Increasing Residential Construction and Improved Home Remodeling Practices are Expected to Drive The Coating Resins Market
Coating resins bind the coating ingredients together and enable them stick to the surface to which they have been applied. They determine the coating’s performance and appearance characteristics, such as their water or scratch resistance, ability to protect against corrosion, and gloss or matt finish.
The Coating Resins Market size is estimated at $29.5 Billion in 2018 and is projected to reach $37.9 Billion by 2023, at a CAGR of 5.1%.
[172 Pages Report] Browse 115 market data Tables and 47 Figures spread through 172 Pages and in-depth TOC on “Coating Resins Market”
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The polyurethane segment is projected to account for the largest share of the coating resins market, by resin type, during the forecast period.
The polyurethane segment is projected to account for the largest share and witness the highest CAGR during the forecast period because of its use in varied applications. The major end-use industries for powdered polyurethanes are the main appliance market coatings, such as refrigerators, dryer drums, and range cabinets. The high-performance characteristics of polyurethanes, such as their ability to cure at lower-baking temperatures, and improved total coating solids, that is, ability to obtain decreased volatile organic compound content; offset the high cost of polyurethanes.
Powder coating is projected to be the fastest-growing technology of the coating resins market during the forecast period.
The powder coating technology is projected to register highest CAGR among the technology segments in the global coating resins market. This technology is mainly used in automotive, appliance finishing, outdoor furniture manufacturing, and architectural & building industries. The major factors driving this growth is the growth of the powder coatings market due to increasing stringent environmental regulations for zero or non-VOC coatings.
The architectural coatings application accounted for the largest share of coating resins market during the forecast period.
The architectural coatings application segment accounted for the largest share of the overall coating resins market in 2017. Booming construction activities globally, rise in awareness about environmentally-friendly products and green environmental regulations, rise in per capita paint consumption, and increase in the popularity of tilt-up concrete in the architectural industry are expected to drive the demand for architectural coatings, globally. The residential construction application dominated the architectural coatings segment owing to increasing construction activities in the residential sector, mainly, in the emerging regions.
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APAC coating resins market is expected to grow at the highest CAGR during the forecast period.
The APAC coating resins market is segmented into China, Japan, India, South Korea, Thailand, Indonesia, Singapore, and the Rest of APAC. APAC accounted for the largest share of the global coating resins market in 2017. Factors, such as huge and increasing addressable population base, rapid and growing construction activity, and increase in the number of automobiles, and wooden furniture are driving the growth of the APAC coating resins market. Compared to mature markets, the market in APAC is projected to grow at a high rate from 2018 to 2023.
Key Market Players
The major players operating in the coating resins market include Arkema S.A. (France), BASF SE (Germany), Royal DSM N.V. (Netherlands), Allnex Netherlands B.V. (Germany), and DowDuPont (US).Arkema S.A. is a multinational company in the coating resins business. It has a strong global position and is expected to maintain its market share in the near future because of its organic and inorganic strategies. The company is planning to launch new products to maintain its leadership in the coating resins business. The new products are expected to contribute to the sales and help the company meet its revenue target. The company also aims to invest in R&D and reduce the risk of technical or economic failure by maintaining a balanced and diversified product portfolio.