Coating Resins Market Technology, Future Trends and Opportunities 2031

Market Overview

Coating resins are polymer compounds that are used in the manufacture of coatings as a primary compound. This coating serves as a protective layer against corrosion, weather, and stains. The primary application areas of coating resins are in paints and coatings, wood coating resins, and powder coating resins.

According to the latest report published by Transparency Market Research, the global coating resins market is projected to expand a decent growth rate from 2022 to 2031, due to their favorable properties specifically for applications in architecture coating and automotive coating

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In terms of revenue, the global coating resins market is expected to reach a value of US$ 66,955 Mn by 2031, expanding at a CAGR of 5.2% during the forecast period

Major Players Analysis

The global coating resins market comprises several small- and large-scale manufacturers and suppliers who are controlling a majority of the market share. A majority of the firms are adopting new technologies and strategies with comprehensive research and development, primarily to develop environment-friendly products. Expansion of product portfolios and mergers and acquisitions are key strategies adopted by major players. Allnex Holdings S.à r.l., BASF SE, LANXESS, Royal DSM N.V., DowDuPont Inc , DIC Corporation, Bayer AG, Celanese Corporation, Arkema S.A., Solutia Inc., INEOS Group Holdings S.A., Huntsman, International LLC., Evonik Industries AG are the prominent entities operating in the market.

Expansion of Paints & Coatings Industry to Drive Global Coating Resins Market

The paints & coatings industry is one of the prominent consumers of resins globally. Coating resins act as binders, holding the entire formulation together. The global paints & coatings industry is expanding at a significant pace. The industry is mature; however, it is undergoing transition and is shifting toward new technologies and eco-friendly products, due to increased awareness regarding VOC emissions worldwide.

Demand for paints and coatings from diverse sectors, such as automotive, industrial and marine, is rising at a rapid pace. Paints and coatings are employed to provide superior surface finish and protection from climatic conditions.

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Expansion of the automotive industry is also fueling the demand for paints and coatings. Automotive paints are durable; they possess better curing properties, prevent corrosion, and make vehicles light in weight in order to improve fuel efficiency.

Rise in population and improvement in economic conditions have led to a rise in the expenditure on housing and infrastructure development across the globe. This is estimated to increase the demand for decorative coatings during the forecast period.

Protective coatings, which is one of the major application segments, is witnessing rapid rise in demand for paints and coatings. These factors are estimated to drive the demand for paints and coating and consequently, boost the coating resin market during the forecast period.

Improvement of Economic Conditions to Increase Demand for Coating Resins

Macroeconomic trends such as globalization, urbanization, rapid expansion of the middle class, growing population, improving economic conditions, and rising disposable income and purchasing power are further fuelling the paints & coatings industry

The global per capita paint consumption is around 15 kilograms. It is over 20 kilograms in developed countries, such as Germany, and around 4 kilograms in developing countries such as India. There exists significant opportunity for the global paints & coatings industry.

China and India are potentially lucrative markets for coating resins. Rise in household income; increase in urbanization; and growth of FDI investments, especially in the automotive sector are expected to propel the demand for coating resins in these countries in the near future.

Regulations by various governments are driving formulators of coatings to develop new types of coatings such as low-VOC, water-based coatings; UV-cured coatings; and high-solid coatings.

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Consistent rise in population, improving purchasing power of people, and technological advancements are driving the paints and coatings industry, which in turn is fuelling the demand for coating resins

Water-based Coating Resins Segment to Lead Market: Technology Segmentation

In terms of technology, the global coating resins market has been classified into water-based, solvent-based, high solids, UV-cured, and others

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The water-based segment accounted for a major share of 50.34% of the global market in 2021. The segment is estimated to expand at a significant growth rate of more than 4% during the forecast period. The preference for water-based coating resins is primarily due to good resistance to heat and excellent adhesion. They possess low toxicity and flammability due to low VOC levels and HAP emissions and help reduce air emissions. In most cases, these coatings cost less than solvent-borne coatings and require no additives, thinners, or hardeners. Moreover, less coating is required to cover the same surface area as compared to solvent-borne coatings.

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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