Coating Resins Market Size Estimated to Reach USD 87.55 Billion by 2032
The global coating resins market size is anticipated to reach around USD 87.55 billion by 2032, increasing from USD 52.99 billion in 2022 with a CAGR of 5.2% from 2023 to 2032.
Ottawa, Dec. 12, 2023 (GLOBE NEWSWIRE) -- The global *coating resins market* size was valued at USD 52.99 billion in 2022, According to Precedence Research. Organizations in the coating resins market are underscoring on reception of new innovations, for example, water-based, dissolvable, and high solids.
· Asia Pacific held 43.8% portion of the worldwide coating resins market in 2022. Utilization was significantly credited to popularity for acrylic and alkyds, which represented 20.73% and 24.85% offers, separately, in the market in Asia Pacific. China represented close to 33% of the coating resins market in Asia Pacific.
· North America and Europe are likewise conspicuous shoppers of coating resins, and the locales held 19.7% and 24.5% offer, separately, of the worldwide market in 2022. Design coatings, modern coatings, and car coatings are growing application fragments of the coating saps market in these districts.
· Latin America is a moderately minor purchaser of coating resins when contrasted with Middle East and Africa.
The coating resins market is driven by growing construction and infrastructure developments, the expanding automotive sector, rising demand for protective coatings and technological advancements. Additionally, the growing investment is expected to propel the market expansion over the projected period.
A range of compounds used in the creation of paints or coatings are referred to as coating resins. These resins have a significant impact on the final coating's performance and characteristics, including flexibility, adhesion, durability, gloss, and chemical resistance. To produce a coating that sticks to surfaces, shields them from the elements, and has aesthetic features, coating resins are usually mixed with pigments, solvents, and other additives. The growing product launches are expected to propel the market growth during the forecast period.
*Download the Sample Pages@ **https://www.precedenceresearch.com/sample/2114*
For instance, in August 2022, a well-known paint producer Nippon Paint An environmentally friendly industrial packaging designed in collaboration with China and BASF is being used in the Nippon Paint dry-mixed mortar product range. Building dry mortar solutions from Nippon Paint are available in innovative packaging that employs water-based acrylic dispersion as the barrier ingredient (Joncryl® High-Performance Barrier (HPB) from BASF).
· As of May 1, 2022, India had 1,559 projects in the works, valued at $352.3 billion, according to the Infrastructure and Project Monitoring Division of the Ministry of Statistics and Program Implementation (MoSPI). Road transport and highway projects make up the largest portion of pipeline projects overall, 53.6%; they are followed, by instability, by railroads (13.5%), oil and gas (8.7%), coal (7.6%), electricity (5.1%), and water resources (2.6%).In addition, government initiatives like the Pradhan Mantri Gati Shakti National Master Plan, which intends to promote economic growth through infrastructure development, and Atmanirbhar Bharat, which is anticipated to strengthen domestic industries and micro, small, and medium-sized enterprises (MSMEs), are anticipated to draw investment to the construction sector in the upcoming years.
*Key Insights:*
· The waterborne coatings segment is expected to dominate the market during the forecast period.
· The acrylic segment is expected to capture a significant market share over the forecast period.
· The paints and coatings are expected to lead the market over the forecast period.*Regional Stance*
Asia Pacific is expected to dominate the market during the forecast period owing to the rising demand in emerging nations like China and India for a variety of applications, including food packaging, marine, engine, and other coatings. The flexibility, weather resilience, and chemical resistance of coating resins are only a few of their special qualities, which contribute to the increased use of resins in coatings.
The Pradhan Mantri Awas Yojana sanctioned the construction of 1,68,606 new dwellings in urban areas in 2021, according to the Central Sanctioning and Monitoring Committee (CSMC). Furthermore, there is a deficit of around 3 crore housing units in rural regions and 1.2 crore units in urban areas, according to the Ministry of Rural Development and the Ministry of Housing and Urban Affairs. IBEF projects that by 2026, the Indian automotive sector, which includes component manufacturing, will generate between US$ 251 and US$ 282 billion. The expansion of the coating resin market is expected to be boosted by all of these factors.
