ALBANY, New York, Aug. 27, 2019 /PRNewswire/ -- The global coating resins market is anticipated to make steady progress during the forecast period. The market owes its expansion to the increasing use of paints and coating products worldwide. These products find increasing application in various industries. Newer coating technologies together with expansion in automotive, infrastructure, and construction industries are expected to create many growth opportunities for the global coating resin market in the years to come.
Some of the key companies operating in the global coating resins market are Allenex Netherlands B.V., Celanese Corporation, Celanese Corporation, DIC Corporation, Royal DSM N.V., and BASF SE.
Transparency Market Research (TMR) following extensive research has prepared a report on the global coating resins market. TMR analyst predicts that the market is likely to exhibit a growth rate of 5.27% CAGR during the assessment period, from 2018 to 2026. Riding high on the back of various growth factors, the market is estimated to reach a valuation of US$ 52.18 Bn by 2026-end.
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Asia Pacific to Emerge as a Rapidly Growing Region during the Forecast Period
The global coating resins market is divided into the regions of North America, Europe, Middle East and Africa, Asia Pacific, and South America.
From the geographical standpoint, Asia Pacific is likely to be the dominant region of the global coating resins market in years to come. Asia Pacific remains one of the leading manufacturers of paints and coating products. These products are made from coating resins. It is highly likely that in years to come, the consumption of paint and coating products would multiply in the region owing to rapid industrialization and urbanization. This will further the growth of the coating resins market in the region.
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Besides, North America and Europe are the other leading regional segments of the coating resins market. However, the paints and coatings industry in Europe and North America is mature and large. Therefore, it is expected that the coating resins market would expand at a sluggish rate over the assessment period. The entire value chain of paints & coatings is working together for the common purpose of inventing sustainable and environment-friendly products.
Increased Use of Acrylic-based Coatings to Spell Growth for the Market during Forecast Period
The global coating resins market is likely to be driven by a high demand of paints and coatings arising out of numerous end-use industries, such as marine, industrial, and automotive industries. Paints and coatings are mostly used for safeguarding the painted object against various climatic conditions and providing surface finish. Paint and coatings that are durable, corrosion-resistant, that contain improved curing properties, and offers fuel efficiency are high in demand by the automotive industry.
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Apart from that, increase in population and prevalence of better economic condition has resulted in augmented spending on housing and infrastructural development. It has also resulted in the rise of demand for decorative coatings in buildings, apartments and other premises as well.
The acrylic segment is expected to exhibit dominance in the global coating resins market over the review period. The acrylic segment is likely to rise rapidly during the period of assessment. A rising demand for acrylics is due to their optimum water content that makes them a prime choice coating resins in their applications. As such, these resins come with low volatile organic compounds (VOC) levels, which make these resins environment-friendly. All these factors are furthering the adoption of acrylic resins in applications of architectural coatings.
However, the growth of the global coating resins market is likely to be impeded by the fact that paints and coatings are considerable sources of VOC emissions. VOC emissions are harmful for human health and cause substantial environmental pollution.
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The information shared in this review is based on a TMR report, bearing the title, "Coating resins market (Type - Epoxy, Polyurethane, Alkyd, Acrylic, Vinyl, Amino, and Polyester; Technology- Solvent based, Water based, High Solids, and UV Cured; Application - Architectural Coatings, Industrial Coatings, Automotive Coatings, Wood Coatings, and Protective and Marine Coatings) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 – 2025."
The global coating resins market is segmented based on:
- Solvent based
- Water based
- High Solids
- UV Cured
- Architectural Coatings
- Industrial Coatings
- Automotive Coatings
- Wood Coatings
- Protective and Marine Coatings
- North America
- Rest of Europe
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
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