Coating Resins Market by Resin Type (Acrylic, Alkyd, Polyurethane, Vinyl, Epoxy), Technology (Waterborne, Solventborne, Powder, High Solids), Application (Architectural, General Industrial, Automotive), and Region - Global Forecast to 2023
“The coating resins market is projected to register a CAGR of 5.1%, in terms of value, between 2018 and 2023.”
The coating resins market size is projected to grow from USD 29.5 billion in 2018 to USD 37.9 billion by 2023, at a CAGR of 5.1%. The coating resins market is expected to witness growth owing to the growth of end-use industries, such as building & construction, packaging, general industrial automotive, marine, aerospace, and furniture; which is a key factor driving the growth of the coating resins market. However, insufficient supply of specialized raw materials is expected to hamper the growth of the coating resins market. The volatility in raw material prices might adversely affect the overall cost of production for the coating resin manufacturers.
“The polyurethane segment is expected to account for the largest share of the overall coating resins market during the forecast period.”
The polyurethane segment accounted for the largest share in coating resins market. Moreover, it is also projected to witness the highest CAGR during the forecast period because of its usage in varied applications. Powdered polyurethanes are mostly used in appliance coatings; for instance, refrigerators, dryer drums, range cabinets, and so on. The high-performance characteristics of polyurethanes include its ability to cure at lower baking temperatures, and the improved total coating solids content. These factors combined offset the high cost of polyurethanes.
“The coating resins market in powder coatings is expected to witness the highest CAGR during the forecast period.”
The powder coatings technology segment is projected to register highest growth rate in the global coating resin market. Powder coatings are used in various end-use industries, such as automotive, appliance finishing, outdoor furniture manufacturing, and building & construction. The major factors driving this growth are the growth of powder coatings due to increasing stringent environmental regulations for zero or non-VOC coatings.
“APAC coating resins market is projected to register the highest CAGR during the forecast period.”
APAC is projected expected to be the fastest-growing market for coating resins. This growth is mainly attributed to factors, such as huge and increasing addressable population base, rapid and growing construction activity, and increase in the number of automobiles, and wooden furniture. Compared to the mature markets, the market in APAC is projected to grow at a high rate from 2018 to 2023.
Break up of primary participants for the report:
By Company Type: Tier 1 - 18%, Tier 2 - 36%, Tier 3 - 46%
By Designation: C level - 18%, Director level - 55%, Others - 27%
By Region: APAC - 50%, North America - 20%, Europe - 10%, Middle East & Africa - 10%, South America - 10%
As a part of the qualitative analysis, the research study provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also discusses competitive strategies adopted by market players, such as Arkema S.A. (France), BASF SE (Germany), Royal DSM N.V. (Netherlands), and Allnex Netherlands B.V. (Germany).
The report defines, segments, and projects the coating resins market based on resin type, technology, application, and region. It provides detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, opportunities, and challenges. The report analyzes competitive developments, such as new product developments, expansions, and acquisitions, undertaken by the key players to achieve growth in the market.
Reasons to Buy the Report:
The report will help market leaders/new entrants in this market by providing them the closest approximations of revenue numbers of the overall coating resins market and its subsegments. This report will help stakeholders better understand the competitive landscape and gain insights to better position their businesses and make suitable go-to-market strategies. It will also help the stakeholders to understand the pulse of the market and provide information on key market drivers, restraints, and opportunities, and challenges.