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Protective Coating Resin Market Key Players, Market Drivers, Challenges, Growth Opportunities by 2023
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Protective coating resins increase the life span of a substrate by three to five years. These resins are required to meet high performance standards in terms of durability, corrosion protection and anti-fouling properties.
The global protective coating resin market has been segmented on the basis of type, formulation, end use industry and region. On the basis of type, the market has been segmented into Alkyd, Acrylic, Epoxy, Polyurethane and Polyester among others.
Based on end use industry, the market has been segmented into infrastructure and construction, aerospace, automotive, industrial, marine, oil and gas, power generation and mining, among others.
On the basis of formulation, the market has been segmented into solvent borne and water borne, among others. The rising demand for environment-friendly or volatile organic compounds (VOCs) free protective coating resins from countries such as Germany and France is expected to drive the growth of the global market.
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Most of the key players in the global protective coating resin market have a competitive advantage over other manufacturers. The threat of new entrants in the markets of China, India, and other Asia-Pacific countries is high because of low cost of raw material and labor.
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