*You can place an order or ask any questions, please feel free to contact us at *
*sales@precedenceresearch.com** | +1 650 460 3308*
*Technology Insights*
The *waterborne coatings* segment is expected to dominate the market during the forecast period. As opposed to solvent-based coatings, waterborne coatings release less volatile organic compounds (VOCs), making them more ecologically beneficial. Waterborne coatings are in greater demand as environmental standards throughout the world become more rigorous. Additionally, a wide range of sectors, including packaging, automotive, industrial, and architecture, use these coatings. For a variety of substrates, including metal, wood, and plastics, they are utilized in paints, varnishes, and protective coatings. Thus, this is expected to drive the market growth.
*Type Insights*
The acrylic segment is expected to capture a significant market share over the forecast period. Acrylic resins provide coatings with durability and good color retention. In architectural and automotive coatings, where color permanence is sought, this feature is very crucial. These coatings are also renowned for having outstanding weather resistance. They are appropriate for outdoor applications since they can tolerate exposure to sunshine, UV radiation, and a variety of weather conditions.
Moreover, the growing investment in the industry offers a potential opportunity for market expansion. In October 2023, as a global supplier of process technologies and value-driven energy solutions, Lummus Technology recently announced that it has entered into a licensing and marketing agreement with Air Liquide Engineering & Construction for the ester grade acrylic acid and light and heavy acrylates processes. Customers now have additional alternatives between upstream and downstream operations as a result of Lummus' expanded propylene production and derivative product line.
*End User Insights*
The paints and coatings are expected to lead the market over the forecast period. Coating resins are used in a wide range of applications within the *paints and coatings industry*. These applications include architectural coatings, automotive coatings, *industrial coatings*, wood coatings, and *protective coatings* for various substrates. The growing automotive application drives the industry's growth. Coating resins play a crucial role in automotive coatings for both original equipment manufacturers (OEM) and refinishing applications. These coatings enhance the appearance, durability, and corrosion resistance of vehicles. Thereby, driving the segment expansion over the forecast period.
*Customize this study as per your requirement@ **https://www.precedenceresearch.com/customization/2114*
*Coating Resins Market Scope*
*Report Coverage* *Details*
Market Size in 2023 $ 55.48 Billion
Market Size by 2032 $ 87.55 Billion
CAGR 5.2% 2023 to 2032
Base Year 2022
Forecast Period 2023 to 2032
Largest Market Asia Pacific
Segments Covered Technology, Type, End User and Geography
*Market Dynamics:*
*Driver*
*The rising acceptance of coating resins derived from biomass*
The rising cost of petrochemical raw materials, such as phthalates, aromatic vinyl compounds, and olefins, is predicted to drive up demand for organic materials. Furthermore, the global emphasis on reducing carbon footprints has prompted the development of more ecologically acceptable substitutes for traditional hydrocarbon-based resins. The automobile, electronics, and sports industries are the main industries using bio-based polymers. Arkema, for instance, announces a major leap in its revolutionary sustainable offering with the certification of many bio-attributed acrylic monomers using the mass balancing approach.
Furthermore, with the aid of these monomers, Arkema can now offer certified bio-attributed customized acrylic additives and resins for a range of applications, solidifying the company's position as the industry leader and a valuable supplier of bio-attributed acrylic materials to customers. Many firms have focused on building new plants in response to the increasing demand for bio-based resins. Throughout the projected period, the industry's increasing attention to biobased resins is anticipated to propel market expansion.
*Restraint*
*Price volatility and alternative material *
Coating resins come in a variety of raw material forms, and their costs might change. The total cost of manufacturing coating resins can be impacted by fluctuations in the price of raw materials, which might affect manufacturers' profit margins. Additionally, alternative materials like powder coatings and sophisticated ceramics compete with coating resins in some applications. In some markets, the emergence of alternatives with equivalent or better qualities may be a barrier to coated resin growth.
