Business Analytics of Coatings Resins Market Sales Industry, Future Prospects, Obstacles and Vendors By 2025
According to a new report
published by KD Market Insights, titled, Coating Resins Market by
Type, Technology and Application: Global Opportunity Analysis and Industry
Forecast, 2018-2025, the global coating resins market was valued at $35,101
million in 2017, and is projected to reach $52,901million by 2025, growing at
a CAGR of 5.3% from 2018 to 2025. The acrylic segment
accounted for more than 22% share of the global coating resins market in 2017.
Coating resins are organic
compounds used for decorative and industrial coating to protect surface from
extreme environmental conditions coupled with properties such as high
durability, adhesion, corrosion resistance, and wear resistance. These coatings
are extensively used in furniture, automotive, marine, and protective
applications. In recent years, the market has seen the development of novel
industrial bio-based coatings in standalone facilities. With this trend, the
global coating resin market is expected to grow with a notable CAGR during the
forecast period.
Based on resin type, the
market is segmented into acrylic, epoxy, polyurethane, alkyd, vinyl,
unsaturated polyester resin, saturated polyester resin, and others. The
saturated polyester resins segment is projected to be the most lucrative
segment during the forecast owing to its balance properties which include
mechanical and chemical. Furthermore, it has better dimensional stability and
ease of handling or processing.
Based on technology, the
market is divided into waterborne, conventional solvent borne, high solid
solvent borne, powder coating, radiation cured, and others. The radiation cured
coating resin segment is projected to be the most lucrative segment during the
forecast owing to lower volume of VOCs content. Furthermore, radiation cured
coating resins are used to manufacture scratch, impact, abrasion, chemical, and
mechanical resistance coatings.
Based on application, the
market is classified into architectural, industrial, protective & marine,
automotive OEM, vehicle refinish, and others. The architectural segment is
estimated to grow at the highest CAGR during the forecast period owing to the
increase in the demand for architectural coating owing to the growth of the
housing market.
Key Findings of the
Coating Resins Market:
- The radiation cured
coating resins segment is expected to grow at a significant CAGR of 6.30%, in
terms of value, from 2018 to 2025.
- The alkyd segment is projected to grow at a CAGR of 5.50%, in terms of value.
- The coating resins market in Asia-Pacific is expected to grow at the highest CAGR of 5.80%, in terms of value.
- The Europe coating resins market accounted for more than 43% share in 2017.
- U.S. accounted for more than 57% of the North America market in 2017.
- The alkyd segment is projected to grow at a CAGR of 5.50%, in terms of value.
- The coating resins market in Asia-Pacific is expected to grow at the highest CAGR of 5.80%, in terms of value.
- The Europe coating resins market accounted for more than 43% share in 2017.
- U.S. accounted for more than 57% of the North America market in 2017.
In 2017, Asia-Pacific and
Europe collectively accounted for more than 79% of the global coating resins
industry, in terms of value. These is due to the rapid economic development and
growth of construction projects in Asia-Pacific. Furthermore, European Union
economy experiences significant growth since the euro crisis due to the
increase in tourism, growth in employment, promotion of fair trade policies
with minimal tariff, rise in industrialization & urbanization, and others.
The key players operating
in the market include Bayer AG, Royal DSM, The Sherwin-Williams Company (The
Valspar Corporation) and Polynt SpA. Other prominent players include Allnex
Belgium SA/Nv, Arkema S.A., BASF SE, Momentive Specialty Chemicals, Inc., The
DOW Chemical Company, and Evonik Industries AG.
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