The market size for coating resins is projected to grow from USD 38.7 billion in 2020 to USD 48.8 billion by 2025, at a CAGR of 4.7 percent. Coating resins are largely used in the architectural as well as industrial applications.
The acrylic resin segment is projected to register the largest share because of its usage in varied applications, such as architectural coatings, floor finishes, and automotive coatings. Polyurethane is the second most demanded resin type.
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.
General Industrial Coatings Application - Fastest-Growing Segment
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.
APAC - Largest Coating Resins Market
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.
Source: MarketsandMarkets™