Coating Resins Market Size to Reach Revenues of USD 54.7 Billion by 2026 - Arizton - Seite 2

• Water-Borne
• Solvent-Borne
• UV-Cured
• Powder-Borne

Coating Resins Market by Coating Type

• Acrylic
• Epoxy
• Alkyd
• Urethane
• Others

Coating Resins Market by End-Use

• Architectural Coating
• Industrial Coating
• Marine Coating
• Automotive Coating
• Wood Coating
• Coil Coating
• Packaging Coating
• Others

Coating Resins Market – Dynamics

Biobased epoxies are a new class of bio-sourced resins produced using various renewable resources, such as vegetable oils (soyabean oil, castor oil, linseed oil, canola oil, Karanja oil, hemp oil, cottonseed oil, rapeseed oil, and palm oil), saccharides, isosorbides, terpenes, rosin, natural rubber, tannins, and cardanol. Among all vegetable-based oils, soybean oil is the most feasible alternative to petroleum resources due to its unique composition of 51% linoleic acid, 25% oleic acid, 10% palmitic acid, 7% linolenic acid, and 5% stearic acid. Thus, the composition of soybean oil makes it an appropriate raw material to produce biobased epoxy resins. Over the past few years, the demand for bio-based epoxy resins is gaining tremendous momentum in the paints & coatings industry. The rapid depletion of fossil resources and environmental concerns regarding increasing greenhouse gas emissions have contributed to the higher adoption of renewable feed stocks.

Key Drivers and Trends fueling Market Growth:

• High Growth Potential in Emerging Economies
• Increasing Use of Powder Coating in Automotive Industry
• Increasing Demand from Construction Industry
• Soaring Demand from Automotive Industry

Coating Resins Market – Geography

North America is the fastest-growing market for coating additives. The region is the second-largest market for coating resins and accounted for a revenue share of 24.15% in 2020. The growth of various end-use segments, such as architecture, automotive, aerospace, paper, and furniture, is driving the North American coating additives market. In 2020, the US emerged as the biggest market for coating resins in North America. In 2019, the US civil aerospace exports were valued at $126.5 billion, a 4% decline from 2018, whereas the volume of defense exports increased by 10.5%. However, the COVID-19 outbreak adversely affected the aviation trade. Also, the decline in demand for passenger airlines declines has also impacted the production. However, the demand for defense airplanes has remained flat as the nation continued to invest in reinforcing the military. Thus, the high demand for defense airlines is expected to accelerate the demand for coating resins in the aerospace sector during the forecast period.