The global coating resins market was valued at US$ 33.15 Bn in 2017 and is anticipated to expand at a CAGR of 5.27% from 2018 to 2026, according to a new report titled ‘Coating Resins Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ published by Transparency Market Research (TMR) The global coating resins market is driven by high demand for these coatings in the architectural coatings segment. Asia Pacific accounts for major share of the global coating resins market.
Rise in Demand for Paints & Coatings Products Expected to Drive Market
Demand for paints and coatings in sectors such as automotive, industrial, and marine is rising at a rapid pace. Paints and coatings are used to provide surface finish and protection from climatic conditions. Expansion in the automotive industry is fueling the demand for paints and coatings that are durable; have better curing properties; prevent corrosion; and make vehicles light in weight in order to improve fuel efficiency. Growth in population and improvement in economic conditions have led to a rise in expenditure on housing and infrastructure development across the globe. This is estimated to augment the demand for decorative coatings during the forecast period.
Stringent Regulations Regarding VOC Emissions Act as Restraint
Paints and coatings are major sources of VOC emissions. VOCs emit odor, cause environmental pollution, and prove to be harmful to human health. Stringent regulations are being imposed on VOC emissions from paints and coatings. Solvent-based coating is the most widely used type of coatings. However, their high VOC content has led to their replacement by water-based formulations and high-solid formulations with VOC content lower than solvent-based formulations. Alkyd, vinyl, and amino resins constitute key share of the coating resins market. However, their formulations are largely solvent-based. Research and development activities in environment-friendly formulations are being conducted across the globe.
Acrylic Segment to Dominate Global Coating Resins Market
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). The acrylic segment is estimated to dominate the global coating resins market during the forecast period. The segment is estimated to expand at a rapid pace during the forecast period. Acrylic resin-based coatings are prominently water-based; therefore, these resins contain low VOC levels. Thus, acrylic resins are eco-friendly. This is driving the adoption of these resins in architectural coatings applications.
Water-based Segment to Expand Rapidly
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). The water-based segment is estimated to expand at a rapid pace during the forecast period. Expansion of the water-based technology is ascribed to the increase in adoption of low VOC emitting coatings across the globe.
Architectural Coatings to be Dominant Application Segment
In terms of application, the global coating resins market can be classified into architectural coatings, industrial coatings, automotive coatings, wood coatings, protective & marine coatings, and others (including can coatings and leather coatings). The architectural coatings segment constituted dominant share of the global coating resins market in 2017. The segment is projected to expand at a significant pace during the forecast period owing to the growth in construction and infrastructure development and rise in consumption of paints and coatings in order to improve the esthetic appearance of structures. The automotive coatings segment is likely to expand at a fast pace during the forecast period. Industrial coatings and protective & marine coatings segments are expected to create lucrative opportunities for the coating resins market during the forecast period.
Asia Pacific Dominates Global Coating Resins Market
Based on region, the global coating resins market can be split into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. In terms of demand, Asia Pacific was the leading region of the global coating resins market in 2017. Demand for coating resins in the region is anticipated to increase at a rapid pace during the forecast period owing to the expansion in paints & coatings industry in the region, particularly in China and India. Thus, Asia Pacific is estimated to maintain its dominant share of the global coating resins market during the forecast period. In terms of demand, North America and Europe accounted for key share of the global coating resins market. The coating resins market in these regions is projected to expand at a sluggish pace during the forecast period due to the heavily regulated nature of the paints & coatings industry in these regions.
High Degree of Competition among Market Players
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., DowDuPont, Lanxess, Celanese Corporation, and DIC Corporation.