The coating resins market size is estimated to be USD 45.28 billion in 2024 and is projected to reach USD 57.34 billion by 2029, at a CAGR of 4.8% between 2024 and 2029. The coating resins market is driven by the growth in end-use industries, growing investment in the infrastructure sector, stringent environmental regulations, and increasing consumer purchasing power in developing countries.
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Coating resins are used mainly in architectural coatings and industrial coatings applications. The production of coating resins and the increasing consumption from the construction and automotive industries drive the market. Environmental-friendly characteristics, durability, and superior esthetic appearance drive consumption in various applications. Increasing investment in emerging markets and less regulated regions provides opportunities for market players. However, lengthy and time-consuming regulatory policies pose significant obstacles.
Asia Pacific is expected to be the largest and fastest-growing market for coating resins in terms of value and volume. The region encompasses countries with various levels of economic development. The growth of the Asia Pacific is mainly attributed to the economic growth rate, followed by heavy investment in industries, such as automotive, consumer goods & appliances, building and construction, and furniture. The major coating resin market players are expanding their production capacities in Asia Pacific, particularly in China and India. The advantages of shifting production to the Asia Pacific are the low cost of production and the ability to provide the local emerging market with better service.
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Waterborne coating resins are the leading technology in the coating resins market. The market has experienced a shift in demand from solventborne coatings to environmentally friendly products, such as water-based, powder, high-solids, and ultraviolet/electron beam (UV/EB)-curable coatings. These products do not contain solvents that evaporate during the curing phase; they only need a special ultraviolet light to cure instantly.
Acrylic resins is expected to be the largest resin type segment because of its use in architectural coatings, floor finishes, and automotive coatings. Acrylics are frequently used because of their appearance, tough surface, exceptional weatherability, and excellent electrostatic application characteristics in products requiring high-quality standards. These resins are typically used as clear coats on materials in the automotive industry.
The producers of coating resins operate globally; many produce a wide range of chemicals. The major players in the global coating resins market are Dow Inc. (US), Allnex (Germany) (parent company PTT Global Chemical), Arkema SA (France), BASF SE (Germany), and Covestro AG (Germany). These market players are expected to undertake organic growth strategies, such as investment & expansion, new product launches, and partnerships & agreements to expand their businesses and increase the opportunities in the fast-growing economies. Many small and medium-sized coating companies produce only a small portion of their demand for resins in-house and are, therefore, dependent on distributors for most of their remaining requirements.
Major companies are focusing on strengthening their R&D facilities to provide affordable products. These products are manufactured according to the regulations established by governments. All such developments are expected to lead to the growth of the coating resin market players over the next five years.
