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Coating Resins Market Trends - What will be the Short-term Impact of COVID-19?

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Prapti Hinge
Coating Resins Market Trends - What will be the Short-term Impact of COVID-19?

The global coating resins market is set to gain impetus from the increasing development of greener processes by producers of final coating formulations, additives, pigments, and resins. This information is given by Fortune Business Insights™ in a new study, titled, “Coating Resins Market Size, Share & Covid-19 Impact Analysis, By Resins (Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, and Others), By Formulating Technology (Water-based, Solvent-based, Powder, and Others), By End-use Industry (Architectural Coatings, General Industrial Coatings, Powder Coatings, Wood Coatings, Automotive OEM Coatings, Automotive Refinish Coatings, Protective Coatings, Packaging Coatings, and Others), and Regional Forecast, 2020-2027.” The study further mentions that the coating resins market size was USD 33,707.6 million in 2019 and is projected to reach USD 47,412.8 million by 2027, exhibiting a CAGR of 4.7% during the forecast period.

Drivers & Restraints-

Increasing Need to Develop Environmental-compatible Processes to Boost Growth

Nowadays, the availability of limited petrochemical resources and the rising environmental issues are resulting in increasing research and development activities worldwide. These are meant for the development of bio-based polymers. Several manufacturers are striving to provide environmentally-compatible goods and processes for a wide range of industries. Commercial epoxy resins can be easily epoxidized and they are cost-effective. These factors are expected to bolster the coating resins market growth in the coming years. However, the usage of alkyds in various coatings can be harmful to humans and the environment. It may hamper growth.

Segment-

Architectural Coatings Segment to Grow Rapidly Owing to High Demand for Durable Coatings

Based on the end-use industry, the architectural coatings segment is set to earn the largest coating resins market share throughout the forthcoming years. This growth is attributable to the surging demand for durable and high-performance coating resins for developing construction components. Besides, increasing infrastructure spending would aid growth.

Browse Detailed Summary of Research Report with TOC:

https://www.fortunebusinessinsights.com/coating-resins-market-104535

Regional Insights-

Asia Pacific to Dominate Stoked by Increasing Construction Activities

Geographically, Asia Pacific earned USD 14,158.9 million in terms of the coating resins market share in 2019. The region is anticipated to retain its dominant position in the coming years because of the rising production of automotive and increasing construction activities in the region. Besides, the high consumer spending and general industrial production would propel growth.

Europe, on the other hand, is likely to show considerable growth fueled by rising infrastructural investments and ongoing developments in the oil and gas sector. In North America, the increasing industrial manufacturing activities will lead to moderate demand for coating resins.

Competitive Landscape-

Key Players Focus on Acquisitions and New Product Launches to Gain a Competitive Edge

The market for coating resins contains several companies that are mainly aiming to elevate their positions by acquiring other local manufacturers. Some of the others are planning to develop state-of-the-art coating resins to attract more consumers.

Below are the two latest industry developments:

July 2020: Engineered Polymer Solutions (EPS) unveiled the EPS® 2400 series in North America. It contains six waterborne acrylic resins best suited for wood coating formulators. It can be used for developing high-performance solutions for flooring, furniture, cabinetry, and other industrial applications.

May 2020: DIC Corporation acquired Ideal Chemi Plast Pvt. Ltd., a mid-tier Indian resins manufacturer.  This new acquisition would help the company to strengthen its position in the Indian market and develop high-end resins.

Read Latest Blogs from Fortune Business Insights:

https://www.fortunebusinessinsights.com/blog/seed-treatment-market-9038

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