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Coating Resins Market Trends

Report ID: GMI7195
Published Date: Oct 2023
Report Format: PDF

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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.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size of coating resins was worth USD 56.6 billion in 2023 and is anticipated to record over 5.7% CAGR between 2024 and 2032.

Water-based coatings segment accounted for over 50% market share in 2022 and is projected to grow through 2032 due to their low VOC content, that makes them compliant with strict environmental regulations.

The U.S. coating resins industry value was over USD 10.7 billion in 2022 and will grow significantly through 2032 driven by new construction, residential and commercial building projects, as well as infrastructure development in the nation.

BASF SE, Akzo Nobel N.V., PPG Industries, Inc., The Sherwin-Williams Company, RPM International Inc., Axalta Coating Systems, and Arkema Group.