Trending: Coating Resins Market Size & Share to Surpass $73.3 Bn by 2028 | Vantage Market Research

WASHINGTON, Nov. 27, 2022 (GLOBE NEWSWIRE) -- Global Coating Resins Market is valued at USD 53.2 Billion in 2021 and is projected to reach a value of USD 73.3 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 5.5% over the forecast period 2022-2028.

One of the most significant economic sectors is the coating resins market, and consistent growth is predicted going forward. Despite the industry's volatility, a range of factors could have an impact on its development or demise. This study examines current trends and potential developments to provide a comprehensive overview of the industry. It also provides details on the key players in the industry and their expansion strategies.

The study provides a complete evaluation of worldwide producers and suppliers, as well as their current state and future potential. It also includes information on demand-side variables influencing the global need for coating resins, such as rising investment demands, expanding technology, and new laws.

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Coating Resins Market Overview:

According to Vantage Market Research, some key factors anticipated accelerating the coating resins market growth over the forecast period. The market is expanding due to the rising demand for architectural coatings. Additionally, the market is anticipated to grow as demand for environmentally friendly coating systems in architectural designs increases. Due to their weather endurance, coating resins have a high demand in the marking of roadways, which in turn lowers the cost of road maintenance. Another element that will likely accelerate the expansion of the market for coating resins is the rise in auto production.

We forecast that the acrylic category in coating resins Market sales will account for more than 30% of total sales by 2028. The resin type acrylic is widely employed in coating resins. It is an inexpensive material that offers superior water resistance, improved stain protection, and low cost. Most coating resin manufacturers have established manufacturing facilities to take advantage of the expanding paints and coatings market and boost their profitability.

Asia-Pacific dominates the coating resins market, and this trend of dominance will continue throughout the projection period. One of the key elements promoting the expansion of the industry in this area is the plentiful supply of raw materials. Due to the region's rapid infrastructure development, the building and construction industry is expected to grow and expand, contributing to the market's growth rate.

Market Dynamics

Increasing Demand for Powdered Coating from the Automotive Industry:

To achieve mechanical strength, metal adhesion, and heat resistance, automobile manufacturers coat passenger cars and heavy- or light-duty vehicles with coating resins. Additionally, coating metallic objects with a protective and decorative layer using powder coating is a common practice. A powder coat is a dry substance that does not dip or run when applied, in contrast to liquid paints. Powder coatings are, therefore, widely used in the automotive industry to give cars a desirable appearance, shield them from environmental harm, and conform to legal VOC restrictions. As a result, powder coatings will increase, benefiting the coating resin sector.

The rise in Construction Industry Around the Globe:

Due to this sector's growth and expansion, the main factor driving the market growth rate is an increase in demand for coatings resins from the building and construction sector. Other reasons driving expansion in the coating resins market value include increasing urbanization and infrastructure development, particularly in developing nations. The market for coatings resins will have direct and positive effects from rising industrialization and rising usage of waterborne coating formulations.

Improved Economic Status:

The coating resins market is also fueled by macroeconomic trends like globalization, urbanization, rising population, the rapid rise of the middle class, bettering economic conditions, and rising disposable income and purchasing power. Additionally, the demand for coating resins is driven by the paints and coatings industry, which in turn is driven by various technological advancements.

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Top Players in the Global Coating Resins Market:

  • Allnex Holdings S.A R.L. (Luxembourg)
  • BASF SE (Germany)
  • LANXESS (Germany)
  • Royal DSM N.V. (Netherlands)
  • DowDuPont Inc. (U.S.), DIC Corporation (Japan)
  • Bayer AG (Germany)
  • Celanese Corporation (U.S.)
  • Arkema S.A. (France)
  • Solutia Inc. (U.S.)
  • INEOS Group Holdings S.A. (U.K.)
  • Huntsman International LLC. (U.S.)
  • Evonik Industries AG (Germany)

Top Trends in Global Coating Resins Market

  • One trend that Vantage Market Research (VMR) expects to see in the coating resins industry is the sudden shift from solvent-based to water-based coating resins. Due to the expanding use of solvent-free coatings, the market for solvent-borne technology has lost its hegemonic status. The coating resins market has seen a trend, primarily in the decorative coatings market, where coatings are switching from solvent-borne to waterborne. Thus, the expansion of waterborne coatings in the industrial sector has been pushed by recent changes in E.U. legislation about environmental and health considerations. The need for eco-friendly raw materials for coatings, most notably waterborne resins, has increased along with the demand for eco-friendly goods.

  • Another trend that VMR predicts will continue in the coating resins industry as a result of the increased use of bio-based epoxy resins. Recent years have seen a sharp increase in research and development efforts to create bio-based polymers due to rising environmental, economic, and resource-related concerns, as well as the uncertainty that comes with a finite supply of petrochemicals. Manufacturers are attempting to replace petroleum-based materials with polymers made from naturally occurring feedstocks to meet the industrial demand for environmentally friendly processes and products that support sustainable growth.

