Coating Resins Market

The Global Coating Resins Market is valued at USD 41.52 Billion in 2021 and is expected to reach USD 58.03 Billion by 2028 with a CAGR of 4.9% over the forecast period.  

Global Coating Resins Market: Global Size, Trends, Competitive, and Historical & Forecast Analysis, 2021-2028- Surging use of liquid and bio-based epoxy resin is one of the major factors driving the growth of the Global Coating Resins Market.

Scope-

The versatile features of the coating resins such as durability, high strength, gap-filling, and many other benefits make them exceptionally remarkable for use. Coating resins have been used in several applications containing consumer electronics, consumer goods, mobility, and infrastructure, and have bragged the top share in acrylic, alkyd, epoxy, and UV curable resins. In addition to the extremely praised value and aesthetic aspect, the coatings resin are desired and used for the operational characteristics that they are able to guarantee. 

The outbreak of Covid-19 has caused a halt in the production of raw materials used in the manufacture of paints and coatings. The pandemic and lockdown across the country have also wreaked havoc on the coatings industry's whole manufacturing and supply chain. Companies were also confronting a severe scarcity of trained and unskilled labor as a result of the epidemic forcing a large number of workers to return to their hometowns. As it negatively affected the coating resins market globally.

Key Players-

Some of the key players for global Coating Resins are

• Bayer AG
• Royal DSM
• Sherwin-Williams Company (The Valspar Corporation)
• Polynt SpA.
• Allnex Belgium SA/Nv
• Arkema S.A.
• BASF SE
• Momentive Specialty Chemicals, Inc.
• The DOW Chemical Company
• Evonik Industries AG
• Others. 

Segmentation-

The global coating resins market is segmented based on resin type, technology, application and geography. Based on resin type, the global coating resins market is segmented into acrylic, alkyd, vinyl, polyurethane, epoxy, unsaturated polyester, saturated polyester, amino, and others. Based on technology, the global market is segmented into waterborne coatings, solvent-borne coatings, powder coatings, and others. On basis of application, the global coating resins market is segmented as architectural coatings, marine & protective coatings, general industrial coatings, automotive coatings, wood coatings, packaging coatings, coil coatings, and others.

By Resin Type: 

• Acrylic 
• Alkyd 
• Vinyl 
• Polyurethane 
• Epoxy 
• Unsaturated polyester 
• Saturated polyester 
• Amino 
• Others 

By Technology: 

• Waterborne coatings 
• Solvent-borne coatings 
• Powder coatings
• Others 

By Application: 

• Architectural coatings 
• Marine & protective coatings 
• General industrial coatings 
• Automotive coatings 
• Wood coatings 
• Packaging coatings 
• Coil coatings
• Others 

Market Dynamics-

Expanding production of automobiles is anticipated to considerably augment the coating resins market growth over the forecast period. Epoxy resins have been used in automotive coatings since the 1980s. Automotive manufacturers majorly use automotive original equipment manufacturer (OEM) coatings for passenger cars, light, and heavy-duty commercial vehicles. For example; a total of almost 27,600 tons of epoxy resins are used in Europe yearly throughout the production stage, of which nearly 22,500 are found in passenger cars. As development in manufacturing automobiles enhance, the demand for coating resins augments significantly. As a result, this factor drastically flourishes the coating resin market growth worldwide. 

In addition, the surging use of liquid and bio-based epoxy resin is one of the major factors influencing the growth of the coating resin market across the market. Epoxy resins are widely utilized in electrodeposition (ED) coatings and industrial coatings, especially in the transportation, industrial maintenance, and maritime industries. Resins are also extensively utilized in powder coatings. The use of liquid epoxy resin in the development of high solids and ultra-high solids formulations is becoming increasingly common. Liquid epoxy resin is used to make 100 percent solid epoxy formulations for use as concrete surfaces, tank linings, and other similar applications. To increase performance and features, it is frequently combined with phenoxy and novolac resins. Waterborne epoxy resin technology has improved in performance, allowing for increased application. Because of the widespread usage of metal coatings, only a small portion of technology was attained. 

However, unpredictable raw material prices coupled with reducing petrochemical reserves are estimated to impede coating resins industry participants’ growth. In spite of that, boosting demand for green coating resins-based technologies may generate ample opportunities for the further growth of the market.

Regional Analysis-

Asia Pacific is the fastest-growing region in the global coating resins market. The growth of refinishing automobile coatings is expected to drive coating resins to demand owing to vehicle aging or accident. For example; in India, the traffic accidents resulted in injuries to around 4,42,996 persons and nearly 1,81,113 deaths in 2019. Furthermore, in 2018, China noted roughly 0.17 million traffic accidents including cars throughout the country's roads. Coating resins play an essential role in the aging or accident of the vehicles due to their outstanding beneficial aspects. This is the reason why a number of people prefer coating resins for their vehicles. Consequently, this factor is driving the market across Asian countries. 

Europe is expected to show significant growth in the global coating resins market owing to the presence of major players in the region. A number of firms are significantly innovating the different products through various strategies. For example; Arkema, a France company has innovated the Acrylic Resins, Epoxy Resins, Alkyd Resins- Oil– Modified, and other products. Also, Bayer AG, a German company innovated powder coating units and resins. Apart from this, many other firms are also hugely investing in the coating resins industry.

Recent Developments-

Covestro Launched Biobased Acrylic Resin for Long-lasting Exterior Coatings 

On December 11th, 2021; Covestro introduced Decovery SP-8310, a 37 percent bio-based, permeable, multi-purpose resin that allows for greater outdoor durability and bio-based content in exterior coatings. 

Arkema Launched New Powder Coating Resins Facility 

On February 13th, 2019; Arkema launched a new first-class polyester resin production facility in India. The new plant was built to meet the demands of a rapidly increasing powder coating market and to better serve the company's customers in India, the Gulf Region, and adjacent countries. A dedicated laboratory for both application development and technical support is also included in this new facility. 

On Special Requirement Coating Resins Market Report is also available for below Regions and Country:

North America

• U.S.
• Canada

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Switzerland
• Belgium
• Rest of Europe

Asia-Pacific

• South Korea
• Japan
• China
• India
• Australia
• Philippines
• Singapore
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Colombia
• Brazil
• Argentina
• Peru
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Report Analysis	Details
Historical data	2016 - 2021
Forecast Period	2022 - 2029
Market Size in 2021:	USD 41.52 Billion
Base year considered	2021
Forecast Period CAGR %:	4.9%
Market Size Expected in 2028:	USD 58.03 Billion
Tables, Charts & Figures:	175
Pages	300
Coating Resins Companies	Bayer AG, Royal DSM, The Sherwin-Williams Company (The Valspar Corporation),  Polynt SpA,  Allnex Belgium SA/Nv, Arkema S.A., BASF SE, Momentive Specialty Chemicals, Inc., The DOW Chemical Company, Evonik Industries AG, Covestro AG, Wacker Chemie AG, Mitsubishi Chemical Corporation, TORAY Industries, Solvay , DIC Corporation and others.
Segments Covered	By Resin Type, By Technology,  By Application
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa