Coating Resins Market Overview
Major trend being witnessed in the global coating resins market is the shifting preference toward smart coatings. Materials that possess capabilities to change their properties according to external environmental stimuli, such as temperature and electric field are called smart coatings. Currently, smart coatings are gaining popularity in construction projects. This is attributed to many advantages that these coatings offer, such as the ability to cover damage on an aero engine or oil and gas platform. Thus, growing adoption of smart coatings is setting a trend in paints and coatings market.
Coating resins are organic compounds that are used to protect the surface of a material from extreme environmental conditions. Such resins are widely used in end-use industries including furniture, marine, and automotive.
Based on type, the coating resins market is categorized into acrylic, alkyd, vinyl, polyurethane, epoxy, amino, unsaturated polyester resins, and saturated polyester resins. Of these, acrylic category accounted for significant share in the market during the historical period, owing to their high solubility, elasticity, versatility, non-toxicity, and water-resistance properties.
On the basis of technology, the coating resins market is categorized into water-borne, solvent-borne, high solid, powder coating, and radiation cured. The water-borne resins accounted for a significant share in the market during the historical period. Moreover, water-borne resins are expected to see substantial growth in the market over the forecast period, owing to increasing demand from automobile and furniture manufacturers due to their cost-effective and superior adhesion properties.
In terms of application, the coating resins market is categorized into architectural, industrial, marine, automotive, and vehicle refinishes. Of these, architectural category held a significant share in the market during the historical period, which is attributable to the growing demand for residential construction due to the rapidly growing population, globally.
Based on region, the coating resins market is categorized into Europe, North America, Asia-Pacific, Latin America, and the Middle East and Africa. Among all these regions, Asia-Pacific held the largest share in the market during the historical period, owing to the growing demand for renovation and repair of commercial buildings, houses, malls, and schools in the region. Additionally, increase in government and foreign investment is another factor driving the market in the region.
Coating Resins Market Dynamics
Major factor driving the growth of the coating resins market is the growing construction industry in countries such as the U.S., China, India, and the U.K. Owing to the rise in population, these countries are witnessing rapid growth in construction industry resulting in large-scale investment in construction projects such as hotels, apartments, offices, retail centers, and civic infrastructures. For instance, in 2017, construction activities in Europe grew by 3.5% and in China, the activities grew by 10%, as compared to previous year. Such growth in the construction industry in both Europe and APAC is fueling the market growth.
Major restraint identified in the coating resins market is the growing raw materials’ prices. Pigments, solvents, and additives are some of the common raw materials used in manufacturing of the resins. Increasing prices of the raw materials result in additional investment in production process of the resins. In the recent years, the prices of raw materials such as epoxy and titanium dioxide have risen significantly across the globe, compelling the leading painting and coating producers to increase the prices of their products. Therefore, the upsurge in prices of raw materials is expected to hinder the growth of the market.
The coating resins market is expected to witness significant growth in emerging nations. These countries are witnessing rapid growth in economy characterized by large scale expansion of construction and manufacturing sectors. The growth of the construction and manufacturing projects offer lucrative opportunities for the players operating in the market.
Coating Resins Market — Competitive Landscape
The coating resins market is characterized by the presence of multinational corporations, which have their presence in more than one country. Some of the major companies operating in the global market are BASF SE, DowDupont Inc., The Valspar Corporation, Koninklijke DSM N.V., Nuplex Industries Limited, Hexion Inc., Bayer AG, Allnex Belgium SA/NV, and Arkema Group.
The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, and South Africa.