The coating resins market is projected to grow from USD 38.7 billion in 2020 to USD 48.8 billion by 2025, at a CAGR of 4.7% between 2020 and 2025. APAC is the largest consumer of coating resins. The growth of the market is primarily triggered by the growth in end-use industries, increasing investment in the infrastructure sector, stringent environmental regulations, and growing purchasing power of consumers in the emerging economies.
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The acrylic resin segment accounted for the largest share of the coating resins market.
The acrylic resin segment accounted for the largest market share in 2019. Acrylics are available in two types of composition: pure acrylics and complex acrylics (contain additional monomers). Pure acrylics contain only acrylic monomers. To obtain a resin with specific properties, or to reduce its cost, different monomers can be incorporated into the acrylic polymer. In the case of complex acrylics, styrene is the most used, and the resulting resin is known as styrene-acrylic. Styrene monomers are significantly less expensive than acrylic ones. They are known to increase water resistance and offer alkali resistance and improved hardness.
The general industrial coatings application is the fastest-growing segment of the overall coating resins market.
The general industrial coatings segment is projected to be the fastest-growing application of coating resins. The drivers for the market in this segment are population growth, improved standard of living, infrastructural development, global GDP growth, and growth of the construction sector. The demand for motors, generators, and transformers, agricultural equipment, and other industrial equipment is increasing globally, which is driving the demand for coating resins in the general industrial coatings application.
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APAC is the largest coating resins market.
APAC is the leading market for coating resins. The growth in the region is fueled by the booming economies of China, India, Indonesia, and Vietnam. Acrylic resin is a preferred choice for architectural and decorative coatings in APAC. It is in high demand, as it is a low-cost material that provides good chemical and photochemical resistance, stain protection, water resistance, and has better adhesion to surfaces than other resin types. APAC is a rapidly developing region with growth opportunities for companies willing to invest in high-growth markets. The green coatings (low VOC) segment is expected to be one of the leading technology trends in this region.
The key players profiled in the coating resins market report are Arkema (France), BASF (Germany), DSM (Netherlands), Allnex Netherlands B.V. (Germany), Dow (US), and The Sherwin-Williams Company (US).
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