Coating Resins Market By Resin Type (Acrylic, Alkyd, Polyurethane), By Technology (Solvent-Borne Coating, Water-Borne Coating, Powder Coating), By Application (Architectural Coatings, Industrial Coatings, Wood Coatings), & Region For 2024-2031

Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

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Coating Resins Market Valuation – 2024-2031

The Coating Resins Market is witnessing a strong increase in demand with the flourishing construction industry, as well as the residential and commercial. Also, as cities grow and infrastructure projects develop, the demand for architectural coatings for buildings, bridges, and roadways rises. Coating resins are important in these coatings, providing essential protective layers against corrosion, weather damage, and wear. The market size surpass USD 21.97 Billion valued in 2023 to reach a valuation of around USD 31.98 Billion by 2031.

Coating resins are in high demand in a number of industries other than building. The automotive sector relies significantly on these resins for vehicle coatings and advances in powder coating technology offer new opportunities. The growing emphasis on ecologically responsible solutions is boosting demand for water-based and UV-cured resins, which are experiencing growing use in various applications. The rising demand for cost-effective andefficient coating resins is enabling the market grow at a CAGR of 5.30% from 2024 to 2031.

Coating Resins MarketDefinition/ Overview

Coating resins are polymers that create a continuous layer on the surfaces to which they are applied. They are essential ingredients in the production of paints, varnishes, and other coatings, providing adhesion, durability, and resistance to chemicals and environmental conditions.Coating resins are most commonly used to provide protective and ornamental surfaces for buildings, automobiles, furniture, industrial gear, and consumer products. They are employed in a variety of industries, including automotive, construction, maritime, and packaging because they improve the performance and appearance of coated surfaces.

Advancements in materials science and rising demand for high-performance, environmentally friendly coatings. Waterborne, powder, and UV-curable resins are gaining popularity because they are less harmful to the environment than traditional solvent-based coatings.The development of smart coatings with self-healing, antimicrobial, and anticorrosive qualities is likely to create new market opportunities. The increased emphasis on sustainability, combined with regulatory demands to reduce volatile organic compound (VOC) emissions, will accelerate the adoption of eco-friendly coating resins.

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How Does Increasing Demand in the Construction Industry Driving the Coating Resins Market?

The rising demand in the construction industry is predicted to greatly boost the Coating Resins Market. As construction operations increase, particularly in emerging nations, the demand for protective and decorative coatings develops. The value of buildings put in place in the US increased by 13.8% to USD 1.81 Trillion in 2022, up from USD 1.59 Trillion in 2021, according to the Census Bureau. This increase in construction activities drives up demand for coating resins, which are essential to improving the durability, aesthetics, and environmental resistance of buildings and infrastructure, propelling the market ahead.

In the Coating Resins Market, as the automotive industry grows, so does the demand for coating resins, which are used in both interior and exterior applications. According to the International Organization of Motor Vehicle Manufacturers (OICA), worldwide vehicle manufacturing will rise by 5.7% in 2022, reaching 85.01 million units. This increase in vehicle manufacturing drives up the demand for high-performance coatings that improve durability, aesthetics, and resistance to environmental variables, propelling the Coating Resins Market ahead.

The growth of the packaging industry is pushing up demand for coating resins used in protective and ornamental applications. The Flexible Packaging Association estimates that the US flexible packaging sector grow by 5.8% in 2021, reaching a market value of USD 39.5 Billion.

How Does the Volatile Raw Material Prices Impact the Growth of the Coating Resins Market?

In the Coating Resins Market, the volatile raw material prices will affect the growth of the market. Price fluctuations in essential raw materials, such as petrochemicals, can have a substantial impact on coating resin manufacturers’ production costs and profit margins. These price fluctuations can drive up production costs, making it difficult for producers to maintain competitive pricing. As a result, this volatility could hinder market growth by lowering profitability and creating financial uncertainty, thus inhibiting investment and innovation in the business.

Supply chain disruptions will have a consequence on the growth of the coating resin market. Interruptions in the supply chain can result in delays in raw material availability, increased production costs, and issues fulfilling delivery deadlines, all of which can impede coating resin manufacturing and distribution. These disruptions can cause bottlenecks, diminish market supply, and raise costs, limiting manufacturers’ capacity to execute orders and meet market demand. Protracted or frequent supply chain challenges can limit the growth of the Coating Resins Market by reducing operational efficiency and market stability.

Category-Wise Acumens

Will Environmental Friendliness Raise the Acrylic Resins Segment for the Coating Resins Market?

Right now, acrylic resins are on top in the Coating Resins Market. And get this, being good to the environment is going to push acrylic resins even further! See, everyone – customers and regulators alike – wants sustainable products, so companies are really focusing on making eco-friendly stuff that doesn't hurt the planet as much. Acrylic resins, especially the ones that are water-based and don't have a lot of those nasty VOCs, are becoming super popular because they're way less toxic and don't release as many fumes as the old-school, solvent-based options. This move towards green solutions isn't just about hitting those global sustainability targets; it also makes products more appealing for all sorts of uses, which means the acrylic resins part of the coating resin market is just going to keep growing!

Acrylics are extremely versatile, with a wide range of qualities including strong adhesion, excellent weather resistance, and a high gloss finish. These properties make acrylic resins appropriate for a wide range of applications, including architectural coatings, automobile paints, and industrial finishes.

Will Environmental Regulations Lead the Water-borne Coating Category for the Coating Resins Market?

The water-borne coating segment dominates the Coating Resins Market, which will be driven by environmental laws. As governments and regulatory organizations increase requirements for reducing volatile organic compounds (VOCs) and hazardous air pollutants (HAPs), manufacturers are increasingly turning to water-based coatings as a compliant and environmentally acceptable alternative. These coatings are not only legally compliant but also appealing to ecologically aware customers and enterprises. As a result, the push for greener goods is likely to boost the acceptance and expansion of the water-borne coating sector, establishing it as a major player in the Coating Resins Market.

