ALBANY, New York, April 2, 2019 /PRNewswire/ -- Transparency Market Research (TMR) analyses that the global coating resins market is highly fragmented and competitive due to the presence of numerous players. However, large players dominated the coating resins market in 2017. Companies including BASF SE, Arkema S.A, Royal DSM N.V., Allenex Netherlands B.V., and DowDuPont are some of the coating resins producers. The coating resins are facing competition from alternatives such as adhesives and binders.
According to TMR, the global coating resins market is expected to expand at a CAGR of 5.27% over the forecast period to attain a value of US$52.18 Bn by 2026-end. The market had acquired a value of US$33.15 bn in 2017.
By type, the acrylic segment dominated the global coating resins market and is expected to be dominant over the forecast period by expanding with the rapid pace. By technology, the water-based segment is expected to witness faster growth over the forecast period. Regionally, Asia Pacific dominated the global coating resins market in 2017 and is expected to remain dominant over the forecast period. This is attributable to the booming manufacturing industries in the developing region. These industries demand a large supply of coating resins benefitting notable revenue collection of the coating resins market.
High Demand from Construction Industry to Drive Market Growth
The coating resins market is gaining traction due to a growing demand for architectural coatings. The architectural coatings used as roof coatings, deck finishes, and wall paints; growing environmental temperature day-by-day is encouraging the use of products, which itself helps to maintain building temperature. Thus, the coating resins are experiencing an increase in adoption and in turn benefiting market growth. Mainly, across the developing countries including China and India, the construction of residential buildings is growing due to the desire of own advanced house is boosting the consumption of coating resin in the industry. Additionally, the growing focus on the aesthetics of the architectural structures and tempting furniture is one of the key factors driving growth of the coating resins market.
Furthermore, coating resins are generally used in the marking of the safety signage usages such as signboards, lane crossing signs, and zebra crossing on the roads. Growing demand for advanced roadway networks is encouraging adoption of the coating resins for its advanced properties such as improved weather resistance, which are propelling growth of the global coating resins market.
Widening Applications of Coating Resins to Propel Market Growth
Growing demand for advanced electrical wires from industrial, residential, and commercial applications are stimulating the use of coating resins across electrical industries. Moreover, growing demand for lightweight passenger vehicles and heavy-duty commercial vehicle owing to increase vehicles aging and lower accidents is augmenting growth of coating resins market.
However, fluctuating raw material prices is hampering growth of the coating resins market to some extent. Nonetheless, soaring use of environmentally friendly products across numerous industries owing to growing awareness about the use of safe products is augmenting coating resins adoption. Escalating use of green coating based technologies is offering opportunities for growth, as the product is safe in comparison with other resin products. Further, factors such as strict regulations on the emission of volatile organic compounds (VOCs) and encouragement to use green compounds is expected to offer lucrative opportunities for the coating resins market's growth in the coming years. Thanks to all these factors, the use of water-based alkyd technologies is replacing solvent-based system for coating resins manufacturing, which is expected to offer opportunities over coming years.
This information is encompassed in the report by TMR, titled, "Coating Resins Market (Type - Epoxy, Polyurethane, Alkyd, Acrylic, Vinyl, Amino, Polyester; Technology- Solvent based, Water based, High Solids, UV Cured; Application - Architectural Coatings, Industrial Coatings, Automotive Coatings, Wood Coatings, Protective and Marine Coatings) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026."
For the study, the coating resins market has been segmented as follows:
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