Reliable Data You Can Trust
Reliable Data You Can Trust
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, forecasts, 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 5.5% over the forecast period of 2022-2028.
The global was valued at around USD
41 billion in 2022 and is expected to reach USD 60 billion in 2028, with a CAGR
of 5.5% during the forecast period. Resins have several enhanced
characteristics of dry films, such as hardness, adhesion, chemical and solvent
resistance, and durability, which make 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, coatings 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 coatings resins market.
The increasing demand for paints
and coatings from various end-use industries is majorly driving the 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 ease of clean-up and re-coat. These advantages of coatings resins are anticipated to boost their adoption in various industries. Moreover,
the growing construction and automotive sectors are supporting the growth of
the coatings resins market. Construction and automotive industries widely use
coatings resins for various applications including paints, coatings, carpets,
and nonwoven textiles. Thus, the growing construction and automotive industries
augment the growth of the coatings resins market as they are the leading
end-use industries. However, as coatings 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 coatings 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 industrial equipment use coating
resin to protect its 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.
The outbreak of COVID-19 brought a
negative impact on the coatings resins market share because of the imposition
of lockdown. The spread of COVID-19 has severely affected the coatings resins
market across the globe. COVID-19 pandemic affected the global coatings resins
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.
Based on the region, the worldwide
coatings resins market is segmented into the Asia Pacific, North America,
Europe, and the Middle East & Africa. Among the regions, North America
holds the biggest share of the global coatings resins market. The North
American region accounted for the second-largest revenue in the global coatings
resins market. The growing construction industry in North America is
anticipated to boost the demand for coatings resins for paint, coating, construction, carpets, and nonwoven applications. Additionally, the increasing
production and export of electronic goods in North America are further
augmenting the growth of the market. The global coatings resins market is
dominated by the Asia Pacific region. Moreover, the higher sale of automobiles
and industrial goods in the region augments the demand for coatings resins in
the Asia Pacific.
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 BASF SE, Arkema SA, Covestro AG, 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 the coatings resins market. Moreover, the study highlights current market trends and provides forecasts for 2022-2028. 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.
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