PUNE, India, December 21, 2015 /PRNewswire/ --
The report "Coating Resins Market by Type (Acrylic, Alkyd, Vinyl, PU, Epoxy, Amino, UPR, SPR & Others), by Technology (Waterborne, Powder, High Solvents, High Solids, UV Cure), by Application (Architectural, Automotive, Wood, & Others) - Global Forecast to 2020", published by MarketsandMarkets, The market was valued at USD 29.03 Billion in 2015 and is projected to reach USD 38.15 Billion by 2020, at a CAGR of 5.61% between 2015 and 2020.
Browse 99 market Tables and 67 Figures spread through 202 Pages and in-depth TOC on "Coating Resins Market"
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The growth of the coating resins market is primarily triggered by the economic growth in developing countries, growth in end-use industries, increasing investment in infrastructure, stringent environmental regulations, and increasing purchasing power. The use of environment-friendly products has been one of the most important trends in the coatings industry since the last 10 years, largely influenced by tighter EU regulation regarding reduction of volatile organic compounds (VOC) emission in coating resins. The demand has shifted from solvent-based coatings to environment-friendly products, such as water-based, powder, high solid, and UV curable coatings (these products do not contain solvent that evaporates during the curing phase; they only need a special ultraviolet light to cure instantly). Resins are the key to innovation in coatings.
Green, environment-friendly & healthier coating systems to drive the coating resins market
The preference for environment-friendly product is one of the most important trends in the coatings industry since the last 10 years. This trend is largely influenced by tighter EU regulation regarding the reduction of volatile organic compounds (VOC) emission in coating resins. The demand has shifted from solvent-based coatings to environment-friendly products such as water-based, powder, high solid, and U.V. curable coatings (these products do not contain solvent that evaporates during the curing phase; they only need a special ultraviolet light to cure instantly). Resins are the key to innovation in coatings. Countries such as China, the U.S., and Brazil are the major markets of coating resins. The market in countries of Middle East and Africa are also growing. In developed countries such as the U.S., Spain, Germany, Japan, and Italy, the market is growing at a low-to-moderate rate.
Key Market Payers in Coating Resins Market
Asia-Pacific is the largest market for coating resins, both in terms of volume and value, followed by Western Europe and North America. The key players in this market are The Dow Chemical Company (U.S.), Momentive Specialty Chemicals (U.S.), Royal DSM NV (The Netherlands), BASF SE (Germany), The Valspar Corporation (U.S.), Arkema S.A. (France), PCCR USA (U.S.), and Nuplex Industries (Australia), among others.
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The market size, in terms of value, of Coating Resins Market is estimated to be about USD 29.03 Billion in 2015 and is projected to reach USD 38.15 Billion by 2020, at a CAGR of 5.61% between 2015 and 2020.
Market Dynamics of Coating Resins Market
The opportunities for the coating resins industry are the development of new industrial bio-based coatings in standalone facilities. It has the potential to reduce the dependence on high toxic coatings and improve energy security. The bio-based coatings market has an enormous potential. To gain acceptance from customers, bio-based coatings are expected to be more cost and performance effective than the petroleum-based coatings.
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