Coatings Resins Market To Be Driven By The Rising Demand From Downstream Industries In The Forecast Period

The global coating resins market has witnessed substantial growth, driven by the demand for green and environment-friendly coating systems

WILMINGTON, DELAWARE, UNITED STATES, December 5, 2023 /EINPresswire.com/ -- The global coating resins market has witnessed substantial growth, driven by the demand for green and environment-friendly coating systems, the rise in the global automotive industry, and increasing architectural coatings demand. According to Allied Market Research, the market generated $35.10 billion in 2017 and is expected to reach $52.90 billion by 2025, with a CAGR of 5.3% from 2018 to 2025.

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Asia-Pacific and Europe collectively contributed the highest share in 2017, maintaining dominance throughout the forecast period. However, the COVID-19 pandemic has temporarily reduced revenue due to restrictions on application industries like protective & marine, automotive OEM, and vehicle refinish. The non-essential status of coating resins affected supply chains and manufacturing activities during global lockdowns.

Despite challenges such as raw material price variations and substitutes, opportunities arise from advancing green initiatives and the development of bio-based coatings. The report provides a detailed segmentation based on type, technology, application, and region.

Saturated polyester resin dominated in 2017 and is expected to maintain its position, while the alkyd segment is estimated to witness a CAGR of 5.5%. Radiation cured coating resin leads in technology, with a CAGR of 6.3%. The architectural segment holds the largest share and is expected to register the highest CAGR in applications.

Asia-Pacific and Europe remain key contributors, with the European Union economy expected to grow significantly from 2018 to 2025. Major players in the market include Bayer AG, The Sherwin-Williams Company, Royal DSM, Polynt SpA., Allnex Belgium SA/Nv, BASF SE, Arkema S.A., The DOW Chemical Company, Momentive Specialty Chemicals, Inc., and Evonik Industries AG.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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