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.
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.
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The key market players are Arkema (France), BASF SE (Germany), Covestro (Germany), Allnex Netherlands B.V. (Germany), and The Sherwin-Williams Company (US). These players have adopted various strategies, such as a merger, acquisition, investment, expansion, new product launch, partnership, and agreement to grow in the market. The expansion was the key strategy adopted by the major players between 2016 and 2021. This strategy strengthened their market position and increased their presence in emerging economies.
Arkema is a global player in the chemicals industry. It operates through three coherent and complementary segments dedicated to specialty materials: Adhesive Solutions, Advanced Materials, and Coating Solutions, and a fourth segment called Intermediates. In February 2019, Arkema opened a new powder coating polyester resins manufacturing unit in Navi Mumbai, India. This new facility also includes a dedicated laboratory to provide application development and technical support. The facility will help Arkema better serve customers in the fast-growing powder coating market throughout India, as well as the Gulf Region and surrounding countries.
BASF SE has 11 divisions that are aggregated into six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care, and Agricultural Solutions, based on their business models. Coating resins are kept under the Industrial solutions. In April 2021, Azelis made public its new distribution agreement with BASF, effective immediately, for the dispersions, additives, and resins range in Australia and New Zealand (ANZ). The products subject to the agreement are commonly used in coatings, adhesives, sealants, and elastomers (CASE), and construction applications.
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