Coating Resins Market: Overview
Coating resins are highly consumed for architectural purposes. Coating resins are used owing to their desirable properties such as flexibility, extended durability, resistance to heat and alkalis, and retention of gloss and color.
Coating Resins Market: Segmentation
The global coating resins market can be segmented on the basis of its application, types, technology, end-users, and region. On the basis of application, the global market is categorized into adhesives, leather coatings, architectural coatings, traffic paints, and proactive and industrial coatings. Based on the type, the global market is classified into vinyl, alkyds, epoxies, acrylics, unsaturated and saturated polyesters, amino coatings, and urethanes. On the basis of the technology used, the market is classified into hybrid, waterborne, radiation cures/high solids, solvent borne, and powder coatings. Based on the end-user application the market is divided into infrastructure, electronics, automotive, marine, food packaging, and furniture industries. Geographically, the market is diversified into Asia Pacific, Europe, the Middle East and Africa, North America, and Rest of the World.
Coating Resins Market: Growth Factors
The main driving factor for the coating resins market growth is the increasing use of architectural coatings. Both residential and commercial constructions use coating resins, hence contributing to the market growth. There is also a high demand for coating resins in the roadway markings. Increasing road networks lead to increased usage of coating resins for safety sign such as lane changing and the zebra crossing. Usage of coating resins for roadway markings is owing to its weather resistance properties, which in turn reduces the maintenance costs of the roads. The increased manufacturing of automobiles is also another factor for the coating resins market growth. The manufacturers basically use automotive original equipment manufacturer coatings for heavy or light duty vehicles and passenger cars. There is a recent trend of manufacturing furniture that is aesthetic and appealing and building beautiful and artistic architectural structures which will increase the demand of coating resins market in future. Coating resins are used in constructing wooden structures due to the protection that it gives to the wood from humidity and pests. The use of electric wires in the commercial, residential, and industrial sectors is expected to be a major factor for market growth. The factors that create hindrance to the coating resins market growth are the unstable prices of the raw materials and the depletion of the petrochemical reserves. Due to strict EU regulations, the industries are seeking alternative products that are eco-friendly.
Coating Resins Market: Regional Analysis
Asia Pacific and Latin America are the leading players in the coating resins market owing to their emerging economy. There is a growth in the infrastructure industry in the developing countries such as India, China, Brazil, and South Korea due to growing middle-class population which will boost the market growth. In addition, there is a growth in the electronics industry in these regions which is also driving the coating resins market. Europe and North America are also having their share of the market growth due to the strategic initiatives were taken by them to increase the market opportunities.
Coating Resins Market: Competitive Players
The key players in the coating resins market include Arkema Coating Resins, PCCR USA, Inawan Chemtex Sukses Abadi, DIC Corp., Allnex, Royal DSM N.V., Citra Resins Ind., Nuplex Industries Limited, Dow Chemical, Momentive Specialty Chemicals, Inc., Akzo Nobel N.V., BASF, Diachem Resins Indonesia, Evonik, Bayer A.G., Worldwide Resins & Chemicals Sdn Bhd, PT, The Valspar Corporation, Diachem Resins Indonesia, and Nuplex Industries.
Coating Resins Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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