ALBANY, New York, May 27, 2019 /PRNewswire/ -- The global coating resins market has witnessed a cutthroat competition among several players, says Transparency Market Research (TMR). The presence of a large number of players makes the level of market's competition highly intense, which represents the nature of vendor landscape as fiercely fragmented. However, the global coating resins market is mostly dominated by several large-sized players.
A few names of the renowned players in the global coating resins market include Arkema S.A, DowDuPont, Allenex Netherlands B.V., and Celanese Corporation. These players are vying on numerous opportunities to gain prominence in the global coating resins market. They offer innovative high-quality resin solutions for paints and coatings, 3D printing, and fiber optic coatings. Their goal is to develop sustainable coating technologies through offering waterborne, powder and UV coating resins along with highly sustainable advantages over numerous other solvent-borne coatings. The players have adopted strategies such as mergers and acquisitions or joint ventures in order to cement their foothold in the coating resins market at global level.
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According to the experts of TMR, the growth of the global coating resins market is anticipated to occur at a healthy 5.27% CAGR during the assessment period. The market stood at US$33.15 bn in 2017, and is projected to accumulate valuation of US$ 52.18 bn by 2026-end.
In terms of types, the acrylic segment showcases the maximum share in the global coating resins market on account of its high employment in architectural coatings. Region wise, Asia Pacific is expected to retain its dominance in the global coating resins market due to the rapid consumption of paints and coatings in the region.
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Rising Residential and Commercial Constructions Globally to Stoke Demand in Market
Coating resins are basically organic compounds, which are predominantly used for industrial and decorative coating purposes in order to protect surfaces from harsh environmental conditions. These resins exhibit amazing properties such as adhesion, high durability, wear resistance, and corrosion resistance. Due to all these properties, the demand for coating resins is rising in several industries. This factor supports the growth of the global coating resins market. Besides this, coating resins finds its widespread applications in the industries including marine, automotive, furniture, and building and construction. Such extensive applications are also fueling growth of the global coating resins market. A noticeable trend in rapidly developing novel industrial bio-based coatings is further complementing to the growth of the global coating resins market.
Additionally, enormous demand for architectural coatings on account of the growing commercial and residential constructions across the globe is a factor responsible for the steadfast growth of the global coating resins market. Along with this, coating resins are also highly used in roadway markings. This is because of its weather resistance property, which further helps in reducing overall road maintenance costs. All such advantages are also propelling expansion in the global coating resins market.
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Extensive Application Range of Coating Resins Fillips Market
Apart from the architectural coatings, these resins are also widely used in appealing furniture. Therefore, burgeoning demand for furniture and structure globally is also triggering the growth of the global coating resins market. Furthermore, rising demand for efficient electric wires from commercial, industrial, and residential sectors is also believed to provide major impetus to the growth of the global coating resins market. However, rising popularity of green coating resins based technologies are providing key opportunities for the market players.
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The review is based on a market research 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".
Global Coating Resins Market, by Type
- Others (Polyaspartics, Silicones, and Fluoropolymers)
Global Coating Resins Market, by Technology
- High Solids
- UV Cured
- Others (including Powder Coatings)
Global Coating Resins Market, by Application
- Architectural Coatings
- Industrial Coatings
- Automotive Coatings
- Wood Coatings
- Protective & Marine Coatings
- Others (including Can Coatings and Leather Coatings)
Global Coating Resins Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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