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Coating Resins Market Survey on Future scope 2026
5/23/2022
Coating Resins Market – Snapshot
Coating resins, also known as binders, are polymer materials that hold a coating formulation together and provide adhesion to the substrate on which the coating is applied. Coating resins are polymers or polymer latex. A typical liquid coating formulation consists of several other components such as pigments, additives, and solvents. Coating resins bind the entire coating system together. Powder coating systems have a similar composition, except for the presence of solvents. The coating resins market is estimated to expand at a moderate pace during the forecast period due to the rise in consumption of paints and coatings globally owing to the expansion in end-use industries. Growth in construction, infrastructure, and automotive industries and wide adoption of newer coating technologies are likely to create growth opportunities for coating resins during the forecast period. Latin America and Asia Pacific are estimated to create lucrative opportunities in the coating resins market during the forecast period due to the growth in economic activities in these regions. These regions are implementing stringent VOC emission regulations. Awareness regarding the environmental impact of products is rising among consumers in these regions.
Based on type, the global coating resins market has been segmented into epoxy, polyurethane, alkyd, acrylic, vinyl, amino, polyester, and others (polyaspartics, silicones, and fluoropolymers). Acrylic was the dominant segment of the global coating resins market in 2017. The segment is projected to expand at a significant pace during the forecast period. Acrylic coatings can be formulated by water and solvent-based technologies and are extensively employed in architectural coatings. Market share of the alkyd segment is estimated to decline during the forecast period due to the high VOC content of the coatings formulated using alkyd resins. The others segment, which includes polyaspartics and fluoropolymers, is also projected to expand at a considerable pace during the forecast period.
Based on technology, the global coating resins market has been divided into solvent-based, water-based, high solids, UV cured, and others (including powder coatings). In terms of revenue and volume, the solvent-based segment accounted for major share of the global coating resins market in 2017. The segment is expected to expand at a sluggish pace due to the implementation of strict regulations on VOC emissions across the globe. The water-based segment constituted key share of the market in 2017. The segment is projected to expand at a considerable pace during the forecast period, as these coatings are environment-friendly. High solids and UV cured segments are also likely to create growth opportunities during the forecast period due to their low VOC content.
In terms of application, the global coating resins market can be segregated into architectural coatings, industrial coatings, automotive coatings, wood coatings, protective & marine coatings, and others (including can coatings and leather coatings). In terms of demand, the architectural coatings segment accounted for large share of the coating resins market in 2017. The segment is anticipated to expand at a significant pace during the forecast period. Protective & marine coatings and industrial coatings segments constituted significant share of the global coating resins market in 2017. These segments are estimated to provide lucrative opportunities to the coating resins market during the forecast period. The automotive coatings segment is projected to drive the coating resins market in the near future.
Based on region, the global coating resins market can be classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. In terms of value and volume, Asia Pacific was the leading region of the global coating resins market in 2017. Asia Pacific is also the key manufacturer of paints and coatings products, which are produced from coating resins. The coating resins market in the region is likely to expand at a rapid pace in the next few years due to the significant increase in consumption of paints and coatings in the region. In terms of demand, North America and Europe were the other leading consumers of coating resins in 2017. The paints & coatings industry in these regions is vast and mature. The coatings resins market in Europe and North America is estimated to expand at a sluggish pace during the forecast period owing to the mature nature of end-user industries. North America and Europe are technologically advanced regions. The entire paints & coatings value chain is working toward developing innovative products that are sustainable, eco-friendly, and emit low VOC. The coating resins market in Latin America and Middle East & Africa is anticipated to expand at a considerable pace during the forecast period.
The global coating resins market is dominated by large-sized players. Presence of large numbers of small- and medium-sized players makes the market highly competitive. Key players operating in the market are BASF SE, Royal DSM N.V., Arkema S.A, Allenex Netherlands B.V., DosswDuPont, Lanxess, Celanese Corporation, and DIC Corporation. The coating resins market experiences competition from other industries such as adhesives and packaging, as coating resins are employed in these industries as well.
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