The global coatings resins market is expected to show substantial growth over the next six years, on account of the rising global demand for architectural coatings. Coating resins consumption was the highest for the architectural coating market over the past few years owing to increasing residential and commercial constructions. Increasing demand for roadway markings is expected to drive coating resins demand over the forecast period. An increasing number of roadway networks, prompt marking of proper safety signage usages such as zebra crossing and lane changing. Coating resins-based roadway markings offer weather resistance properties which also reduces road maintenance costs.
Increasing production of automobiles is expected to significantly augment coating resins market growth over the forecast period. Automotive manufacturers majorly use automotive original equipment manufacturer (OEM) coatings for passenger cars, light and heavy duty commercial vehicles. Also, the growth of refinishing automobile coatings is expected to drive coating resins demand owing to vehicle aging or accident. Increasing demand for aesthetic architectural structures and appealing furniture is expected to boost market growth over the forecast period. The demand for coating resins in structures and furniture is high owing to the growing need to protect wooden structures from pests and humid conditions.
The increasing demand for electrical wires from industrial, residential, and commercial applications is expected to fuel the coatings resins market over the next six years. Fluctuating raw material prices coupled with depleting petrochemical reserves are expected to hamper coating resins industry participants’ growth. Increasing demand for green coating resins-based technologies is expected to provide key opportunities for industry participants. Environmentally friendly products are gaining more importance for coating resin manufacturing. This coatings resin market is majorly driven by tight EU regulations and industry participants seeking a green image of their respective companies. The companies are developing water-based alkyd technologies and are replacing a solvent-based system for coating resin manufacturing.
Major demand is expected from emerging economies of the Asia Pacific and Latin America. Countries in these regions such as China, India, South Korea, and Brazil are expected to witness higher growth rates owing to the growth of end infrastructure & electronics industry coupled with population expansion with increasing middle-class disposable income levels. Key regions such as Europe and North America are expected to witness moderate growth over the forecast period. Key industry participants include Dow Chemical, Arkema Coating resins, Momentive Specialty Chemicals, Inc., PCCR USA, and BASF. Other major players include Allnex, Evonik, Royal DSM N.V., Bayer A.G., and Nuplex Industries Limited.
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The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics. The report will account for Covid19 as a key market contributor.