Coating Resins Market size worth $ 47.77 Billion, Globally, by 2028 at 5.06% CAGR: Verified Market Research®
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Global Coating Resins Market Overview
Increasing Usage of Liquid and Bio-based Epoxy Resin is one of the important growth drivers of the market. Various epoxy resins are widely utilized in electrodeposition (ED) coatings and industrial coatings, particularly in the transportation, industrial maintenance, and marine industries. Epoxy resins are also frequently utilized in powder coatings. The use of liquid epoxy resin in the development of high solids and ultra-high solids formulations is becoming increasingly common. Liquid epoxy resin is used to achieve 100% solid epoxy compositions for usage as concrete surfaces, tank linings, and other similar applications. It is frequently supplemented with phenoxy and novolac resins to increase performance and features.
Waterborne epoxy resin technology's performance has improved, allowing for greater application. Because of the extensive use of metal coatings, only a small fraction of technology was attained. In recent years, rising environmental and economic concerns, as well as the uncertainty that comes with limited petrochemical resources, have sparked a significant increase in research and development efforts to create bio-based polymers. Manufacturers are attempting to replace polymers derived from naturally occurring biofuels with petroleum-based products to meet the industrial demand for environmental protection. Furthermore, creating safer polymer production processes, such as the use of safer building blocks and additives, is of tremendous importance. DGEBA, cycloaliphatic epoxies or diglycidyl ethers of Novolac resins are extensively used to make commercial epoxy resins. Renewable natural resources have made it possible to act as building blocks for polymers due to their low cost, ecologically benign nature, and ability to be easily epoxidized.
Factors limiting the usage of coating resins include variable raw material prices and decreasing petrochemical stocks. These factors hinder the market growth. However, the worldwide coating resins industry has yet to realize its full potential.
Key Developments in Coating Resins Market
The major players in the market are Arkema (France), BASF SE (Germany), Covestro (Germany), Allnex Netherlands B.V. (Germany), The Sherwin-Williams Company (US), Dow Inc. (US), Evonik Industries AG (Germany), Polynt-Reichhold (Italy), Huntsman International LLC. (US), and Mitsubishi Chemical Corporation (Japan).
Verified Market Research has segmented the Global Coating Resins Market On the basis of Resin Type, Technology, Applications, and Geography`.
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World's top 7 epoxy resin manufacturers building a stronger foundation for internationally operating industries
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