Global Coating Resins Market Size, Share, Growth Analysis, By Resins(Acrylic, Alkyd), By Formulating Technology(Water-based, Solvent-based), By End-Use Industry(Architectural Coatings, General Industrial Coatings) - Industry Forecast 2022-2028

Global Coating Resins Market size was valued at USD 50.99 billion in 2021 and is poised to grow from USD 53.9 billion in 2022 to USD 88.76 billion by 2030, growing at a CAGR of 5.7% in the forecast period (2023-2030).

The primary ingredients used to create coatings are polymer compounds called coating resins. Only corrosion resistance, toughness, weather resistance, and stain resistance are used for these cutting-edge materials, which also serve as protective layers.

The market for coating resins is expanding quickly as a result of developing end-use industries and changing technologies. Environmental regulations and the economic development of developing countries are also anticipated to be major market drivers. Over the course of the projected period, rising auto manufacturing is anticipated to have a significant impact on the market. Additionally, factors including the quick economic development of developing nations, rising infrastructure spending, strict environmental rules, rising purchasing power, and rising demand for eco-friendly coatings will all contribute to growth.

Top-down and bottom-up approaches were used to estimate and validate the size of global Coating Resins Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.

Segments covered in this report

The Global Coating Resins Market is segmented based on the Resins, Formulating Technology, End-Use Industry, and Region. Based on the Resins, the Global Coating Resins Market is segmented as Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, and Others. Based on the Formulating Technology, the Global Coating Resins Market is segmented as Water-based, Solvent-based, Powder, and Others. Based on the End-Use Industry, the Global Coating Resins Market is segmented as Architectural Coatings, General Industrial Coatings, Powder Coatings, Wood Coatings, Automotive OEM Coatings, Automotive Refinish Coatings, Protective Coatings, Packaging Coatings, and Others. Based on Region Coating Resins Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Driver

Rising Utilisation of Liquid and Bio-based Epoxy Resin

Powder coatings frequently make use of epoxy resins as well. Today, it is becoming more and more typical to use liquid epoxy resin to create formulations with high and ultra-high solid contents. The performance of waterborne epoxy resin technology has increased, allowing for greater utilisation. Only a limited fraction of technology was really accomplished due to the excessive reliance on metal coatings. As a result of growing environmental, economic, and resource-related worries as well as the uncertainty brought on by a limited supply of petrochemicals, research and development efforts to generate bio-based polymers have significantly increased in recent years. To address the industry's demand for environmentally friendly processes and products that promote sustainable growth, manufacturers are making an effort to replace petroleum-based resources with polymers derived from naturally occurring feedstocks.

Restraint

An increase in the number of strict VOC regulations

Alkyds are used in some capacity in practically all types of end-use coatings worldwide. Alkyd resin use is, however, fast falling, particularly in North America and Europe, as VOC limitations continue to loosen. The market has changed to other types of resin for formulas that are water-based and contain bigger particles. Due in part to the rising demand for resins created with a higher percentage of renewable resources, the industry is witnessing the launch of cutting-edge water-based alkyd systems. The early alkyds produced were solvent-based, but the high levels of solvents in these coatings turned out to be harmful to both human and environmental health. Due to stricter VOC regulations, there is a lot of pressure on the coatings sector to reduce the VOC content of solvent-based coatings. Solvent-based alkyd coatings have suffered a drop in market share as a result of their high VOC content, losing ground to competing technologies like water-borne, powder, and UV-curable coatings. Reduced VOC levels are essential for these coatings to reclaim market dominance because they must adhere to stringent VOC regulations while maintaining exceptional efficiency.

Market Trends

Sustainability continues to grow within the coatings sector. For producers of resin, pigments, additives, and final coating formulations, the development of greener procedures that consume less energy, generate less waste, and emit less pollution has become a larger priority. The most successful businesses established institutional initiatives to promote creativity, boost public awareness, and aid in the development of sustainable business practises.