According to a new report published by Allied Market Research, titled, Coating Resins Market by Type, Technology and Application: Global Opportunity Analysis and Industry Forecast, 2018-2025, the global coating resins market was valued at $35,101 million in 2017, and is projected to reach $52,901million by 2025, growing at a CAGR of 5.3% from 2018 to 2025. The acrylic segment accounted for more than 22% share of the global coating resins market in 2017.
Coating resins are organic compounds used for decorative and industrial coating to protect surface from extreme environmental conditions coupled with properties such as high durability, adhesion, corrosion resistance, and wear resistance. These coatings are extensively used in furniture, automotive, marine, and protective applications. In recent years, the market has seen the development of novel industrial bio-based coatings in standalone facilities. With this trend, the global coating resin market is expected to grow with a notable CAGR during the forecast period.
Based on resin type, the market is segmented into acrylic, epoxy, polyurethane, alkyd, vinyl, unsaturated polyester resin, saturated polyester resin, and others. The saturated polyester resins segment is projected to be the most lucrative segment during the forecast owing to its balance properties which include mechanical and chemical. Furthermore, it has better dimensional stability and ease of handling or processing.
Based on technology, the market is divided into waterborne, conventional solvent borne, high solid solvent borne, powder coating, radiation cured, and others. The radiation cured coating resin segment is projected to be the most lucrative segment during the forecast owing to lower volume of VOCs content. Furthermore, radiation cured coating resins are used to manufacture scratch, impact, abrasion, chemical, and mechanical resistance coatings.
Based on application, the market is classified into architectural, industrial, protective & marine, automotive OEM, vehicle refinish, and others. The architectural segment is estimated to grow at the highest CAGR during the forecast period owing to the increase in the demand for architectural coating owing to the growth of the housing market.
Key Findings of the Coating Resins Market:
- The radiation cured coating resins segment is expected to grow at a significant CAGR of 6.30%, in terms of value, from 2018 to 2025.
- The alkyd segment is projected to grow at a CAGR of 5.50%, in terms of value.
- The coating resins market in Asia-Pacific is expected to grow at the highest CAGR of 5.80%, in terms of value.
- The Europe coating resins market accounted for more than 43% share in 2017.
- U.S. accounted for more than 57% of the North America market in 2017.
In 2017, Asia-Pacific and Europe collectively accounted for more than 79% of the global coating resins industry, in terms of value. These is due to the rapid economic development and growth of construction projects in Asia-Pacific. Furthermore, European Union economy experiences significant growth since the euro crisis due to the increase in tourism, growth in employment, promotion of fair trade policies with minimal tariff, rise in industrialization & urbanization, and others.
The key players operating in the market include Bayer AG, Royal DSM, The Sherwin-Williams Company (The Valspar Corporation) and Polynt SpA. Other prominent players include Allnex Belgium SA/Nv, Arkema S.A., BASF SE, Momentive Specialty Chemicals, Inc., The DOW Chemical Company, and Evonik Industries AG.