Global coating resins market is expected to grow significantly over the forecast period on account of increasing demand from automotive industry. Automotive industry mainly uses original equipment manufacturer (OEM) coatings for light & heavy duty commercial vehicles and passenger cars. Coating resins demand in automotive sector is increasing on account of growing refinish automobile coatings. Increasing OEM coatings demand coupled with changing consumer preference towards branded coatings is expected to foster coating resins market over the forecast period. Coating resins demand in building and construction industry is anticipated to grow at a rapid rate owing to increasing residential and commercial constructions particularly in emerging economies such as India, Indonesia and Brazil. These specialty coatings are being extensively utilized in roadway networks prompt markings for proper safety signage usage such as lane changing signs and zebra crossings. The coated roadway markings offer excellent abrasion and weather resistant properties. The coatings also help in minimizing road maintenance costs. Increasing aesthetic architectural structures and surging durable furniture demand is anticipated to be a key factor driving the global coating resins market over the forecast horizon. Furniture industry widely uses coating resins owing to its intrinsic property to protect wooden structures from pests and humidity.
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Growing preference towards water based and biodegradable coatings is projected to provide lucrative opportunities for industry participants. Moreover, increasing demand from industrial, commercial and residential applications for coating electrical wires is predicted to augment market growth in the upcoming years. On the basis of products, the market has been segmented into acrylic, vinyl, polyurethane (PU), amino, epoxy and surface plasmon resonance (SPR). Major coating resins applications include architectural, automotive and furniture. Depleting petrochemical reserves along with volatile raw material prices are estimated to hinder global coating resins market growth over the forecast period.
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Asia Pacific and Latin America are expected to emerge as regional leaders over the forecast period. Increasing coating resins demand in emerging economies such as India, China, Taiwan and Brazil owing to the growing end use industries such as construction and electronics in the region. Europe and North America are predicted to witness an average growth over the forecast period.
Key players operating in global coating resins market include Arkema, The Dow Chemical Company, BASF, Evonik Industries, Royal DSM N.V. and Bayer AG.
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