USD 41.4 billion
Report ID: SQSG15B2003 | Region: Global | Published Date: November, 2022 | Pages: 157
Global Coating Resins Market was valued at USD 41.4 billion in 2021, and it is expected to reach a value of USD 61.7 billion by 2028, at a CAGR of 5.12% over the forecast period (2022 - 2028).
Polymer compounds known as coating resins serve as the main building blocks in the production of coatings. These cutting-edge materials are only utilized for corrosion, toughness, weather, and stain resistance and act as protective layers.
The coating resins market is expanding rapidly as a result of evolving technology and growing end-use industries. Additionally, the market is expected to be driven by environmental restrictions and the economic expansion of developing nations. The market is expected to be majorly driven over the forecast period by the expanding automobile production. Growth would also be aided by factors such as the rapid economic development of developing nations, growing infrastructure spending, tight environmental regulations, rising purchasing power, and expanding demand for eco-friendly coatings.
Global Market Size
USD 41.4 billion
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The Global Coating Resins Market is segmented based on the Resins, Formulating Technology, End-Use Industry, and Region. Based on the Resins, the Global Coating Resins Market is segmented as Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, and Others. Based on the Formulating Technology, the Global Coating Resins Market is segmented as Water-based, Solvent-based, Powder, and Others. Based on the End-Use Industry, the Global Coating Resins Market is segmented as Architectural Coatings, General Industrial Coatings, Powder Coatings, Wood Coatings, Automotive OEM Coatings, Automotive Refinish Coatings, Protective Coatings, Packaging Coatings, and Others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Resins
Due to the expanding usage of ceramic in the biomedical sector, the acrylic category maintained a commanding market dominance. All of the coating's components are held together by resins or binders. The polymers that makeup coating resins are selected based on the physical and chemical characteristics that the final product should have. Alkyds are regarded as a "general purpose" coating because of their adaptability and comparatively inexpensive cost. They are widely utilized in several solvent-based coating processes. Epoxies offer great chemical resistance, abrasion resistance, and excellent water resistance. However, they may lose their shine if exposed to UV radiation. High gloss, flexibility, stain resistance to chemicals, and great water resistance are all characteristics of polyurethanes.
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In 2021, the Asia Pacific region led the coating resins market, and it is anticipated that it would continue to do so over the projected period. Government subsidies, car manufacturing, building projects, interest rates, and consumer spending—all significant contributors to GDP—have a significant impact on the region's demand.
It is anticipated that North America's industrial sector would revive gradually. Due to the expansion of the industrial industry, the area is in great demand. The coating resins market in this area is expected to develop as a result of growing automobile sales, accident rates, and building activity.
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Increasing Use of Liquid and Bio-based Epoxy Resin
Increasing Number of Stringent Regulations on VOC
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The Global Coating Resins market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their companies globally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses in order to increase coating resins market share and profitability.
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SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Coating Resins Market Analysis, Market expansion is anticipated to be aided by ongoing activities such as new product introductions, collaborations, agreements, expansions, mergers, and acquisitions. The main methods employed by businesses operating in this industry are expansion and the introduction of new products. The fastest-growing market for coating resins worldwide is APAC. The market is expected to increase as a result of rising residential building activity and rising demand from various sectors for coating resins. The region's market is expected to be driven by a sizable and growing population base, a quick increase in building activity, and a rise in the manufacturing of cars and wooden furniture.
|Market size value in 2021||USD 41.4 billion|
|Market size value in 2028||USD 61.7 billion|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Coating Resins Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Coating Resins Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Coating Resins Market:
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Product ID: SQSG15B2003