Sustainable Water-based Coatings to Support Growth of Coating Resins Market, Says TMR

- High adoption of novel coating technologies will pave way for the growth of the coating resins market during the forecast period of 2018-2026

- Growing awareness about the use of coatings with low VOC content will play a greater role in increasing market growth rate

ALBANY, N.Y., Sept. 2, 2021 /PRNewswire/ -- Expanding urbanization levels, extensive economic growth in developing countries and increasing purchasing power are some vital factors that are likely to boost the growth prospects of the coating resins market during the forecast period of 2018-2026.

The property of coating resins such as stain resistance, hardness, resistance from weather and corrosion, etc. presents immense growth opportunities to the market. These properties make them one of the preferred materials for use in numerous applications such as architectural coatings, automotive coatings, protective and marine coatings, leather coatings, industrial coatings, wood coatings, and can coatings.

Furthermore, the growing demand for subtle and classy furniture and architectural framework will accelerate the market. Coating resins also assure rapid drying time and gloss retention. The coatings are available in different types such as polyester, acrylic, alkyd, vinyl, polyaspartics, fluoropolymers, silicones, polyurethane, epoxy, amino, and others. These factors are projected to fuel the growth of the coating resins market.

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Transparency Market Research (TMR) has conducted a detailed research on various growth factors associated with the coating resins market. Analysts at TMR estimate the global market for coating resins to expand at a CAGR of 5.7% during the forecast period. The coating resins market was valued at US$ 33.15 Bn in 2017.

Large-scale investments across the construction sector will invite considerable growth opportunities. In addition, industrialization levels are expanding, especially across densely populated countries such as India and China. These factors have a profound impact on strengthening the growth structure. In addition, the emergence of advanced coating technologies will serve as growth multipliers for the coating resins market.

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Key Findings of Report

Automotive Industry to Present Lucrative Growth Opportunities

Automotive industry is expected to offer profitable opportunities to the coating resins market. Barring the lockdown period enforced due to the COVID-19 pandemic, the automotive industry is expected to observe steady sales. Coating resins are used extensively in vehicles for protecting the bodywork of a car against corrosion. Rising disposable income and growing middle-class population have led to an increase in the sales of passenger vehicles, thus, in turn, influencing the demand for coating resins.These aspects will present an array of opportunities for the coating resins market.

Manufacturers Inclining toward Sustainability, Focusing on Eco-friendly Coatings

The rising awareness about environmental conservations has compelled manufacturers and end-use industries to adopt sustainable materials for use. Manufacturers in the coating resins market are also developing eco-friendly coatings to promote sustainability. In the context of coatings, strict regulations have been imposed on VOC emissions by government bodies of various countries, as VOCs are hazardous for the environment. Hence, the demand for coating resins with low VOC content is swelling at a rapid pace. Based on these factors, the water-based segment held a dominant share of the coating resins market in 2017, as it has low VOC content. It is estimated to expand further during this forecast period.

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Coating Resins Market: Growth Boosters

• Implementation of stringent VOC emissions by government bodies of numerous countries will assure promising growth of the sustainable water-coatings segment
• Rise in adoption of latest coating technologies in various end-use industries will have a profound impact on the growth trajectory of the market

Some well-entrenched players in the coating resins market are Allenex Netherlands B.V., DIC Corporation, BASF SE, Arkema S.A, Celanese Corporation, and Lanxess,

Global Coating Resins Market – Segmentation

By Type

• Acrylic
• Polyurethane
• Alkyd
• Epoxy
• Vinyl
• Amino
• Polyester
• Others (Polyaspartics, Silicones, and Fluoropolymers)

By Technology

• Water-based
• Solvent-based
• High Solids
• UV cured
• Others (including Powder Coatings)

By Application

• Architectural Coatings
• Industrial Coatings
• Automotive Coatings
• Wood Coatings Protective & Marine Coatings
• Others (including Can Coatings and Leather Coatings)

By Region

• North America
• Latin America
• Asia Pacific
• Middle East & Africa
• Europe

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