A recent report published by Infinium Global Research on the coatings resins market provides an in-depth analysis of segments and sub-segments in the global as well as regional coatings resins market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional coatings resins market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global coatings resins market. According to the report, the global coatings resins market is projected to grow at a CAGR of 4.9% over the forecast period of 2020-2026.
Resins have several enhanced characteristics of dry films, such as hardness, adhesion, chemical and solvent resistance, and durability, which makes them suitable materials for coatings. The physical and chemical properties of the coatings are primarily dependent on the nature of the resins used in them. In general, resins used for coating are produced by combining monomers derived from refined sources of hydrocarbons such as coal, crude petroleum, and natural gas. Furthermore, coating resins have found their application in several industries including paper, construction, glove dipping, carpets, nonwovens, textiles, and others. The development of innovative materials and advancements in the production processes has further driven the coating resin market.
The spread of COVID-19 has severely affected the coating resin market across the globe. COVID-19 pandemic affected the global coating resin market by hindering production and demand, disrupting the supply chain, and by its impact on firms and the financial markets. The demand for coating resin has decreased from the end-users. The COVID19 pandemic has severely affected the revenue of end-user industries. Several end-users have stopped their production or closed their production unit. The shortage of raw materials is another major challenge faced by the industry during the pandemic. Furthermore, the lower production of coating resins in countries including China, Taiwan, India, and Japan has created a shortage in the global market. Other countries dependent on the import are facing a severe shortage of coating resins during the pandemic. The lower production and shortage of coating resins in the market are estimated to hamper the market growth in the short term.
The increasing demand for paints and coatings from various end-use industries is majorly driving market growth. The paints and coatings made of resins have several advantages over oil-based paints and coatings including convenient usage, quick-drying, low or near zero VOCs, and easy to clean-up and re-coat. These advantages of coating resins are anticipated to boost its adoption in various industries. Moreover, the growing construction and automotive sectors are supporting the growth of the resin coating market. Construction and automotive industries widely use coating resins for various applications including paints, coatings, carpets, and nonwoven textiles. Thus, the growing construction and automotive industries augment the growth of the coating resins market as they are the leading end-use industries. However, as coating resins are produced by combining monomers derived from refined sources of hydrocarbons such as crude petroleum, and natural gas, the fluctuating prices of crude oil are expected to hamper the market growth for coating resins. Nevertheless, the growing demand for industrial equipment from the developing regions is anticipated to boost the market growth in the future. The majority of the industrial equipment use coating resin to protect their components from corrosion and wear. Thus, the growing production and sale of industrial equipment in developing economies are anticipated to augment the market growth in the future.
In terms of region, the global coating resin market is dominated by the Asia Pacific region. A large population of consumers along with improving economic conditions is augmenting the market growth in the region. Moreover, the higher sale of automobiles and industrial goods in the region augments the demand for coating resins in the Asia Pacific. Furthermore, the growing urban population in the region is further supporting the market growth for coating resins in the Asia Pacific. On the other hand, the North American region accounted for the second-largest revenue in the global coating resin market. The growing construction industry in North America is anticipated to boost the demand for coating resins for paint, coating, construction, carpets, and nonwovens applications. Additionally, the increasing production and export of electronic goods in North America are further augmenting the growth of the market.
The report on the global coatings resins market covers segments such as resin type, technology, and application. On the basis of resin type, the sub-markets include acrylic, alkyd, epoxy, polyurethane, vinyl, and others. On the basis of technology, the sub-markets include waterborne coatings, solvent-borne coatings, powder coatings, and others. On the basis of application, the sub-markets include architectural, industrial, automotive, packaging, and others.
The report provides profiles of the companies in the market such as Arkema SA, Covestro AG, BASF SE, Bayer AG, Dow Chemical Company, Evonik Industries AG, Koninklijke DSM N.V., Sherwin-Williams Co, PCCR USA Inc., and Polynt-Reichhold Group.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of coatings resins market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.