-- Market Synopsis
Coating Resins are widely used in industrial, architectural, and automotive applications due to their resistance to ultraviolet degradation, excellent weatherability, superior abrasion resistance, high gloss, and excellent resistance to water, alcohol, chemicals, chemical fumes, corrosion, and discoloration from heating. Coating Resins are present in primers, clearcoats, topcoats, adhesives, car refinishes, protective marine coatings, and plastic coatings, among others.
The major factor driving the growth of the Global Coating Resins Market is increasing demand in the automotive and building and construction industries. In the automotive industry, coating resins are used in interior and exterior metal and plastic components, major structural metal pieces, under-the-hood components, car wheels, and door trim. Moreover, the growing use of water-based, UV-cured, and powder coatings in end-use industries due to environmental norms on VOC content is expected to boost product demand during the forecast period. Driven largely by the development of new materials, formulations, and technological advancements, powder coatings are becoming the preferred finishing process over wet paint.
Key Players
Some of the key players in the Global Coating Resins Market are Arkema SA (France), DowDuPont (US), BASF SE (Germany), Allnex Group (Germany), Wacker Chemie AG (Germany), Royal DSM NV (Netherlands), Aekyung Chemical Co. Ltd (South Korea), DIC Corporation (Japan), Tosoh Corporation (Japan), Westlake Chemical Corporation (US), Nippon Shokubai Co. Ltd (Japan), Neville Chemical Company (US), and Ferro Coating Resins (South Africa).
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Market Segmentation
The Global Coating Resins Market has been segmented on the basis of type, Coating Technology, Application, and Region.
Based on Type, the Global Coating Resins Market has been divided into acrylic, alkyd, epoxy, polyurethane, vinyl, and others.
By Coating Technology, the Global Coating Resins Market has been segmented into water-borne, solvent-borne, powder, UV-cured, and others.
On the basis of Application, the Global Coating Resins Market has been segregated into industrial, automotive, architectural, packaging, electronics, and others.
The Global Coating Resins Market has been studied with respect to five key regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Regional Analysis
The Global Coating Resins Market has been studied with respect to five key regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Asia-Pacific is expected to be the leading regional coating resins market during the forecast period. This is mainly due to rising demand in architectural applications coupled with the significant growth of the building and construction industry in developing economies such as India, China, and South Korea.
The markets in North America and Europe are projected to grow at a significant rate during the assessment period. The US is anticipated to be the leading market for Coating Resins in North America due to the increasing demand for powder coatings and UV-cured resins in the automotive and steel industries.
The considerable growth of the automotive and building and construction industries in the Middle East & Africa is expected to generate significant revenue in the regional Coating Resins Market during the forecast period.
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