What is the global market size of Coating Resins Market?

Global Coating Resins Market size was valued at USD 50.99 billion in 2021 and is poised to grow from USD 53.9 billion in 2022 to USD 88.76 billion by 2030, growing at a CAGR of 5.7% in the forecast period (2023-2030).

Coating Resins Market Size, Share, Growth Analysis, By Resins(Acrylic, Alkyd, Polyurethane, Epoxy), By Formulating Technology(Water-based, Solvent-based, Powder, Others), By End-Use Industry(Architectural Coatings, General Industrial Coatings, Powder Coatings, Wood Coatings), By Region - Industry Forecast 2024-2031

Report ID: SQSG15B2003 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 100 | Figures: 76

Coating Resins Market Insights

Global Coating Resins Market size was valued at USD 50.99 billion in 2019 and is poised to grow from USD 53.9 billion in 2023 to USD 88.76 billion by 2031, growing at a CAGR of 5.7% in the forecast period (2024-2031).

Polymer compounds known as coating resins serve as the main building blocks in the production of coatings. These cutting-edge materials are only utilized for corrosion, toughness, weather, and stain resistance and act as protective layers.

The coating resins market is expanding rapidly as a result of evolving technology and growing end-use industries. Additionally, the market is expected to be driven by environmental restrictions and the economic expansion of developing nations. The market is expected to be majorly driven over the forecast period by the expanding automobile production. Growth would also be aided by factors such as the rapid economic development of developing nations, growing infrastructure spending, tight environmental regulations, rising purchasing power, and expanding demand for eco-friendly coatings.

US Coating Resins Market is poised to grow at a sustainable CAGR for the next forecast year.

Coating Resins Market Report Snapshots

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The Global Coating Resins market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their companies globally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses in order to increase coating resins market share and profitability. 'Covestro AG', 'Akzo Nobel N.V.', 'Allnex Belgium SA/NV', 'Arkema S.A.', 'BASF SE', 'DIC Corporation', 'Dow Inc.', 'Eastman Chemical Company', 'Evonik Industries AG', 'Huntsman Corporation', 'Kansai Paint Co., Ltd.', 'Momentive Performance Materials Inc.', 'Nippon Paint Holdings Co., Ltd.', 'PPG Industries, Inc.', 'Royal DSM N.V.', 'Solvay', 'Sherwin-Williams', 'Wacker Chemie AG', 'Yung Chi Paint & Varnish Mfg. Co., Ltd.', 'KCC Corporation'

Epoxy resins are also extensively utilized in powder coatings. Nowadays, the creation of formulations with high and ultra-high solid contents utilizing liquid epoxy resin is becoming more and more common. Waterborne epoxy resin technology's performance has improved, permitting more utilization. Due to the heavy reliance on metal coatings, only a small portion of technology was really attained. Recent years have seen a sharp increase in research and development efforts to create bio-based polymers as a result of rising environmental, economic, and resource-related concerns as well as the uncertainty that comes with a finite supply of petrochemicals. Manufacturers are attempting to replace petroleum-based materials with polymers made from naturally occurring feedstocks in order to meet the industry's need for environmentally friendly processes and products that support sustainable growth.

Within the coatings industry, sustainability keeps expanding. The development of greener techniques that use less energy, produce less waste and emit less pollution has become a greater emphasis for manufacturers of resin, pigments, additives, and final coating formulations. The most effective organizations created formal programs to raise awareness, encourage creativity, and support the continual growth and improvement of sustainable operations.

In 2021, the Asia Pacific region led the coating resins market, and it is anticipated that it would continue to do so over the projected period. Government subsidies, car manufacturing, building projects, interest rates, and consumer spending—all significant contributors to GDP—have a significant impact on the region's demand.

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