Coating resins are a type of polymer used to create coatings on various surfaces for protection and aesthetic purposes. This coating provides protection against corrosion, weather, and stains. There are several types of coating resins, including:
Coating resins are typically mixed with other ingredients, such as solvents, pigments, and additives, to create a coating that meets specific performance and appearance requirements.
The Global Coating Resins Market size was valued at $53.9 billion in 2022 and is projected to reach $83.98 billion by 2030 at a CAGR of 5.7% in the forecasted period of 2023-2030. The use of liquid and bio-based epoxy resin is growing, which is one of the main factors driving the market growth. A variety of epoxy resins are frequently used in electrodeposition (ED) coatings and industrial coatings, particularly in transportation, industrial maintenance, and maritime industries. Epoxy resins are frequently used in powder coatings as well. A growing number of formulations with high and ultra-high solid contents are being made using liquid epoxy resin. Liquid epoxy resin is utilized to produce 100% solid epoxy compositions for use as concrete surfaces, tank linings, and other related applications. The regular usage of phenoxy and novolac resins enhances characteristics and functionality.
The key players in the coating resins market include AkzoNobel NV, BASF SE, Dow Chemical Company, PPG Industries, Inc., and Sherwin-Williams Company, among others. These companies are continuously focusing on research and development activities to introduce innovative products in the market and to enhance their product portfolio.
BASF expanded its Automotive Coatings Application in May 2022 at the Coatings Technology Center in Mangalore, India. The facility was designed in such a way that enabled customer-oriented R&D activities coupled with accurate simulation of OEM paint shops.
Celanese Corporation announced the acquisition of a 365-kilo-ton per-annum synthesis gas production unit from Linde PLC in January 2020. By acquiring this unit Celanese corporation became capable of producing a critical raw material for the world’s largest acetyl intermediates production facility.
The Asia Pacific region is the largest market for coating resins, followed by North America and Europe. In 2019, the Asia Pacific market had a value of USD 14,158.9 million. Throughout the predicted period, the region is probably going to keep its position. Government subsidies, auto manufacturing, building projects, interest rates, and consumer spending are all significant contributors to GDP and have a significant impact on the region's demand.
Growth in Europe is anticipated to be aided by improvements in the oil and gas industry and infrastructure projects. The use of powder coatings is anticipated to grow significantly as a result of recent technological developments in this industry. It will expand as more people become aware of their environmental credentials.
It is anticipated that North America's industrial sector will revive gradually. Due to the expansion of the industrial industry, the area is in high demand. The market in this area is expected to develop as a result of rising automobile sales, accident rates, and construction activity.
The global coating resin market is segmented based on resin type, technology, and application. Some of the most common types of resins used in coatings include acrylic, epoxy, polyurethane, alkyd, polyester, and others. The acrylic segment dominated the global coating resins market in 2021 and held a share of 27.9%. The segment is also anticipated to grow at an outstanding CAGR during the measurement period. Comparing acrylic coating resins to other resins, they have a higher degree of a gooey consistency.
Technologies used in the production of coating resins include solvent-borne, water-borne, and powder coatings. In terms of value, the waterborne innovation accounted for the largest share of the whole market in 2021, at 57.6%. Due to the growing trend of using dissolvable free coatings, the dissolvable borne innovation component has lost its dominance.
The market finds applications in architectural coatings, industrial coatings, automotive coatings, and others. Due to growth in infrastructure spending and a rise in the demand for high-performance, long-lasting coating materials for construction components, the Architectural coatings segment holds the highest market share.
The coating resin market is a rapidly growing industry driven by the increasing demand for durable and high-performance coatings across various applications, such as automotive, construction, and industrial sectors. The growing trend towards eco-friendly coatings, coupled with the increasing use of powder coatings, is driving the demand for novel coating resin technologies that offer better performance, efficiency, and environmental sustainability. The coating resin market presents significant growth opportunities for market players who can develop innovative, eco-friendly, and high-performance coating resin technologies that meet the evolving needs of end-users. As the demand for high-quality coatings continues to rise across various applications, the coating resin market is poised for substantial growth in the coming years.