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Coating Resins Market worth $57.34 billion by 2029 - Exclusive Report by MarketsandMarkets™


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MarketsandMarkets

01 Nov, 2024, 10:00 GMT

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DELRAY BEACH, Fla., Nov. 1, 2024 /PRNewswire/ -- The report "Coating Resins Market by Resin Type (Acrylic, Alkyd, Epoxy, Polyurethane, Vinyl), Technology (Waterborne, Solventborne, Powder), Application (Architectural, Protective, General Industrial, Automotive, Wood, Packaging), & Region - Global Forecast to 2029", size is projected to reach a market size of USD 57.34 billion by 2029 from USD 45.28 billion in 2024, at a CAGR of 4.8%. Asia Pacific accounted for the largest share of coating resins in 2023. Coating resins are largely used in architectural and industrial applications. The acrylic resin segment is projected to be the largest share due to its use in various applications, such as architectural coatings, floor finishes, and automotive coatings. Emerging nations, such as China, India, Indonesia, and Brazil, are expected to play a crucial role in driving the coating resins market forward. 

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Acrylic resins represent the largest segment of the coating resins market in terms of value.

The acrylic resin segment had the largest market share in 2023. It is a low-cost material that provides water resistance, better stain protection, and good water resistance. Acrylics are offered in two types of composition: pure acrylics and complex acrylics (containing additional monomers). Pure acrylics contain only acrylic monomers. The acrylic polymer can be incorporated into the acrylic polymer to obtain a resin with specific properties or decrease its cost. In the case of complex acrylics, styrene is the most popular, and the resulting resin is known as styrene-acrylic resin. Styrene monomers are significantly more expensive compared to acrylic ones. They are known to increase water resistance, provide alkali resistance, and improve hardness.

Waterborne coating resins represent the largest technology in the coating resins market in terms of value.

Waterborne technology accounted for the largest share of the global market in 2023. The shift from solventborne to waterborne coatings has been a trend in the coatings industry, mostly witnessed in the architectural coatings segment. The recent advancement in the EU legislation regarding environmental and health concerns has pushed for a greater application of waterborne coatings in the industrial sector.

An important innovation developed here is that waterborne resins have gained popularity as a better variant since solventborne resins have many environmental challenges. These waterborne solutions have lower VOCs, are eco-friendly, and have better stability and faster drying than traditional products.

The general industrial coatings are the fastest-growing application of the overall coating resins market.

The general industrial coatings are projected to be the fastest-growing application segment of coating resins. The drivers for the market in this sector are a growing population, improved standard of living, infrastructural development, GDP growth, and increasing manufacturing. The demand for motors, generators, transformers, agricultural equipment, and other industrial equipment is increasing globally, driving the demand for coating resins.

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The general industrial coatings market has numerous end-uses linked to multiple industries. General industrial coatings encompass a broad category of specialized coatings designed to protect surfaces in industrial environments. These coatings are formulated to withstand harsh conditions such as corrosion, abrasion, chemical exposure, and extreme temperatures. By providing durable and reliable protection, these coatings contribute to the longevity and efficiency of industrial operations across various sectors. They are utilized across various industries, including manufacturing, automotive, aerospace, marine, oil & gas, and construction.

Asia Pacific is the largest coating resins market.

Asia Pacific is the leading market for coating resins. The booming economies such as China, India, Indonesia, and Vietnam fuel the growth in the region. Acrylic resin is an ideal choice for architectural coatings in Asia Pacific. It is in high demand, as it is a low-cost material that provides excellent chemical- and photochemical resistance, stain protection, and water resistance and has superior adhesion to surfaces than other resin types.

Asia Pacific is a rapidly developing region with opportunities for companies keen to invest in high-growth markets. The sustainable coatings (low-VOC) segment is estimated to be one of the leading technology trends in this region as well as globally. By 2030, China is projected to play a key role as the emerging superpower in shipping. The country is expected to see the highest growth in commercial fleet ownership, contrasting Greece and other European countries. Additionally, the economic development of India is expected to become a giant driver of global trade in order of magnitude like China. These developments are expected to drive the demand for coating resins in the marine & protective coatings application.

Key Players

The key players profiled in the coating resins market report are Dow Inc. (US), Allnex GmbH (Germany) (PTT Global Chemical), Covestro AG (Germany), Arkema SA (France), BASF SE (Germany), Huntsman International (US), Synthomer plc (UK), Nan Ya Plastic Corporation (Taiwan), Kukdo Chemical Co., Ltd. (South Korea), DIC Corporation (Japan).

Browse Adjacent Market: Resins and Polymers Market Research Reports

Related Reports: 

Paints & Coatings Market- Global Forecast to 2029 

Architectural Metal Coatings Market- Global Forecast to 2028

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. 

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
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