Coating Resins Market Global Valuation to Reach US$ 66,955 Mn by 2031, Finds TMR Study

Jul 14, 2022

Wilmington, Delaware, United States - July 14, 2022 /MarketersMEDIA/ —

The paints & coatings industry is the largest user of resins worldwide. Coating resins serve as binders, keeping the composition intact. The worldwide paints and coatings industry is rapidly developing. The industry is established, yet, it is experiencing transformation and heading toward eco-friendly goods and new technologies as a result of rising global awareness about VOC emissions.

Paint & coatings demand is increasing rapidly in a variety of industries, including marine, industrial, and automotive. Paints & coatings are used to give an excellent surface finish and weather protection.

The growth of the automotive industry is also increasing the demand for paints & coatings. Automotive paints are long-lasting; they reduce corrosion, improve curing capabilities, and lower vehicle weight to increase engine efficiency. Population growth and improved economic circumstances have resulted in an increase in global spending on infrastructure and housing construction. This is expected to boost demand for decorative coatings over the forecast period.

Protective coatings, one of the key application areas, are experiencing a tremendous increase in demand for paints & coatings. These factors are expected to drive paint & coating demand and propel the global coating resins market throughout the forecast period.

The global coating resins market is anticipated to reach US$ 66,955 Mn by 2031, advancing at a CAGR of 5.2% from 2022 to 2031 (forecast period).

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Coating Resins Market to Witness Massive Growth Post COVID-19 Pandemic

The COVID-19 pandemic had a significant influence on the global coating resins market. The COVID-19 outbreak hampered the manufacturing of raw materials needed in the making of paints & coatings. Asian nations such as China, India, Thailand, Singapore, and Japan are key exporters of raw materials and production hubs for paints & coatings. The COVID-19 outbreak in Asia Pacific hampered the availability of these basic materials. For example, China is a major provider of resins, exporting a million tons of resin to the worldwide market. The interruption in raw material deliveries decreased the manufacturing of paints & coatings.

All government constructions, private buildings and construction sites, and refinish automotive industries were severely impacted in April 2020. Due to the market disruption, retailers also canceled previously made large orders of paint & coatings items. Moreover, due to COVID-19, consumers were not purchasing pricey coating technologies such as polyurethanes and polyurea from retailers and distributors. Such aspects affected the sales of coating resins. However, with economies resuming all over the world, the global coating resins market is expected to expand during the forecast period.

Asia Pacific to Dominate Coating Resins Market

Asia Pacific is set to dominate the global coating resins market during the forecast period. Asia Pacific has emerged as a major producer as well as user of coating resins. Asia Pacific includes a varied spectrum of economies at various stages of development. The region's expansion is mostly linked to its strong rate of economic growth, as well as large investments in industries such as building and construction, consumer goods and appliances, and automotive. The major competitors in the worldwide coating resins market are increasing production capacity in Asia Pacific, particularly in India and China. The benefits of relocating production to Asia Pacific include lower production costs, the availability of skilled and inexpensive labor, and the potential to serve the emerging regional market better. Such factors are projected to boost the future market demand for coating resins.

Europe and North America are anticipated to contribute to the worldwide coating resins market. Europe and North America are also significant coating resin consumers. Automobile, architectural, and industrial coatings are growing application categories in these regions of the coating resins market.

Leading players in the coating resins market are Allnex Holdings S.à r.l., Celanese Corporation, Solutia Inc., BASF SE, LANXESS, Huntsman, International LLC., Royal DSM N.V., DIC Corporation, Bayer AG, Arkema S.A., DowDuPont Inc, INEOS Group Holdings S.A., and Evonik Industries AG.

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The global coating resins market is segmented as follows:

By Type

Acrylic
Polyurethane
Alkyd
Epoxy
Vinyl
Amino
Polyester
Others

By Technology

Water-based
Solvent-based
High Solids
UV-cured
Other

By Application

Architectural Coatings
Industrial Coatings
Automotive Coatings
Wood Coatings
Protective & Marine Coatings
Others

By Region

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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