As stated in our extensive report; the Global Coating Resins Market accounted forUSD 53.2 Billionin 2021.
Thermoset (saturated polyester, acrylic, polyurethane, etc.) and thermoplastic (e.g., epoxy, melamine, polystyrene, etc.) Coating Resins are commonly employed because they last a long time, are environmentally friendly, emit few VOCs, and are chemically resistant.
Additionally, aqueous coatings are commonly used due to their low emissions of dangerous air pollutants and volatile organic compounds. It is widely utilized in ornamental coatings, floor coatings, coatings for automotive components, coatings for packaging, and other applications, all of which are anticipated to drive market growth over the course of the forecast period.
The Coating Resins Market is divided into water-based, solvent-based, powder, and other segments depending on technology. In addition, the Coating Resins Market is divided into segments based on types, including acrylic, alkyd, polyurethane, epoxy, polyester, and others. The Coating Resins Market is divided into the following categories based on the end user: architectural coatings, general industrial coatings, powder coatings, and wood coatings, automotive OEM coatings, automotive refinish coatings, protective coatings, packaging coatings, and others.
Key Developments in the Industry:
· Azelis announced a new distribution agreement with BASF in April 2021 for dispersions, additives, and resins throughout Australia and New Zealand (ANZ). The products covered by the agreement are extensively used in building applications as well as coatings, adhesives, sealants, and elastomers (CASE).
·ENCOR 2793 functionalized pure acrylic binder, a novel formulation intended for multiple substrate primers and rehabilitation paints, was introduced by Arkema in February 2021. Both emissions of formaldehyde and alkylphenol ethoxylates are absent. On many different surfaces, including wood, concrete, porcelain, plastics, and many others, ENCOR 2793 pure acrylic has a great adhesion profile. It is easy to put into words. As a result, a variety of applications are made possible, such as multi-substrate primer, wall paints, wood lacquers, stain and tannin blocking primer, and two-coat repair paints.
· At the CoatingsTechnology Center in Mangalore, India, BASF expanded its Automotive Coatings Application Center in May 2022. The building was carefully planned to support customer-focused R&D activities and precise modelling of OEM paint facilities.
· The new Decovery resin for external coatings is introduced by Covestro AG in November 2021. A versatile, bio-based, permeable resin, it enables exterior coatings with increased outdoor durability and bio-based content.
· Allnex joined PTT Global Chemical Company Limited in July 2021. (GC). Because to this partnership, Allnex will be able to further increase its footprint in new regions. GC is a strategic, long-term investor. As a result, Allnex's influence in the Asia Pacific area will increase.
Different epoxy-family resins are frequently employed in industrial coatings and electrodeposition (ED) coatings, particularly in the transportation, industrial maintenance, and maritime industries. Epoxy resins are also extensively utilized in powder coatings. Nowadays, the creation of formulations with high and ultra-high solid contents utilizing liquid epoxy resin is becoming more and more popular. Liquid epoxy resin is used to create 100% solid epoxy formulations for concrete surfaces, tank linings, and other related uses. To enhance their functionality and properties, it is frequently combined with phenoxy and novolac resins. Waterborne epoxy resin technology's performance has improved, permitting greater utilization. However, due to the heavy reliance on metal coatings, only a small portion of technology was really attained.
Recent years have seen a sharp increase in research and development efforts to create bio-based polymers as a result of rising environmental, economic, and resource-related concerns as well as the uncertainty that comes with a finite supply of petrochemicals. Manufacturers are attempting to replace petroleum-based materials with polymers made from naturally occurring feedstocks in order to meet the industrial demand for environmentally friendly processes and products that support sustainable growth. Additionally, there is a lot of interest in creating safer ways to make polymers, notably through the use of safer additives and building blocks. For example, commercial epoxy resins are frequently made from diglycidyl ethers of Novolac resins, cycloaliphatic epoxies, or DGEBA. Renewable natural resources can serve as the building blocks for polymers because of their affordability, environmental friendliness, and simplicity of epoxidation.
Asia Pacific Region to Take Over the Market
During the forecast period, the Coating Resins Market in Asia Pacific is anticipated to develop at the quickest rate. Over the past ten years, the region's economy has expanded. As a result, the major market participants in Coating Resins are increasing their production capacity throughout Asia Pacific, particularly in China and India. The benefits of moving production to Asia Pacificare the cheap cost of manufacturing, the availability of competent and affordable labor, and the potential to serve the regional emerging markets better.
As per our analysis report, the rising demand for polyurethane resins and the increasing use of liquid and bio-based epoxy resin, as well as the manufacturers' emphasis on developing sustainable products, will have a favorable impact on the overall Coating Resins Market.
Some of the key players in the Global Coating Resins Market include- 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), Evonik Industries AG (Germany) and others.