The Coating Resins Market
is expected to grow from USD $32.9 billion in 2018 to USD $42 billion by 2023. The primary factor driving the market is the high demand from the growing end-use industries such as building & construction, packaging, general industrial, and automotive. The marine, aerospace, and furniture end-use industries also support the growth of the coating resins market.
The acrylic resin segment accounted for the largest share of the overall coating resins market in 2018. The market for this segment is also projected to witness the highest CAGR during the forecast period. Acrylic is a low-cost material which is used in different applications for water and chemical resistance, better adhesion and blocking (strap down), and better blistering. It finds extensive usage in several industrial processes such as injection molding, compression molding, or extrusion.
The increase in the disposable income of people in developing economies has fueled the demand for passenger cars. Automotive manufacturers are establishing manufacturing facilities in these developing economies where labor cost is low, raw materials are easily accessible, and regulatory laws are favorable. These factors are driving the growth of the automotive industry and, subsequently, fueling the market for coating resins in this segment.
APAC is the leading market for coating resins, globally. The market in the region is dominated by China, which accounted for more than half of the region’s market. With the overall industrial development and improving economic conditions, the building & construction, manufacturing, and automotive sectors are growing rapidly. The growth of these industries is fueling the consumption of coating resins in the region.