Coating Resins Market Analysis

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.