Technological improvements will propel the water-borne coatings section of the Coating Resins Market. Innovations in formulation chemistry and application technology have considerably improved the performance characteristics of water-borne coatings, increasing their adherence, durability, and finish quality. These improvements enable producers to build products that equal or exceed the performance of classic solvent-based coatings while remaining environmentally friendly. As research advances the characteristics and application methods of water-borne coatings, their use is predicted to increase, boosting the segment within the Coating Resins Market.

Water-borne coatings are frequently less expensive than solvent-borne solutions, especially when considering long-term factors such as cheaper disposal costs associated with less hazardous waste. This financial benefit makes water-borne coatings an appealing option for many applications, as they not only help to meet environmental laws but also contribute to total cost savings in the manufacturing and application processes.

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Country/Region-wise Acumens

Will Rapid Economic Growth in the Asia-Pacific Region Propel the Coating Resins Market?

Right now, the APAC region is the big player in the Coating Resins Market. And get thisthe fast-paced economic growth happening in Asia-Pacific is going to seriously shake things up in the Coating Resins Market. Think about it – as countries like China and India keep booming, their construction industries do too. And construction? That's a huge user of coating resins for everything from buildings to massive infrastructure projects. The Asian Development Bank is predicting a solid 4.8% growth for developing Asian nations in 2023, and 4.9% in 2024. Plus, China's building production reached a staggering $4.5 trillion in 2022, and India's construction sector jumped by 10.4%! All this economic energy fuels the need for coating resins, which are super important for making construction stuff last longer and stay stronger...basically, it's driving the market forward.

Think about itall that manufacturing happening in Asia-Pacific is really going to boost the Coating Resins Market. They've got a huge, super cost-effective setup for making paints and coatings, thanks to easy access to materials and a great workforce – that means they can pump things out efficiently and keep prices competitive. In fact, Asia-Pacific was responsible for a whopping 55% of global paint and coating production back in 2022! And get this, China alone churned out 24.5 million tons of coatings in 2021, growing by a solid 7.8% from the year before. So, yeah, the demand for coating resins is definitely going up. Plus, Asia-Pacific is predicted to have the highest CAGR of 5.1% during this period, and all that strong manufacturing power is key to really making the market grow.

Will Government Investments Drive the Coating Resins Market in South America?

Want to see where coating resins are really taking off? Look no further than South America! They're expected to have the fastest growth rate. A big reason? Government investments are going to play a huge role in shaping the South American Coating Resins Market. The Inter-American Development Bank (IDB) thinks Latin America and the Caribbean will see a whopping USD 796 Billion in investments between 2019 and 2038. And get this – Brazil's Growth Acceleration Initiative (PAC) is planning to pump USD 1.7 Trillion (around USD 350 Billion) into infrastructure projects by 2026! Meanwhile, Colombia's aiming to drop $22 billion on their 4G road infrastructure by 2030. All this massive construction and industrial work? It's going to create a huge demand for those protective and decorative coatings, seriously boosting market growth in the region.

Rapid urbanization will have a substantial impact on the South American coated resin market. As South America’s urban population is expected to grow from 84% in 2020 to 88% by 2050, the demand for housing and infrastructure projects will surge. Major countries such as Brazil and Argentina have urbanization rates that approach 90%, causing a rise in construction activity. The Brazilian Chamber of Construction Industry (CBIC) predicted a 9.7% increase in real estate launches in 2022, while the Peruvian Chamber of Construction (CAPECO) anticipates a 4.5% growth in the construction sector for 2023, primarily due to urban development projects.

Competitive Landscape

The Coating Resins Market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support.

The organizations are focusing on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the Coating Resins Market include

Hexion, Inc., Arkema Group, Bayer AG, The Sherwin-Williams Company, Allnex Group, The Dow Chemical Company, BASF SE, Polynt SPA, Royal DSMa, Evonik Industries AG, Covestro AG, AkzoNobel N.V., PPG Industries, Inc.

Latest Developments

  • In May 2022, BASF expanded its Automotive Coatings Application Center to the Coatings Technology Center in Mangalore, India. The facility is precisely constructed to support customer-oriented R&D operations as well as the exact emulation of OEM paint shops.
  • In November 2021, Covestro AG announced a new Decovery resin for exterior coatings. This bio-based, permeable resin enhances the durability and bio-based content of external coatings.

Report Scope

REPORT ATTRIBUTESDETAILS
STUDY PERIOD

2018-2031

Growth Rate

CAGR of ~5.30% from 2024 to 2031

Base Year for Valuation

2023

Historical Period

2018-2022

Forecast Period

2024-2031

Quantitative Units

Value in USD Billion

Report Coverage

Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis

Segments Covered
  • Resin Type
  • Technology
  • Application
Regions Covered
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
Key Players

Hexion, Inc., Arkema Group, Bayer AG, The Sherwin-Williams Company, Allnex Group, The Dow Chemical Company, BASF SE, Polynt SPA, Royal DSMa, Evonik Industries AG.

Customization

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Coating Resins Market, By Category

Resin Type

  • Acrylic
  • Alkyd
  • Polyurethane
  • Epoxy
  • Vinyl

Technology

  • Solvent-borne Coating
  • Water-borne Coating
  • Powder Coating
  • UV-curable Coating

Application

  • Architectural Coatings
  • Industrial Coatings
  • Wood Coatings
  • Automotive Coatings
  • Wood Coatings

Region

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East & Africa

Research Methodology of Market Research

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