Global Coating Resins Market 2018-2022
About Coating Resins
Coating resins are polymer compounds of natural and synthetic origin, which are used as the primary components in the production of paints and coatings. They act as protective layers for a wide variety of objects and are primarily used to provide resistance to corrosion, weather, hardness, and stain.
Technavio’s analysts forecast the global coating resins market to grow at a CAGR of 5.79% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global coating resins market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Coating Resins Market 2018-2022
Technavio recognizes the following companies as the key players in the global coating resins market: Arkema, BASF, DowDuPont, DSM, Hexion, and Nuplex Industries.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increase in R&D activities. Major polyurethane players have amplified their expenditure in R&D activities to reduce the manufacturing cost and provide products with improved properties and use. The rising expenditure in R&D is a major trend being observed by the global polyurethane market in the recent years. Therefore, to maintain a competitive edge and market share, the manufacturers have been stressing on new inventions and developments.”
According to the report, one driver in the market is increasing demand for protective coating due to corrosion. Corrosion is the process of degradation and breakdown of metal. It is estimated that the total cost burden due to corrosion reached $2.51 trillion in 2016, which accounted for almost 3.5% of the global GDP. The increase in the demand for coating resins in the Americas owing to the corrosion effect experienced by machinery and materials is expected to drive the growth of the market.
Further, the report states that one challenge in the market is increasing raw material prices of epoxy resin. The price of epoxy resins has been a concern for numerous industries over the last decade. Alternatively, the production of Bisphenol A and novolac resins is still very low. These fibers are largely used as composites, coatings, and adhesives in various end-user industries such as construction, automotive, and marine.
Arkema, BASF, DowDuPont, DSM, Hexion, and Nuplex Industries.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook