The coating resins market is projected to grow from USD 42.4 billion in 2021 to USD 51.4 billion by 2026, at a CAGR of 4.0% between 2021 and 2026. The markets growth is primarily triggered by the increased demand from construction and automotive industries, a surge in investments in the infrastructure sector, demand for eco-friendly coating systems, and a rise in the purchasing power of consumers.
Powder coatings is the fastest growing technology in coating resins market, in terms of volume. The powder coating technology uses dry resin powders for coating substrates with thermoplastic or thermoset films. The coating is formed after a layer of powder is applied with a powder spray gun or fluidized bed tank to the substrate and heated, thereby melting the powder. Powder coatings are largely used in automotive, appliance finishing, outdoor furniture manufacturing, and architectural and building applications. A key driver for the powder coatings technology segment is the increasing number of stringent environmental regulations for zero- or non-VOC coatings.
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Advances in powder coating technology, such as the development of thin-film powders (one millimeter or thinner), UV-cured powders, lower-temperature cured powders, and powders that are resistant to high-heat clear coats, are driving the market. Technological advancements in powder coating materials, their unique applications, and advanced curing methods have enhanced the use of powder coating in heat-sensitive substrates. Medium-density fiberboard (MDF), a combination panel bonding synthetic resin with wood particles, is one of the most important advancements in powder coatings. It is suitable for powder coating applications owing to its low porosity and homogeneous surface. Powder coatings are increasingly being used on MDF products for finishing. These products include doors, kitchen and bath cabinets, office furniture, store fixtures and displays, and ready-to-assemble furniture for offices and homes.
APAC is the largest coating resins market globally.
APAC is projected to lead the coating resins market and this dominance is expected to continue till 2026. APAC encompasses a diverse range of economies with different levels of economic development. The growth of the region is mainly attributed to the high economic growth rate coupled with heavy investments across industries such as automotive, consumer goods & appliances, building & construction, and furniture. The key players of the coating resins market are expanding their production capacities in APAC, especially in China and India. The advantages of shifting production to APAC are the low cost of production, availability of skilled and cheap labor, and the ability to serve the local emerging market in a better manner.
The key players profiled in the coating resins market report are Arkema (France), BASF SE (Germany), Covestro (Germany), Allnex Netherlands B.V. (Germany), and The Sherwin-Williams Company (US).
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