The global coating resins market size was USD 45.28 billion in 2024 and is projected to reach USD 57.34 billion by 2029; it is projected to register a CAGR of 4.8% between 2024 and 2029. The coating resins market growth is mainly driven by the increased demand from the construction, protective, and automotive sectors, a surge in investments in the infrastructure sector, increasing awareness for eco-friendly coating systems, and a rise in the purchasing power of consumers. Architectural coatings are expected to generate a continuous bulk demand for coating resins because of the developments in the construction and industrial sectors. The market restraints include low availability and high price of specialized raw materials needed for highly specialized coatings and economic slowdown in European economies.
Coating resins bind the coating ingredients together and enable them to stick to the surface to which the coating has been applied. They determine the performance of the coatings and appearance characteristics, such as water or scratch resistance, ability to protect against corrosion, and gloss or matt finish.
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Dow Inc. (US), Allnex GmbH (Germany) (PTT Global Chemical), Covestro AG (Germany), Arkema SA (France), BASF SE (Germany), Huntsman International (US), Synthomer plc (UK), Nan Ya Plastic Corporation (Taiwan), Kukdo Chemical Co., Ltd. (South Korea), DIC Corporation (Japan), Eternal Materials Co., Ltd. (Taiwan), Jiangsu Sanmu Group (China), Chang Chun Group (Taiwan), Wanhua Chemical Group (China), Wacker Chemie (Germany), Olin Corporation (US), Momentive Performance Materials (US), Lubrizol Performance Coatings (US), Polynt-Reichhold (Italy), and Helios Resins (Slovenia) are the leading players in the coating resins market.
Dow Inc.: Dow Inc., headquartered in Michigan (US), is one of the largest chemical companies, globally, providing industries with innovative products. The company offers cutting-edge products to a variety of industries. The business operates in several major sectors, including consumer care, packaging, infrastructure, and transportation. Coating resins are offered under the Performance Materials and Coatings segment. Its coating resins division is essential to provide superior solutions for industrial, specialty, and architectural coatings. Dow employs various resin technologies, such as acrylics, polyurethane, and epoxies, utilizing sustainability and performance.
Dow is a multinational company with production and research facilities located throughout Europe, Asia-Pacific, Latin America, and North America. Dow continues to support producers and formulators with a wide range of coating resins that provide high-performance solutions for functional, and protective applications.
Allnex GmbH: Allnex is one of the world's largest manufacturers of coating resins, with a diverse range of products for many applications such as automotive, industrial, protective coating, and architectural applications. It supplies high-performance coating resins, such as alkyds, acrylics, polyesters, epoxy, and polyurethanes, to enhance durability, performance, and sustainability. Allnex innovations have contributed immensely to the coating industry, primarily through their constant advancement in UV/EB curing systems, powder coating resins, and waterborne resins, which are environmentally friendly, to raise global awareness of sustainable products.
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Covestro AG: Covestro is a major supplier of polymer materials. Covestro serves key industries, such as electronics, healthcare, construction, and automotive. Its innovative materials for coatings, adhesives, and sealants, which serve various industries, are among its main products. The company is increasingly focusing its product portfolio on sustainable solutions, as demonstrated by the acquisition of DSM's Resins & Functional Materials (RFM) business. It complements innovation capabilities and sustainable product portfolios with complementary technologies. Additionally, it is becoming one of the leading suppliers of sustainable coating resins.
Acrylic resins represent the largest segment of the coating resins market in terms of value.
The acrylic resin segment had the largest market share in 2023. It is a low-cost material that provides water resistance, better stain protection, and good water resistance. Acrylics are offered in two types of composition: pure acrylics and complex acrylics (containing additional monomers). Pure acrylics contain only acrylic monomers. The acrylic polymer can be incorporated into the acrylic polymer to obtain a resin with specific properties or decrease its cost. In the case of complex acrylics, styrene is the most popular, and the resulting resin is known as styrene-acrylic resin. Styrene monomers are significantly more expensive compared to acrylic ones. They are known to increase water resistance, provide alkali resistance, and improve hardness.
Waterborne coating resins represent the largest technology in the coating resins market in terms of value.
Waterborne technology accounted for the largest share of the global market in 2023. The shift from solventborne to waterborne coatings has been a trend in the coatings industry, mostly witnessed in the architectural coatings segment. The recent advancement in the EU legislation regarding environmental and health concerns has pushed for a greater application of waterborne coatings in the industrial sector.
An important innovation developed here is that waterborne resins have gained popularity as a better variant since solventborne resins have many environmental challenges. These waterborne solutions have lower VOCs, are eco-friendly, and have better stability and faster drying than traditional products.
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The general industrial coatings are the fastest-growing application of the overall coating resins market.
The general industrial coatings are projected to be the fastest-growing application segment of coating resins. The drivers for the market in this sector are a growing population, improved standard of living, infrastructural development, GDP growth, and increasing manufacturing. The demand for motors, generators, transformers, agricultural equipment, and other industrial equipment is increasing globally, driving the demand for coating resins.
The general industrial coatings market has numerous end-uses linked to multiple industries. General industrial coatings encompass a broad category of specialized coatings designed to protect surfaces in industrial environments. These coatings are formulated to withstand harsh conditions such as corrosion, abrasion, chemical exposure, and extreme temperatures. By providing durable and reliable protection, these coatings contribute to the longevity and efficiency of industrial operations across various sectors. They are utilized across various industries, including manufacturing, automotive, aerospace, marine, oil & gas, and construction.
Asia Pacific is the largest coating resins market.
Asia Pacific is the leading market for coating resins. The booming economies such as China, India, Indonesia, and Vietnam fuel the growth in the region. Acrylic resin is an ideal choice for architectural coatings in Asia Pacific. It is in high demand, as it is a low-cost material that provides excellent chemical- and photochemical resistance, stain protection, and water resistance and has superior adhesion to surfaces than other resin types.
Asia Pacific is a rapidly developing region with opportunities for companies keen to invest in high-growth markets. The sustainable coatings (low-VOC) segment is estimated to be one of the leading technology trends in this region as well as globally. By 2030, China is projected to play a key role as the emerging superpower in shipping. The country is expected to see the highest growth in commercial fleet ownership, contrasting Greece and other European countries. Additionally, the economic development of India is expected to become a giant driver of global trade in order of magnitude similar to China. These developments are expected to drive the demand for coating resins in the marine & protective coatings application.
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