Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Coating Resins Market (By Type: Acrylic, Epoxy, Alkyd, Vinyl, Polyurethane, Amino, Polyester, Others; By Technology: Solvent Based, UV Cured, Water Based, High Solids; By Application: Industrial Coatings, Automotive Coatings, Wood Coatings, Protective Coatings, Architectural Coatings, Marine Coatings) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026”.
LOS ANGELES, March 25, 2019 (GLOBE NEWSWIRE) -- The global coating resins market size is anticipated to around USD 51.3 billion by 2026, this market is anticipated to grow with 5.0% CAGR during the forecast time period. The rapid expansion of the automotive industry is expected to drive the global coating resins market.
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The increasing demand for coating resins in the industrial and automotive sector is expected to boost the global coating resins market. Several factors such as the rise in disposable income and environmental impact are the latest trends that are driving the overall coating industry. In turn, these factors are anticipated to boost the demand for coating resins market in the future. Coating resins are the polymer compounds that are used in the manufacturing coatings and paints. These innovative materials act as shielding layers for an extensive variety of substances and are completely used to provide resistance from corrosion, stain, and hardness. Coating resins are formulated by using various methods. The formulation can be both water based and solvent based. The method selected to manufacture the coating resins for a specific application depends on its specifications such as base material, coating purpose, and location etc. so that the properties such as viscosity, color, and consistency can be accustomed for effective application.
Resin coatings are the most ideal methods of positioning the protective coating layers across a wide range of applications such as automotive, construction, architecture, machinery, wood, marine, paper &pulp coatings, wood, and other industrial applications. The water-based polyurethane, alkyd, epoxy, and acrylic resin are mostly used in automobiles, and other industrial and anti-corrosion coatings. Coating Resins are commonly known as resin binders in the paint and coating industry. The synthetic resins are applied over wooden floors, metal surfaces, concrete porches, garages and help in developing durable, tough and beautiful surfaces. Textiles and food packaging also use coating resins for durable and high-quality products. Coating resins are further used in applications such as industrial plastics, packaging coatings, and consumer electronics.
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The global coating resins market is segmented into type, technology, application, and region. On the basis of type, the global coating resins market is segmented into acrylic, epoxy, alkyd, vinyl, polyurethane, amino, polyester, and others. On the basis of technology, the global coating resins market is segmented into solvent-based, UV cured, water-based and high solids. On the basis of application, the global coating resins market is segmented into industrial coatings, automotive coatings, wood coatings, protective coatings, architectural coatings, and marine coatings. On the basis of the region, the global coating resins market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
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Asia Pacific region is expected to dominate the global coating resins market followed by North America and Europe region. Asia Pacific region is at the forefront in the global coating resins market owing to the huge presence of key manufacturer of coatings products that are produced from coating resins. The coating resins market in the North America region is expected to expand at a rapid pace in the coming years due to the noteworthy rise in the consumption of paints and coatings in the region. In North America and Europe region are the prominent consumers of coating resins in the global market. The coatings resins market in Europe and North America is estimated to grow at a slow pace during the forecast period owing to the established end-user industries and technologically advanced regions. The coating resins market in Latin America and Middle East & Africa is expected to increase at a substantial pace during the forecast period.
The prominent players operating in the global coating resins market are Royal DSM N.V., Allenex Netherlands B.V., Lanxess, DIC Corporation, BASF SE, Arkema S.A, DosswDuPont, and Celanese Corporation, etc. The global coating resins market is led by large market players. The presence of large numbers of local players is making it highly competitive. The strategic initiatives commenced by global companies include partnerships, new product launch, acquisitions, and mergers. The R&D investments coupled with advanced coating technologies are expected to offer innovative coatings and paints solutions that are predicted to offer incremental growth opportunities for the key players in the global coating resins market.
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