TAGS: Automotive Coatings Polyurethane Coatings
The global coating resins market is projected to grow from USD 29.5 billion in 2018 to USD 37.9 billion by 2023, at a CAGR of 5.1%, between 2018 and 2023. There has been a wide acceptance of coating resins in various industries; such as building & construction, packaging, general industrial automotive, marine, aerospace, and furniture; which is expected to drive the growth of the coating resins market.
Market to Grow at a CAGR of 5.1%
PU Segment Projected to Account for the Largest Share
The polyurethane segment is projected to account for the largest share of the coating resins market, by resin type, during the forecast period.
The polyurethane segment is projected to account for the largest share and witness the highest CAGR during the forecast period because of its use in varied applications. The major end-use industries for powdered polyurethanes are the main appliance market coatings, such as refrigerators, dryer drums, and range cabinets. The high-performance characteristics of polyurethanes, such as their ability to cure at lower-baking temperatures, and improved total coating solids, that is, ability to obtain decreased volatile organic compound content; offset the high cost of polyurethanes.
Automotive Coatings - Fastest-Growing End-Use Industry
The automotive coatings segment is projected to be the fastest-growing end-use industry of the coating resins market during the forecast period.
The increase in the disposable income of consumers in developing economies has fueled the demand for passenger cars. The automotive manufacturers are establishing manufacturing facilities in emerging countries due to low labor cost, favorable government regulations, and easy accessibility to raw material. These manufacturers are increasingly shifting toward low-cost and high-performance OEM coatings.
These factors are expected help coating resins market to grow. Moreover, auto refinish coatings market is also are expected to increase the demand for coating resins, owing to different factors, such as adoption of newer technologies, and rising disposable income in the developing economies.
The Coating Resins Market in APAC to Register the Highest CAGR
The APAC coating resins market is segmented as China, Japan, India, South Korea, Thailand, Indonesia, Singapore, and the Rest of APAC. The APAC region is an emerging and lucrative market for coating resins, owing to industrial development and improving economic conditions. This region constitutes, approximately, 61% of the global population, resulting in the growth of the building & construction, manufacturing, and automotive sectors.
Major players operating in the coating resins market include Arkema S.A. (France), BASF SE (Germany), Royal DSM N.V. (Netherlands), and Allnex Netherlands B.V. (Germany).
Source: M&M