(EnergyIndustry.Net, March 27, 2020 ) Market Overview The Global Coating Resins Market is expected to grow at a CAGR during the forecasting period (2019-2026). Coating resins are organic compounds. These are coverings applied on the surface of the object with impart properties such as hardness, corrosion resistance, weather resistance, and stain resistance. These coatings are extensively used in furniture, automotive, marine, and protective applications. In recent years, the market has been developing new industrial bio-based coatings in standalone facilities. With this trend, the global coating resin market is expected to grow with a high CAGR during the forecast period.
Market Dynamics Growth in the construction industry is boosting the growth of the market. These are environment-friendly coatings used in architectural designs. For instance, they are majorly used in roadways marking owing to its weather resistance properties, which in turn is responsible for reducing the maintenance cost of roads. Also, coating resins has huge demand in wooden structures and furniture owing to the growing need to protect wooden structures from pests and humid conditions. Additionally, growth in the automobile sector is also propelling market growth. Automotive manufacturers majorly use these automotive refinish coatings for passenger cars, light, and heavy-duty commercial vehicles to increase their lifespan. According to OICA, global automobile production between 2000 and 2017 was increased by approximately 25%.
Segment Analysis Based on applications global coating resins market is segmented into automotive, construction, marine, wooden furniture and others. Of all these automotive applications accounted for a major market share. The automotive manufacturers are trying to establish manufacturing facilities in emerging countries due to low labor cost, favorable government regulations, and easy accessibility to the raw material. These manufacturers are increasingly shifting toward low-cost and high-performance OEM coatings. All these factors are driving the global coating resins market. In the forecast period, the architectural coatings application is expected to grow at a higher CAGR. Booming construction activities, the rise in awareness about environmentally-friendly products and green environmental regulations are expected to drive the demand for architectural coatings. For instance, according to the World Bank the global expenditure from the construction industry is expected to reach USD 14 trillion by 2025. Based on resin type the global coating resins market is broadly segmented as vinyl, polyurethanes, epoxy, acrylic, polyester resins and others. Among all these polyurethanes occupied the major market share. In the forecast period, it is expected to grow at a higher CAGR, owing to their usage in various applications such as refrigerators, dryer drums, and range cabinets. Also, the high-performance characteristics of polyurethanes, such as their ability to cure at lower-baking temperatures, and improved total coating solids, that is, the ability to obtain decreased volatile organic compound content are boosting the market further.
Geographical Analysis The global coating resins market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific occupies the dominant share in the coating resins market and is expected to grow at a CAGR of XX% in the forecast period, owing to industrial development and improving economic conditions. Rapid growth in construction activities and an increase in the number of automobiles, shipbuilding, and wooden furniture are driving the market growth in this region. For instance, according to Korea shipbuilding association (KOSHIPA), the shipbuilding order volume in South Korea accounted for six million CGT in 2017, which is two million more than the previous year.
Competitive Analysis Significant players in the global coatings resins market are Arkema S.A., BASF SE, Royal DSM N.V., Allnex Netherlands B.V., DowDuPont, Bayer AG, The Sherwin-Williams Company, Polynt SpA. Momentive Specialty Chemicals, Inc., The Dow Chemical Company, Evonik Industries AG and others. Most of these companies are planning to launch new products to maintain their share in the coating resins market. These companies are also aiming to invest in R&D for further market competitiveness. Key Takeaways In April 2016, Arkema increased the capacity of its powder coating resins manufacturing facility in North Kansas City, US by approximately 35%. In July 2018, Royal DSM N.V., launched new Coating Resins website to provide insight about the performance and sustainability of various resins. In January 2014, Arkema entered into a joint venture with Jurong Chemical (China), which led to the creation of Taixing Sunke Chemicals Co., Ltd., to accelerate the development of the Coating Solutions segment in China and Asia.
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