*Opportunity*
*Growing partnership*
The growing partnership is expected to offer an attractive opportunity for market development during the forecast period. For instance, in July 2023, an agreement to supply neopentyl glycol (NPG), an intermediate primarily used in the manufacturing of resins for powder coatings used to paint household appliances and in the construction sector, was recently signed by Zhejiang Guanghua Technology - KHUA and BASF, both companies jointly announced.
The collaboration will assist in addressing the rising need in China and the larger Asia-Pacific area for low-emission powder coatings. Saturated polyester resin manufacturer KHUA is based in China and plans to construct a 100-kiloton annual high-end powder coating resin production plant in Donghai Island, Zhanjiang Economic & Technological Development Zone, where BASF is constructing a world-scale NPG plant with an 80,000 metric ton annual production capacity. The business anticipates that the new plant will be operational by the end of 2025, bringing its total production capacity to 335,000 metric tons.
*Related Reports:*
· *Decorative Coatings Market**: *The global decorative coatings market size accounted for USD 85.14 billion in 2022 and it is expected to reach around USD 126.76 billion by 2032 with a CAGR of 4.06% from 2023 to 2032.
· *Antimicrobial Coatings Market**: *The global antimicrobial coatings market size reached USD10.49 billion in 2022 and is expected to hit around USD 34.83 billion by 2032, poised to grow a CAGR of 12.80% during the forecast period from 2023 to 2032.
· *Nanocoatings Market**: *The global nanocoatings market size is projected to hit around USD 66.35 billion by 2032 from USD 12 billion in 2022 and is growing at a CAGR of 18.7% during the forecast period from 2023 to 2032.*Recent Developments:*
· In September 2023, the introduction of their newest product, the SETAQUA® 6753, was announced by allnex, a well-known producer of industrial resins and additives for use in wood, metal, plastic, and other surfaces. Although the markets for kitchen cabinets and wood furnishings frequently employ solvent-borne resins, waterborne technologies have advanced significantly. Even with these developments, waterborne systems may still have difficulties in low gloss or pigmented systems where stain resistance is required.
· In February 2022, at its coating resins headquarters in Cary, North Carolina, Arkema made a large investment in building a brand-new powder coating resins lab. The new laboratory's operations will be concentrated on formulation, application, and testing assistance for Arkema's REAFREE® resins, which include polyester resins, polyurethane resins, hybrid systems, UV curable products, different additives, and much more. Furthermore, it will provide researchers with more direct, hands-on access to the Arkema test fence facility at their headquarters in Cary, North Carolina, which provides years of accurate exposure data for a variety of resins and substrates.
*Market Key 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*Key Market Segments*
*By Technology*
· Waterborne Coatings
· Solvent borne Coatings
· Powder Coatings
· Others
*By Type*
· Acrylic
· Polyurethane
· Alkyd
· Epoxy
· Vinyl
· Amino
· Polyester
· Others
*By End User*
· Architectural Coatings
· Paints and Coatings
· Industrial Coatings
· Automotive Coatings
· Wood Coatings
· Protective & Marine Coatings
· Others*By Geography*
· North America
· Europe
· Asia-Pacific
· Latin America
· Middle East & Africa (MEA)*Immediate Delivery Available | Buy This Premium Research Report@ **https://www.precedenceresearch.com/checkout/3536*
*You can place an order or ask any questions, please feel free to contact us at *
*sales@precedenceresearch.com** | +1 650 460 3308*
*Unlocking Market Insights through Data Excellence *
The "Precedence Statistics" flexible dashboard is a powerful tool that offers real-time news updates, economic and market forecasts, and customizable reports. It can be configured to support a wide range of analysis styles and strategic planning needs. This tool empowers users to stay informed and make data-driven decisions in various scenarios, making it a valuable asset for businesses and professionals looking to stay ahead in today's dynamic and data-driven world.
*To Access our Premium Real-Time Data Intelligence Tool, Visit: *
*www.precedencestatistics.com*
*About Us*
Precedence Research is a worldwide market research and consulting organization. We give an unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
*Web: **https://www.precedenceresearch.com/*
*Our Blogs:*
*https://www.towardshealthcare.com*
*https://www.towardspackaging.com*
*For Latest Update Follow Us:*
*Linkedin** | **Facebook** | **Twitter*