Coating Resins Market Size & Share to Surpass $73.3 Billion by 2028 | Vantage Market Research
Vantage Market Research
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WASHINGTON, Feb. 15, 2023 (GLOBE NEWSWIRE) -- According to the report published by Vantage Market Research, the global Coating Resins Market was estimated at $ 53.2 Billion in 2021 and is expected to hit $ 73.3 Billion by 2028, registering a CAGR of 5.5 % from 2022 to 2028.
Coating Resins Market Overview
The coating resins market refers to the industry that produces resins used in the manufacturing of coatings for various applications such as automotive, construction, and furniture. These resins include acrylic, epoxy, polyurethane, and polyester, among others. The market is driven by increasing demand for high-performance coatings that provide durability, corrosion resistance, and aesthetic appeal. Environmental concerns and regulations related to volatile organic compounds (VOCs) emissions are also influencing the development of eco-friendly and sustainable coating resins.
A typical coating resins market sample report may include the following sections:
Executive summary: A brief overview of the key findings and market trends.
Market overview: A comprehensive analysis of the market size, growth rate, and market dynamics such as drivers, restraints, and opportunities.
Product analysis: An in-depth analysis of the different types of coating resins, their properties, and applications.
End-use industry analysis: An overview of the various end-use industries, including automotive, construction, and furniture, among others.
Regional analysis: A detailed analysis of the coating resins market in different regions such as North America, Europe, Asia Pacific, and Rest of the World.
Competitive landscape: A detailed analysis of the key players in the market, including their market share, financials, product portfolio, and strategies.
Conclusion: A summary of the key findings and future outlook for the coating resins market.
Appendices: Additional information such as glossary of terms, list of abbreviations, and references used in the report.
What is Coating Resins?
Coating resins are a type of synthetic polymer that is used as a base material for the production of coatings. They are typically used to improve the properties of the coatings, such as adhesion, durability, gloss, and resistance to abrasion, heat, and chemicals. Coating resins are used in various applications, including architectural, automotive, marine, aerospace, and industrial coatings. The most commonly used types of coating resins are acrylic, epoxy, polyurethane, and polyester, among others. These resins can be formulated to meet specific performance requirements, such as corrosion resistance, UV resistance, and low VOC emissions, and can be applied as liquid, powder, or as a film. Coating resins play an essential role in protecting and enhancing the appearance of surfaces in various industries.
The coating resins market is influenced by various dynamics, including drivers, restraints, and opportunities, which are discussed below:
Drivers: The demand for high-performance coatings with enhanced durability, corrosion resistance, and aesthetic appeal is driving the growth of the coating resins market. The increasing demand for coating resins in end-use industries such as automotive, construction, and furniture is also driving market growth. Moreover, the development of eco-friendly and sustainable coating resins in response to regulatory and environmental concerns is creating new growth opportunities in the market.
Restraints: The high cost of raw materials and the volatility of raw material prices are major challenges for the coating resins market. The stringent regulations related to the emission of volatile organic compounds (VOCs) in some regions are also limiting the growth of the market. The availability of low-cost alternatives, such as natural resins, may also pose a challenge to the market.
Opportunities: The development of new technologies, such as waterborne and powder coatings, is creating opportunities for growth in the market. The increasing demand for bio-based and renewable materials is also opening up new growth opportunities. Emerging markets, such as Asia-Pacific, offer significant growth potential due to their growing economies and expanding manufacturing industries.
Trends: The market is witnessing a trend towards the development of sustainable and eco-friendly coating resins that have low VOC emissions and are made from renewable materials. The development of functional coatings, such as self-healing and anti-microbial coatings, is also a growing trend in the market. The shift towards digitalization and automation in the manufacturing process is another trend that is shaping the market.
One of the main challenges facing the coating resins market is the increasing regulations and restrictions on volatile organic compounds (VOCs) emissions. VOCs are released into the atmosphere during the application and drying of coatings, and are known to have harmful environmental effects. The regulatory environment is becoming more stringent, with many countries imposing limits on the amount of VOCs that can be emitted from coatings. This is forcing coating resin manufacturers to develop low-VOC and zero-VOC coatings that comply with these regulations.
Another challenge is the high cost of raw materials used in the production of coating resins. Raw materials such as acrylic acid, isocyanates, and epoxides can be expensive, and their prices can be volatile. This can lead to fluctuations in the cost of coating resins, making it difficult for manufacturers to manage costs and remain competitive.
Additionally, the availability of low-cost natural resins, such as rosin and gum copal, is a challenge for synthetic resin manufacturers. These natural resins can be used as alternatives to synthetic resins, particularly in applications where cost is a major factor. Manufacturers of synthetic resins must continue to innovate and develop new products that offer superior performance characteristics to remain competitive in the market.
Top 4 Companies in Coating Resins Market Profiles
The coating resins market is highly competitive, with many players competing for market share. Below are the profiles of the top five companies in the coating resins market:
BASF SE: BASF is a German multinational chemical company that is one of the world's largest producers of chemicals, plastics, and coatings. The company offers a wide range of coating resins, including acrylic, polyurethane, and polyester, among others.
