Coating Resins Market Size

Coating Resins Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The world market for coating resins is expected to reach about $20 billion by 2023 and is expected to reach about $30.6 billion by 2030, at a CAGR of 5.3%. The demand for coating resins is increasing in all fields of application, including the automotive, construction, and industrial sectors. In addition, the growing trend toward sustainable and eco-friendly products is driving the market, and manufacturers are striving to develop high-performance resins that meet increasingly strict regulations. There are many reasons for this upward trend, including technological developments that increase the performance and longevity of coating resins. The rise of waterborne and bio-based resins is especially noteworthy because they are in line with the growing demand for sustainable solutions. Also, market leaders such as BASF, Dow, and AkzoNobel are investing heavily in research and development to expand their product portfolios and improve their market positions. Strategic alliances and joint ventures are also driving the market and ensuring that the market remains dynamic and responsive to changing industry needs.

Regional Market Size

Regional Deep Dive

RESIN FOR PAINT MANUFACTURING AND FINISHING is a dynamically growing market, driven by the increasing demand from end-use industries such as construction, automotive, and electronics. The North American market is characterized by a high emphasis on innovation and sustainable development, and a strong focus on a greener formulation. The European market is characterized by a trend towards high-performance coatings, which is mainly influenced by the tightening of the environment and the increasing demand for advanced materials. The Asia-Pacific region is characterized by rapid growth, driven by urbanization and industrialization. In the Middle East and Africa, the construction boom is driving growth. Latin America, although smaller in size, is gradually adopting advanced coating technology, driven by a growing construction industry.

North America

• In the United States, the EPA has tightened regulations on VOCs, leading to the development of low VOC and water-based coating resins, which have led to an improvement in the market's sustainable development.
• PPG Industries and Sherwin-Williams, for example, are investing heavily in R & D in order to develop advanced products that meet both performance and environment standards.
• The growing importance of electric vehicles (EVs) is driving the need for durable and attractive surface coatings, and companies like BASF are developing new products.

Europe

• In the Green Deal, the European Union aims to make Europe climate-neutral by 2050, and this has led to a growing demand for sustainable coatings that comply with the applicable regulations.
• In the course of their activities, companies such as AkzoNobel and Covestro have been working on the development of bio-based resins, which have become a significant trend in the region, reflecting the growing importance of the circular economy.
• Europe’s building industry is progressively adopting high-performance coatings that increase energy efficiency, spurred on by the imposition of regulations to make buildings more energy efficient.

Asia-Pacific

• In China and India, the rapid urbanization is causing a high demand for construction coatings, and the high investment in the construction of the country is driving the coatings resins market.
• Nippon Paint and Asian Paints have both introduced a series of products that are designed to meet the needs of local climates.
• Make in India and similar government initiatives in other countries are encouraging domestic production of resins and reducing the import dependence.

MEA

• Vision 2021, the development program of the United Arab Emirates, has been a major factor in the development of protective and decorative coatings for building construction projects.
• The paints companies like Jotun and National Paints have been expanding their business in the Middle East and Africa region, developing special coatings that can withstand the harsh climate.
• Despite the regulations that have been introduced, the industry is now developing eco-friendly coatings that are in line with the world’s green trends.

Latin America

• Brazil’s construction industry is beginning to revive, and the demand for protective and decorative coatings is increasing. The local companies, such as Suvinil, are responding to the needs of the market.
• The trend towards water-based and low-VOC coatings is being driven by an increasing awareness of the environment and regulatory changes.
• Opportunities for specialized coatings in the field of new energy, especially in wind and solar energy, are growing.

Did You Know?

“Bio-based coating resins are expected to grow substantially, with a forecast that by 2025 they will represent more than 20 per cent of the total market for coating resins.” — Research and Markets

Segmental Market Size

The coating resins market is characterized by its diverse segments, with the waterborne resins segment playing a major role in the overall market. This segment is currently growing due to the increasing stringency of regulations and the demand for sustainable products. Moreover, with the shift toward eco-friendly solutions, waterborne resins are becoming more and more popular because of their low VOC emissions and compliance with regulations such as REACH and EPA.

In the field of water-based resins, the implementation is now at the stage of industrialization. PPG Industries and BASF are the leaders in research and development. The main application fields are in the field of car paints, architectural paints and industrial paints. The properties of the water-based resins are high in terms of adhesion, elongation and aesthetics. The trend towards the conservation of resources and the development of green building techniques have a positive effect on the growth of this market. The polymer technology and the formulations are constantly being improved, which makes the performance of water-based resins more comparable to the properties of the solvent-based resins.

Future Outlook

The coating resins market is expected to grow significantly from 2023 to 2030, and its market size is projected to increase from $20.1 billion to $30.6 billion, at a CAGR of 5.3%. The main driving force for this growth is the increasing demand for high-performance coatings in the automobile, construction, and electronics industries. In addition, the shift to low-VOC and green formulations is expected to drive innovation and product penetration in both developed and emerging economies.

The development of new water-borne and solvent-free resins will also change the market structure. Moreover, stricter environmental regulations and policies to reduce emissions will further drive demand for sustainable coatings. In addition, the trend of smart coatings with self-healing and long-lasting properties will attract more research and development, thereby promoting the market's development. As manufacturers respond to these trends, the coating resin market is expected to grow and become more complex, and a wide range of products are tailored to the needs of various industries.