and geography
- Competitive Landscape – 4 key vendors and 16 other vendors
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Coating Resins Market – Segmentation
- Solvent-borne coatings are made up of organic compounds that are applied on surfaces to prevent corrosion. These are liquefying agents that evaporate when they encounter oxygen. These coatings are less prone to environmental conditions such as humidity and high temperatures.
- Acrylic coating resins are the most widely used resins in the coating industry. An acrylic resin is both thermoplastic and thermosetting resin that is primarily derived from acrylic acid, methacrylic acid, and acrylate monomers such as butyl acrylate. Methacrlyate monomers such as methyl methacrylate provide good weather resistance and color, gloss retention, excellent durability, and remarkable resistance against water and UV rays.
- Architectural coatings are also known as a decorative coating. It is a coating formulation used to coat the interior & exterior of a building. The term architectural coatings comprise a wide range of coating including varnishes, paints, primers, sealers, inks, ceramics, and several others.
Coating Resins Market by Formulation
- Water-Borne
- Solvent-Borne
- UV-Cured
- Powder-Borne
Coating Resins Market by Coating Type
- Acrylic
- Epoxy
- Alkyd
- Urethane
- Others
Coating Resins Market by End-Use
- Architectural Coating
- Industrial Coating
- Marine Coating
- Automotive Coating
- Wood Coating
- Coil Coating
- Packaging Coating
- Others
Coating Resins Market – Dynamics
Biobased epoxies are a new class of bio-sourced resins produced using various renewable resources, such as vegetable oils (soyabean oil, castor oil, linseed oil, canola oil, Karanja oil, hemp oil, cottonseed oil, rapeseed oil, and palm oil), saccharides, isosorbides, terpenes, rosin, natural rubber, tannins, and cardanol. Among all vegetable-based oils, soybean oil is the most feasible alternative to petroleum resources due to its unique composition of 51% linoleic acid, 25% oleic acid, 10% palmitic acid, 7% linolenic acid, and 5% stearic acid. Thus, the composition of soybean oil makes it an appropriate raw material to produce biobased epoxy resins. Over the past few years, the demand for bio-based epoxy resins is gaining tremendous momentum in the paints & coatings industry. The rapid depletion of fossil resources and environmental concerns regarding increasing greenhouse gas emissions have contributed to the higher adoption of renewable feed stocks.
Key Drivers and Trends fueling Market Growth:
- High Growth Potential in Emerging Economies
- Increasing Use of Powder Coating in Automotive Industry
- Increasing Demand from Construction Industry
- Soaring Demand from Automotive Industry
Coating Resins Market – Geography
North America is the fastest-growing market for coating additives. The region is the second-largest market for coating resins and accounted for a revenue share of 24.15% in 2020. The growth of various end-use segments, such as architecture, automotive, aerospace, paper, and furniture, is driving the North American coating additives market. In 2020, the US emerged as the biggest market for coating resins in North America. In 2019, the US civil aerospace exports were valued at $126.5 billion, a 4% decline from 2018, whereas the volume of defense exports increased by 10.5%. However, the COVID-19 outbreak adversely affected the aviation trade. Also, the decline in demand for passenger airlines declines has also impacted the production. However, the demand for defense airplanes has remained flat as the nation continued to invest in reinforcing the military. Thus, the high demand for defense airlines is expected to accelerate the demand for coating resins in the aerospace sector during the forecast period.
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Coating Resins Market by Geography
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Russia
- Spain
- APAC
- China
- India
- Japan
- South Korea
- Thailand
- Indonesia
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
Major Vendors
- BASF SE
- The Lubrizol Corporation
- Evonik Industries
- Clariant
Other Prominent Vendors
- Arkema SA
- Eastman Chemical Company
- Angus Chemical Company
- Lonza
- Cabot Corporation
- Solvay
- Huntsman International LLC
- Univar Solutions Inc
- Daikin Industries Ltd
- Hexion
- Kukdo Chemical, Co. Ltd
- DIC Corporation
- Toray Industries, Inc
- Mitsui Chemicals, Inc
- Wacker Chemie AG
- Helios Resins
Explore our chemicals & materials profile to know more about the industry.
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About Arizton:
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
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SOURCE Arizton Advisory & Intelligence
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