Coating Resins Market Will Reach USD 31290 Million By 2028 With A CAGR of 2.9% - Valuates Reports
BANGALORE, India, April 20, 2022 /PRNewswire/ -- Coating Resins Market is segmented by Type - Acrylic, Alkyd, Vinyl, Polyurethane, Epoxy, Amino, Unsaturated Polyester, Saturated Polyester, Others, by Application - Architectural Coatings, Automotive Coatings, General Industrial Coatings, High Performance Coatings, Wood Coatings, Packaging Coatings, Others. Global Opportunity Analysis and Industry Forecast, 2022 - 2028. It is published in Valuates Reports under the Chemicals Industry Category.
The global Coating Resins market size is estimated to be worth USD 26370 million in 2022 and is forecast to a readjusted size of USD 31290 million by 2028 with a CAGR of 2.9% during the review period.
Major Factors Driving The Growth Of The Coating Resins Market
The Coating Resins market is growing due to an increase in demand for architectural coatings. In addition, the Coating Resins market is expected to grow due to an increase in demand for green and environmentally friendly coating systems in architectural designs. Coating resins are in high demand in the roadways marking industry due to their weather resistance properties, which help to reduce road maintenance costs. Another factor that is expected to boost the growth of the coating resins market is the increase in automobile production.
In addition, the development of bio-based coatings is expected to propel the coating resin market forward.
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COATING RESINS MARKET SHARE ANALYSIS
Because of increased applications, technological advancements, and rising demand in APAC, the global architectural coatings market is booming. Economic growth in developing countries, increased infrastructure investment, strict environmental regulations, rising purchasing power, and increased demand for green and environmentally friendly coatings are all driving Coating Resin's market growth.
Coating resins are used by car manufacturers to achieve mechanical strength, metal adhesion, and heat resistance in heavy and light-duty vehicles as well as passenger cars. In addition, the trend of producing furniture that is appealing and resistant to humidity and pests is growing. As a result, coating resins are increasingly being used to varnish wooden structures in the furniture industry. This in turn is expected to drive the growth of the coating resins market.
Factors such as the development of bio-based coatings, stringent regulations, and industry participants requiring eco-friendly coating to maintain their company's image are expected to drive future Coating Resins market growth.
Emerging economies in APAC, the Middle East and Africa, and South America are investing in large-scale, long-term infrastructure projects. In comparison to the markets in North America and Europe, the coating resins market in these countries is booming. Leading coating resin manufacturers are heavily investing in these high-growth markets. The APAC market, particularly China and India, is providing incredible opportunities for the coating resins market players.
Fluctuating raw material prices and depleting petrochemical reserves are two factors that limit the use of coating resins. These factors stifle the coating resins market expansion.
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COATING RESINS MARKET SHARE ANALYSIS
Based on region, Asia-pacific is expected to be the most lucrative region. The Asia-Pacific coating resins market is being driven by factors such as a large and growing addressable population base, rapidly growing construction activity, and an increase in the number of automobiles, wooden furniture, and other electronic appliances.
Based on application, The architectural segment is expected to be the most lucrative. Due to the expansion of the housing market, there is a rise in demand for architectural coating. As a result, demand for coating resins used in architectural coatings is expected to rise.
Based on type, the acrylic resin segment is expected to be the most lucrative. In the coating resins market, the acrylic resin segment has the largest share. Because of its use in architectural coatings, floor finishes, and automotive coatings, acrylic is the most popular resin type. The second most popular resin is polyurethane.
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Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Market By Company
- Allnex Belgium SA/Nv
- Arkema S.A.
- BASF SE
- Bayer AG
- Momentive Specialty Chemicals
- Nuplex Industries Ltd.
- Royal DSM
- The DOW Chemical Company
- The Valspar Corporation
- PCCR USA Inc.
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SIMILAR REPORTS
- In 2020, the global UV Curable Resins market size was USD 2714 million and it is expected to reach USD 3327 million by the end of 2027, with a CAGR of 2.8% during 2021-2027.
- The global Heat Resistant Coating market size is estimated to be worth USD 5343 million in 2022 and is forecast to a readjusted size of USD 6799.7 million by 2028 with a CAGR of 4.1% during the review period.
- The global Phenoxy Resins market size is estimated to be worth USD 129.4 million in 2022 and is forecast to be a readjusted size of USD 143.2 million by 2028 with a CAGR of 1.7% during the review period.
- The global Acrylic Resins market size is estimated to be worth USD 14740 million in 2022 and is forecast to a readjusted size of USD 16790 million by 2028 with a CAGR of 2.2% during the review period.
- The global Bismaleimide (BMI) Resins market was valued at USD 98.1 million in 2020 and it is expected to reach USD 123.7 million by the end of 2027, growing at a CAGR of 3.4% during 2021-2027.
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