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Coating Resins Market Size
Coating Resins Market was valued at USD 56.6 billion in 2023 and is anticipated to register a CAGR of over 5.7% between 2024 and 2032. The construction industry, including both residential and commercial segments, is a significant driver for the coating resins industry. As urbanization and infrastructure development continue, the demand for architectural coatings for buildings, bridges, and roads increases.
Coating resins are essential in the automotive industry for vehicle coatings. As the global automotive industry expands, especially in emerging markets, the demand for high-quality coatings to protect and enhance the appearance of vehicles grows. Coating resins are used in the protection of industrial equipment and machinery. As manufacturing and industrial activities increase, the demand for coatings to prevent corrosion and wear also rises.
| Report Attributes | Details |
|---|---|
| Base Year: | 2023 |
| Market Size in 2023: | USD 56.6 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 5.7% |
| 2032 Value Projection: | USD 93.2 Billion |
| Historical Data for: | 2018 to 2023 |
| No. of Pages: | 300 |
| Tables, Charts & Figures: | 184 |
| Segments covered: | Type, Technology, Application, Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Fluctuations in the prices of raw materials, including petrochemicals and solvents, can affect the cost of producing coating resins. Manufacturers must manage these cost fluctuations to maintain profitability. The coating resins market is highly competitive, with numerous manufacturers offering a wide range of products. This competition can lead to pricing pressures and the need for constant innovation to differentiate products.
COVID-19 Impact
The pandemic led to fluctuating demand in various segments of the coating resins industry. While some sectors like automotive and aerospace saw a decline in demand due to production slowdowns and reduced consumer spending, other sectors, such as architectural coatings (paints), experienced increased demand as people focused on home improvement projects. Many coating resin manufacturers had to temporarily shut down their facilities or reduce production capacity to comply with social distancing measures and protect employee health.
Coating Resins Market Trends
The coating resins industry was experiencing a significant shift toward sustainability. There was a growing demand for water-based, solvent-free, and low-VOC (volatile organic compound) resins to reduce the environmental impact of coatings.
Industries such as automotive, aerospace, and industrial equipment were increasingly seeking high-performance coatings with improved durability, corrosion resistance, and enhanced functionality. The interest in bio-based coating resins, derived from renewable sources like plant oils and biomass, was increasing. These resins offered a more sustainable alternative to traditional petrochemical-based resins.
Coating Resins Market Analysis
Based on type, the market is divided into acrylic resins, alkyd resins, epoxy resins, polyester resins, polyurethane resins, other. Acrylic held the dominant market share of USD 16.1 billion in 2022. Demand for acrylic resins in architectural coatings is driven by the construction industry, including residential and commercial construction. Factors like population growth, urbanization, and home improvement projects influence demand. Acrylic resins are used in industrial coatings for equipment, machinery, and automotive components. The growth in manufacturing and industrial activities impacts demand.
Based on technology, the market is categorized into water-based coatings, solvent-based coatings, uv-cured coatings, high solids coatings and powder coatings. Water-based coatings accounted for over 50% market share in 2022 and is projected to grow through 2032. Waterborne coatings are favored due to their low VOC content, making them compliant with strict environmental regulations. The shift toward environmentally friendly coatings is a significant demand driver, especially in architectural and industrial applications.
North America dominated the global coating Resins market in 2022. Within North America, the U.S. generated a revenue of over USD 10.7 billion in 2022. North America experiences continuous demand for architectural coatings driven by new construction, residential and commercial building projects, as well as infrastructure development. Population growth, urbanization, and renovation projects contribute to this demand. The North American automotive industry is a significant driver of demand for coating resins, especially for vehicle coatings. Factors such as consumer preferences, automotive production levels, and innovations in coatings influence this market segment.
Coating Resins Market Share
Major players operating in the coating Resins industry include:
- BASF SE
- Akzo Nobel N.V.
- PPG Industries, Inc.
- The Sherwin-Williams Company
- RPM International Inc.
- Axalta Coating Systems
- Arkema Group
BASF and Akzo Nobel are dominant players in the global market due to their vast product portfolio. BASF’s ecosystem integration, along with consistent innovation, have attracted millions of customers. Their brand recognition and exclusive content deals solidify their leadership in the highly competitive market.
Coating Resins Industry News
- In May 2022, BASF expanded its Automotive Coatings Application Center at the Coatings Technology Center in Mangalore, India. The facility is meticulously designed to enable customer-oriented R&D activities coupled with accurate simulation of OEM paint shops.
- In November 2021, Covestro AG launches new Decovery resin for exterior coatings. It is a multi-purpose, bio-based, breathable resin to enable exterior coatings with improved outdoor durability and enhanced bio-based content.
The coating Resins market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue and volume (USD Million) (Kilo Tons) from 2018 to 2032, for the following segments:
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Market, by type
- Acrylic resins
- Alkyd resins
- Epoxy resins
- Polyester resins
- Polyurethane resins
- Other
Market, by technology
- Water-based coatings
- Solvent-based coatings
- UV-cured coatings
- High solids coatings
- Powder coatings
Market, by application
- Architectural coatings
- Industrial coatings
- Automotive coatings
- Wood coatings
- Protective coatings
- Marine coatings
- Other coatings
The above information is provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Indonesia
- Malaysia
- Latin America
- Brazil
- Mexico
- Argentina
- MEA
- UAE
- South Africa
- Saudi Arabia
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