With 4.12% CAGR, Coating Resins Market to Hit US$ 47.94 Billion by 2027

IMARC Group has recently released a new research study titled "Coating Resins Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027", offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.

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What is the current size of coating resins market?

The global coating resins market reached a value of US$ 36.90 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 47.94 Billion by 2027, exhibiting a growth rate (CAGR) of 4.12% during 2022-2027.

Impact of COVID-19:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

What is coating resins ?

Coating resins refer to polymer compounds that are utilized in the production of coatings as primary components. These materials act as protective layers and are specifically used for toughness, corrosion, weather, and stain resistance. They possess water repellency, high ductility, elegant and captivating aesthetic, quick cleaning capabilities, and no strong or unpleasant aroma. They help update vintage furniture and furnishing items such as fireplaces and pellet stoves. Currently, they are being used to expand the life of concrete floors in warehouses, industrial facilities, and logistic centers. In recent years, coating resins have gained momentum due to their applications in various industry verticals like construction, automotive, and aerospace.

What are the major drivers for the coating resins market?

One of the primary factors driving the market is the escalating demand for architectural coatings on account of the rising residential and commercial construction across the globe. Additionally, the increasing usage of roadway markings, including lane changing and zebra crossing, for the safety of the masses is creating a positive market outlook. Besides this, the growing need to protect wooden structures from pests and humid conditions is accelerating product sales. Apart from this, these resins are used in passenger cars and light and heavy-duty commercial vehicles to provide mechanical strength, heat resistance, and adhesion to metals.

Furthermore, coating resins are also used in electrical wires to provide electrical insulation. Another growth-inducing factor includes extensive investment in research and development (R&D) activities to launch various product innovations. For instance, market players have introduced green coating resins to develop environmentally friendly products. They are also focusing on introducing water-based alkyd technologies, which are expected to propel the market growth in the near future.

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Report Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global coating resins market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on region, type, technology and application.

Breakup by Type:
• Acrylic
• Epoxy
• Polyurethane
• Alkyd
• Vinyl
• Polyester
• Others

Breakup by Technology:
• Water-based Coatings
• Solvent-borne Coatings
• Powder Coatings
• Others

Breakup by Application:
• Architectural
• Industrial
• Protective and Marine
• Automotive OEM
• Vehicle Refinish
• Others

Breakup by Geography:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

Who are the key players in the coating resins market?

• Allnex (PTT Global Chemical Public Company Limited)
• Arkema S.A.
• BASF SE
• Covestro AG
• Dow Inc.
• Evonik Industries AG
• Hexion Inc.
• Huntsman Corporation
• Mitsubishi Chemical Holdings Corporation
• Polynt S.p.A.
• The Sherwin-Williams Company.

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