According to the market report “Coating Resins Market – By Formulation (Water, Solvent, Hot Melt, Others) By Type (Acrylic, Amino, Formaldehyde, others) By Application (Architectural, Automotive, F&B, Industrial, Others) Forecast (2016 – 2021)” published by IndustryARC, global coating resins market is estimated to reach $39.53 billion by 2021.
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Coating Resins are basically polymers that are opted for coating the devices. Coating Resins caters its application in automotive, marine, building and construction among others. These resins are applied on wooden floors, metal surfaces, decks and others. They are also applied on automobile parts, machines and other verticals to protect the equipment from environmental damage and helps in providing durable life. The market is segmented into four verticals, namely, by formation of coatings, by type, by application and by geography.
The global market for coating resins is projected to reach $39.5 billion by 2021, growing at a CAGR of 4.4%. The numerous benefits of coating the devices includes polished and protective surfaces, prevention from corrosion and many more. Green coating resins for ecofriendly coatings is yet another factor for the rising demand of the market.
Americas is the fastest growing market for coating resins growing at a CAGR of 5.1% during the forecast period. This is followed by Asia-Pacific market growing at a CAGR of 4.4%.
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The reason for fastest growth in Americas coating resins market is due to presence of key players such as Dow Chemical and other companies. Moreover, increasing packaged food sector in Latin America has escalated the usage of resins in food and beverage industry. The manufacturing of automobile parts in Mexico has also demanded the adoption of coating resins in this region.
The Key Players in this Market Include
- The Dow Chemical Company
- Momentive Specialty Chemicals (Hexion)
- Koninklijke DSM N.V.
- BASF SE
- Arkema
The Dow Chemical Company and Momentive Speciality Chemicals (Hexion) are the major players, which together accounted for nearly 40% of the total coating resins market share. Apart from the above key players DSM, BASF, Arkema are some of the notable players for the coating resins market. Product launches and acquisitions are the growth strategies adopted by the players in the coating resins market. The coating resins market is dominated by many players accounting for major market share due to large customer base and wide distribution network. These players command significant margins for their products
Various types of Coating Resins are included in the report are:
- Acrylics (thermoplastic, hydroxyl, thermoset, carboxyl)
- Alkyds
- Amino (Urea, melamine)
- Epoxy
- Formaldehyde
- Polyurethane
- Saturated and Unsaturated Polyester
- Others
Acrylic Resins contributed 31% in the overall revenue in 2015, thereby witnessing the highest share for coating resins market revenue. This resin caters its application in various industries such as adhesives, paper coatings, textile industry and many more. Acrylic Resin was followed by Alkyd Resins which accounted for 16% of the overall revenue in 2015.
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