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Rapid Urbanization and Infrastructure Development to Drive Growth of Coating Binders Market Through 2027

04-27-2021 03:39 PM CET | Industry, Real Estate & Construction

Press release from: Fact.MR

Rapid Urbanization and Infrastructure Development to Drive

The coating binders market is likely to expand at a modest pace, according to the latest report by Fact.MR. The demand in the coating binders market is expected to surpass 36,000’000 tons by the end of 2018. The manufacturers in the coating binders market are shifting their focus from solvent-based coatings to water-based coatings. Stringent regulations by the governments across various countries with an aim to minimize VOC emission is resulting in the use of water-based coatings.

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In order to meet stricter VOC regulations, the demand for cheap low/no VOC solvents has increased in paints & coatings industry. Increasing investment by manufacturers is being witnessed in the coating binders market to accelerate the research and development activities to develop and offer low-VOC solvent-based coatings. Modification of equipment to work with water-based coatings is also on a rise in order to save the cost of purchasing new drying equipment.

Alkyds to Emerge as the Largest Coating Binders Product

The demand for Alkyds coating binders is anticipated to grow at a significant rate, as per the report by Fact.MR. Alkyd coating binders are likely to rule the organic coating industries for a long time owing to the inherent potentials and versatile characteristics. Employing a significant amount of renewable material is one of the biggest factors for substantial growth of alkyds in the coating binders market.

The demand for alkyds is also rising owing to its low cost as derived from renewable raw materials. Moreover, increasing government regulations on chemical-based coating binders is resulting in consumers and industries moving towards using eco-friendly materials.

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Water-based versions of alkyd binders are also being developed on a large scale to meet the VOC standard imposed by governments across countries. The demand for alkyds is constantly increasing in wood care, light duty industrial, automotive aftermarket, and architectural coatings.

Sales of Coating Binders to be Highest in APEJ with China Accounting for the Largest Share

There has been a substantial growth in the infrastructure and construction industry in the APEJ region. With the growing construction industry, the demand for coating binders is also rising in the region. Increasing production of semiconductor and electronic goods, as well as the significant growth in the automotive industry in China and India is likely to create growth opportunities for coating binders manufacturers.

Radiation-cured technology has been used on a large scale in China. The Chinese government is focusing on reducing VOC emission, this has impacted the use of radiation-cured technology in China. In order to comply with regulations, radiation-cured technology users have been working with coating manufacturers. This has resulted in the increasing use of UV coating technology in China.

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Manufacturers in the coating binders market in China are also focusing on developing new waterborne coating solutions for furniture, construction and other industries. The development of the new coating technology in the coating binders market in the country is also accelerating.

Companies are focusing on developing new coating technology for high and low-temperature resistance, anti-graffiti coating technologies, nano-smart coating, and self-cleaning coating technology are some of the advanced technologies being developed in China.

Solvent-based coating demand is declining in China and India is driven by increasing environmental concerns in the countries. However, the area of potential growth is seen in ‘green coatings’. Green coating binders manufacturing companies are infusing high investment in developing eco-friendly coating binders with the same performance as compared to traditional solvent-based coatings.

The marine coating in APEJ is also expected to witness a steady growth with development in offshore engineering and shipbuilding industries. Moreover, the constant need for maintenance and repair of ships is likely to drive demand in the coating binders market.

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The overall growth in the coating binders market is likely to remain steady. The demand for the coating binders is expected to expand at a 3.4% CAGR during 2018-2027.

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