An extensive study of the product application and services conducted by subject matter experts assessing the Coating Resins market will help product owners to make a wise decision
New York, United States – May 20, 2020 /MarketersMedia/ —
The Coating Resins Market is expected to reach USD 44.07 Billion by 2026, according to a new report by Reports and Data. Coating resins are coatings used on the surface of the object to obtain corrosion resistance, hardness, weather resistance, and spot resistance. Resins provide gloss retention, fast drying times, and excellent weathering to coatings. Development in architectural coatings demands to stimulate the growth of the market. Also, the increase in demand for green and environment-friendly coating systems in architectural designs are anticipated to boost the market growth. There is a huge demand for coating resins in the roadways marking, owing to its weather resistance properties, which in turn is efficient for reducing the maintenance cost of roads. The rise in production of automobiles is also another factor anticipated to increase the growth of the market.
The automobile manufacturers use coating resins for coating heavy or light-duty vehicles as well as passenger cars to gain adhesion to metals, mechanical durability, and heat resistance. Also, there is an increase in the trend of manufacturing furniture that is fascinating and resists humidity and pests. Therefore, the furniture industry is frequently using coating resins for varnish wooden structure.
This report covers the recent COVID-19 incidence and its impact on Coating Resins Market. The pandemic has widely affected the economic scenario. This study assesses the current landscape of the ever-evolving business sector and the present and future effects of COVID-19 on the market.
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APAC is anticipated to witness the highest CAGR of 5.3% during the forecast period. This growth is due to the emerging construction industry and demand for environment-friendly coatings, along with the rising population and disposable income leading massive demand for coating resins in the region.
The Key players in the coating resins market include Arkema Coating Resins, Dow Chemical, Momentive Specialty Chemicals, Inc., Westlake Chemical Corporation, BASF, Allnex, Royal DSM N.V., Ferro Coating Resins, Nippon Shokubai Co. Ltd., Aekyung Chemical Co. Ltd., Evonik, Bayer A.G., PCCR USA, and Nuplex Industries Limited.
For the purpose of this study, Reports and Data have segmented the market on the basis of Resin, Technology, End User, and region:
Resin Outlook (Volume, Kilo Tons; and Revenue, USD Billion ; 2016-2026)
• Acrylic
• Alkyd
• Polyurethane
• Vinyl
• Epoxy
Technology Outlook (Volume, Kilo Tons; and Revenue, USD Billion ; 2016-2026)
• Solvent Borne
• Powder Coating
• Waterborne
• High Solid
• Radiation Cured
End User Outlook (Volume, Kilo Tons; and Revenue, USD Billion ; 2016-2026)
• Architectural
• Industrial
• Protective and Marine
• Vehicle Refinish
• Others
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Regional Outlook (Volume, Square Meters; and Revenue, USD Billion ; 2016-2026)
• North America (United States, Canada and Mexico)
• Europe (Germany, France, UK, Russia and Italy)
• Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
• South America (Brazil, Argentina, Colombia)
Further key findings from the report suggest
• The coating resins market is estimated to reach USD 44.07 Billion by 2026, at a CAGR of 4.7% during the forecast period.
• Solvent-borne coatings are utilized principally as protecting layers in liquid form, which are applied to the surface of a material for prevention of corrosion. They include organic compounds, and as a result of the curing feature of solvent-borne coatings, they present more toughness than waterborne coatings, thereby proving to be a favored choice as a corrosion control solution.
• The architectural end user segment accounts for the largest share of 27.3% of the market in 2018.
• Arkema started into a joint venture with Jurong Chemical (China) in January 2014, which began to the creation of Taixing Sunke Chemicals Co., Ltd. This is anticipated to allow the group to stimulate the development of the Coating Solutions segment in China and Asia and support its customers in the fast-growing markets, such as adhesives, paints, super absorbents, and water treatment.
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