The latest report by IMARC Group titled, “Coating Resins Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, finds that the global coating resins market size reached US$ 36.90 Billion in 2021. Coating resins refer to polymer compounds that are used as protective layers to provide resistance against toughness, weather, corrosion, and stain. They are used to achieve durability and abrasion, impact and chemical resistance. They possess water repellence, high ductility, a captivating and elegant aesthetic, and no strong odor. They are used to update vintage furniture and furnishing items, including fireplaces and pellet stoves. In recent years, coating resins have gained momentum due to their widespread utilization in various industry verticals, such as the construction, automotive, and aerospace industries.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Coating Resins Market Trends:
One of the primary factors driving the market is the growing infrastructure sector due to the growing utilization of coating resins in roadway markings, such as zebra crossing and lane changing, for the safety of the masses. Additionally, the increasing number of residential and commercial constructions is boosting the demand for coating resins to protect wooden structures from pests and humid conditions. Other than this, the rising usage of liquid and bio-based epoxy resin electrodeposition (ED) coatings in industrial maintenance, transportation, and marine industries, is propelling the market growth. Besides this, the expanding paints and coatings industry is creating a positive market outlook. In line with this, the growing automotive sector is also fuelling the market growth. Apart from this, coating resins are also used in passenger cars and light and heavy-duty commercial vehicles to achieve adhesion to metals, mechanical strength, and heat resistance. Other growth-inducing factors include extensive research and development (R&D) activities to launch green coating resins on account of the growing environmental concerns and the extensive usage of coating resins in electrical wires to provide electrical insulation. Looking forward, IMARC Group expects the market value to reach US$ 47.94 Billion by 2027, expanding at a CAGR of 4.12% during the forecast period (2022-2027).
- Based on the type, the market has been segmented into acrylic, epoxy, polyurethane, alkyd, vinyl, polyester, and others.
- On the basis of technology the market has been divided into water-based, solvent-borne, powder, and other coatings.
- Based on the application, the market has been classified into architectural, industrial, protective and marine, automotive OEM, vehicle refinish, and others.
- Region-wise, the market has been categorized into North America (the United States, and Canada), Asia-Pacific (China, Japan, India, Indonesia, Australia, South Korea, and others), Europe (Germany, Spain, France, the United Kingdom, Italy, Russia, and others), Latin America (Mexico, Brazil, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being Allnex (PTT Global Chemical Public Company Limited), Arkema S.A., BASF SE, Covestro AG, Dow Inc., Evonik Industries AG, Hexion Inc., Huntsman Corporation, Mitsubishi Chemical Holdings Corporation, Polynt S.p.A., and The Sherwin-Williams Company.
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