Global $ 47.77 Billion Coating Resins Market Size by 2028 at 5.06% CAGR: Verified Market Research®
JERSEY CITY, NJ, August 3, 2021 / PRNewswire / – Verified Market Research recently published a report, “Coating Resins Market“By type of resin (acrylic, alkyd, vinyl, epoxy), by technology (water-based coatings, powder coatings, solvent-based coatings), by application (architectural coatings, packaging coatings, packaging) and geography. According to verified market research, the global coating resins market has been valued at $ 18.01 billion in 2020 and should reach $ 47.77 billion by 2028, with a CAGR of 5.06% from 2021 to 2028.
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202 – Slips
126 – Tables
37 – Figures
Global Coating Resins Market Overview
The increasing use of liquid and bio-based epoxy resin is one of the main growth drivers of the market. Various epoxy resins are widely used in electrodeposition (ED) coatings and industrial coatings, especially in transportation, industrial maintenance and maritime industries. Epoxy resins are also frequently used in powder coatings. The use of liquid epoxy resin in the development of high and ultra high solids formulations is increasingly common. Liquid epoxy resin is used to make 100% solid epoxy compositions for use as concrete surfaces, tank liners and other similar applications. It is frequently supplemented with phenoxy and novolac resins to increase performance and characteristics.
The performance of water-based epoxy resin technology has improved, allowing greater application. Due to the extensive use of metal coatings, only a small fraction of the technology has been achieved. In recent years, growing environmental and economic concerns, along with uncertainty over limited petrochemical resources, have triggered a significant increase in research and development efforts to create bio-based polymers. Manufacturers are trying to replace polymers derived from natural biofuels with petroleum-based products to meet industrial demand for environmental protection. In addition, creating safer polymer production processes, such as using safer building blocks and additives, is of utmost importance. DGEBA, cycloaliphatic epoxies or diglycidyl ethers of Novolac resins are widely used to make commercial epoxy resins. Renewable natural resources have made it possible to act as building blocks for polymers due to their low cost, environmentally benign nature, and ability to be easily epoxidized.
Factors limiting the use of coating resins include varying raw material prices and declining petrochemical inventories. These factors are hampering the growth of the market. However, the global coating resin industry has yet to realize its full potential.
Key developments in Coating Resins Market
- In April 2021, Azelis announced a new distribution agreement with BASF for dispersions, additives and resins through Australia and New Zealand, starting immediately (ANZ). The products covered by the agreement are widely used in coatings, adhesives, sealants and elastomers (CASE), as well as in construction applications.
- In February 2021, Arkema announced the functionalized pure acrylic binder ENCOR 2793, a new formulation dedicated to multi-substrate primers and rehabilitation paints. It is free from alkylphenol ethoxylates and formaldehyde liberators. ENCOR 2793 Pure Acrylic has an excellent adhesion profile to a variety of surfaces including wood, concrete, porcelain, plastics and many more. It is simple to formulate. This opens the door to a wide range of applications, including multi-base primers, murals, wood lacquers, stain and tannin blocking primers, and two-coat repair paints.
The main market players are Arkema (France), BASF SE (Germany), Covestro (Germany), Allnex Netherlands BV (Germany), The Sherwin-Williams Company (United States), Dow Inc. (United States), Evonik Industries AG (Germany), Polynt-Reichhold (Italy), Huntsman International LLC. (United States) and Mitsubishi Chemical Corporation (Japan).
Verified market research segmented the global coating resins market on the basis of resin type, technology, applications, and geography.
- Coating Resins Market, By Resin Type:
- Unsaturated polyester
- Saturated polyester
- Coating Resins Market, By Technology:
- Water-based coatings
- Solvent-based coatings
- Powder coatings
- Coating Resins Market, By Application:
- Architectural coatings
- Marine & protective coatings
- Packaging coatings
- Coil coatings
- Coating Resins Market By Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
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The 7 largest epoxy resin manufacturers in the world are building a stronger foundation for industries operating globally
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