Increasing Use in Automotive Industries to Positively Impact Coating Resins Market Growth
Market Analysis
The global coating resins market is projected to grow at an impressive CAGR between 2020–2027, as per the recent Market Research Future (MRFR) report. Coating resins, which is also called binders, are polymer materials that help in holding together the coating formulations and offer adhesion to the substrates where the coating is applied. Some of its key applications include electronics, packaging, architectural, automotive, and industrial, among others.
Numerous factors are adding to the global coating resins market growth. These factors, according to the recent Market Research Future report, include the growing demand in the building construction and automotive industries, constant technological advancements, development of new formulations and materials, and increasing use of paints and coatings in different end use industries.
On the contrary, fluctuations in raw material prices may limit the global coating resins market growth during the forecast period.
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Market Segmentation
The Market Research Future report provides an all-inclusive segmental analysis of the global coating resins market based on application, technology, and type.
By type, the global coating resins market is segmented into vinyl, polyurethane, epoxy, alkyd, acrylic, and others. Of these, the acrylic segment will lead the market during the forecast period for its excellent features such as drying characteristics, water and stains characteristics, resistance to chemicals, gloss retention, dirt resistance, and excellent surface protection. Acrylic resins are mostly used in topcoats, sealers, stains, and primers. Its growing demand in different industries is adding to market growth.
By technology, the global coating resins market is segmented into UV-cured, powder, solvent-borne, water-borne, and others. Of these, the powder segment will dominate the market during the forecast period for the rising demand for low VOC coatings. Besides, its increasing use in automotive and industrial applications, ease of use and cost-effective nature, and alluring features such as good durability and high transfer efficiency are adding to the market growth.
By application, the global coating resins market is segmented into electronics, packaging, architectural, automotive, industrial, and others. Of these, the architectural segment will have a major share in the market during the forecast period for the robust growth of building construction industries where these resins are widely used for decks, roofs, and walls.
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Regional Analysis
By region, the global coating resins market report covers the latest trends and growth opportunities across the Americas, the Asia Pacific (APAC), Europe, the Middle East and Africa (MEA), and Latin America. Of these, the APAC region will have the lions share in the market during the forecast period. Factors adding to the coating resins market growth in the region include the expanding building construction industry and increasing use in architectural applications. South Korea, China, and India are the key contributors in the region.
The global coating resins market in North America Europe will have notable growth during the forecast period. The US is the key contributor in the North American market for the burgeoning demand for UV-cured resins and powder coatings in the steel and automotive industry.
The global coating resins market in Latin America and the MEA will have considerable growth during the forecast period for the growing building construction and automotive industry.
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Key Players
Leading players profiled in the global coating resins market report include Ferro Coating Resins (South Africa), Neville Chemical Company (US), Nippon Shokubai Co. Ltd (Japan), Westlake Chemical Corporation (US), Tosoh Corporation (Japan), DIC Corporation (Japan), Aekyung Chemical Co. Ltd (South Korea), Royal DSM NV (Netherlands), Wacker Chemie AG (Germany), Allnex Group (Germany), BASF SE (Germany), DowDuPont (US), and Arkema SA (France). Key players have incorporated strategies such as new product launches, joint ventures, mergers, and acquisitions, and strategic alliances to create a niche in the market.
Industry News
February 2020: Leading PVC roofing solutions provider, IB Roof Systems has launched its latest acrylic silicone coatings. Right from complete roof restorations to cool-roof reflectivity and water leaks, these coatings will perform several critical functions as well as maintenance for any building.
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