The global coating resins market size is set to gain impetus from the increasing development of greener processes by producers of final coating formulations, additives, pigments, and resins. This information is given by Fortune Business Insights™ in a new study,.” The study further mentions that the coating resins market size was USD 33,707.6 million in 2019 and is projected to reach USD 47,412.8 million by 2027, exhibiting a CAGR of 4.7% during the forecast period.
Architectural Coatings Segment to Grow Rapidly Owing to High Demand for Durable Coatings
Based on the end-use industry, the architectural coatings segment is set to earn the largest coating resins market share throughout the forthcoming years. This growth is attributable to the surging demand for durable and high-performance coating resins for developing construction components. Besides, increasing infrastructure spending would aid growth.
Drivers & Restraints-
Increasing Need to Develop Environmental-compatible Processes to Boost Growth
Nowadays, the availability of limited petrochemical resources and the rising environmental issues are resulting in the increasing research and development activities worldwide. These are meant for the development of bio-based polymers. Several manufacturers are striving to provide environmental-compatible goods and processes for a wide range of industries. Commercial epoxy resins can be easily epoxidized and they are cost-effective. These factors are expected to bolster the coating resins market growth in the coming years. However, the usage of alkyds in various coatings can be harmful for humans and the environment. It may hamper growth.
Asia Pacific to Dominate Stoked by Increasing Construction Activities
Europe, on the other hand, is likely to show considerable growth fueled by rising infrastructural investments and ongoing developments in the oil and gas sector. In North America, the increasing industrial manufacturing activities will lead to moderate demand for coating resins.
Geographically, Asia Pacific earned USD 14,158.9 million in terms of the coating resins market share in 2019. The region is anticipated to retain its dominant position in the coming years because of the rising production of automotive and increasing construction activities in the region. Besides, the high consumer spending and general industrial production would propel growth.
Key Players Focus on Acquisitions and New Product Launches to Gain a Competitive Edge
- May 2020:DIC Corporation acquired Ideal ChemiPlast Pvt. Ltd., a mid-tier Indian resins manufacturer. This new acquisition would help the company to strengthen its position in the Indian market and develop high-end resins.
- July 2020: Engineered Polymer Solutions (EPS)unveiled the EPS® 2400 series in North America. It contains six waterborne acrylic resins best suited for wood coating formulators. It can be used for developing high-performance solutions for flooring, furniture, cabinetry, and other industrial applications.
A list of the renowned coating resins manufacturers operating in the global market:
- BASF SE (Ludwigshafen, Germany)
- ALLNEX NETHERLANDS B.V. (Bergen Op Zoom, The Netherlands)
- Covestro AG (Leverkusen, Germany)
- Wacker Chemie AG (Munich, Germany)
- Dow (Michigan, U.S.)
- Sherwin-Williams (Ohio, U.S.)
- Evonik (Essen, Germany)
- Mitsubishi Chemical Corporation (Tokyo, Japan)
- TORAY INDUSTRIES, INC. (Tokyo, Japan)
- Solvay (Brussels, Belgium)
- Eastman Chemical Company (Tennessee, U.S.)
- DIC CORPORATION (Tokyo, Japan)
- Hexion (Ohio, U.S.)
- Perstorp (Malmö, Sweden)
- DSM (Heerlen, Netherlands)
- Arkema (Colombes, France)
- Other Key Players