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Top Report Findings

  • Based on technology, most of the coating resins market's revenue is controlled by waterborne coatings. The popularity of water-based coating resins is primarily attributable to their superior adhesion and high heat resistance. Due to their low VOC levels and HAP emissions, they are low in toxicity and flammability and contribute to lowering air emissions.

  • Based on type, the acrylic category dominated the coating resins market, and this trend is anticipated to continue. Comparing acrylic coating resins to other resins, they have a higher degree of a gooey consistency. They are used in composite materials like fiberglass and carbon fiber that maintain their condition even in extreme conditions and in cement, coatings, supported plastics, and other materials.

  • Based on end users, the architectural coating category dominated the coating resins market. This trend is anticipated to continue due to increased demand for high-performance and long-lasting coating materials for construction components and expanding infrastructure spending. These coatings prevent rust and corrosion on the metallic parts of tanks, radiators, fences, and metal furniture.

Top 10 Players Generate More Than 45% of the Global coating resins

Market Revenue

The report also found that the largest players in the coating resins market are technology providers such as Allnex Holdings S.A R.L. (Luxembourg), BASF SE (Germany), LANXESS (Germany), Royal DSM N.V. (Netherlands), DowDuPont Inc. (U.S.) and DIC Corporation (Japan). These companies are expected to benefit from increased demand for their products and services and growing investments in new mines. Other major players include Allnex Holdings S.A R.L. (Luxembourg), BASF SE (Germany), LANXESS (Germany), Royal DSM N.V. (Netherlands), DowDuPont Inc. (U.S.), DIC Corporation (Japan), Bayer AG (Germany), Celanese Corporation (U.S.), Arkema S.A. (France), Solutia Inc. (U.S.), INEOS Group Holdings S.A. (U.K.), Huntsman International LLC. (U.S.), Evonik Industries AG (Germany) and others. As per the latest report published by Vantage Market Research, top 10 companies are responsible for generating more than 45% of market revenue.

Acrylic Category in Coating Resins Market to Generate Over 30% Revenue

Coating resins is an expensive investment. Vantage Market Research has analyzed the market for coating resins to understand its current state and potential future growth factors. For better understanding, based on type coating resins Market is divided into acrylic, polyurethane, alkyd, epoxy, vinyl, amino, polyester, and other types.

During the forecast period, the market for coating resins is anticipated to experience the highest CAGR for the acrylic category. Due to environmental concerns, water-based acrylic coatings gradually replace acrylic paints, typically used outdoors. In North America and Europe, where strict regulations call for low VOC content, water-based acrylic paints are more commonly used than in APAC. A few applications for acrylic resins include architectural coatings, coatings for specific purposes, and OEM product finishes.

On the other hand, the epoxy category is anticipated to grow significantly over the forecast period as epoxy resins are widely used in the paints and coatings industry due to their excellent strength, flexibility, and high adherence to a wide range of surfaces. Epoxy resins are versatile products for various end-use sectors because they have strong adhesive characteristics.

Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on Coating Resins Market Forecast Report (2022-2028).

Global Coating Resins Market Segmentation

By Technology

  • Waterborne Coatings
  • Solvent Borne Coatings
  • Powder Coatings
  • Other Technologies

By Type

  • Acrylic
  • Polyurethane
  • Alkyd
  • Epoxy
  • Vinyl
  • Amino
  • Polyester
  • Other Types

By End User

  • Architectural Coatings
  • Paints & Coatings
  • Industrial Coatings
  • Automotive Coatings
  • Wood Coatings
  • Protective & Marine Coatings
  • Other End Users

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Regional Analysis:

The growth of the Coating Resins Market is expected to be highest in North America owing to increasing demand from the automotive and aerospace industries. In Europe, the market is expected to grow at a modest pace owing to an increase in industrial and construction applications. Asia Pacific is anticipated to be the fastest-growing region owing to rising demand from the agricultural and pharmaceutical sectors. In Latin America, the market is expected to grow at a higher rate owing to increasing demand from the beverage industry. Meanwhile, the market in the Middle East & Africa is projected to grow at a slower rate owing to a limited installed base of coatings. Asia Pacific is projected to be the fastest growing market with a CAGR of 6.2% over the forecast period owing to rapid economic growth and increasing industrialization in this region. As the global economy continues to rebound from the pandemic, many industries are starting to invest in growth again. The coatings resins market is one of those industries that is seeing an uptick in demand.

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Scope of the Report:

Report AttributesDetails
Market Size in 2021USD 53.2 Billion
Revenue Forecast by 2028USD 73.3 Billion
CAGR5.5% from 2022 to 2028
Base Year2021 
Forecast Year2022 to 2028
Key PlayersAllnex Holdings S.A R.L., BASF SE, LANXESS, Royal DSM N.V., DowDuPont Inc., DIC Corporation, Bayer AG, Celanese Corporation, Arkema S.A., Solutia Inc., INEOS Group Holdings S.A., Huntsman International LLC., Evonik Industries AG

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