Coating Resins Market by Resin Type (Acrylic Resin, Alkyd Resin, Vinyl Resin, Polyurethane Resin, Epoxy Resin, Others), Application (Marine and Protective Coatings, Automotive Coatings, Wood Coatings, Packaging Coatings, Others): Global Market Size Estimates and Forecast (2022-2030)
The market crossed US$ 54 billion mark in 2022 and is expected to hit US$ 84 billion by 2030, recording a CAGR of 5.7% during the forecast period.
Increasing demand from construction and automotive industries
Automotive OEM coatings are an integral part of automotive manufacturing. These coatings offer excellent quality and durability and possess superior mechanical properties to protect automobiles from scratches, harsh environments, and chemical exposure. The manufacturers are increasingly shifting toward low-cost and high-performance OEM coatings. Automotive refinishing also serves the demand for coatings, subsequently leading to the demand for coating resins and expected to drive the market growth in the forecast period.
Within the report, the market is segmented into resin type, application, and geography. By resin type, the market is segmented into acrylic resin, alkyd resin, vinyl resin, polyurethane resin, epoxy resin, and others. By application, the market is categorized into Marine and Protective Coatings, Automotive Coatings, Wood Coatings, Packaging Coatings, and Others. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
Increasing use of liquid and bio-based epoxy resins
Epoxy resins are extensively utilized in powder coating. Nowadays, the development of high solid and ultra-high solid formulation using liquid epoxy resins are gaining huge popularity. Moreover, liquid epoxy resins are used to produce 100% solid epoxy formulation for concrete surfaces, tank linings, and other similar applications. Thus, with increasing demand for liquid epoxy resins is further anticipated to drive the growth of the coating resins market across the globe.
Rising demand for polyurethane resins accelerating the market growth
Polyurethane resins are extensively used in automotive, transportation, wood, industrial finishes, and decorative coatings and severe-service marine and high-performance industrial segment. The applications of this resins are increasing of past several years due to their beneficial performance properties. Polyurethane resins are also used to formulate single component coating with improve abrasion resistance. They can also combine with other water-borne resins to meet cost targets and performance needs.
Recent strategic developments in coating Resins market
The coating resins market has undergone several significant developments, and a few of these have been mentioned below:
- In April 2021, Azelis announced a new distribution deal with BASF for dispersions, additives, and resins throughout Australia and New Zealand, starting immediately (ANZ). The goods covered by the agreement are widely utilized in coatings, adhesives, sealants, and elastomers (CASE), as well as building applications.
- In January 2020, Arkema announced that effective March 1, 2020, Brenntag Canada would be the primary distributor in Canada for all Arkema waterborne resins sold under the ENCOR, CELOCOR, SNAP, and NEOCAR trade names. These resins are used to formulate products across multiple industries, including architectural and industrial coatings, adhesives, caulks and sealants, construction products, traffic markings, and others.
The coating resins market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. BASF SE, Arkema, Allnex GMBH, Covestro AG, Evonik Industries AG are among the prominent players operating in the market.
Target audience for the report:
- Raw material providers
- Coatings and resins related associations, organizations, forums, and alliances
- Government bodies, such as regulating authorities and policy makers
- Venture capitalists, private equity firms, and start-up companies
- Application industry of coating resins industry
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the market has been segmented on the basis of:
- Resins Type
- Acrylic Resin
- Alkyd Resin
- Vinyl Resin
- Polyurethane Resin
- Epoxy Resins
- Others
- Application:
- Marine and Protective Coatings
- Automotive Coatings
- Wood Coatings
- Packaging Coating
- Others
- Region
- North America
- Europe
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled
- BASF SE
- Arkema
- Allnex GMBH
- Covestro AG
- Evonik Industries AG
Companies profiled
- BASF SE
- Arkema
- Allnex GMBH
- Covestro AG
- Evonik Industries AG