Top Companies in Coating Resins Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research Market
The coating resins market is projected to reach USD 73.4 billion by 2028 at a CAGR of 5.50% over the forecast period.
The Global Coating Resins Market is valued at USD 53.2 Billion in 2021 and is projected to reach USD 73.4 Billion by 2028 at a CAGR of 5.50% over the forecast period. Demand for architectural coatings is rising, driving the market's expansion. Additionally, a rise in the demand for eco-friendly coating systems in architectural designs is anticipated to fuel market expansion. Due to their weather resistance, Coating Resins are highly sought after for road marking. This helps keep the cost of maintaining roads down. Another factor anticipated to accelerate the growth of the Coating Resins market is the rise in auto production. Furthermore, the market is expected to experience future growth opportunities due to factors like the development of bio-based coating, strict regulations, and industry participants who value eco-friendly coating to uphold the reputation of their respective companies.
The coating resins market is expanding rapidly due to evolving technology and growing end-use industries. Additionally, the market is expected to be driven by environmental restrictions and the economic growth of developing nations. The market is expected to be majorly driven over the forecast period by expanding automotive manufacturing.
However, the growth of the market may be hampered by material price volatility. Petrochemicals such as amino, polyester, silicone, polyurethane, acrylics, and other Coating Resins. Therefore, the variation in crude oil may restrict material production and restrain market expansion in the present.
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Amidst Exponential Growth in Coating ResinsAdoption, What Trends Should We Look Forward to?
- The rising demand for aesthetically pleasing architectural designs and attractive furniture is anticipated to propel market expansion. Thus, due to the increasing demand for wood structures to be protected from pests and humid conditions, Coating Resins for structures and furniture are in high demand.
- Due to its shiny, high-gloss surface offering that can significantly increase the brightness of interior and exterior areas, Coating Resins like epoxy, polyester (saturated or unsaturated), acrylic resins, and others are used in various coatings. Therefore, it is predicted that the consumption of Coating Resins will have a noticeable effect on the building and construction industry. As a result, the market is driven by the robust growth of Coating Resins in the building and construction sectors.
- Automotive OEM coatings are a crucial component of the industry. These coatings are of the highest quality, are extremely durable, and have superior mechanical properties to shield cars from scuffs, harsh environments, and chemical exposure. The demand for coatings is also met by the automotive refinishing industry, which is anticipated to fuel market growth over the forecast period.
- Over the projection period, the rising need for road markings is anticipated to fuel coating resin demand. Rapid marking of appropriate safety signage usages, such as zebra crossing and lane change, on an expanding number of road networks. Roadway markings made of Coating Resins have weather resistance qualities, which also lowers the cost of road maintenance.
The Coating Resins market is dominated by globally established players such as Allnex Holdings S.A R.L. (Luxembourg), BASF SE (Germany), LANXESS (Germany), Royal DSM N.V. (Netherlands), DowDuPont Inc. (US), DIC Corporation (Japan), Bayer AG (Germany), Celanese Corporation (US), Arkema S.A. (France), Solutia Inc. (US), INEOS Group Holdings S.A. (UK), Huntsman International LLC. (US), and Evonik Industries AG (Germany). These companies have developed new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth coating resin market.
Let's Look at the Top 5 Companies That are Taking the Coating Resins Market by Storm
The Coating Resins market is expected to grow from USD 53.2 billion in 2021 to USD 73.4 billion in 2028 because of the strict government rules governing emission standards and rising demand for Coating Resins from the electronic market. Additionally, increasing demand for UV-curable, waterborne Coating Resins will spur further growth in demand during the anticipated period.
- Allnex Holdings S.A R.L. (Luxembourg)
The world's top manufacturer of industrial Coating Resins, crosslinkers, and additives is Allnex. Innovating liquid resins and additives, radiation-cured powder Coating Resins, and crosslinkers for use on wood, metal, plastic, and many other surfaces are among the wide range of products offered by this company, which is widely regarded as a pioneer in the field of specialty chemicals.
- BASF SE (Germany)
To address formulation needs across a range of markets, including Coating Resins, architectural coatings, building materials, construction coatings, nonwovens, paper coatings, printing, industrial coatings, and packaging, BASF SE provides superior raw ingredients and technical expertise. Its broad selection of premium latex polymers and additives gives your company a competitive edge and a bright future.
- LANXESS (Germany)
The leading Cologne-based manufacturer of specialty chemicals is LANXESS. With annual sales of EUR 6.1 billion, the primary activity is the development, production, and marketing of chemical intermediates, additives, Coating Resins, and consumer protection goods (2021).
- DIC Corporation (Japan)
Since more than 60 years ago, DIC has produced paint/Coating Resinsused in various industries, such as consumer goods, transportation, consumer electronics, and infrastructure. In Japan, DIC has the largest market share for acrylic, alkyd, epoxy, and UV curable resins. This is the outcome of the top-level development of numerous resin technologies and products in the paint industry, the constant provision of the best solutions and post-sale services—even for substrates that are challenging to paint, like plastic-metal hybrid materials and plastic films—and the careful consideration of our customer’s needs in the co-creation process.
- Evonik Industries AG (Germany)
Evonik has significantly influenced and expanded the range of potential uses for precoated metals, including Coating Resins. These coating raw materials can be used to create coatings with excellent surface hardness and very good adhesion while also providing the maximum amount of flexibility and formability.
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