The global coating resins market generated $35.10 billion in 2017, and is estimated to reach $52.90 billion by 2025, registering a CAGR of 5.3% from 2018 to 2025. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenario.
Demand for environment-friendly coating systems, rise of the global automotive industry, increase in architectural coatings demand, and surge in demand for coating resins in the roadway markings drive the growth of the global coating resins market. However, variations in raw material prices and substitutes that replace coating resins hinder the market growth. On the other hand, advancing green initiatives and bio-based coatings development create new opportunities in the coming years.
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Covid-19 scenario:
- During the coronavirus pandemic, the revenue generated from coating resins will be reduced for few months due to the restrictions on the application industries such as protective & marine, automotive OEM, and vehicle refinish.
- The coating resins do not come under essential goods category, therefore its supply chain and manufacturing activities have been badly impacted during the global lockdown.
The report offers a detailed segmentation of the global coating resins market based on type, technology, application, and region.
Based on type, the saturated polyester resin segment contributed to the largest share in 2017, and is estimated to maintain its dominant position during the forecast period. However, the alkyd segment is estimated to witness a CAGR of 5.5% from 2018 to 2025. Based on technology, the radiation cured coating resin segment accounted for the largest share in 2017, and is expected to maintain the largest share throughout the forecast period. In addition, this segment would register a CAGR of 6.3% from 2018 to 2025.
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Based on application, the architectural segment accounted for the largest share in 2017, and is expected to maintain the largest share throughout the forecast period. Moreover, the same segment would register the highest CAGR during the forecast period.
Based on region, Asia-Pacific and Europe collectively contributed the highest share, accounting for nearly four-fifths of the total market share in 2017, and will maintain its dominance throughout the forecast period. However, European Union economy is expected to grow significantly from 2018 to 2025.
Leading market players analyzed in the research include Bayer AG, The Sherwin-Williams Company (The Valspar Corporation) Royal DSM, Polynt SpA., Allnex Belgium SA/Nv, BASF SE, Arkema S.A., The DOW Chemical Company, Momentive Specialty Chemicals, Inc., and Evonik Industries AG.
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