According to the new market research report “Coating Resins Market by Type (Acrylic, Epoxy, Polyurethane, Alkyd, Vinyl), by Technology (Waterborne, High Solid, Powder Coating, Radiation Cured), by Application (Architectural, Industrial, Protective & Marine, Automotive, Packaging), by Region (North America, Asia Pacific, Europe, Middle East & Africa, South America) – Global Forecast (2020 to 2027)," the global coating resins market is estimated to reach $52 billion by 2027, growing at a CAGR of around 4.5% during the review period.
Coating Resins are polymer or polymer latex materials that hold a coating formulation and provide adhesion to the substrate on which the coating is applied. It offers quick drying times, glosses retention, and superior weathering to coatings.
Coating resins applied on the surface of the object to achieve hardness, corrosion resistance, weather resistance, and stain resistance. A liquid coating formulation consists of several other components such as pigments, additives, and solvents. Powder coating systems have a similar composition, except for the presence of solvents.
The increase in demand for coating resins from the various end-use industries has expected to boost the global coating resin market during the assessment period.
A rise in demand for green and environment-friendly coating systems in architectural designs is expected to boost the market growth.
The development of bio-based coating has expected to create new market opportunities for the coating resin manufacturers.
However, fluctuations in raw material prices remain a major restraining factor for the growth of the coating resins market.