DowDuPont: DowDuPont is a global chemical company that produces coating resins under its Specialty Products division. The company offers a range of resins, including epoxy, polyester, and urethane resins, for various applications. DowDuPont has a strong presence in North America and Europe.
Arkema S.A.: Arkema is a global chemical company that produces a range of specialty chemicals and coatings, including coating resins. The company offers a range of resins, including acrylic, polyester, and epoxy resins, for various applications. Arkema has a strong presence in Europe, North America, and Asia Pacific.
Allnex: Allnex is a Belgian company that produces a wide range of coating resins, including acrylics, alkyds, epoxies, and polyurethanes, among others. Allnex has a strong global presence, with production facilities in Europe, North America, Asia-Pacific, and Latin America. The company has a focus on sustainable development and is continually developing products that are eco-friendly and meet customer needs.
Segmentation of the Global Coating Resins Market:
Technology
Waterborne Coatings
Solvent Borne Coatings
Powder Coatings
Other Technologies
By Type
Acrylic
Polyurethane
Alkyd
Epoxy
Vinyl
Amino
Polyester
Other Types
By End User
Architectural Coatings
Paints & Coatings
Industrial Coatings
Automotive Coatings
Wood Coatings
Protective & Marine Coatings
Other End Users
By Region
North America
Europe
Asia Pacific
South America
Middle East Africa
Coating Resins Market Research Methodology:
The research methodology used in the coating resins market analysis typically involves the following steps:
Market research design: The research design is the first step in the research process, and it involves identifying the research questions, objectives, and the methodology that will be used. This involves determining the scope of the study, the data sources that will be used, and the analytical tools that will be applied.
Data collection: Data is collected from a variety of sources, including primary and secondary sources. Primary data is collected through surveys, interviews, and focus groups, while secondary data is collected from published reports, company websites, and industry databases.
Data analysis: The collected data is then analyzed using various statistical and analytical tools, including regression analysis, trend analysis, and SWOT analysis. This helps to identify trends, patterns, and insights in the data, which are then used to formulate market forecasts and predictions.
Validation and verification: The findings are validated and verified through expert opinions, market surveys, and peer reviews to ensure that the research is accurate, reliable, and unbiased.
Report generation: The final step involves generating a comprehensive report that summarizes the research findings, including market size, growth trends, drivers, restraints, and opportunities. The report also includes a detailed analysis of the competitive landscape, including the profiles of key players in the market.
The regional analysis of the coating resins market typically involves the segmentation of the market by geographic region. The major regions considered in the analysis include North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The analysis includes a detailed study of the market size, growth rate, market trends, and market share in each of these regions. It also examines the key drivers, restraints, and challenges that affect the growth of the market in each region.
For instance, in North America, the market is driven by the increasing demand for environmentally friendly and sustainable coatings, while in Europe, the market is driven by the stringent regulations regarding VOC emissions. In Asia Pacific, the market is driven by the rapid industrialization and infrastructure development in the region.
The regional analysis also includes a study of the competitive landscape in each region, including the market share and the profiles of the key players in the market. The analysis helps to identify the emerging opportunities in each region and helps companies to formulate their strategies to gain a competitive edge in the market.
Frequently Asked Questions (FAQ):
Here are some frequently asked questions (FAQs) about the coating resins market:
Q1. What are coating resins?
Coating resins are materials used in the production of coatings that provide adhesion, durability, and other properties to the coating.
Q2. What are the different types of coating resins?
The different types of coating resins include acrylic, epoxy, polyurethane, polyester, and alkyd, among others.
Q3. What are the applications of coating resins?
Coating resins are used in a variety of applications, including architectural coatings, automotive coatings, wood coatings, industrial coatings, and packaging coatings.
Q4. What is driving the growth of the coating resins market?
The growth of the coating resins market is driven by the increasing demand for eco-friendly and sustainable coatings, the growing construction and automotive industries, and the increasing use of coatings in the packaging industry.
Q5. What are the challenges facing the coating resins market?
The main challenges facing the coating resins market include the increasing regulations on VOC emissions, the high cost of raw materials, and the availability of low-cost natural resins.
Q6. Who are the key players in the coating resins market?
The key players in the coating resins market include BASF SE, DowDuPont Inc., Arkema S.A, Evonik Industries AG, and DIC Corporation, among others.
Q7. What is the outlook for the coating resins market?
The coating resins market is expected to continue to grow, driven by the increasing demand for sustainable and eco-friendly coatings, as well as the growing construction, automotive, and packaging industries.
Scope of the Report:
Report Attributes
Details
Market Size in 2021
USD 53.2 Billion
Revenue Forecast by 2028
USD 73.3 Billion
CAGR
5.5 % from 2022 to 2028
Base Year
2021
Forecast Year
2022 to 2028
Key Players
Allnex Holdings S.A R.L. (Luxembourg), BASF SE (Germany), LANXESS (Germany), Royal DSM N.V. (Netherlands), DowDuPont Inc. (US), DIC Corporation (Japan), Bayer AG (Germany), Celanese Corporation (US), Arkema S.A. (France), Solutia Inc. (US), INEOS Group Holdings S.A. (UK), Huntsman International LLC. (US), Evonik Industries AG (Germany) and others.
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