Global Chemical Resistant Coatings Market - Segmented by Resin Type, Technology, End-user Industry, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The chemical resistant coatings market is expected to register a moderate growth during the forecast period, 2018 to 2023. Asia-Pacific holds the largest share in 2017, while North America is estimated to register the second-fastest CAGR through the forecast period.
Growing Demand from Construction Industry in Asia-Pacific
The emerging economies, such as China, India, Indonesia, Vietnam, and Philippines, in the Asia-Pacific region have been witnessing a robust growth in construction activities. Robust economic performance in 2017 is expected to further accelerate the growth in housing construction activities in this region. The prices of conventional residential properties have increased beyond the reach of working-class population. Due to this, the governments have been coming up with various policy initiatives, to open up the market for large-scale construction of affordable houses. Hence, with such a boom in housing construction activities in the emerging economies of Asia-Pacific, the demand for chemical resistant coatings is anticipated to project a substantial growth during the forecast period.
Increasing Demand for Epoxy Resin
The epoxy-based resins are reinforced polymer composites derived from petroleum sources, after a reaction process involving epoxide units. These resins help in the development of several properties in coatings, which includes strength, durability, and chemical resistance. The fast drying, toughness, outstanding adhesion, resistance to water, good curing, make it suitable to provide protection to metals and other surfaces. They can also be used as binders for coating applications, to enhance durability of coating for floor and metal applications. Therefore, the demand for epoxy based coatings is expected to increase over the forecast period.
Growing Demand for Chemical Resistant Coatings in North America
Growing construction sector in the United States, which is one of the major consumers of chemical resistant coatings is driving the market. Increasing construction activities of hotels, malls, offices, and etc., in almost all the provinces, is boosting the demand for chemical resistant coatings during the forecast period. The gradual growth of the commercial sector, primarily office space construction, is likely to have a positive impact on the market. The United States is competing toward complete transformation of its diesel buses into zero-emission buses. Electrical buses are fast gaining importance and their production is set to grow rapidly in the coming years which is expected to drive the global chemical resistant coatings market during the forecast period.
Major Players: PPG Industries Inc., Sika AG, The Sherwin-Williams Company, BASF SE, and Jotun., amongst others.
Key Developments in the Market
October 2017: BASF developed a specialty polyamide combined the chemical resistance of semi-crystalline polyamides with the high gloss and the depth of view of amorphous plastics, which is suitable for components in automobile interiors which are high-gloss and at the same time resistant without the need for coating.
Reason to purchase this Report
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The resin type that is expected to dominate the market
The region that is expected to witness fastest growth during the forecast period
Identify the latest developments, market shares and strategies employed by the major market players.
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