Coating Resins Market size is forecast to reach US$52.6 billion by 2026, after growing at a CAGR of 5.2% during 2021-2026. Coating resins are widely used to develop tough, polished, durable, and aesthetically beautiful surfaces. Coating resins such as thermoset (saturated polyester, acrylic, polyurethane, and others) and thermoplastics are highly durable, sustainable, have low volatile organic compounds, and excellent chemical resistance, thus these are widely used for packaging coating, surface coatings, floor coatings, and other applications. Also, waterborne coatings are used widely due to low volatile organic compounds level and hazardous air pollutants emission. It is widely used in floor coatings and decorative coatings as well as automotive parts, packaging coatings, and other applications which are expected to grow the market scenario during this forecast period.
Coating Resins Market Segment Analysis – By Type
Thermoplastic resins type segment dominated the global coating resins market in 2020. Thermoplastic resins such as acrylic resins (waterborne coatings or solvent-borne coatings) are available as emulsions, lacquers, and powders. Thermoplastic resins have various properties such as low VOC, drying fast, excellent hardness, and others, thus, it is widely used for paints and coatings. Acrylic resins are extensively used for industrial floors, metal furniture coatings, and automobile topcoats. Hence, increasing consumption of acrylic coatings type is expected to grow the market size.
Coating Resins Market Segment Analysis – By Technology
Water-borne coatings held the largest share of the global coating resins market in 2020. Water-borne coatings dry quickly and offer tough & protective coating on the surface area. It has low toxicity and flammability due to low VOC levels, which also helps to reduce air emissions. Additionally, water-borne coatings do not require additives, thinners, or hardeners. Hence, all such factors are increasing the application of waterborne coatings in trucks, coal cars, printers, and other areas which in turn is increasing the market growth during this projected year.
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Coating Resins Market Segment Analysis – By End-Use Industry
Building and construction sector has dominated the market for coating resins in 2020 and is growing at a CAGR of 5.5% during 2021-2026. Resins are helping to provide durable and high-gloss outdoor and indoor coatings. Hence, increasing building construction is projected to grow market size in this era. According to the US Census Bureau, new housing unit construction was 11,471 thousand units in 2019 in the United States, which reached 3,642 units in 2020. Moreover, according to the Federal National Mortgage Association, housing starts were expected to jump with 1 million new homes in 2021. Additionally, according to the Indian Brand Equity Foundation (IBEF), the real estate market of India is expected to grow USD1 trillion by 2030. Hence, all such factors are expected to boost the demand for coating resins.
Coating Resins Market Segment Analysis – By Geography
The Asia Pacific dominated the coating resins market with a share of 34% in 2020 due to growing demand from various applications such as engine coating, marine, food packaging coatings, and others in developing countries like India and China. Coating resin has various unique properties such as chemical resistance, weathering resistance, and flexibility, which helps to increase the consumption of resins in coatings. According to Central Sanctioning and Monitoring Committee (CSMC), 1,68,606 new homes were approved to construct in urban areas under Pradhan Mantri Awas Yojana in 2021. Additionally, the Ministry of Rural Development and Ministry of Housing and Urban Affairs indicate a housing shortage of about 3 crore units in rural areas and 1.2 crore units in urban areas. According to IBEF, the Indian automotive industry (including component manufacturing) is expected to reach US$ 251 to US$ 282 billion by 2026. These all factors are anticipated to increase coating resins market growth.
Coating Resins Market Drivers
Robust Growth in Building and Construction Industry at Global Level
Coating resins such as epoxy, polyester (saturated or unsaturated), acrylics resins, and others are used in various coatings due to it's shiny high-gloss surface offering that can significantly increase the brightness of interior and exterior areas. Hence the consumption of coating resins is estimated to have a noticeable impact on the building and construction sector. According to American Chemistry Council (ACC), solvent-borne coatings account for approximately 65% of industrial coatings in the United States. Additionally, according to the National Bureau of Statistics, China's real estate market investment jumped from 15.7% in 2019 to 38.3% in January-February 2021. Hence, all such factors influence the demand for coating resin in near future.
Growing Production of Vehicles
In 2019, according to the American Automotive Policy Council, in the United States, 10.8 million cars and trucks were produced. The Chinese government expects the production of automobiles to reach 35 million units by 2025 according to the International Trade Administration (ITA). Additionally, according to the International Organization of Motor Vehicle Manufacturers (OICA), the production of light commercial vehicles has also increased in the APAC region by 10.2% in 2018. Light commercial vehicle production has increased from 2,249,348 in 2018 to 2,254,153 in 2019, an increase of 0.2 % in Europe. Thus, increasing the production of automobiles is expected to increase the consumption of coating and in turn coating resins.
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Coating Resins Market Challenges
Volatility in Raw Material Prices
Volatility in material prices may hamper market growth. Coating resins such as amino, polyester, silicone, polyurethane, acrylics, and others are petrochemical products that are derived from crude oil. Thus, the fluctuation in crude oil may limit the production of material and hamper the market growth in the era. According to the BP Statics, in 2018, the average oil price increased to $71/ bbl from $54/bbl in 2017, however, it further declined to US$64.21/bbl in 2019 This fluctuation is hampering the coating resins market.
Coating Resins Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Coating Resins Market. Major players in the Coating Resins Market include:
● Dow Chemical
● Momentive Speciality Chemicals (Hexion)
● Royal DSM
● BASF
● Arkema
● Allnex
● Cytec Coating Resins
● Electrolube
● Alberdingk Boley, Inc.
● Brenntag Specialties, Inc., and among others.
Acquisitions/Technology Launches
● In July 2020, Engineered Polymer Solutions (EPS) unveiled the EPS® 2400 series in North America. It contains six waterborne acrylic resins (EPS® 2420, EPS® 2426, EPS® 2430, EPS® 2452, EPS® 2454, EPS® 2458) which are suitable for wood coating with excellent clarity. It can be used for developing high-performance solutions for flooring, furniture, cabinetry, and other industrial applications.
● In February 2019, Akrema inaugurated a new first-class polyester resin manufacturing facility in Maharashtra. This facility will produce polyester powder resins and offer formulators in the region reliable supply and the resources they need to easily develop high-performance low-VOC powder coating products
Key Takeaways
● Asia Pacific region dominated the coating resins market, due to growth in construction activities in developing countries such as India, and China.
● Increasing usage of waterborne coatings owning to its low VOC content is further driving coting resins demand.
● The increasing production of automobiles is also another factor expected to grow the coating resins market.
Relevant Reports
A. China Coating Resins Market
https://www.industryarc.com/Report/18213/china-coating-resins-market.html
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