[FURL=https://www.industryarc.com/Report/11680/coating-resins-market.html?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Coating Resins Market[/FURL] size is forecast to reach US$52.6 billion by 2026, after growing at a CAGR of 5.2% during 2021-2026. Coating resins are widely used to develop tough, polished, durable, and aesthetically beautiful surfaces. Coating resins such as thermoset (saturated polyester, acrylic, polyurethane, and others) and thermoplastics are highly durable, sustainable, have low volatile organic compounds, and excellent chemical resistance, thus these are widely used for packaging coating, surface coatings, floor coatings, and other applications. Also, waterborne coatings are used widely due to low volatile organic compounds level and hazardous air pollutants emission.Key Takeaways
Asia Pacific region dominated the coating resins market, due to growth in construction activities in developing countries such as India, and China.
Increasing usage of waterborne coatings owning to its low VOC content is further driving coting resins demand.
The increasing production of automobiles is also another factor expected to grow the coating resins market.
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Coating Resins Market Segment Analysis – By Geography
The Asia Pacific dominated the coating resins market with a share of 34% in 2020 due to growing demand from various applications such as engine coating, marine, food packaging coatings, and others in developing countries like India and China. Coating resin has various unique properties such as chemical resistance, weathering resistance, and flexibility, which helps to increase the consumption of resins in coatings. According to Central Sanctioning and Monitoring Committee (CSMC), 1,68,606 new homes were approved to construct in urban areas under Pradhan Mantri Awas Yojana in 2021. Additionally, the Ministry of Rural Development and Ministry of Housing and Urban Affairs indicate a housing shortage of about 3 crore units in rural areas and 1.2 crore units in urban areas. According to IBEF, the Indian automotive industry (including component manufacturing) is expected to reach US$ 251 to US$ 282 billion by 2026.
Coating Resins Market Drivers
Robust Growth in Building and Construction Industry at Global Level
Growing Production of Vehicles
Coating Resins Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Coating Resins Market. Major players in the Coating Resins Market include Dow Chemical, Momentive Speciality Chemicals (Hexion), Royal DSM, BASF, Arkema, Allnex, Cytec Coating Resins, Electrolube, Alberdingk Boley, Inc., Brenntag Specialties, Inc., and among others.
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