New York, Sept. 25, 2019 (GLOBE NEWSWIRE) -- The growth of the market is governed by various factors such as growing demand from end use industries and stringent government regulations for green coatings
The coating resins market is expected to reach USD 44.07 Billion by 2026, according to a new report by Reports and Data. Coating resins are coatings used on the surface of the object to obtain corrosion resistance, hardness, weather resistance, and spot resistance. Resins provide gloss retention, fast drying times, and excellent weathering to coatings. Development in architectural coatings demands to stimulate the growth of the market. Also, the increase in demand for green and environment-friendly coating systems in architectural designs are anticipated to boost the market growth. There is a huge demand for coating resins in the roadways marking, owing to its weather resistance properties, which in turn is efficient for reducing the maintenance cost of roads. The rise in production of automobiles is also another factor anticipated to increase the growth of the market.
The automobile manufacturers use coating resins for coating heavy or light-duty vehicles as well as passenger cars to gain adhesion to metals, mechanical durability, and heat resistance. Also, there is an increase in the trend of manufacturing furniture that is fascinating and resists humidity and pests. Therefore, the furniture industry is frequently using coating resins for varnish wooden structure. Factors such as the development of bio-based coating and stringent regulations and industry participants adopting eco-friendly surface to maintain the image of their respective company are predicted to hold future growth opportunities to the market.
APAC is anticipated to witness the highest CAGR of 5.3% during the forecast period. This growth is due to the emerging construction industry and demand for environment-friendly coatings, along with the rising population and disposable income leading massive demand for coating resins in the region.
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Further key findings from the report suggest
- The coating resins market is estimated to reach USD 44.07 Billion by 2026, at a CAGR of 4.7% during the forecast period.
- The solvent borne technology accounts for the largest share of 36.7% of the market in 2018.
- Solvent-borne coatings are utilized principally as protecting layers in liquid form, which are applied to the surface of a material for prevention of corrosion. They include organic compounds, and as a result of the curing feature of solvent-borne coatings, they present more toughness than waterborne coatings, thereby proving to be a favored choice as a corrosion control solution.
- The architectural end user segment accounts for the largest share of 27.3% of the market in 2018.
- The polyurethane resin is expected to witness a higher CAGR of 4.8% during the forecast period.
- Various players are developing strategies to mark their presence in the industry.
- Arkema started into a joint venture with Jurong Chemical (China) in January 2014, which began to the creation of Taixing Sunke Chemicals Co., Ltd. This is anticipated to allow the group to stimulate the development of the Coating Solutions segment in China and Asia and support its customers in the fast-growing markets, such as adhesives, paints, super absorbents, and water treatment.
- The Key players in the coating resins market include Arkema Coating Resins, Dow Chemical, Momentive Specialty Chemicals, Inc., Westlake Chemical Corporation, BASF, Allnex, Royal DSM N.V., Ferro Coating Resins, Nippon Shokubai Co. Ltd., Aekyung Chemical Co. Ltd., Evonik, Bayer A.G., PCCR USA, and Nuplex Industries Limited.
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Segments covered in the report:
For the purpose of this study, Reports and Data have segmented the market on the basis of Resin, Technology, End User, and region:
Resin Outlook (Volume, Kilo Tons; and Revenue, USD Billion; 2016-2026)
- Acrylic
- Alkyd
- Polyurethane
- Vinyl
- Epoxy
Technology Outlook (Volume, Kilo Tons; and Revenue, USD Billion; 2016-2026)
- Solvent Borne
- Powder Coating
- Waterborne
- High Solid
- Radiation Cured
End User Outlook (Volume, Kilo Tons; and Revenue, USD Billion; 2016-2026)
- Architectural
- Industrial
- Protective and Marine
- Vehicle Refinish
- Others
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Regional Outlook (Volume, Square Meters; and Revenue, USD Billion; 2016-2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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