Coating Resins Market | Share, Applications, Industry Top Players, Regions and Market Overview
Market Overview
Coating resins provide specific protective attributes including
resistance to alkali, corrosion, fire, and chemicals. In addition, coating
resins exhibit fast drying, high gloss, color retention, good adhesion, stain
resistance, and pigment dispersion properties when used in architectural
applications. The increasing demand for coating resins in the building and
construction industry is expected to drive market growth during the forecast
period. Furthermore, the rising use of powder and water-based coating resins in
the automotive industry is projected to further drive market growth in the
coming years.
Market Segmentation
The global coating resins market has been segregated on the
basis of type, technology, application, and region.
By type, the global Coating Resins Market has been
segmented into acrylic, alkyd, epoxy, polyurethane, vinyl, and others. The
acrylic segment is projected to account for the largest share of the market
during the forecast period due to the excellent surface protection, dirt
resistance, gloss retention, resistance to chemicals, water and stains, and
drying characteristics of acrylic coating resins. These resins are used in
primers, stains, sealers, and topcoats. The increasing demand for acrylic
resins in various industries is likely to drive market growth during the
forecast period.
On the basis of technology, the global coating resins market has
been segregated into water-borne, solvent-borne, powder, UV-cured, and others.
The water-borne and powder coating technologies have been gaining significance
in recent years due to the increasing demand for low volatile organic compound
(VOC) content coatings. The powder coating segment is expected to dominate the
market during the review period owing to the high transfer efficiency, good
exterior durability, and largely recoverable overspray of these coatings. Also,
it is cost-effective and easy to use with minimal VOC content. The increasing
use of powder coatings in industrial and automotive applications is projected
to favor market growth during the review period.
Based on application, the global coating resins market has been
divided into industrial, automotive, architectural, packaging, electronics, and
others. The architectural segment accounted for the majority share of the
global coating resins market in 2017. This can be attributed to the robust
growth of the building and construction industry where coating resins are used
for roofs, walls, and decks.
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Regional Analysis
Asia-Pacific, North America, Europe, Latin America, and the
Middle East & Africa are the five key regions studied for the global
coating resins market. In 2017, Asia-Pacific dominated the global coating
resins market owing to increasing product demand in the automotive and building
and construction industries. Moreover, rapid industrialization coupled with the
growing use of coating resins in industrial coatings is further driving the
growth of the regional market.
The other significant markets for coating resins are North
America and Europe. Increasing demand for the product in industrial and
automotive applications is expected to favor the growth of these regional markets.
Competitive Analysis
Some of the prominent players in the global coating resins
market are Arkema SA (France), DowDuPont (US), BASF SE (Germany), Allnex Group
(Germany), Wacker Chemie AG (Germany), Royal DSM NV (Netherlands), Aekyung
Chemical Co. Ltd (South Korea), DIC Corporation (Japan), Tosoh Corporation
(Japan), Westlake Chemical Corporation (US), Nippon Shokubai Co. Ltd (Japan),
Neville Chemical Company (US), and Ferro Coating Resins (South Africa).
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